At first glance, you may think, “What do these three things have to do with each other?” All are issues which mortgage loan originators face today. Each presents its own unique challenges but also provides some new opportunities. TRID has created a major shift in the closing process. This sometimes leads to delays in loan closings which, no matter the…
While most of the mortgage lending world is still concentrating on TRID, some are looking for ways to do more business, and do it better. Angel Oak Capital Advisors has recently announced that it had closed a $150 million securitization of nonprime loans. -Loans that didn’t fit into the neat QM conventional loan world (Sub-Prime Pool)-. Could this be the…
HUD/FHA released the results of its Post-Endorsement Technical Reviews (PETRs) that were processed in the third quarter of FY 2015 (April 1, 2015, through June 30, 2015), in its most recent Lender Insight Report issued in December 2015. The results of their PETR Ratings on these cases (as of October 31, 2015) were as follows: Conforming 1,278 cases 19.9% Deficient…
It’s hard to believe that the current Uniform Residential Loan Application (URLA) Form has not had any substantive changes in the past 20 years. Despite numerous programmatic and policy changes implemented by the Federal Government’s Housing Agencies (i.e. HUD, VA & USDA) and the GSE’s, this form has served well as a uniform loan application form for the mortgage industry.…
We finally experienced the long anticipated short-term interest rate hike by the Fed. Now, what happens? There are all kinds of speculation. Some say it will help while others say it might hurt. When might the fed do it again? Much depends on how the economy reacts. We shall see. The stock market sure liked it, at first, now it’s…
It’s just before closing, a new disclosure is due, To allow the consumer, an amble review. The fees need be listed in each Section with care, With loan costs reflected to allow for compare. What had been presented in disclosures sent prior, Now, must be updated for both Seller and Buyer. All terms of the loan made clear and…
