The CFPB just released their new 2018 LAR (Loan/Application Register) formatting tool, with updates to their 2018 HMDA data reporting Instructions Guide. These can both be found, along with other HMDA data reporting requirements, on the CFPB HMDA Website. This new tool should be used for the reporting of the new required HMDA data collected by lenders in 2018 for…
One of the byproducts of the housing crash was that many of the large commercial Banks discontinued offering FHA insured mortgage loans. In fact, at present, only two of the big guys are still originating under the FHA program; Wells Fargo and Flagstar? Both also offer a huge correspondent loan program allowing many non-bank lenders to originate these loans as…
Homeowners’ equity is at all-time highs. That affords them the opportunity to use that equity in a number of ways. One way is to take some money and do some long overdue upgrades. The National Association of Home Builders (NAHB) Remodeling Index, (yup, another index), rose 3 points in the fourth quarter of 2017. This is its highest level since…
The national mortgage average fraud risk indicator, according to CoreLogic, increased by 3 points in the fourth quarter, going from 135 to 138. The CoreLogic’s mortgage fraud risk index is determined from the total of loan application fraud risk scores during the prior quarter. Scores are calculated for the 100 most populated U.S. Census Bureau Core Based Statistical Areas (CBSAs)…
A recent article indicated “Homebuilder sentiment cools in January from 18-year high”. Sounds a little ominous. Like, maybe the jig is up, things are taking a turn for the worse. That couldn’t be further from the truth. Yes, homebuilder sentiment is down from its highest level in 18 years, but by a mere 2 points. The Housing Market Index fell…
A new battle is brewing between bank and non-bank mortgage lenders over the use of credit score models. The battle over FICO versus VantageScore has begun. Which is the better scoring system to use for qualifying mortgage applicants and which is the best indicator of potential default. For a while now, the Federal Housing Finance Agency (FHFA), the agency that…
