Recently, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, announced that his Committee will hold new hearings to discuss the provision of the amended CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). You can’t make this stuff up! The new version, known as CHOICE 2.0 is intended to replace the controversial Dodd-Frank Act and reshape…
You’ve probably seen the commercials on TV with a bank security guard or a guy looking like a dentist, where they say they are just a ‘monitor’ but don’t do anything about what they find. It’s funny for a commercial, but not so funny to the bank or the patient needing dental work. Today, with so much emphasis placed on…
Fannie and Freddie previously announced programs for lenders to obtain some relief from their reps and warrants for quality loans. Fannie recently expanded such access to relief under their new Day 1 Certainty program. (D1C) Under D1C, a lender may get complete relief from the normal required reps and warrants associated with employment, income, and/or asset information/documentation. There are some…
Okay, who thought it would be a good idea to bring their kids to work? It seems a little counterproductive to me. Maybe, they thought it was a great opportunity for parents to bond with their children while the kids got a chance to see what the heck mom and dad did all day; while they slaved over tough subjects…
It seems like forecasting the level of new loan mortgage originations is getting like forecasting the weather. There are a number of pretty good indicators. But, things keep changing which makes it difficult to get it just right. Initially, the outlook was for rising interest rates, declining refi’s, and a bullish new purchase market. Fannie had predicted that 2017 would…
I don’t think so. I’ll bet (if I were a betting man) that if we carefully analyzed the process to originate a new loan, we would find the cost to originate a loan has actually declined. What with online applications and the technology for consumer communication, information gathering and verifications, and automated loan approvals, less time is spent creating a…
