16
JUN
2017
home-equity-going-up-mortgage-rates-stay-down-house-on-cash

Home Equity Going Up; Mortgage Rates Stay Down

Okay, a little good news for a change. A CoreLogic report indicates that to date about 9 million current homeowners have regained positive home equity. Residential property owner’s still carrying negative equity is down to about 3.1 million. Some highlights of the report: 635 of...
15
JUN
2017
fannie-mae-issues-guidance-NCAP-changes

Fannie Issues Guidance on NCAP Changes

In case you didn’t know, NCAP is the National Consumer Assistance Plan. Under this plan, the 3 credit repositories will no longer report most civil judgments and tax liens, or unpaid medical bills less than 6 months. They say it’s because, in many cases, these issues are not...
14
JUN
2017
first-time-homebuyers-national-mortgage-risk-index

Are We Heading For Another Disaster?

With times being a little tough for many lenders, I hate to bring up anything negative about potentials for increased lending, but I will. Although there is a shortage of homes in the range that would be considered as affordable, there is currently quite a bit of activity from...
13
JUN
2017
follow-mba-lead-va-changes

VA Fee Update: MBA Steps Up For Members Again.

Previously, I mentioned that VA had issued a request for comments on proposals to update the fees a veteran could pay in connection with their mortgage. If you missed that one you can read all about it HERE. It’s about time. VA allowable fees haven’t been updated in over 60...
12
JUN
2017
MBA-report-shows-expenses-up-profits-down-newsboy

Expenses Up; Profits Down for Mortgage Lenders

It’s little surprise that the most recent MBA first quarter Performance Report reflects a major drop in net gains on loans sold by independent mortgage bankers and those operating as subsidiaries of chartered banks. Not such good news. According to the report: Net income declined...
09
JUN
2017
Danger-Will-Robinson-warning-defects-increasing

Warning, Will Robison, Defects are on the Rise!

Like the robot warning Will Robinson of danger on the old TV series “Lost in Space”, First American Financial Corp. is warning the industry that loan application defects are on the rise. The FAFC Loan Application Defect Index indicates defects rose in April for the fifth straight...
08
JUN
2017
loose-credit-more-home-owneership-move-up-buyers-low-rung-homes

Will Looser Credit Standards Increase Home Ownership?

Maybe! But, is it the final answer? The challenge, as I see it today, is a shortage of homes available for sale at the entry end of the spectrum. Homes normally purchased by first-time and low to moderate income home buyers. These would be the ‘first rungs’ of the housing ladder....
07
JUN
2017
survey-hmda-optimistic-lenders-survey-says

The Results Are In; Lenders are Optimistic

Lenders are optimistic about the effects the Trump administration’s policies will have on their business, based on a survey conducted by Ebiquity, on behalf of the Lenders One Cooperative, of St Louis. That’s rare, some positive news about the new president. Seventy-three percent...
06
JUN
2017
National-consumer-Assistance-plan-credit-scores

What’s The National Consumer Assistance Plan?

The National Consumer Assistance Plan is an initiative launched by the three nationwide consumer credit reporting companies – Equifax, Experian, and TransUnion – to make credit reports more accurate and make it easier for consumers to correct any errors on their credit reports....
02
JUN
2017
Just in case you haven’t been following things closely, lenders will be required to report a whole bunch of additional HMDA information for loans reported in 2018; but you probably already knew that (I hope). The MBA, in support of its members and the industry, says that CFPB should extend the new requirements for at least one year because CFPB hasn’t lived up to end of the bargain. According to the MBA request, lenders and industry vendors are still awaiting for the following from CFPB: · A release of the new reporting portal · A promised geocoding tool for use by lenders in identifying property locations · New data validation information · Information of the security of consumer PII reported under HMDA There is no reason to rush to implement the desired CFPB changes. The current HMDA data reporting provides sufficient information for lending review and evaluation, as it has done for years. Why push to implement new requirements when everything isn’t in place to allow lenders to properly prepare for compliance? In addition, such a delay will allow additional time for a more detailed review to determine if all of the new required data elements would be beneficial. Further, if CFPB has the requisite authority to make such changes. For more information and insight, you can review MBA’s information and their letter. I, for one, agree. Why rush things when we’re not ready? We would hate to go through all the time and expense to prepare for things as they are currently presented, only to be required to make additional costly changes for adjustments made after the fact. Hopefully, rational thinking will prevail (for a change).

MBA to the Rescue; HMDA Extension Requested

Just in case you haven’t been following things closely, lenders will be required to report a whole bunch of additional HMDA information for loans reported in 2018; but you probably already knew that (I hope). The MBA, in support of its members and the industry, says that CFPB...