As I mentioned in a previous post, FHFA is still considering adding a question to the new Uniform Residential Loan Application (URLA). The question would ask the applicant to indicate their ‘preferred language.’ The industry fears that this may open up a whole new regulatory can of worms. FHFA believes knowing this information will aid the lender and, ultimately, the…
Let’s take a look at some recent headlines in the mortgage industry news: Bipartisan Senate Bill would force Fannie & Freddie to think outside FICO FHFA’s Watt: No Change in GSE credit scoring model until 2019 Freddie expects to double low down payment mortgage volume in ‘17 If you take the time to read these articles, you will find…
Could the gains we made on loan quality and compliance over the past few years be slipping away? I sure hope not. Lenders worked too hard. This could be the case. According to the First American Loan Application Defect Index, their last reporting period showed its 7th straight month of defect increases. The index measures the frequency of defects, fraud,…
Retail mortgage lenders are constantly looking for technology to find better ways to streamline their methods to take loan applications, gather loan information, approve and close loans. This helps minimize expenses so they can keep prices down to better compete in this highly competitive market. But what about the companies that buy their loans? Known as Correspondent Lenders or Loan…
Over the last month or so, aside from Russia, all we read and heard about in the news is the repeal and replacement of Obamacare and the epic fail by the Republicans in their attempts to do so. This is a passionate concern of many Americans, regardless of their political persuasion. People care deeply about the issue and those who…
In a world of social media and digital advertising, what is the best way to get noticed by potential users of you and your products? Many Realtors and Loan Officers are turning to Snapchat and Instagram Stories. Each will get out the word, just a little differently. The vast majority of the users of these applications are under 34. It’s…
