march-madness-mortgage-business
Uncategorized

It’s March Madness…Again!

This is my favorite time of year, other than Christmas. Not much can compete with Christmas in my book. March Madness comes close. The time of year when dreams are made, and in some cases, come true. David versus Goliath type stuff. The big guys take on the upstarts, all to be the National College Basketball Champion. I love it!…

Continue Reading

fannie-mae-automated-underwriting-system-DTI-debt-to-income-ratio
Mortgage Compliance

What’s Your Take on Higher DTI Loans?

Last July, Fannie Mae began accepting loans with debt to income (DTI) ratios up to 50%. This is much higher than that allowable under the Truth Lending Act (TILA) for a Qualified Mortgage (QM). However, TILA offers an exception to the QM rules for loans that get approved by Fannie’s Automated Underwriting System (AUS). For now, as long as the…

Continue Reading

non-qm-not-your-fathers-no-doc-loans
Uncategorized

Could This Be the Breakout Year for Non-QM?

Each year since the advent of the Qualified Mortgage (QM) and a consumer’s repayment ability being spelled out in TILA, the talk has been around the creation of a market for non-QM loans. Each year the talk gets louder, and the non-QM market grows a little bit more. In the current home purchase market, with rates rising, housing inventories down,…

Continue Reading

Mulvaney-CFPB-power-struggle-
Mortgage Compliance

Is Mulvaney Gutting The CFPB?

Will the Consumer Financial Protection Bureau (CFPB) become a mere shell of its former self? Appears so, if Mick Mulvaney, its current Acting Director, has his way. Since its creation, the financial institutions that it regulates have decried that the CFPB is overbearing in pursuing its mission to protect consumers. CFPB’s approach has been to regulate by enforcement of laws…

Continue Reading