With all the buzz around implementations using technology and a digital loan process, some say the role of the loan originator (LO) may be diminished, if not eliminated. Recent studies have shown that, although many homebuyers want access to a digital process that is online, they still want the comfort and certainty of having a human being available for assistance…
To borrow a slight variation of a phrase used by James Carville, campaign strategist to President Bill Clinton, the economy is dictating what is happening in the housing markets and homeownership rates. Recent studies by the Pew Research Center, a nonpartisan fact tank in Washington, DC, found that the American Dream of homeownership may be slipping away. Today, we have…
Not too long ago, the rage was all about loans being offered by various lenders with a minimum of a 1% down payment coming from the borrower. Freddie Mac was the secondary source purchasing these loans. This was done to increase homeownership by reducing the amount needed upfront for a buyer to purchase and finance a home. It sounded like…
Hey, did I tell you that the CFPB is in process of their required review of the effects of the QM/ATR rules implemented under Dodd-Frank? Well, they are! CFPB is looking into several lending areas to determine to successes or failures of the new rules. They’ll be reviewing quantitative data for loan originations, default rates, and loan performance. The data…
Did you know that the Federal Housing Financing Agency (FHFA) put out a Request for Input for Improving Language Access in Mortgage Lending and Servicing? You should respond because what they propose may have a drastic impact on how mortgage lending and servicing is done in the future. The gist of the proposal is to explore ways to better…
By now, I believe that mortgage lenders are aware of the importance of the Millennial generation. In a world of shrinking opportunities for new originations, this generation represents an oasis for business. How do you make it through the desert to drink from the Millennial pool when everybody is courting these potential home buyers? You need to know what they…
