In the military, the expression “Got your 6” means that someone on your team is watching your back. The saying originated with US fighter pilots during the First World War, meaning to cover the rear of another’s airplane when in battle. Over time this phrase has come to be used by many when referencing protection of someone’s back side. When…
Could the gains we made on loan quality and compliance over the past few years be slipping away? I sure hope not. Lenders worked too hard. This could be the case. According to the First American Loan Application Defect Index, their last reporting period showed its 7th straight month of defect increases. The index measures the frequency of defects, fraud,…
Think carefully before you answer. How many times, after closing, have you found that some information about the loan, the property, and/or the borrowers is inaccurate? The LOS data is only as good as the data that is input by humans… and humans make mistakes. Here’s a great article in DSNews about LOS data written by LoanLogic’s President and CEO (my boss),…
You’ve probably seen the commercials on TV with a bank security guard or a guy looking like a dentist, where they say they are just a ‘monitor’ but don’t do anything about what they find. It’s funny for a commercial, but not so funny to the bank or the patient needing dental work. Today, with so much emphasis placed on…
Fannie and Freddie previously announced programs for lenders to obtain some relief from their reps and warrants for quality loans. Fannie recently expanded such access to relief under their new Day 1 Certainty program. (D1C) Under D1C, a lender may get complete relief from the normal required reps and warrants associated with employment, income, and/or asset information/documentation. There are some…
I don’t think so. I’ll bet (if I were a betting man) that if we carefully analyzed the process to originate a new loan, we would find the cost to originate a loan has actually declined. What with online applications and the technology for consumer communication, information gathering and verifications, and automated loan approvals, less time is spent creating a…
