Credit-Score-War-Fico
Mortgage Industry Trends

War of the Credit Scores

And so it begins. Which credit score to use to provide the best profile of a potential borrower? Is it FICO, FICO Stage9 or, maybe, the new VantageScore? (Credit Scoring) For the past several years, the industry has mainly relied on the good old three digit FICO score. Some say that is no longer the most representative of a consumer’s…

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SOTU-LoanLogics-Mortgage
Mortgage Industry Trends

Housing Recovery: Fact or Fiction

President Obama gave his last State of the Union address on last evening, 1/12/2015. Unfortunately, for those of us in the housing and mortgage lending industry he did not address or even mention anything about a housing policy targeted to help more Americans realize their dream of homeownership (Speech). A dream that has been dealt a severe blow resulting from…

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MSA-TRID-Perfect-Together
Mortgage Compliance

TRID, MSA’s and More Business

At first glance, you may think, “What do these three things have to do with each other?” All are issues which mortgage loan originators face today. Each presents its own unique challenges but also provides some new opportunities. TRID has created a major shift in the closing process. This sometimes leads to delays in loan closings which, no matter the…

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Something-Old-Something-New
Mortgage Industry Trends

Something Old; Something New

While most of the mortgage lending world is still concentrating on TRID, some are looking for ways to do more business, and do it better. Angel Oak Capital Advisors has recently announced that it had closed a $150 million securitization of nonprime loans. -Loans that didn’t fit into the neat QM conventional loan world (Sub-Prime Pool)-. Could this be the…

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PETR-Data-FHA-post-endorsement-technical-reviews
Mortgage Compliance

FHA’s Post-Endorsement Technical Review Results – Third Quarter of FY 2015

HUD/FHA released the results of its Post-Endorsement Technical Reviews (PETRs) that were processed in the third quarter of FY 2015 (April 1, 2015, through June 30, 2015), in its most recent Lender Insight Report issued in December 2015.  The results of their PETR Ratings on these cases (as of October 31, 2015) were as follows: Conforming 1,278 cases 19.9% Deficient…

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URLA-redesign-Updated-Uniform-residential-loan-application
Mortgage Compliance

Updated and Redesigned – Uniform Residential Loan Application (URLA) Coming this Summer!

It’s hard to believe that the current Uniform Residential Loan Application (URLA) Form has not had any substantive changes in the past 20 years. Despite numerous programmatic and policy changes implemented by the Federal Government’s Housing Agencies (i.e. HUD, VA & USDA) and the GSE’s,  this form has served well as a uniform loan application form for the mortgage industry.…

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