16
JUN
2016

Getting a “Like” May Not Be Best For Lenders

Today, communication on social media is quite common. People are constantly texting, tweeting and posting information, both personal and professional.  No different with many mortgage lenders and so too their loan originators. It’s how we communicate, especially with the...
15
JUN
2016
risk-scoring-targeted-sampling

Do You Shotgun Your Loan Reviews?

How are you selecting loans for your pre and post-close reviews? Are you still using the standard random sample method? Is it every 10th loan or some variation? Do you really believe you are getting the best results for the audit dollars you spend? Probably not, if you’re...
14
JUN
2016
FHA-TOTAL-new-rules

“TOTAL” Will Not Provide MIPs

In case you missed it, on June 8th FHA announced that their TOTAL (Technology Open To Approved Lenders) automated underwriting system will no longer provide the upfront or annual mortgage insurance premium factors required for a loan (FHA Info #16-36). These factors may be found...
13
JUN
2016
Compliance-logics-mike-vitali-may-2016-Sm

The 10% Tolerance Factor – TRID

Last week, during a webinar LoanLogics presented as an ABA-endorsed provider, a question was raised about the calculation of the basis for the 10% fee tolerance under TRID. In my response, I mentioned that I had covered this topic in a recent blog. I stand corrected. After...
10
JUN
2016
National Homeownership Month 2

National Homeownership Month – The Sequel

The other day I mentioned that FHA has declared June as National Homeownership Month with its theme of “Dare to Own the Dream”. Well, come to find out, from my good friend (and now retired) Gerry Glavey, that this is quite common. June has been designated as Homeownership Month...
09
JUN
2016
Hiring-rollercoaster

The Hiring Rollercoaster

It looks as though the spring buying season may be extending into summer. So, mortgage lenders need more people to handle the business. Some still say that 2016 is going to be a breakout year for new home sales with Millennials jumping into home ownership. That’s good news but...
06
JUN
2016
National-home-ownership-month-June-2016

June is National Homeownership Month

Are you aware that FHA declared June as National Homeownership Month? They even have a theme: “Dare to Own the Dream.” Sounds a little ominous… Julian Castro, HUD Secretary, says it’s a good time to reflect on all that the Obama Administration has done to ensure that...
03
JUN
2016
Trid-allowable-changes-circumstance

Allowable Changes in Circumstances under TRID – What you need to know?

Under the TRID rules, a lender may increase a fee once disclosed as being non-shoppable by the consumer when the result of an event or circumstance taking place after a disclosure is issued. These are known under the law as “allowable changes in circumstances.” In such...
02
JUN
2016
whistleblower-doj

It Pays to Blow the Whistle

The good news (to some) is that DOJ’s lawsuit with a $1.27 billion penalty against Bank of America was tossed by the appeals court. The court also threw out the $1 million fine levied against former Countrywide employee Rebecca Mairone. Ironically, Rebecca is the only industry...
01
JUN
2016
first-time-home-buyers

First Time Homebuyer Loans Getting Riskier

Everyone knows that we need first time homebuyers in the market so we can continue the stream of move up homebuyers. This usually signifies how the economy and the housing markets are faring. The better the economy, the better jobs and wage growth, the more likely consumers will...