What’s an ‘Outlier’? An ‘Outlier’ is considered a person or thing differing from all other members of a particular group. GNMA considers nine major mortgage lenders as ‘outliers’ because Ginnie believes that the activity of these lenders differs from others. Ginnie Mae believes these lenders may be churning VA refinances. Churning is a process whereby the lenders continue to refinance…
Look out, things are starting to slip. With the home mortgage market turning from refi’s to purchases, rates rising, and a housing shortage along comes an increase in loan defects, fraud, and misrepresentations. The good news, according to the most recent First American Financial Corp’s Loan Application Defect Index, is that the defect rate for both refinances and purchases remained…
The FICO credit score was introduced many years ago and touted as the end-all for determining a prospective borrower’s creditworthiness. The better the score, the more likely the borrower would repay the debt. The lower the score, look out, higher potential for default. Simple, right? No more! Today, we’re told that maybe this revolutionary predictor may be outdated and in…
Over a month after we all sat down and tried to improve our lives through our New Year’s resolutions, here is one that came up this year that is a little disheartening. Hopefully, this is a resolution that will not be kept. According to a Debt.com report, buying a home is not at the top of the ‘to do’ list…
We all sang and heard the childhood nursery rhyme. But, Mary really never reveals how she makes her garden grow. Maybe, it’s her secret to success. One she doesn’t want to share with her competition. Guess we’ll never know. At the MBA’s Independent Mortgage Bankers Conference in Florida, attendees heard from Todd Duncan, founder & CEO of High Trust of…
In case you haven’t heard, there are some changes going on down at the CFPB. The new Administration is trying to foster a more business-friendly atmosphere while maintaining the CFPB’s mission of consumer protection. Can it be done? Only time will tell. The conversation, or should I say debate, has begun. With Mulvaney now as Acting Director, moves are being…
