It looks as though the Fed decided to play the cards they were dealt. For now, no announced raise in rates. This is mainly due to inflation running at less than 2%. Just in case you didn’t know, it’s at about 1.2%. Not so hot. (Cool Economy) I’m a little confused (I know, that’s normal). We are told the economy…
It takes 7 years for a foreclosure to clear someone’s credit report. The housing crash hit in 2008 and as a result, many lost their homes in 2008 and 2009 through a foreclosure. That means that many of those foreclosures should be clearing off their credit reports. Get ready, the “Boomerang Buyers” are ready to come back into the home…
A Stratmore Group study released in March of this year reported that as the direct result of new TRID rules compliance costs increased $210 per loan. The report also indicated the increase was mainly attributable to an increase in staff. So, why the need for more staff when an investment in technology might do the trick? The preparation of the…
CFPB’s recently released report of their supervisory action for the first 4 months of 2016 revealed that although most lenders are complying with mortgage-related laws, some are still having problems in some areas. CFPB’s Director, Richard Cordray, stated, “The bureau’s supervisors continue to perform more and better oversight of these financial markets and their report give the industry an opportunity…
Those seeking their first home or affordable housing have had a difficult time recently finding housing that they can actually afford. Millennials and those who lost their homes in the 2008 crash have driven up the cost of rental housing, while other existing homeowners took advantage of the low rates and have already refinanced. This removed many affordable homes from…
Beginning in 2019, lenders must report an additional 24 loan data elements under HMDA, collected for loans originated in 2018. This means lenders must be prepared by January 1, 2018, to capture these data elements. A complete list of the required data can be found at HMDA. Lenders have expressed concerns with the additional consumer information being captured. Does this…
