Here’s more information from a slightly different report on mortgages and housing. This report was done by search engine giant, Google, in connection with lending giant, Chase Home Lending. Two giants using big data to get some really good background data on what consumers are searching for when it comes to home buying and financing. The report is the result…
Despite the fact that many big banks have recently scaled back their mortgage lending, the overall share of mortgage originations done by the top banks increased in the 1st quarter of 2017. With overall volumes declining, this means that these banks are grabbing a bigger piece of a shrinking pie. Unfortunately, total originations declined by 36% in the first quarter…
The Mortgage Bankers Association, along with several of the mortgage industry’s largest trade groups, continue on their quest to make things better for consumers and mortgage lenders. MBA, along with the others, are seeking a meeting with the new Attorney General, Jeff Sessions, to discuss issues related to enforcement actions against lenders under the False Claims Act. These discussions would…
The Product and Pricing Engines (PPE) of yesteryear were an efficient substitute for the good old rate sheets. These have evolved into necessary selling tools for loan originators and an efficient system to quickly analyze potential profits by lender’s secondary marketing managers. Rate sheets and spreadsheets are things of the past. LO’s must be armed with the latest and most…
Just prior to July 4th, the Department of Justice announced that it hit another lender with a False Claims Act violation and fine. The most recent victim is Prospect Mortgage who was levied a fine of $4.16 million, and another one bites the dust… According to DOJ, once again a lender gets fined for misrepresentations made in connection with FHA-insured…
Non-QM (Non-Qualified Mortgage) loans are getting a bad rap as the coming of the next subprime wave. Although they may be considered a little riskier than your standard QM (Qualified Mortgage), the perceived risk is in not having the QM’s safe harbor from repayment ability requirements. Some loans may have loan terms, i.e. interest only features, which disqualifies them as…
