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…
Retail mortgage lenders are constantly looking for technology to find better ways to streamline their methods to take loan applications, gather loan information, approve and close loans. This helps minimize expenses so they can keep prices down to better compete in this highly competitive market. But what about the companies that buy their loans? Known as Correspondent Lenders or Loan…
MBA recently announced two promotions in their regulatory arena. Justin Wiseman is being promoted to Associate Vice President & Marketing Regulatory Counsel, and Sara Singhas is being promoted to Associate Regulatory Counsel, mainly responsible for all servicing issues. Congrats to both! These promotions are the result of the retirement of Ken Markinson, current MBA Vice President, and Regulatory Counsel. Well…
Here’s more information from a slightly different report on mortgages and housing. This report was done by search engine giant, Google, in connection with lending giant, Chase Home Lending. Two giants using big data to get some really good background data on what consumers are searching for when it comes to home buying and financing. The report is the result…
The Product and Pricing Engines (PPE) of yesteryear were an efficient substitute for the good old rate sheets. These have evolved into necessary selling tools for loan originators and an efficient system to quickly analyze potential profits by lender’s secondary marketing managers. Rate sheets and spreadsheets are things of the past. LO’s must be armed with the latest and most…
Just prior to July 4th, the Department of Justice announced that it hit another lender with a False Claims Act violation and fine. The most recent victim is Prospect Mortgage who was levied a fine of $4.16 million, and another one bites the dust… According to DOJ, once again a lender gets fined for misrepresentations made in connection with FHA-insured…
