Okay, let’s take a look at the bright side. According to a recent First American survey of title and real estate professional’s, confidence in transaction volume growth over the next 12 months increased by 0.5 percent from the third quarter and increased by 5.3 percent compared to a year ago. With rates anticipated to remain relatively low and increased property…
Last Ditch Effort to Delay HMDA
Better late than never, I guess. The Community Home Lenders Association sent a letter to acting CFPB Director Mulvaney seeking a delay in implementation of the new HMDA data collection and reporting requirements. That’s like betting on a long shot. They believe the new requirements are an unfair burden on small independent lenders. Further, they want a safe harbor from…
Will Tax Reform Force Some to Relocate?
According to some experts, the elimination of the SALT deductions may result in some homeowners looking to move from high tax states. Is that so bad? The net effect of such moves will remain to be seen. First off, will existing homebuyers just up and move because of the SALT elimination? Maybe some, but what about their jobs, their family,…
Housing: We have a Supply Side Problem
The outlook for 2018 is for continued home value and price increases at a rate of about 3 to 4%. That’s good and bad news. Good news for homeowners who will see increased equity which they can tap for other purposes or use toward the purchase a new home at a higher value. Of course, that is as long as…
Mortgage Banker Profits Down in 3rd Quarter
77% of the 347 mortgage lenders responding to the recent Mortgage Bankers Performance Survey reported a pre-tax profit in third quarter of 2017. Not too bad, but this is down from the 86% reporting a profit for the 2nd quarter. Not so good for the other 23%? For comparison purposes, those responding reported a net gain of $929 per loan…
Do What You Say and Say What You Mean
TILA requires a lender to provide an applicant with a good faith estimate of the fees that will be charged to, or imposed on, the applicant in connection with their loan. Seems simple, if you’re gonna charge it; disclose it. There’s a little catch, the fee must be for a service that is actually provided by the lender. For example:…