The current Administration seems to have a soft spot when it comes to those who have violated the rules. In a speech at the current NAACP Conference in Philadelphia, President Obama mentioned that, among other things, employers should not be allowed to ask an applicant if they had been previously convicted of a crime. Also, he said that once they…
Author: Michael Vitali
Underwriter Productivity Declines
As if you didn’t already know, a recent report (and chart) issued by MBA indicates that Underwriter productivity has been on the decline over the past ten years (UW Productivity). On average, for the larger lenders the number of loans reviewed per underwriter per month decreased from about 165 to 33; that’s a decrease daily from approximately 8 down to…
Are First Time Homebuyers More Risky?
Here’s one that might have you scratching your head. According to a recent FHFA report, mortgages made to first-time homebuyers tend to perform worse than those made to repeat buyers. That would seem to indicate that first-time homebuyers are riskier than established homebuyers. Fannie Mae doesn’t agree (FHFA View). Fannie says it’s like comparing apples to oranges. Although they’re both…
Can TRID Lead to More Change?
As a Turtle would say, “You bet your sweet …” it can! (Ancient and Honorable Order of Turtles) CFPB started a pilot program with several lenders about a year ago to explore the possibilities of a totally electronic closing. Not closing that uses static images of paper documents that are signed electronically but rather a process that is totally electronic;…
TRID: What Triggers a New 3 day Wait?
There still seems to be some confusion, under the new TRID rules, over when a lender should issue a revised Closing Disclosure and what changes trigger a new “3 business day wait” before a loan may be consummated. Under the new rules, the consumer must receive the Closing Disclosure at least 3 business prior to loan consummation. To be safe,…
Consumer Financial Protection Bureau Summer Supervisory Highlights
While many breweries offer their seasonal beers, the CFPB chooses to issue its seasonal report of the general results of audits performed. They recently issued their Summer version of their Supervisory Highlights providing information on audits performed between January and April of 2015. The effect is quite different; CFPB’s report is sobering, while the beer on the other hand…you get…