Everyone agrees that the use of technology can increase productivity while decreasing costs to operate. This is true in just about any business, including mortgage lending. So, FHA is looking to upgrade their risk management systems and requesting new administrative fees totaling $30 million to be assessed to cover some of the cost. Lenders are up in arms as they…
A recent Institute for Supply Management survey shows that, by margins of more than four-to-one, companies that were increasing their capital spending plans because of an “improved business outlook” rather than “prospects for regulatory reform.” At the same time, businesses and consumers are still awaiting evidence that President Donald Trump and Congress can quickly enact and implement legislation covering tax cuts,…
The debate continues over whether FHA should reduce their required annual or up-front mortgage insurance premiums. A prior cut was canceled by the Trump Administration. Now with markets improving, the new HUD Secretary, Dr. Ben Carson, says FHA may consider a cut. But, only if in the best interest of the FHA insurance fund and consumers. FHA delinquencies are down…
According to the Federal Reserve, the amount of consumer outstanding debt now exceeds the pre-2008 crisis levels. That means consumers owe more money today than they did back in 2008. The difference is in the makeup of that debt. Today, consumers owe more in combined non-mortgage debt than they do in home financing. Not surprisingly, student loans lead the pack.…
I don’t know about you, but I am fed up with the political BS going on in Washington, DC with the President, his cabinet, tweets, conversations, and the election. It’s over! It’s time to get on with running the Country. The Democrats only interest is in discrediting Trump and blocking anything he tries to do. Regardless of any potential benefits…
Unfortunately, Wells Fargo is back in the news. They are back this time on the wrong side of a suit brought by the City of Philadelphia. The City is going after Wells for discriminating against minority borrowers in their mortgage lending. They claim Wells charged higher rates to Black and Latino borrowers for their loans as compared to what they…
