25
OCT
2016
vanishing-low-interest-rates

Are These Low Rates a Thing of the Past?

I recently attended the Northeast Conference of Mortgage Brokers and Professionals at Harrah’s Resort and Casino in Atlantic City. I sat in on a presentation where the general gist of the conversion was that we have seen rates go about a low as they’re going to go for a while....
24
OCT
2016
condo-association-fee-credit-reporting

Should Condo Fee Payments Be Reported To Credit Repositories?

A new battle is about to be waged in condo fees credit reporting. Equifax announced it will be collecting information on condo fee payments using a data aggregator, Sperlonga. They believe this will be good because those who pay timely will get the benefit of their good payment...
20
OCT
2016
hmda-coming-soon-data-loanlogics

Are You getting Ready For HMDA?

I recently spoke with Brian Honea of The MReport about how lenders might be affected by the upcoming HMDA changes. You can read my comments HERE. Take a look. The requirements to capture and report new data elements for HMDA may seem like a long way off, but funny how time files...
19
OCT
2016
phh-defeats-cfpb-ruling-loanlogics

The PHH Decision – What Did It Solve?

By now, you’ve probably heard that PHH won their case against CFPB on the anti- kickback provision under RESPA. The $109 million fine imposed by CFPB Director, Richard Cordray, against PHH was also invalidated by the Court. That’s great news for PHH, but what about the rest of...
18
OCT
2016
new-urla-fhfa-cfpb

FHFA Revised URLA Gets CFPB Seal of Approval

CFPB published notice that the new Fannie/Freddie Uniform Residential Loan Application is approved as a model form under ECOA (Publication). CFPB’s Official Approval: Regulation B § 1002.5(b) provides rules concerning requests for information about race, color, religion, national...
14
OCT
2016
CFPB-2018-HMDA-data-regulations

More Data Required on Applicants Under HMDA

Under the new HMDA rules, CFPB is requiring lenders to gather and report additional information on borrower age and ethnicity, along with loan and fee information. In line with these changes, Fannie and Freddie created a new improved Uniform Residential Loan Application (URLA)...
13
OCT
2016
mortgage-interest-deductions-in-jeopardy

Is the Mortgage Interest Deduction in Play?

In the last few elections, the topic of eliminating or at least curtailing the current mortgage interest deduction was put on the table. Up until now, it has been off limits. Could that be coming to an end? Studies show that this deduction mostly benefits those homeowners in the...
12
OCT
2016
first-time-home-buyers-refinance-surpresses-market

Refinance Opportunities Still Exist, but at What Price?

The 30 year average fixed rate mortgage loan remained at 3.42%, down from 3.76% a year ago. The 15-year rate averaged around 2.81%, down from 2.88% last year.  These are still fantastic rates for refinances and purchases as we enter into the slow season in the housing markets....
11
OCT
2016
doj-fha-insured-security-national-primary-residential

Another Day, Another DOJ Settlement

Or, should I say settlements (plural)? This time, the Department of Justice settled two actions brought under the False Claims Act against two separate Utah-based lenders. The total settlement was close to $10 million. Primary Residential Mortgage (PRMI) agreed to pay $5 million...
07
OCT
2016
non-banks-doing-better-job-fha-loans

Are Non-Banks Doing a Better Job on FHA Loans?

It’s no secret that the major banks have moved away from FHA lending because of their perception of the risks related to the required loan certifications and lack of clarity on potential enforcement. As a result, non-bank mortgage lenders have picked up the slack. This presents...