Wholesale lenders and brokers are looking to CFPB to clarify TRID rules for disclosures. Many hope this clarity will come with the new proposed rulemaking in July. For now, concern and confusion exist. (Disclosure) Under the new rules, CFPB has made it quite clear that the lender making the loan is the entity responsible for compliance. The lender may delegate…
There is an ongoing concern for the national homeownership rate. It’s way down to only 63.5%. That’s a huge drop of 5.6% from the peak (pre-2008) of 69.1%. (I hope you get my sarcasm). Is the fact that more than 60% of Americans now own their home so terrible? Given what happened when the homeownership rates crept up close to…
Another day; another survey on housing. This one is from the John D. and Catherine T. MacArthur Foundation. Based in Chicago, this is the 12th largest private foundation in the US according to asset size. Pretty impressive. According to this survey about two-thirds of Americans believe that something needs to be done about housing affordability and that the current presumptive…
Just in case you missed it here is an article I recently wrote which appeared Friday in MBA’s Newslink (Article). I believe that one of the benefits of TRID is that once again lenders are being forced to take a step back and take a long, hard look at how they do their business. Most industries have incorporated an increased…
Lenders continue to look for ways to stem the rising costs of producing a mortgage. One of the main factors contributing to these rising costs is the increased costs of compliance. One main approach to reducing this cost is through the better use of technology. Yet, would it surprise you to find out that compliance ranks fourth on the list…
Today, communication on social media is quite common. People are constantly texting, tweeting and posting information, both personal and professional. No different with many mortgage lenders and so too their loan originators. It’s how we communicate, especially with the Millennial generation. Not just Millennials are paying attention to what gets posted on social media when it comes to mortgage lending.…
