05
MAY
2017
day-1-one-certainty-caveat-reverification-emplyoment

Protect Your Day 1 Certainty Relief

By now you’ve probably heard of Fannie Mae’s Day 1 Certainty Program to earn relief from certain origination reps and warranties. I hope so because it’s a good program for lenders to get a little relief when they produce quality loans. A lender, using a Fannie authorized third...
04
MAY
2017
security-vet-vendors-PII-vault-door-open

Vetting Your Vendors

As you may know, LoanLogics (the company I work for) is a vendor to the mortgage industry. We provide technology, technology platforms, and reporting, to lenders for quality and risk management, MERS reviews, correspondent lending, portfolio monitoring and much more. You can view...
03
MAY
2017
funny-how-time-slips-away-hand-clock-hmda-cfpb-trid

Funny How Time Slips Away

It’s an old song, sung by performers like Elvis, Willie Nelson, and Al Green. They talk about what goes around, comes around, and sooner or later “you’re gonna pay” in love and in life. Things ain’t so different in business. If you do right by your customers, then they’ll do...
02
MAY
2017
CFPB-CLEARR-choice-magnifying-glass

Is there a CLEARR CHOICE for Dodd-Frank Reform?

Recently, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, announced that his Committee will hold new hearings to discuss the provision of the amended CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). You can’t make...
01
MAY
2017
Defect-Monitor-action-plan-bank-guard

Are You Just a Defect Monitor?

You’ve probably seen the commercials on TV with a bank security guard or a guy looking like a dentist, where they say they are just a ‘monitor’ but don’t do anything about what they find. It’s funny for a commercial, but not so funny to the bank or the patient needing dental...
28
APR
2017

There’s No Safe Harbor for Fraud

Fannie and Freddie previously announced programs for lenders to obtain some relief from their reps and warrants for quality loans. Fannie recently expanded such access to relief under their new Day 1 Certainty program. (D1C) Under D1C, a lender may get complete relief from the...
27
APR
2017
lend-like-your-kids-live-here-take-your-kid-to-work-child

Hooray! It’s Take Your Kids to Work Day

Okay, who thought it would be a good idea to bring their kids to work?  It seems a little counterproductive to me. Maybe, they thought it was a great opportunity for parents to bond with their children while the kids got a chance to see what the heck mom and dad did all day;...
26
APR
2017
unsettled-pattern-mortgage-originations-weather-chart

Unsettled Pattern is the Forecast for Mortgage Originations

It seems like forecasting the level of new loan mortgage originations is getting like forecasting the weather. There are a number of pretty good indicators. But, things keep changing which makes it difficult to get it just right. Initially, the outlook was for rising interest...
25
APR
2017
Are-costs-to-originate-a-mortgage-really-going-up-arrow-up-sky

Has the Cost To Originate a Loan Really Increased?

I don’t think so. I’ll bet (if I were a betting man) that if we carefully analyzed the process to originate a new loan, we would find the cost to originate a loan has actually declined. What with online applications and the technology for consumer communication, information...
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...