17
NOV
2016
no-appraisal-freddie-mac

Freddie Announces Appraisal Free Mortgages

While Fannie Mae is talking about relieving lenders from some reps and warranties surrounding appraisals, Freddie is announced that it is doing away with the current traditional appraisal report. This is a bold move that leaves many up in arms. Not surprisingly, the biggest...
15
NOV
2016
dont-forget-the-realtors

Online Apps Are Nice But Don’t Forget The Realtors

Today, to reach and service more potential homebuyers, lenders need to embrace technology with the use of an online application process. Millennials expect it, and others are starting to get used to it. However, with refinancing opportunities dwindling lenders need to once again...
14
NOV
2016
fraud-self-employed-mortgage-lending

Do We Really Need to Get 4506Ts & Transcripts?

This is a question that I hear quite often when auditing loans. The argument is that “the guidelines” don’t require them. I say better be safe than sorry. The “guidelines” do say the lender is required to re-verify the income used to qualify the loan. How else can you re-verify...
11
NOV
2016
veterans-day-2016

Remembering Those Who Served and Sacrificed

Today is the day to step back from all the hustle and bustle of our everyday lives, to set aside our differences and come together for one common cause. Not to stand behind the new President-Elect, although we should. but to honor all those men and women who have served us and...
10
NOV
2016
mortgage-lenders-use-technology

Mortgage Lenders Doing Their Part for the Economy

Hiring among non-bank mortgage lenders increased in September, adding 2200 full-time employees to their payrolls. That’s a big jump from the 900 hires they added in August.  The additions were part of a rise in September employment to 315,000 new jobs, the highest increase since...
09
NOV
2016
loan-origination-costs

Lenders Lament Increases in Loan Origination Costs

By all accounts, it cost a lender more money to originate and close a mortgage loan today than it did 10 years ago. But then again, what doesn’t cost us more today than it did 10 years ago? The question is how much is the increase, why, and is it worth it?  That’s something each...
08
NOV
2016
non-bank-lending-takes-over-mortgage-market

Non-Banks Take Over The Mortgage Market

It’s official. Mark it down. In the third quarter of 2016, non-bank mortgage lenders originated more than half of the mortgages originated in the US. According to a WSJ report, they represented about 51.4% of the mortgage dollars lent as of the end of September. You’ve come a...
07
NOV
2016
too-little-too-late-obama-administration

Housing Policy: Is It Too Little – Too Late?

As the Obama Administration is winding down, the Treasury Department issued a paper that may be considered the administration’s final word on Housing policy. The paper indicates that reform efforts should focus on providing access to credit and affordable rental housing...
04
NOV
2016
gse-bailout-fannie-mae-freddie-mac

Mortgage Financing: Is the Government Infringing on the Private Sector

With the crash of 2008, the federal government took over the largest purchasers of conventional mortgage loans in this country; Fannie Mae and Freddie Mac. They said this was done to protect the taxpayers against major losses that might be sustained by these agencies. (Takeover)...
03
NOV
2016
sofi-refinance-student-loans-mortgage

SoFi Finds A Way To Keep The Refis Coming

Sofi announced a program with Fannie Mae to refinance homeowners with sufficient equity to cover some or all of their student loan debt. It’s estimated that such a program may benefit as many as 8.5 million households throughout the US. Now, that’s a lotta people. With the...