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,…
The CFPB just released their new 2018 LAR (Loan/Application Register) formatting tool, with updates to their 2018 HMDA data reporting Instructions Guide. These can both be found, along with other HMDA data reporting requirements, on the CFPB HMDA Website. This new tool should be used for the reporting of the new required HMDA data collected by lenders in 2018 for…
Thanksgiving Day comes but once a year. However, the thought and intention of giving thanks for all we share and have should continue throughout the year. LoanLogics give thanks to all our employees, investors, clients, business partners and vendors for their continued support and assistance. We give our sincere thanks for their input, efforts, hard work and dedication. Without them,…
Social media has exploded in the last few years. Today, people have more ways to communicate through more channels, instantaneously. The speed of information, we see it everywhere; online pictures and videos of events; all news, all the time, in real time, as it happens. Pretty cool stuff, eh? For a company, social media can be a boon or a…
