20
SEP
2017

Is the 30 Year Fixed Mortgage Due for a Makeover?

We may soon see some new innovations when it comes to the standard for all mortgages, the traditional 30-year fixed rate loan; a mortgage loan product that was developed back during the Great Depression. Hey, what was so ‘Great’ about it? This loan was meant to spread out the...
18
SEP
2017
Correspondent-Lenders-toolbox-platform-system

To Increase Business | Correspondent Lenders Need to Increase Sources

With the decrease in mortgage originations, Correspondent and Wholesale Lenders are facing the prospect of having to acquire business from new sources. This means bringing in loans from new loan brokers in more areas of the country. That creates the challenge of managing the...
15
SEP
2017
interest-rates-since-election-2016

So What’s With These Rates Anyway?

After the elections, all we heard was that the Fed would most likely raise rates 2 or 3 times in 2017, maybe more. The smart money was that the 10-year treasury would yield about 3% by now. Mortgage rates were going to go up! Not quite, in fact, the 10 year is still below 2.5%...
14
SEP
2017
got-your-six-6-quality-control

Who’s Got Your 6?

In the military, the expression “Got your 6” means that someone on your team is watching your back. The saying originated with US fighter pilots during the First World War, meaning to cover the rear of another’s airplane when in battle. Over time this phrase has come to be used...
13
SEP
2017
TRID-RESPA-CIMRA-CFPB-congress

What’s Next? TRID 3.0 or Maybe TRIDIA

With the TRID 2.0 changes finalized and changes to address the ‘Black Hole’ out for comment, some in Congress are already looking at additional upgrades to the Rule. A Bill sponsored by Representative French Hill (R /AK) was introduced for discussion in the Financial Institutions...
12
SEP
2017
technology-yesterday-today-loan-originators-old-phone-iphone

Do You Have the Technology Needed to Compete?

It’s no secret that the mortgage industry has been a little slow to the table when it comes to the use of technology in handling loan originations. Although the need was recognized, when the housing market was good, the timing was all wrong. Why spend time and money searching...
11
SEP
2017
equifax-hacked-second-time-in-year

Just How Safe Is Your Identity and Credit Data

You’ve probably heard by now that on July 29th Equifax learned their systems were hacked from mid-May through July. Yes, Equifax, one of the country’s 3 main repositories of all consumer personal and credit information. The cyber thieves acquired sensitive personal information on...
08
SEP
2017
Seniors-Tap-Equity-reverse-mortgage-HECM

Seniors Can Tap Equity; Lenders Can Tap Opportunity

Seniors, age 62 and older, hold about 60 to 80% of their total net worth in their home’s equity, according to a recent study conducted by the National Council on Aging (NCOA). In most cases, these homes are owned mortgage free or with only a minimal mortgage outstanding. To tap...
07
SEP
2017
TRID-CFPB-disclosed-fees-mortgage-lender-section C

Make Sure You Provide the Correct Shopping List

The updates to the TRID rules, recently released by CFPB, include a clarification of the tolerance limits for the fees for the services for which a consumer may shop when a service provider list is not provided. These are the fees disclosed to a borrower in Section C of the Loan...
05
SEP
2017
party-like-its-1999-prince-first-time-homebuyers-millennials

We’re Gonna Party Like It’s 1999

We got some good news!  Home inventories may be down, but first time home buyers are up. Sales this spring to first-time homebuyers were at their highest level since 1999. Woo-hoo!!! First-time homebuyers made up about 57% of the purchase mortgage market, with almost 970,000 new...