31
AUG
2016

We’re from FHFA and we’re here to help…

Introducing the New Improved URLA Don’t look now! Hot on the heels of the system and technology modifications and updates needed to finalize the handling of the disclosures required by TRID, we see the new improved Uniform Residential Loan Application (URLA) looming on the...
30
AUG
2016
credit-data-just-got-bigger

Are Ready for the New Trends in Credit Data?

Credit Data Just got Bigger Beginning September 24th, Fannie will require lenders to utilize the new improved credit data provided in reports by Equifax and TransUnion. These new reports will utilize trended credit data as opposed to the static FICO score. (Trends) Years ago, we...
29
AUG
2016
dont-believe-the-hype

Headlines Could Be Deceiving. Don’t Get Distracted by the Hype

In today’s digital world, websites are able to generate advertising dollars based on content and clicks and views of the site. The more clicks (views) the more successful the site and the more advertising dollars can be generated. So, just as it is with news print media, news...
26
AUG
2016
defect-clarity-for-mortgage-insurance

In Search of Defect Clarity

In the interests of time, expense and competition, FHA and Private MI companies offered lenders a delegated process for loan insuring. This was great for everyone until the spit hit the fan in 2007. All of a sudden, these loan insurers were carefully reviewing every detail of...
25
AUG
2016
robot-loan-officers

Will Technology Replace the Mortgage Originator?

Most believe that the mortgage originator will always be a required component due to the complexities of a mortgage loan process. (Originators) Although technology can help to acquire and process information, many consumers still want someone available to walk them through the...
24
AUG
2016
alan-greenspan-interest-rates-going-up

Another Opinion on Future Rate Hikes

As Jimmy Durante used to say, “Everybody wants to get into act.” Lately, it seems like everyone has an opinion on the Fed’s rate outlook. Rising, steady, who knows! This time, it’s former Fed Chair, Alan Greenspan. When Mr. Greenspan talks about the economy and setting the Fed...
22
AUG
2016
Communicate-educate-translate-originate

Communicate, Educate, Translate, Originate

I’ve read recent articles and blogs that run the gambit from historic low rates, a recovering housing market, refi’s are up, refi’s are down, decreasing purchase loan applications, less affordable housing, and tighter credit standards. One week the markets look great, the next...
18
AUG
2016
Cure-for-the-cures-know-before-you-owe

A Cure for the Cures

Recently, I responded to some questions posed by one of our trade publication, Mortgage.Orb, about CFPB’s proposed changes to the Know Before You Owe, rules (TRID). One of these questions asked about CFPB’s decision to not address the current ‘cure’ options under the new rule....
16
AUG
2016
Best-foot-forward-to increase-business

If You’re Not Seeing Increased Business; You’re Not Alone

With the drop in rates resulting from Brexit, we saw a resurgence of refinancing activity. This seemed to bode well for mortgage lenders, but not so for everyone. A recent report from a la mode, a leading provider of appraisal software, shows that appraisal volume is actually...
15
AUG
2016
the-real-housing-problem

Is Housing The Real Housing Problem?

I read an article this morning about a new Bill signed into law that would allow Section 8 voucher recipients to utilize this assistance toward mortgage payments instead of rent for the purchase of manufactured housing. (Section 8) The intent is to provide more low to moderate...