Just in case you missed it, I thought you might be interested in this article about Facebook’s foray into the mortgage market (Facebook). You might find this amusing, but I find it a little scary. It’s not bad enough that social media has found its way into just about every segment of our lives. Now, Facebook wants to use the…
Under Dodd-Frank, the CFPB is required to conduct a study of the mortgage arbitration process and its effects on consumers. Interestingly, a study of the CFPB report on arbitration done by the Mercatus Center at Georgia University found the CFPB’s own findings do not support the need for them to meddle in the current arbitration process (Arbitration). Once more it…
Do you know Helen Kanovsky? Hopefully not, because if you do, it may be that you ran afoul of HUD rules somewhere along the way. Here’s a recent quote from Attorney Kanovsky, “FHA-approved lenders are obligated to apply our underwriting standards, not only to protect our insurance fund but to make certain families can sustain their mortgages. Lenders who engage in…
I’m getting a little confused about home sales, home buyers, the economic recovery and how all this affects the mortgage market. A couple of weeks ago, I was hearing a rosier outlook for home sales from MBA. In fact, they increased their 2016 mortgage originations projection for 2016 to $885 billion, an increase of about $94 billion. This was on…
HUD/FHA published revisions to its draft 4000.1 Handbook on August 14, 2015 that should benefit lenders! If you have been reading the Blog Posts and Newsletters being generated by LoanLogics in the past few months – you are aware of the many underwriting policy changes being implemented by HUD/FHA when their 4000.1 Handbook becomes effective. Most portions of this Handbook…
Wow, this one has me a little worried, no, a lot worried! Under what is called the “duty to serve” requirements of the Housing and Economic Recovery Act (HERA) of 2008, FHFA, the agency that oversees both Fannie and Freddie, is pushing these agencies to purchase loans made for the purchase of mobile homes (Scary Proposal). Interestingly, the proponents of…
