We’re about to leave 2020 behind for the promise of a better 2021. New Year, new me, right!?!? As such, it’s time to dust off those annual resolutions and plan to get ourselves healthier, happier and a lot less stressed. Like individuals, mortgage businesses need to do the same. This year was certainly prosperous for our industry but looking back…
HMDA was back in the news this month with the CFPB’s latest ruling announced and with the year swiftly coming to a close, it is a good time to remind lenders about the rich repository of information their HMDA data contains. The fundamental principles of the Home Mortgage Disclosure Act were designed to create fair access to credit. By understanding…
Recently, LoanLogics CEO, Brian K. Fitzpatrick, appeared on Executive Leaders Radio, a show that conducts “elite interviews” of prominent CEOs, CFOs, and Presidents focusing on “what makes people tick.” The ten minute on-air interviews are really informal POSITIVE conversations. Guests may be asked about their background education, influences, mentors and early career experiences, asked about their business, what they do…
FHA guidelines state that their recommendation is not an absolute approval as “The Mortgagee may not accept or deny an FHA-insured Mortgage based solely on a risk assessment generated by TOTAL Mortgage Scorecard.” There still needs to be a determination that the borrower has the ability to repay the debt. One of the areas left up to underwriters, regarding FHA…
This is my favorite time of year, other than Christmas. Not much can compete with Christmas in my book. March Madness comes close. The time of year when dreams are made, and in some cases, come true. David versus Goliath type stuff. The big guys take on the upstarts, all to be the National College Basketball Champion. I love it!…
Each year since the advent of the Qualified Mortgage (QM) and a consumer’s repayment ability being spelled out in TILA, the talk has been around the creation of a market for non-QM loans. Each year the talk gets louder, and the non-QM market grows a little bit more. In the current home purchase market, with rates rising, housing inventories down,…
