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.…
In the military, the expression “Got your 6” means that someone on your team is watching your back. The saying originated with US fighter pilots during the First World War, meaning to cover the rear of another’s airplane when in battle. Over time this phrase has come to be used by many when referencing protection of someone’s back side. When…
With the TRID 2.0 changes finalized and changes to address the ‘Black Hole’ out for comment, some in Congress are already looking at additional upgrades to the Rule. A Bill sponsored by Representative French Hill (R /AK) was introduced for discussion in the Financial Institutions and Consumer Credit Subcommittee of the House Financial Services Committee. Try and say that one…
