And so it begins. Which credit score to use to provide the best profile of a potential borrower? Is it FICO, FICO Stage9 or, maybe, the new VantageScore? (Credit Scoring) For the past several years, the industry has mainly relied on the good old three digit FICO score. Some say that is no longer the most representative of a consumer’s…
President Obama gave his last State of the Union address on last evening, 1/12/2015. Unfortunately, for those of us in the housing and mortgage lending industry he did not address or even mention anything about a housing policy targeted to help more Americans realize their dream of homeownership (Speech). A dream that has been dealt a severe blow resulting from…
At first glance, you may think, “What do these three things have to do with each other?” All are issues which mortgage loan originators face today. Each presents its own unique challenges but also provides some new opportunities. TRID has created a major shift in the closing process. This sometimes leads to delays in loan closings which, no matter the…
While most of the mortgage lending world is still concentrating on TRID, some are looking for ways to do more business, and do it better. Angel Oak Capital Advisors has recently announced that it had closed a $150 million securitization of nonprime loans. -Loans that didn’t fit into the neat QM conventional loan world (Sub-Prime Pool)-. Could this be the…
We finally experienced the long anticipated short-term interest rate hike by the Fed. Now, what happens? There are all kinds of speculation. Some say it will help while others say it might hurt. When might the fed do it again? Much depends on how the economy reacts. We shall see. The stock market sure liked it, at first, now it’s…
It’s just before closing, a new disclosure is due, To allow the consumer, an amble review. The fees need be listed in each Section with care, With loan costs reflected to allow for compare. What had been presented in disclosures sent prior, Now, must be updated for both Seller and Buyer. All terms of the loan made clear and…
