08
SEP
2017
Seniors-Tap-Equity-reverse-mortgage-HECM

Seniors Can Tap Equity; Lenders Can Tap Opportunity

Seniors, age 62 and older, hold about 60 to 80% of their total net worth in their home’s equity, according to a recent study conducted by the National Council on Aging (NCOA). In most cases, these homes are owned mortgage free or with only a minimal mortgage outstanding. To tap...
07
SEP
2017
TRID-CFPB-disclosed-fees-mortgage-lender-section C

Make Sure You Provide the Correct Shopping List

The updates to the TRID rules, recently released by CFPB, include a clarification of the tolerance limits for the fees for the services for which a consumer may shop when a service provider list is not provided. These are the fees disclosed to a borrower in Section C of the Loan...
05
SEP
2017
party-like-its-1999-prince-first-time-homebuyers-millennials

We’re Gonna Party Like It’s 1999

We got some good news!  Home inventories may be down, but first time home buyers are up. Sales this spring to first-time homebuyers were at their highest level since 1999. Woo-hoo!!! First-time homebuyers made up about 57% of the purchase mortgage market, with almost 970,000 new...
01
SEP
2017
millennials-say-no-to-credit-cards-hurt-credit-rating

Are Millennials Getting the Short End?

Right now, about 67 million people comprise what is known as the Millennial generation. That represents about one-quarter of the country’s purchasing power and is a lot of clout for one group. But, as we have learned things are quite different with this generation. They don’t do...
31
AUG
2017
what-is-the-credit-score-umpire-housing-market

Would Better Credit Score Models Increase Homeownership?

The government, the agencies, consumer groups, and trade organizations are all looking for more ways to increase homeownership. The homeownership rate has hit a wall and seems to be stagnant at its lowest levels in the past 50 years. In part, this is due to fewer homes now on the...
30
AUG
2017
old-fashioned-mortgage-lenders-need-technology-rolodex

What Might Lenders Do With Tough Times Looming?

With refinances seemingly having run their course and a shortage of homes for sale, the forecast for mortgage lending is not so good. A recent lender survey by Fannie Mae revealed that it’s no surprise that many lenders are pessimistic about profit margins.  They believe there...
29
AUG
2017
NOLO-no-loan-originator-360-mortgage-group

NOLO and the Saga of the Vanishing LO

Will the loan originators, as we know them today, be replaced by technology anytime soon?  That is one of the big questions on many a lender’s  and LO’s minds. Lenders have long struggled with the challenges of hiring, training, retaining, and paying top notch loan originators....
28
AUG
2017
new-home-construction-lending-opportunity

There’s Gold in Them There New Homes

A tight inventory of existing homes for sale seems to be spurring an uptick in new home purchases. According to MBA stats, mortgage applications for new homes jumped in July by about 5% over last year. Although, Applications decreased by 12% from the prior month. Overall...
24
AUG
2017
Freddie-waives-full-residential-appraisal-report-purchase-loan-transaction

Appraisers Beware! Freddie Goes One Step Further

Freddie announced that they have received approval to move forward with their plans to waive a lender’s requirement to obtain and submit a full residential appraisal report on a purchase loan transaction. This is one step further than Freddie and Fannie had gone when they waived...
23
AUG
2017
there-is-no-pony-in-the-pile-millennials

Millennials: There Must Be A Pony In There Somewhere

Did you hear the one about the kid who was so bad his parents gave him a big pile of horse manure for Christmas? When he came down on Christmas morning he was so excited. He exclaimed with all this horse sh-t, there must be a pony in here somewhere! The eternal optimist; talk...