It’s no secret that the mortgage industry has been a little slow to the table when it comes to the use of technology in handling loan originations. Although the need was recognized, when the housing market was good, the timing was all wrong. Why spend time and money searching for, developing, and implementing new technologies when everyone was making so…
You’ve probably heard by now that on July 29th Equifax learned their systems were hacked from mid-May through July. Yes, Equifax, one of the country’s 3 main repositories of all consumer personal and credit information. The cyber thieves acquired sensitive personal information on 143 million American consumers. That’s a whole lot of data on a whole lotta people. Not good.…
Seniors, age 62 and older, hold about 60 to 80% of their total net worth in their home’s equity, according to a recent study conducted by the National Council on Aging (NCOA). In most cases, these homes are owned mortgage free or with only a minimal mortgage outstanding. To tap the equity using traditional channels like a HELOC or refi…
The updates to the TRID rules, recently released by CFPB, include a clarification of the tolerance limits for the fees for the services for which a consumer may shop when a service provider list is not provided. These are the fees disclosed to a borrower in Section C of the Loan Estimate. TRID requires a lender to disclose all fees…
We got some good news! Home inventories may be down, but first time home buyers are up. Sales this spring to first-time homebuyers were at their highest level since 1999. Woo-hoo!!! First-time homebuyers made up about 57% of the purchase mortgage market, with almost 970,000 new loans. That’s good for business. But, what happened to all the repeat buyers? Are…
Right now, about 67 million people comprise what is known as the Millennial generation. That represents about one-quarter of the country’s purchasing power and is a lot of clout for one group. But, as we have learned things are quite different with this generation. They don’t do things like prior generations. For one thing, they don’t use credit and credit…
