Quicken Loans, the nation’s third largest mortgage lender, has leapfrogged the competition. While many lenders are still working to offer consumers an online application, Quicken’s new Rocket Mortgage offers not just the online app but online loan options, selection and loan approval (Rocket Mortgage). Everything, from soup to nuts, on the front end. No mention of an eClosing…yet. This is…
I came across this brief article which caught my attention. You may have seen the headline: “Down Payment Costs Prevent Renters from Buying Homes: Zillow” (Down Payment). I’m a little perplexed (which frankly is not all that uncommon). According to Zillow, many renters say they cannot buy a home because of the large down payment required. The article gives examples…
In a recent National Mortgage News survey, lenders indicated that in 2016 they are looking for ways to get back to business of generating more loans (Back to Business). With TRID now in full swing, lenders are now looking at ways to increase loan production, improve customer service and streamline operations. Lenders can use what they’ve learned in meeting the…
I’m going to stray a little from my normal blog about industry information to take a moment to thank and honor all those who have so bravely served, and presently serve, our Country in all branches of our military. Thank you all for your service and sacrifice. Thank you for protecting our freedoms and for maintaining our safety and security.…
Just in case you missed it, Fifth Third Bancorp agreed to pay almost $85 million to settle charges brought about by a DOJ action brought under the False Claims Act. According to the charges, Fifth Third failed to report that more than 1,400 FHA insured loans were defective after they had certified them as being eligible for the FHA insurance…
As you know by now, under the new TRID rules there is no longer an allowable tolerance for the fees disclosed for the lender required services for which a consumer cannot shop. This means the lender is bound by what is disclosed for these costs on their initial Loan Estimate unless there is a bona fide change. Lenders are expected…
