You remember TRID’s “Black Hole?” The circumstance created by the new rule whereby a lender is unable to reset fee tolerances once an initial Closing Disclosure is issued and fees increase but closing gets delayed for more than 3 days. The question remains, how can a lender recover a fee increase once a CD is issued but closing gets delayed…
To run a business right and be successful, as in anything we do, it takes training, preparation, and commitment. A commitment to doing things right, no matter what the product or goal. Today, I’m gonna stray a little from what’s happening in the mortgage business and what we need to do to continue to ensure quality and compliance in the…
The CFPB recently issued what it calls their new ‘no-action letter’ to Upstart Network, a San Carlos, CA company that makes personal loans to consumers. The reason; Upstart will use and evaluate certain alternative credit and other consumer data when making credit decisions on their applicants. The CFPB’s apparent intent, through these no-action letters, is to encourage lenders to develop…
We may soon see some new innovations when it comes to the standard for all mortgages, the traditional 30-year fixed rate loan; a mortgage loan product that was developed back during the Great Depression. Hey, what was so ‘Great’ about it? This loan was meant to spread out the cost of someone buying a home so they didn’t need so…
With the decrease in mortgage originations, Correspondent and Wholesale Lenders are facing the prospect of having to acquire business from new sources. This means bringing in loans from new loan brokers in more areas of the country. That creates the challenge of managing the process of registering, pricing, approving, and closing more loans from a myriad of different lenders throughout…
After the elections, all we heard was that the Fed would most likely raise rates 2 or 3 times in 2017, maybe more. The smart money was that the 10-year treasury would yield about 3% by now. Mortgage rates were going to go up! Not quite, in fact, the 10 year is still below 2.5% and rates ain’t so high.…
