14
DEC
2017
mortgage-profits-down-q3-2017-technology

Mortgage Banker Profits Down in 3rd Quarter

77% of the 347 mortgage lenders responding to the recent Mortgage Bankers Performance Survey reported a pre-tax profit in third quarter of 2017. Not too bad, but this is down from the 86% reporting a profit for the 2nd quarter.  Not so good for the other 23%? For comparison...
13
DEC
2017
do-what-you-say-you-mean-fixx-tila

Do What You Say and Say What You Mean

TILA requires a lender to provide an applicant with a good faith estimate of the fees that will be charged to, or imposed on, the applicant in connection with their loan. Seems simple, if you’re gonna charge it; disclose it. There’s a little catch, the fee must be for a service...
12
DEC
2017
mba-vs-cfpb-hmda-data

Role Reversal? MBA Worries About Consumer Protections

The MBA, along with other mortgage and banking industry trade groups, are challenging CFPB’s ‘Proposed Guidance’ for handling the disclosure of HMDA data. The CFPB proposes to exclude certain loan-level data points, modify other data points prior to disclosure, and disclose other...
11
DEC
2017

Will You Be Liable for a False Claims Act Action?

It looks as though Whistleblowers and the Department of Justice teamed up again to bring fines against a mortgage lender. Guess DOJ ain’t quite done just yet! Although new HUD Secretary Ben Carson announced that FHA might pull back on False Claims Act actions DOJ just claimed...
08
DEC
2017
Housing-market-2018-season

The Mortgage Market’s Season Finale

Like those TV drama series, the mortgage market is poised for its winter season finale. We are faced with all kinds of suspense coming from what might happen in 2018. Based on current headlines, we see: An increase in home buyer and seller sentiment A forecast for rising interest...
07
DEC
2017
hmda-data-mining-business-opportunity

Mining the Markets. HMDA can Help.

More lenders are realizing that HMDA data can be a benefit in identifying new markets and paths to increase business in present markets. It will also help to identify competitors doing business in the same markets and the products and communities they serve. With new data being...
06
DEC
2017
millennials-housing-market-field-of-dreams

If You Build It Will They Come?

Are Millennials Ready to Buy? We’ve been hearing for a while that the Millennial generation is poised to start buying homes. Fannie Mae and USC research appear to show it will be in 2018. That would be great for Builders, Realtors and mortgage lenders. If you build it –...
05
DEC
2017
tax-relief-gop-salt

Will Tax Reform Affect Housing?

The debate rages on. Who will really benefit from the current tax reform proposals? Some say the rich, some say the middle class, and others say the big corporations. Maybe, it’s all three. One big question revolves around the elimination of the SALT deductions. Critics argue...
04
DEC
2017
fee-disclosures-closing-trid

Still Confused About Seller Credits?

It seems some may still be a little confused on how to disclose and treat seller credits, according to the results of some of the reviews we do here at LoanLogics. TRID requires a lender to provide a good faith estimate of the fees that may be charged to, or imposed on, the...
01
DEC
2017
FHA-Commissioner-Brian-montgomery-MIP

FHA Cut: You Can’t Always Get What You Want

As the Rolling Stones sang, “If you try sometimes you might find you get what you need.” If Brian Montgomery is confirmed by the full Senate as the new FHA Commissioner, and it is reported he will be, Realtors and mortgage lenders are looking for FHA to reduce their mortgage...