In all the hoopla surrounding CFPB’s birthday and their release of the final rule on TRID, we overlooked the 5th anniversary of the Dodd-Frank Act. Let’s face it, had it not been for Dodd-Frank, there would be no CFPB. Just think of it…okay, now back to reality. Depending on which side of isle one sits, Dodd-Frank is either a boom…
The GSEs have recently changed their policies on how repayments made on student loans are handled in calculating debt-to-income ratios. In addition, HUD/FHA is proposing major changes in the way student loan debt is handled when calculating monthly obligations for prospective borrowers. Outlined below is a description of each of these changes: Freddie Mac Effective for mortgages with Settlement Dates…
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…
