In a previous blog post, I discussed HUD’s announcement of some of the specific details of its proposed Fiscal Year 2017 Budget (which is part of the President’s overall Fiscal Year 2017 Budget Plan) that had been just submitted to Congress. In reviewing HUD’s proposed 2017 Budget, there was one item of particular interest to mortgage lenders. This was the…
It may not be good grammar but it makes the point. When I travel, I often wonder who gets the flights that depart from gates 1, 2 or 3 at the airport. For some reason, it seems I always end up leaving from a gate at the very end of the terminal. Ironically, when returning from our recent LoanLogics Users…
I’m attending the inaugural LoanLogics User Conference, Vantage Point 2016, at the Sawgrass Marriott, in Ponte Vedra, Florida, home of THE PLAYERS Championship (TPC). The venue is great; the content informative, the attendees are learning and having fun and the food is spectacular; like the golf course. Unfortunately, we could not gain access to the golf course as everything is…
Lenders are constantly looking for ways to increase business and bring in more loans. The intent is to increase income and profitability. Unfortunately, many are finding that increased loan volumes alone do not necessarily translate into more profit. In many cases, more loans lead to more expense and increased problems, resulting in a decrease in net profits per loan. If…
On April 8, 2016, I had alerted lenders that there was an important government deadline quickly approaching and advised them not to miss this “last chance” opportunity. NO, I was not referring to the deadline established for filing Income Tax returns with the IRS. Instead, I discussed HUD/FHA’s very last onboarding phase (which was held on April 15, 2016) for…
There may be some light at the end of the TRID tunnel, and it’s not HMDA coming this way (just yet). In a letter sent to industry trade associations CFPB Director Richard Cordray finally officially acknowledged the challenges posed by TRID compliance. He also announced that as a result of such challenges CFPB is in the process of drafting a…
