It’s back to the future. United Wholesale Mortgage, a successful wholesale lender, is rolling out its new Interest Only loan program. UWM’s CEO, Mat Ishbia touts that it will be, “…a significant boom for mortgage originators”. (The New I/O). Maybe a boom for originators but will it be a return to problems for consumers and the industry? We traveled this…
To FHA Approved Lenders: are you hiring or terminating staff Underwriters? To DE Underwriters: are you thinking about changing jobs? What you both need to know! In my prior Blog Post, I discussed the current process by which prospective “Direct Endorsement” (DE) Underwriters obtain their FHA approval & DE number. Once someone has obtained this designation, it is important for…
With the passage of the Affordable Health Care Act (an oxymoron), the health care industry has come even closer to being run by the federal government. Is Banking headed down that same path? (Dodd-Frank Costs). You’re probably wondering where I’m going with this one. Under the Affordable Care Act, everyone is forced to carry health insurance coverage. The coverage required…
My colleague ,Mike Vitali, discussed in his blog post on July 21st the CFPB’s action to extend the implementation date for TRID from August 1, 2015 to October 3, 2015. Today comes word that the House Financial Services Committee is expected to take up H.R. 3192 on July 28, 2015 which would provide a temporary safe harbor from enforcement of the…
The CFPB has been reporting on consumer complaints for the past few tears, this is not new. However, they are now expanding this reporting to provide more specifics on the types of complaints received, and the companies receiving the most complaints (Complaints). You can read this article for all the gory details. What does this mean for lenders? First and…
Reports show that FHA loan production has picked up since enacting their annual premium reduction. This suggests that more people are taking FHA-insured loans to finance their homes (FHA Production). FHA endorsed 102,800 loans in May. A big jump over the 66,300 loans they endorsed in January. Why the jump? A big contributor is obviously the premium reduction. But, did…
