20
JAN
2017
CFPB-listening-complaint-database

Are You a Five Star Complaint?

In case you weren’t aware (and you should be), the CFPB is at it again. This time they propose to institute a system to allow consumers to rate the service they received from lenders when handling their complaints. (Complaints) Once the complaint is closed, the consumer could...
19
JAN
2017
The-interest-rate-game-mortgage

The Rate Game. Here We Go Again.

With the election and the economy supposedly improving, the Fed raised rates in December. That was expected. With that raise also came an increase in mortgage rates. That was also expected. However, now that things have settled down a little, mortgage rates have once again come...
18
JAN
2017
master-services-agreements-general-store-one-stop-shop-motto-mortgage

A New Twist on the One Stop Shop

With the CFPB cracking down on Marketing Services Agreements (MSAs) many lenders exited such agreements with Realtors and Builders. These are Agreements that were intended to increase business to the lender and provide some additional income to the Realtor and Builder. For some,...
17
JAN
2017
MCAI-up-again-money-loosening-mortgage-credit-index

Rates & Credit Availability Are Up

The MBA’s Mortgage Credit Availability Index (MCAI) increased for the fourth consecutive month in December. The MCIA is a barometer on the availability of mortgage credit using certain guidelines from institutional mortgage purchasers. With a base of 100, the higher the index...
16
JAN
2017
According to Jerry Schiano, CEO of Plymouth Meeting, Pennsylvania’s, New Penn Financial, the weather may change a little when the Millennials start buying homes. The change? As he puts it, a humungous hurricane of air sweeping across the county caused by the simultaneous exhaling of tens of thousands of business people dependent upon the sale of homes when Millennials jump into the housing market. (Schiano) Hopefully that will be in 2017. Jerry is banking on it. He started New Penn in a depressed market and has grown it to be one of nations top independent mortgage lenders. He’s now embarking on a new venture with Spring EQ, to concentrate of home equity lending. He believes the time has come for this type lending to make its comeback. With the economy improving, home values increasing, the job market getter better, and related wage growth, many people may be looking to make a move in 2017. This move includes some Millennials purchasing their first home. It’s gonna happen sometime, why not in 2017. With rates still relatively low, some homeowners may choose to take some equity through refinancing or a HELOC to pay down other high rate debt like student loans or holiday credit card debt. Lenders need to be ready. Jerry’s take, “…at some point in the future, people will get mortgages, because without mortgages, I don't think we could have an America…”. So he, New Penn, and Spring EQ are prepared and ready to serve the needs of homebuyers and homeowners when they need home financing. Are you? It’s entrepreneurs like Jerry that have made, and continue to make, mortgage lenders the backbone of the economy. These are people who are willing to gamble on the future of America. In doing so, they are helping many to realize the dream of ownership, while providing employment and benefits to those they employ. On this day when we honor the memory and contributions of Dr. Martin Luther King, Jr., let’s put aside our differences and come together to do what each of us can do to make America a better place for everyone. Regardless of who you voted for in the past election, now is the time to work together to keep America great. We must work to keep America the land of opportunity. Where those like Jerry, the son of an immigrant, can work hard to benefit both himself and so many others through the businesses he builds and services he provides. Thanks to Jerry and all those risk takers out there.

The Winds of Change. Millennial Home Buyers

Local boy makes good. According to Jerry Schiano, CEO of Plymouth Meeting, Pennsylvania’s, New Penn Financial, the weather may change a little when the Millennials start buying homes. The change? As he puts it, a humongous hurricane of air sweeping across the country caused by...
13
JAN
2017
new-housing-market-mortgage-lenders-will-need-realtors-builders

New Year, Old Idea

With the New Year comes the rise in interest rates and the decline of the refinance. That means that lenders need to concentrate their attention on Realtors and Builders for new business in the New Year. Hopefully, originators remember how to do that. This brings us back to good...
12
JAN
2017
mortgage-performance-increases

Are Mortgage Loans Really Performing Better?

According to the Office of the Comptroller of the Currency (OCC), borrowers are doing a much better job of keeping their mortgages current and staying away from foreclosure. That’s great news for the banks that participated in the OCC survey and that service these loans. The...
11
JAN
2017
upset-football-national-championship-clemson-alabama-trump-victory

FHA Premium Cut. Could We Have Another Upset?

If you’re football fan, you saw a great college football game that decided the National Champion on Monday night. Alabama is considered to be the best college football team in the nation. Some believe they are good enough to compete with some pro teams. Don’t tell that to...
10
JAN
2017
happy-housing-recovery-market

Housing Market in 2017 – Good, Bad, Ugly

The New Year is starting out strong with housing having regained just about all its value lost in the 2008 crash. According to Zillow’s data, the total value of the U.S. housing stock grew to $29.6 trillion, a record high. That’s a $1.6 trillion increase in home value...
06
JAN
2017
purchase-market-ahead

Did You Ever Compete In A Purchase Market?

It’s a new year, offering a new beginning with new opportunities. By all accounts, 2017 will bring in the new purchase market and ring out the old refinances. With that, things will definitely change. New business will now come from Realtors and Builders. They need to be serviced...