Beginning in 2019, lenders must report an additional 24 loan data elements under HMDA, collected for loans originated in 2018. This means lenders must be prepared by January 1, 2018, to capture these data elements. A complete list of the required data can be found at HMDA. Lenders have expressed concerns with the additional consumer information being captured. Does this…
While Britain’s exit from the European Union is all the talk, the exit of the big banks from FHA lending offers an increased opportunity for Independent Mortgage Lenders and smaller Community Banks. “Banxit” has left the FHA-insured mortgage financing mainly in the hands of the independents. With the turmoil over the UK’s move, it seems that mortgage rates in the…
With everything going on surrounding Brexit: low rates, increased refinances and the presidential race you may have missed a deadline. Effective for all FHA case numbers issued/assigned as of June 27, 2016, FHA-approved lenders must deliver appraisal reports through FHA’s new EAD (Electronic Appraisal Delivery) portal. If you missed the deadline, you’re probably okay as you most likely do not…
Recently, we’ve read and heard much about what needs to be done to improve homeownership opportunities. A recent survey shows that many Americans are concerned with the housing market and believe the presidential candidates need to address this issue. The surveys say the lending industry and the government need to do more. Is this true or is it that consumers…
The jury is still out on what the overall effects will be from Britain’s exit from the European Union. One thing seems certain, home mortgage interest rates will remain low, and may even decrease further in the short-term. Would that be “Ratefall” or “Lowrates”? That is good news for consumers. With the fed expected to keep rates low, for now,…
What does Britain’s exit from the European Union, or Brexit, mean for us here in the USA? There’s much speculation but one thing for sure is the effect on the mortgage rates. The Fed had previously increased rates with plans for a few more hikes in 2016. Partly based on speculation that Britain might leave the EU, they decided to…
