31
MAY
2016
Glavey-Speaking-MBA-Conference

The Right Stuff

With all the chatter lately about the bad and the ugly in the mortgage business, I wanted to concentrate on the good. We read and hear about predatory lending, subprime loans, fines, penalties and all the challenges faced by mortgage lenders resulting from regulatory changes and...
27
MAY
2016
FHA-DOJ-HFA-Down-payment-assistance

Controversy Over HFA Down Payment Assistance

Ed Golding, Principal Deputy Assistant Secretary for Housing and Head of the FHA, (that’s what it says on his letterhead), issued an informal letter (The Letter) to all FHA lenders on the acceptance of Housing Finance Agency (HFA) down payment assistance programs. Everybody...
25
MAY
2016
Guild-mortgage-doj

Guild Mortgage in DOJ’s Crosshairs

Once again we find the Department of Justice out to protect the “…housing market the FHA fund…,” according to Benjamin Mizer, the principal deputy assistant Attorney General. This time, they’re after Guild Mortgage, a San Diego lender with over five decades in the mortgage...
20
MAY
2016
Whats-the-plan-QC-compliance

Do You Have a Compliant QC Plan?

With all the talk recently about quality and compliance, we need talk about if a lender has an adequate written Quality Control Policy. Do you? Whether you are outsourcing QC or performing it internally, a lender must have a written plan. This policy must clearly outline the...
19
MAY
2016
Credit-trending-scores-fico

What’s Trending in Credit Analysis?

It seems to me like only yesterday when a brand new method of determining a borrower’s creditworthiness was introduced. It was dubbed a “credit score”. It would revolutionize lending. No longer would underwriters need to sweat and labor reviewing the details of an applicant’s...
18
MAY
2016
M&T-Bank-DOJ-FHA

Are FHA Underwriters Your New Partner

Another day, another DOJ settlement under a False Claims Action brought against a major Bank originating FHA loans. This time, it’s M&T Bank Corp to the tune of $64 million. Not a happy tune. Here we go again. DOJ alleged that M&T did not originate their FHA loans in...
17
MAY
2016

The FHA Lending Challenge

As I’m sure if you’ve heard by now, many banks are shying away from FHA lending. As a direct result, independent, non-bank, mortgage lenders are seeing a windfall in these loans. The old “bad news; good news” scenario. Is this good news for independents? Banks fear the...
12
MAY
2016
dont-overlook-the-obvious-sm

Don’t Overlook the Obvious

For years, lenders were required to perform a quality control review of the loans they closed. Today, lenders need to perform both the post-closing QC review but must also conduct reviews on loans prior to the closing. These required pre and post-closing quality reviews present a...
10
MAY
2016
KNOWLEDGE

A Little Knowledge Will Go a Long Way

The other day, I wrote about the TRID panel I moderated at our recent inaugural LoanLogics’ User’s Conference at the Sawgrass Marriott in Florida. During that presentation, Noerena Limon, Quality Analyst with the CFPB, mentioned, on more than one occasion, the importance of...
06
MAY
2016

Be Careful What You Wish For

It may not be good grammar but it makes the point. When I travel, I often wonder who gets the flights that depart from gates 1, 2 or 3 at the airport. For some reason, it seems I always end up leaving from a gate at the very end of the terminal. Ironically, when returning from...