With the emphasis being placed on increasing loan production and capturing more business, it’s extremely important that lenders to not forget about loan quality and compliance. Maybe I’m preaching to the choir here. But, if we’ve learned anything from the 2008 debacle, it’s that loan quality and compliance are paramount to a lender’s success. Manufacturing a quality loan is more…
“It’s amazing, we can’t do HMDA right,” so said my good friend and colleague Jack Konyk, Executive Director of Government affairs with Weiner Brodsky Kider, during an exchange at a recent industry forum. Jack was talking about the requirements for reporting a borrower’s ethnicity, race, and sex for loan applications. HMDA has been around since the 70’s, like Jack, and…
In case you missed it (ICYMI), here is a link to an article recently published in MortgageOrb, an industry publication about lenders relaxing quality standards (shameless plug for you know who). Seriously, though, with rates rising and refi’s declining it is becoming more challenging for mortgage lenders to find new business. Due to decreasing homeownership rates, there are now calls…
So you think that things always go as they should, eh? Well, recently we saw Steve Harvey and Mariah Carey fall victim to embarrassing moments, but the award, or should I say the Oscar, goes to Warren Beatty and Faye Dunaway. If you watched the Oscars, you witnessed one of the most colossal blunders of all time. The Best Picture…
Over the past few years, lenders should have realized the importance of the quality of the loans they originate and why these need to be done in compliance with all the rules. We’ve seen that lenders originating large volumes of poor quality loans are susceptible to huge fines, loan indemnifications, and repurchases. In some cases, such lenders have originated themselves…
According to the Office of the Comptroller of the Currency (OCC), borrowers are doing a much better job of keeping their mortgages current and staying away from foreclosure. That’s great news for the banks that participated in the OCC survey and that service these loans. The report also indicates that foreclosures have declined in the past year by about 1.6%.…
