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 information for employment, income, and assets for each borrower. When a lender receives the validation of data from DU,…
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 needed to service the new generation…
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. Somewhere around 13,400 mortgage applications, or about 0.8%, submitted…
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 for their piece of a smaller pie. To compensate, lenders are loosening their…
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). But, we have heard that before and refi’s seem to be hanging around. Maybe this…
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 politicians saying something needs to be done to protect the consumer. More good intentions… Senator…
