07
MAR
2017
g-fees-atm-congress-house-rule-916

Should G-Fess Be Congress’ ATM?

House Rule 916, the Risk Management and Homeowner Stability Act, was recently introduced as bi-partisan legislation by Representatives Mark Sanford (R-SC) and Brad Sherman (D-CA). The bill is intended to restrict increases in agency Guaranty Fees to finance reforms to the...
06
MAR
2017
mortgage-interest-defect-rate-rises-up-arrows

Defects and Misrepresentations Rise With Rates

Fraud, misrepresentations, and loan defects are rising as refinances decline and purchase activity increases. According to The First American Financial Corporation, their Loan Application Defect Index rose 5.8% in January 2017, as compared to last year. This trend started in...
03
MAR
2017
37-percent-homes-sold-2016-rentals

One Person’s Loss is Another’s Profit

A major result of the 2008 housing crash was that many people lost their homes. Very sad, but very true. This resulted in two things coming about:     1.  These people needed a place to live     2.  The market was flooded with unoccupied homes. All that was needed was a way to...
02
MAR
2017
new-side-president-donald-trump-speech-both-houses-of-congress

Did Trump Hit One Out of the Park?

Or, was it just a long foul ball? By most accounts, President Trump’s address to Congress was a success. He delivered a well thought out, measured speech in a professional, presidential manner. We saw a different side of the new President. Not everyone was enthralled by his...
01
MAR
2017
are-ther-enough-homes-lending-crisis-housing

Are There Enough Homes?

Is it a lending crisis, an affordability crisis, or a housing crisis? Maybe it is all three. Homeownership rates have declined and everyone is clamoring for lenders to do more to help provide financing to more perspective home buyers. A basic rule of economics is supply vs....
28
FEB
2017
Oscars-error-faye-dunaway-warren-beatty-moonlinght-la-la-land

Is QC Important; Ask Warren, Faye & PwC

So you think that things always go as they should, eh? Well, recently we saw Steve Harvey and Mariah Carey fall victim to embarrassing moments, but the award, or should I say the Oscar, goes to Warren Beatty and Faye Dunaway. If you watched the Oscars, you witnessed one of the...
27
FEB
2017
Dodd-Frank-good-bad-lenders-banks-mortgage-thumbs-up-down

Is Dodd-Frank Good for Banks and Mortgage Lenders?

The current Administration is talking about making changes to modify or completely replace the Dodd-Frank Act. However, a new report out of Washington says it’s doing just fine.  According to the FDIC, in the 4th quarter of 2016, banks reported profits of $45.6 billion. This is...
24
FEB
2017
new-penn-conway-financial-services-joint-venture

New Penn and Massachusetts Realtor Join Forces

New Penn Financial, a large successful independent mortgage lender, based in the Philadelphia area, announced a joint venture with a Massachusetts Realtor. New Penn will join forces with Jack Conway, Realtor, to create Conway Financial Services. Conway Financial will operate as a...
23
FEB
2017
CFPB-Considers-Alternate-Credit-History-Sources

CFPB Rides Again. This Time on Credit History

For those of you who were hoping, and maybe believing, the CFPB and their Director, Richard Cordray, were going away, it looks as though that may not happen anytime soon. CFPB just announced plans to hold public hearings on the potential for use and the benefits of...
22
FEB
2017
educate-consumers-mortage-101-teacher-chaulkboard

Are You Educating Your Borrowers?

You would think that after all the hard work put in by CFPB and others to educate consumers on the mortgage process and associated costs we would now be seeing better results. According to a Wilson Perkins Allen Opinion Research survey, for ClosingCorp, in January 2017 more than...