Freddie announced that they have received approval to move forward with their plans to waive a lender’s requirement to obtain and submit a full residential appraisal report on a purchase loan transaction. This is one step further than Freddie and Fannie had gone when they waived appraisals on certain refinance loans. Freddie says that they will provide these waivers on…
Did you hear the one about the kid who was so bad his parents gave him a big pile of horse manure for Christmas? When he came down on Christmas morning he was so excited. He exclaimed with all this horse sh-t, there must be a pony in here somewhere! The eternal optimist; talk about seeing the glass half full.…
Now that I have your attention, according to a recent report released by the New York Federal Reserve’s Center for Microeconomic Data (bet you didn’t know that existed), household debt in America has reached an all-time high. Is that good news or bad news? Could be both… According to the NY Fed’s Household Debt and Credit Report (another Big Brother…
Times are tough for mortgage lenders, home loan apps are down, refinances are stagnant, and the inventory of homes for sale is a little light. So, where might one find new business? How about HELOCs? Many traditional mortgage lenders got involved in HELOC lending in connection with their first mortgage loans. These became known as piggyback loans. In most cases,…
There are all sorts of ideas floating around about ultimate GSE reform. Everyone believes their plan is the best. What would be best for the GSE’s and the industry? Should we have one combined agency with some sort of government backing? Should both Fannie and Freddie stay as is but go private? Should they operate like Ginnie? Now, we hear…
Well, maybe not quite, but the big news is that United Wholesale Mortgage (UWM) recently closed their first, all-digital mortgage transaction. Yup, all digital, no wet signatures required. Using the new UWM technology, a borrower can execute all documentation, including legal documents, using WIFI to access a computer, or mobile app, to FaceTime the closing agent, and notary. In the…
