FHFA previously floated the possibility of adding another question to their new Uniform Residential Loan Application (URLA). This one has to do with an applicant’s preferred language, for communication. This question raised quite a few questions of its own. Industry participants are concerned that such a question might raise some operational and more importantly, legal challenges for lenders. Would it…
Lenders know that any advertising done via social media outlets must comply with applicable related federal and state law. Such laws do not now contain any exceptions for the use of social media. These include, but are not be limited to: Equal Credit Opportunity Act (ECOA/Reg. B) Fair Housing Act Truth in Lending (TILA/Reg. Z) Real Estate Settlement…
It’s official (as if we didn’t know), according to the 2016 HMDA data, non-bank lenders made more mortgage loans than their bank counterparts. For the first time since way back in 1995, the non-depository lending institutions closed more purchase and refinance mortgage loans. You’ve come a long way, baby. Some interesting facts realized from the 2016 HMDA information are: 53%…
Fraud risk increased in the second quarter of 2017; before the reports of the Equifax PII security breach. The national fraud risk index came in at 132.6 as compared to 131.5 for the first quarter of 2017, with a big jump up from the same quarter last year, which was 113.4. Somewhere around 13,400 mortgage applications, or about 0.8%, submitted…
To run a business right and be successful, as in anything we do, it takes training, preparation, and commitment. A commitment to doing things right, no matter what the product or goal. Today, I’m gonna stray a little from what’s happening in the mortgage business and what we need to do to continue to ensure quality and compliance in the…
Up until now, the elimination of the mortgage interest deduction has been considered off limits when discussing tax reforms. The third rail, don’t touch it, but that has changed. Elimination is a real possibility now on the table. In fact, according to Gary Cohn, National Economic Council Director, almost everything, including the mortgage interest deduction, is in play when it…
