It may be hard to believe, but many consumers still believe they need at least 20% down and a 750-credit score to even think about buying a home. That’s not only among first-time buyers. Others, including repeat buyers, are intimidated by the home buying and financing process. So many new rules, so much paperwork, so much time and effort. It…
Although 2018 should be a pretty good purchase market, business is getting increasingly more difficult to come by. Home prices are up, rates are up and so is the competition. How do you do more loans without drastically increasing expenses? Correspondent Lending! If you’re already purchasing loans through correspondent relationships, you have the basis to increase your production. You can…
Since Richard Cordray’s departure as CFPB Director and after a brief power struggle surrounding the appointment of Michael Mulvaney as Acting Director, CFPB started making some changes. In January, they issued notification of a series of Requests for Information (RFIs) to obtain comment to help determine if they are properly fulfilling their obligation to protect consumers. The RFIs to date…
By all indicators, it’s pretty clear that the Fed will raise rates a few more times this year. Predictions are that the mortgage rate for a 30-year fixed rate loan may hit 5%. That seems like a pretty big jump from not too long ago. We know the effects that rising rates have on the refinance marker but what about…
Over the past three years, the first-time homebuyer market has increased 40% or 588,000 loans. Now, that’s a lotta loans! In 2017, first-time buyers bought 2.07 million new or existing homes, an increase of 129,000, or 7%, from 2016. During that same period, the number of first-time buyers using PMI increased by 93,000 loans. In the fourth quarter of 2017…
With just about everything today going digital, is it time for consumers to carry a digital identity? A standardized digital identity is an electronically verified set of attributes that uniquely describe a person. Those pushing it say it can improve, simplify, and accelerate identity-dependent transactions, including, but not limited to, buying or renting a home. Are we ready for such…
