04
OCT
2017
millennials-are-number-one-1-home-buyers

Millennials Top the List of Current Homebuyers

We knew it would happen sooner or later and so it has. The Millennial generation, the single largest group of current consumers, is finally looking to buy a home. In fact, in the past 12 months, Millennials have topped the list of home buyers. It’s time for this generation to...
03
OCT
2017
day-1-certaintiy-reverification-up-to-lender-fannie-mae

Are Reverifications Required Under D1C?

It seems like a simple question. According to Fannie Mae Quality Control guidelines, a lender need not reverify or recalculate, as applicable, information that is validated by Fannie’s Desktop Underwriter (DU), under their Day 1 Certainty Program. This includes the qualifying...
02
OCT
2017
online-mortgage-applications-millennials-baby-boomers-genx

It’s Not Only Millennials Who Want Online Access

If you’ve been following my blog, you know that I believe mortgage loans will be a little tougher to come by in 2018. I know, I’m not the only one. Lenders need to find new and better ways to attract consumers and acquire their business. Much of the talk has centered on what is...
29
SEP
2017
tough-on-fraud-equifax

Risk of Fraud Increased Before Equifax Hack

Fraud risk increased in the second quarter of 2017; before the reports of the Equifax PII security breach. The national fraud risk index came in at 132.6 as compared to 131.5 for the first quarter of 2017, with a big jump up from the same quarter last year, which was 113.4....
28
SEP
2017
credit-loosening-housing-market-competition

Competition Drives Loosening of Credit Standards

With rates rising, refinances declining, and fewer homes on the market for sale, it is no surprise that mortgage lending is tight. Although the outlook for the 2018 purchase mortgage market seems good, overall business will be off from prior years with the same lenders all vying...
27
SEP
2017
Refis-not-ready-ride-into-sunset-market-still-alive

Let’s Talk a Little About Refis, Again

With things a little slow in the mortgage world, the conversation again comes around to refinances. Rates have increased slightly and according to those “in the know,” they should continue to rise. With the rise in mortgage rates, smart money says refinances will decline (again)....
26
SEP
2017
equifax-credit-protection-hack-freeze-lock

Can Consumer’s Info Really Be Protected?

Every day we hear or read about another security breach with volumes of consumer’s private information being acquired by some unscrupulous people. Most recently it was Equifax, a major repository of consumer credit and personal data. Who might be next? Now, all the pundits and...
25
SEP
2017
trid-black-hole-cfpb-fee-disclosures

The “Black Hole” Revisited

You remember TRID’s “Black Hole?” The circumstance created by the new rule whereby a lender is unable to reset fee tolerances once an initial Closing Disclosure is issued and fees increase but closing gets delayed for more than 3 days. The question remains, how can a lender...
22
SEP
2017
brian-fitzpatrick-bikems-city-to-shore

It Takes Training, Preparation, and Commitment

To run a business right and be successful, as in anything we do, it takes training, preparation, and commitment. A commitment to doing things right, no matter what the product or goal. Today, I’m gonna stray a little from what’s happening in the mortgage business and what we need...
21
SEP
2017
credit-invisibles-lending-man-cfpb

Are You Helping The “Credit Invisible”?

The CFPB recently issued what it calls their new ‘no-action letter’ to Upstart Network, a San Carlos, CA company that makes personal loans to consumers. The reason; Upstart will use and evaluate certain alternative credit and other consumer data when making credit decisions on...