20
JUL
2017
Action-plan-quality-controlSM

Oh, For the Lack of an Action Plan

No good Quality Control plan is complete without a written Action Plan. The Action Plan lays out what needs to be done and what will be done to ensure the remediation of defects and deficiencies found in loan reviews. Without it, the QC plan is just about worthless. If there’s no...
19
JUL
2017
quicken-rocket-mortgage-11-million-dollar-fine-class-action

Another Reason Why Appraisals May Go Electronic

Quicken Loans, one of the mortgage industry’s leading lenders, and a pioneer in the use of technology may soon consider the use of electronic property valuations instead of standard manual appraisals. Why? Last week, a federal district court hit Quicken with a guilty verdict...
18
JUL
2017
google-chase-home-lending-consumers-concerns

In Search of What Consumers Search For

Here’s more information from a slightly different report on mortgages and housing. This report was done by search engine giant, Google, in connection with lending giant, Chase Home Lending. Two giants using big data to get some really good background data on what consumers are...
17
JUL
2017
Big-bank-loan-originations-get-bigger-piece-of-the-shrinking-pie

Mortgage Volumes Decline! But, Big Banks Market Share Increases

Despite the fact that many big banks have recently scaled back their mortgage lending, the overall share of mortgage originations done by the top banks increased in the 1st quarter of 2017. With overall volumes declining, this means that these banks are grabbing a bigger piece of...
14
JUL
2017
mba-mortgage-bankers-association-fighting-for-lenders

MBA Continues to Fight For the Industry

The Mortgage Bankers Association, along with several of the mortgage industry’s largest trade groups, continue on their quest to make things better for consumers and mortgage lenders. MBA, along with the others, are seeking a meeting with the new Attorney General, Jeff Sessions,...
13
JUL
2017
PPE-Still-using-rate-sheets-old-technology-computer-phone

Today’s PPE, More Than Just an Electronic Rate Sheet

The Product and Pricing Engines (PPE) of yesteryear were an efficient substitute for the good old rate sheets. These have evolved into necessary selling tools for loan originators and an efficient system to quickly analyze potential profits by lender’s secondary marketing...
12
JUL
2017
doj-atr-fireworks-prospect-mortgage

Not All Fireworks Were on the 4th of July

Just prior to July 4th, the Department of Justice announced that it hit another lender with a False Claims Act violation and fine. The most recent victim is Prospect Mortgage who was levied a fine of $4.16 million, and another one bites the dust… According to DOJ, once again a...
11
JUL
2017
not-your-fathers-sub-prime-loan-qm-quality-mortgage

Non-QM Ain’t the New Subprime

Non-QM (Non-Qualified Mortgage) loans are getting a bad rap as the coming of the next subprime wave. Although they may be considered a little riskier than your standard QM (Qualified Mortgage), the perceived risk is in not having the QM’s safe harbor from repayment ability...
10
JUL
2017
just-short-CFPB-TRID-updates-football-first-down

CFPB Comes Up Short on TRID Updates

The Consumer Financial Protection Bureau finally issued their long-awaited updates the “Know Before You Owe” rule (better known to lenders as TRID) on Friday, July 7th. The big news is not so much of what CFPB said, but more so in what was not said. CFPB addressed some areas that...
07
JUL
2017
loan-defeats-up-business-declining-empty-pockets

Loan Defects on the Rise as Business Declines

Recently, I’ve been writing about the challenges lenders face resulting from a shortage of affordable housing. With consumers having less money available for a down payment, lenders are forced to stretch the credit and income limits to qualify potential home buyers for higher...