24
APR
2017
Look-Forward-dont-look-back

Don’t Manage by Looking in the Rearview Mirror

It’s important to learn from history. So, we can avoid making the same mistakes, while capitalizing on what we did right. However, to remain successful, we can’t rest on what we did. We need to have a clear vision of what needs to be done in the future to stay successful. It’s...
21
APR
2017
VA-fees-unchanged-since 1054-ford

Time For Some VA Fee Changes?

The allowable fees and charges that a lender can charge a veteran are somewhat limited and they haven’t been changed since 1954. Think about it. What hasn’t changed since 1954? Wow, that’s a long time… Presently, the VA allows specific third party charges which are required in...
20
APR
2017

QC Starts with a Quality Culture

With the emphasis being placed on increasing loan production and capturing more business, it’s extremely important that lenders to not forget about loan quality and compliance. Maybe I’m preaching to the choir here. But, if we’ve learned anything from the 2008 debacle, it’s that...
19
APR
2017

Is Skynet Coming to Mortgage Banking?

“We’re creating software robots to mimic what humans do [in mortgage lending]”, said Mark Davison, a partner at ISG, a technology research and advisory firm specializing in Robotic Process Automation (RPA). Mortgage lending is just now moving into the digital age and it appears...
18
APR
2017
go-digital-LO-west-young-man-mike-vitali-horace-greeley

Everyone is Going Digital

It’s not just Rocket Mortgage or Blink, many other mortgage lenders are launching systems for taking digital mortgage applications and handling loan closings. Seems everyone’s gotten the word. To service today’s consumer, you must have digital capabilities. It’s not just for the...
17
APR
2017
CFPB-Rescue-HMDA-changes

CFPB to the Rescue

Revisions to the Revised HMDA Rules With mortgage lenders just getting over the challenges created from the QM/ATR rules and TRID, they’re now faced with a new hill to climb; HMDA. CFPB just released a new proposal as Technical Corrections and Clarifying Amendments to HMDA. These...
14
APR
2017
Do-you-Know-your-Customer-millennials-baby-boomers

Do You Know Your Customer?

It’s important for any business to have a profile of the customers they serve. It’s no different in mortgage lending. Yes, it’s easy to think that a mortgage lender’s customer is obviously someone who is financing a home, but there’s a little more to it. That’s a little like...
12
APR
2017
Digital-mortgage-sandbox-rocket

Competing in the Digital Arena

I find it quite interesting to scan the daily headlines covering housing and mortgage lending. (I know, I gotta get a life!) Seriously, some recent headlines indicated: Mortgage rates tumble, but may head back up; Rates at 2017 low and may stay low; Application volume is down;...
11
APR
2017
macarthur-cfpb-reform-congressman

Local Congressman Defends Position on Consumer Protection

Here’s an excerpt from a recent response written by Congressman Tom MacArthur, R-3rd of Toms River, New Jersey, to a letter to the Editor of the Burlington County Times. There’s more going on in NJ than Bridgegate and the Sopranos. “I’m writing in response to a recent letter to...
10
APR
2017
blink-mortgage-digital-rocket

Brokers Go Digital

United Wholesale Mortgage (UWM), one of the nation’s leading wholesale mortgage lenders announced they now offer Brokers a completely digital platform for loan originations. Meet “Blink” (Borrower Link). According to a release by UWM, their new Blink system allows Brokers to...