05
JAN
2017
pre-show-quality-control-check-mariah-carey

Don’t Gamble on Quality

Once again we witness how important it is to do a quality check before going live. Just ask Mariah Carey who was all dressed up (or not) on New Year’s Eve with nowhere to go. She was totally embarrassed and mortified by a poor performance resulting from problems she encountered...
04
JAN
2017
doj-rings-out-old-year-auld-land-syne

DOJ Rings Out the Old Year to a Familiar Tune.

And it ain’t Auld Lang Syne. The Department of Justice (DOJ) isn’t quite finished yet. They recently settled with Troy, Michigan lender United Shore Financial Services (USFS) to the tune of $48 million. This may be music to their ears, but surely not to United Shore’s. It is...
03
JAN
2017
automatic-verifications-day-1-certainty

Will Automated Verifications Reduce Defects?

With rates increasing, loan refinancing decreasing, and fewer affordable homes on the market, lenders may face some challenges in 2017 to generate business. Challenges that can be overcome with an eye toward purchase business, an expansion of products available for home...
30
DEC
2016
new-year-ahead

What’s Your Plan for 2017?

With the recent election, rising rates, improving the economy, more job opportunities, and wage growth, things could be looking up for housing and mortgage lending in 2017. Then again…maybe not. It all depends to which economist or so-called expert you listen. Here are some...
29
DEC
2016
it-wont-last-forever

We Knew It Wouldn’t Last Forever

  We all knew that those extremely low mortgage rates couldn’t go on indefinitely. The time has come for rates to rise but it appears they may not have such a devastating effect on the housing market. Although forecasts for 2017 and 2018 are being adjusted down, the decrease...
28
DEC
2016
no-action-policy-cfpb

ICYMI – CFPB Introduces the “No Action Policy”

It sounds a little strange. A policy created for no action. It outlines what companies must do to determine if CFPB will not take, or is not contemplating taking, supervisory or regulatory action pertaining to a specific financial product to be offered to consumers (No Action.)...
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...