26
SEP
2017
equifax-credit-protection-hack-freeze-lock

Can Consumer’s Info Really Be Protected?

Every day we hear or read about another security breach with volumes of consumer’s private information being acquired by some unscrupulous people. Most recently it was Equifax, a major repository of consumer credit and personal data. Who might be next? Now, all the pundits and...
25
SEP
2017
trid-black-hole-cfpb-fee-disclosures

The “Black Hole” Revisited

You remember TRID’s “Black Hole?” The circumstance created by the new rule whereby a lender is unable to reset fee tolerances once an initial Closing Disclosure is issued and fees increase but closing gets delayed for more than 3 days. The question remains, how can a lender...
22
SEP
2017
brian-fitzpatrick-bikems-city-to-shore

It Takes Training, Preparation, and Commitment

To run a business right and be successful, as in anything we do, it takes training, preparation, and commitment. A commitment to doing things right, no matter what the product or goal. Today, I’m gonna stray a little from what’s happening in the mortgage business and what we need...
21
SEP
2017
credit-invisibles-lending-man-cfpb

Are You Helping The “Credit Invisible”?

The CFPB recently issued what it calls their new ‘no-action letter’ to Upstart Network, a San Carlos, CA company that makes personal loans to consumers. The reason; Upstart will use and evaluate certain alternative credit and other consumer data when making credit decisions on...
20
SEP
2017

Is the 30 Year Fixed Mortgage Due for a Makeover?

We may soon see some new innovations when it comes to the standard for all mortgages, the traditional 30-year fixed rate loan; a mortgage loan product that was developed back during the Great Depression. Hey, what was so ‘Great’ about it? This loan was meant to spread out the...
18
SEP
2017
Correspondent-Lenders-toolbox-platform-system

To Increase Business | Correspondent Lenders Need to Increase Sources

With the decrease in mortgage originations, Correspondent and Wholesale Lenders are facing the prospect of having to acquire business from new sources. This means bringing in loans from new loan brokers in more areas of the country. That creates the challenge of managing the...
15
SEP
2017
interest-rates-since-election-2016

So What’s With These Rates Anyway?

After the elections, all we heard was that the Fed would most likely raise rates 2 or 3 times in 2017, maybe more. The smart money was that the 10-year treasury would yield about 3% by now. Mortgage rates were going to go up! Not quite, in fact, the 10 year is still below 2.5%...
14
SEP
2017
got-your-six-6-quality-control

Who’s Got Your 6?

In the military, the expression “Got your 6” means that someone on your team is watching your back. The saying originated with US fighter pilots during the First World War, meaning to cover the rear of another’s airplane when in battle. Over time this phrase has come to be used...
13
SEP
2017
TRID-RESPA-CIMRA-CFPB-congress

What’s Next? TRID 3.0 or Maybe TRIDIA

With the TRID 2.0 changes finalized and changes to address the ‘Black Hole’ out for comment, some in Congress are already looking at additional upgrades to the Rule. A Bill sponsored by Representative French Hill (R /AK) was introduced for discussion in the Financial Institutions...
12
SEP
2017
technology-yesterday-today-loan-originators-old-phone-iphone

Do You Have the Technology Needed to Compete?

It’s no secret that the mortgage industry has been a little slow to the table when it comes to the use of technology in handling loan originations. Although the need was recognized, when the housing market was good, the timing was all wrong. Why spend time and money searching...