Like the robot warning Will Robinson of danger on the old TV series “Lost in Space”, First American Financial Corp. is warning the industry that loan application defects are on the rise. The FAFC Loan Application Defect Index indicates defects rose in April for the fifth straight month. Not a good indicator of loan quality. According to the index Incidents…
Maybe! But, is it the final answer? The challenge, as I see it today, is a shortage of homes available for sale at the entry end of the spectrum. Homes normally purchased by first-time and low to moderate income home buyers. These would be the ‘first rungs’ of the housing ladder. With many existing homeowners having refinanced and now staying…
Lenders are optimistic about the effects the Trump administration’s policies will have on their business, based on a survey conducted by Ebiquity, on behalf of the Lenders One Cooperative, of St Louis. That’s rare, some positive news about the new president. Seventy-three percent of the 200 lenders surveyed feel this way. According to Bryan Binder, the CEO of Lenders One,…
The National Consumer Assistance Plan is an initiative launched by the three nationwide consumer credit reporting companies – Equifax, Experian, and TransUnion – to make credit reports more accurate and make it easier for consumers to correct any errors on their credit reports. Under the plan, which was launched in March 2015, the three companies are taking a number of steps…
Just in case you haven’t been following things closely, lenders will be required to report a whole bunch of additional HMDA information for loans reported in 2018; but you probably already knew that (I hope). The MBA, in support of its members and the industry, says that CFPB should extend the new requirements for at least one year because CFPB…
FHA has always been seen as a vehicle to provide needed home financing for low-to-moderate income homebuyers. Since their inception many years ago, they have served these needs quite well. It appears they now may be challenged by the new administration’s budget proposals which cut funding for some FHA programs. Dr. Ben Carson, the new Secretary of HUD, sees things…
