27
DEC
2016
non-traditional-credit

Alternative Credit: The Opportunities and Challenges

Interesting that someone who does not have what has come to be known as a ‘traditional’ credit score finds it difficult to get a mortgage. It wasn’t that long ago (some of us still remember) when there wasn’t such a thing as a traditional credit score.  Loans were underwritten...
22
DEC
2016
christmas-holiday-make-dough

Let’s Make Dough

          The market shows signs of improving And owners are thinking of moving The mortgage rates are still pretty low Let’s make dough, let’s make dough, let’s make dough   Though the rates may be increasing, And refis are now decreasing The...
21
DEC
2016
day-1-certainty-fannie-mae

Be Sure About Day 1 Certainty

Fannie Mae introduced their new Day 1 Certainty program for relief from the reps and warrants related to the verification and reverification of employment, income, and assets. Good news for lenders. To obtain the relief, lenders need to validate information through Fannie...
20
DEC
2016
bang-for-the-buck-qc

Bang for Your QC Buck

Today lenders are required to perform both pre and post close loan reviews for Fannie, Freddie, and FHA loans. Many banks do those reviews as well for loans held in portfolio. It’s not a bad idea. With the rising costs of quality and compliance, are you sure you are getting the...
19
DEC
2016
optimism-housing-market

Despite Rising Rates Optimism for Housing

Some believe that the rising mortgage rates may spell a real problem for the continuance of a housing recovery. That may be. However, based on the results of the recent Berkshire Hathaway HomeServices’ Homeowners Sentiment Survey (the BtripleHdoubleS), many are still optimistic...
16
DEC
2016
trid-defect-rates

Defect Rates Improve but TRID Still Leads the List

Recent reports from lenders and QC vendors show that overall loan defects are on the decline, including defects related to the TRID rules.  This is good news for lenders, the secondary markets, and the housing industry. Fewer defects mean better loans, better loans mean fewer...
15
DEC
2016
how-do-consumers-feel-about-housing-market

How Do Consumers Feel About Housing?

Two recent reports, one by Fannie and another by Trulia, an online marketplace, indicate that consumers may be a little less optimistic when it comes to homeownership. The Fannie Mae Home Purchase Sentiment Index declined for the fourth straight month in November by about a half...
14
DEC
2016
cfpb-prowl-reverse-mortgage

CFPB Still on The Prowl

Don’t look now but among all the talk of the new Trump administration’s defanging of the CFPB, the CFPB has fined three Reverse Mortgage lenders for deceptive advertising. According to CFPB all three, American Advisors, Reverse Mortgage Solutions, and Aegean Financial used...
13
DEC
2016
ada-accessible-mortgage-applications-information

Online Applications Present New Challenges

More and more lenders are providing consumers with online capabilities to obtain information about products offered and make application for a mortgage loan. More and more consumers desire and expect these capabilities when making their decision on which lender they choose. To...
12
DEC
2016
home-values-up-2016-2017

Home Equity Increases Create Opportunities for Lenders

Home prices increased about 6% over 1 year ago, and are projected to continue to rise at a rate of about 5% over the next year. That’s a pretty good jump in values over a two-year period creating wealth for existing homeowners in the form of increased home equity. What this means...