Fannie Mae announced that they are expanding their DU credit box to accept/approve mortgage loans up to 50% total DTI (Debt to Income) ratio, as of July 29th. Some see this as a good thing. This means that Fannie will approve loans where the borrowers total recurring monthly debt payments, including the new mortgage payment, equal to 50% of their…
Looks as though you can fight City Hall! In what may become a landmark decision, Judge Charles R. Simpson III, of the U.S. District Court for the Western District of KY, ruled in favor of a small Louisville, KY, law firm against Richard Cordray, and the powerful Consumer Financial Protection Bureau. The case reversed CFPB’s actions against Borders & Borders…
Quicken Loans, one of the mortgage industry’s leading lenders, and a pioneer in the use of technology may soon consider the use of electronic property valuations instead of standard manual appraisals. Why? Last week, a federal district court hit Quicken with a guilty verdict resulting in fines and penalties of almost $11 million in a class action suit brought by…
Here’s more information from a slightly different report on mortgages and housing. This report was done by search engine giant, Google, in connection with lending giant, Chase Home Lending. Two giants using big data to get some really good background data on what consumers are searching for when it comes to home buying and financing. The report is the result…
Despite the fact that many big banks have recently scaled back their mortgage lending, the overall share of mortgage originations done by the top banks increased in the 1st quarter of 2017. With overall volumes declining, this means that these banks are grabbing a bigger piece of a shrinking pie. Unfortunately, total originations declined by 36% in the first quarter…
The Mortgage Bankers Association, along with several of the mortgage industry’s largest trade groups, continue on their quest to make things better for consumers and mortgage lenders. MBA, along with the others, are seeking a meeting with the new Attorney General, Jeff Sessions, to discuss issues related to enforcement actions against lenders under the False Claims Act. These discussions would…
