This may be the business slogan here at LoanLogics, but it’s never been truer than today. The business of making mortgage loans has gone through some pretty drastic changes over the past few years and lenders need to make changes in how they do business to keep up. New rules and regulations put much more emphasis on loan quality, compliance,…
Will the Consumer Financial Protection Bureau (CFPB) become a mere shell of its former self? Appears so, if Mick Mulvaney, its current Acting Director, has his way. Since its creation, the financial institutions that it regulates have decried that the CFPB is overbearing in pursuing its mission to protect consumers. CFPB’s approach has been to regulate by enforcement of laws…
According to Fannie Mae’s recent Mortgage Application Survey, loan apps are up for the second straight week. Ironically, although rates are rising, refinance loan applications rose 2% over last week, while purchase business dropped by 1%. While that was going on, home prices overall rose by about 6% and rates for conforming conventional loans increased to their highest level at…
Reverse Mortgages present another opportunity for mortgage lenders to make loans and for home builders and Realtors to make additional sales. But, are they a good deal for seniors? Some believe they are a rip off of seniors who may need some short-term cash and have equity in their home. The problem, they say, is the ultimate interest cost and…
According to a recent Trulia Report, “Where Have All the Homeowners Gone?”, in 90 of the largest 100 metro areas, homeownership rates fell from the levels from 2000 to the levels from 2016. Why? According to Felipe Chacon, Trulia’s Economist and the chief author of the report, neighborhoods that swung to renters from owners or vice versa were influenced by…
Don’t know about you but we were hit pretty hard by the recent Nor’easter that hit Philly and other areas of the Northeast. We were without power for more than 3 days. Not good! We had no contact with the outside world, no TV, no radio, and no landline phone. We had no way of knowing what was happening and…
