09
OCT
2017
false-claims-act-see-hear-speak-no-evil-monkeys-doj-

Are You Safe From an FCA Action?

Ask lenders – and just about all will tell you they do their business the right way. If so, they shouldn’t need to worry about any action from the Department of Justice (DOJ) under the False Claims Act (FCA). Right? With everyone supposedly doing business the right way, why...
06
OCT
2017
with-great-power-comes-great-responsibility-non-bank-lenders-number one

And It’s Non-Bank Lenders By a Nose

It’s official (as if we didn’t know), according to the 2016 HMDA data, non-bank lenders made more mortgage loans than their bank counterparts. For the first time since way back in 1995, the non-depository lending institutions closed more purchase and refinance mortgage loan...
05
OCT
2017
irs-data-vault-verify-income-employment

IRS To Validate Income and Identity?

What do Equifax and the IRS have in common? They both house tons of consumer personal data. Equifax got hacked. Could the same happen to the IRS? Some regulators are saying no and pushing for the IRS to get more heavily involved in the data verification game. Rep. Patrick McHenry...
04
OCT
2017
millennials-are-number-one-1-home-buyers

Millennials Top the List of Current Homebuyers

We knew it would happen sooner or later and so it has. The Millennial generation, the single largest group of current consumers, is finally looking to buy a home. In fact, in the past 12 months, Millennials have topped the list of home buyers. It’s time for this generation to...
03
OCT
2017
day-1-certaintiy-reverification-up-to-lender-fannie-mae

Are Reverifications Required Under D1C?

It seems like a simple question. According to Fannie Mae Quality Control guidelines, a lender need not reverify or recalculate, as applicable, information that is validated by Fannie’s Desktop Underwriter (DU), under their Day 1 Certainty Program. This includes the qualifying...
02
OCT
2017
online-mortgage-applications-millennials-baby-boomers-genx

It’s Not Only Millennials Who Want Online Access

If you’ve been following my blog, you know that I believe mortgage loans will be a little tougher to come by in 2018. I know, I’m not the only one. Lenders need to find new and better ways to attract consumers and acquire their business. Much of the talk has centered on what is...
29
SEP
2017
tough-on-fraud-equifax

Risk of Fraud Increased Before Equifax Hack

Fraud risk increased in the second quarter of 2017; before the reports of the Equifax PII security breach. The national fraud risk index came in at 132.6 as compared to 131.5 for the first quarter of 2017, with a big jump up from the same quarter last year, which was 113.4....
28
SEP
2017
credit-loosening-housing-market-competition

Competition Drives Loosening of Credit Standards

With rates rising, refinances declining, and fewer homes on the market for sale, it is no surprise that mortgage lending is tight. Although the outlook for the 2018 purchase mortgage market seems good, overall business will be off from prior years with the same lenders all vying...
27
SEP
2017
Refis-not-ready-ride-into-sunset-market-still-alive

Let’s Talk a Little About Refis, Again

With things a little slow in the mortgage world, the conversation again comes around to refinances. Rates have increased slightly and according to those “in the know,” they should continue to rise. With the rise in mortgage rates, smart money says refinances will decline (again)....
26
SEP
2017
equifax-credit-protection-hack-freeze-lock

Can Consumer’s Info Really Be Protected?

Every day we hear or read about another security breach with volumes of consumer’s private information being acquired by some unscrupulous people. Most recently it was Equifax, a major repository of consumer credit and personal data. Who might be next? Now, all the pundits and...