With things a little slow in the mortgage world, the conversation again comes around to refinances. Rates have increased slightly and according to those “in the know,” they should continue to rise. With the rise in mortgage rates, smart money says refinances will decline (again). But, we have heard that before and refi’s seem to be hanging around. Maybe this…
Every day we hear or read about another security breach with volumes of consumer’s private information being acquired by some unscrupulous people. Most recently it was Equifax, a major repository of consumer credit and personal data. Who might be next? Now, all the pundits and politicians saying something needs to be done to protect the consumer. More good intentions… Senator…
You remember TRID’s “Black Hole?” The circumstance created by the new rule whereby a lender is unable to reset fee tolerances once an initial Closing Disclosure is issued and fees increase but closing gets delayed for more than 3 days. The question remains, how can a lender recover a fee increase once a CD is issued but closing gets delayed…
To run a business right and be successful, as in anything we do, it takes training, preparation, and commitment. A commitment to doing things right, no matter what the product or goal. Today, I’m gonna stray a little from what’s happening in the mortgage business and what we need to do to continue to ensure quality and compliance in the…
The CFPB recently issued what it calls their new ‘no-action letter’ to Upstart Network, a San Carlos, CA company that makes personal loans to consumers. The reason; Upstart will use and evaluate certain alternative credit and other consumer data when making credit decisions on their applicants. The CFPB’s apparent intent, through these no-action letters, is to encourage lenders to develop…
We may soon see some new innovations when it comes to the standard for all mortgages, the traditional 30-year fixed rate loan; a mortgage loan product that was developed back during the Great Depression. Hey, what was so ‘Great’ about it? This loan was meant to spread out the cost of someone buying a home so they didn’t need so…
