Just in case you haven’t been following things closely, lenders will be required to report a whole bunch of additional HMDA information for loans reported in 2018; but you probably already knew that (I hope). The MBA, in support of its members and the industry, says that CFPB should extend the new requirements for at least one year because CFPB…
FHA has always been seen as a vehicle to provide needed home financing for low-to-moderate income homebuyers. Since their inception many years ago, they have served these needs quite well. It appears they now may be challenged by the new administration’s budget proposals which cut funding for some FHA programs. Dr. Ben Carson, the new Secretary of HUD, sees things…
Guild Mortgage announced their new 3-for-1 equity loan program. The borrower puts down 1% while Guild provides an additional 2% down from lender assistance. The nice thing is that the additional 2% is not a loan but rather a grant that need not be repaid. Sounds pretty good! The new program follows basic agency low down payment program guidelines including:…
The summer season is here! With Memorial Day now past and our veterans honored (hopefully not forgotten), we move on to the business of financing the spring and summer sales. By most accounts, things look good for housing and mortgage financing. The economy continues to grow, albeit at a slightly slower pace than we wanted and expected. With this growth,…
Memorial Day is observed on the last Monday of May. It was formerly known as Decoration Day and commemorates all men and women who have died in military service for the United States. Many people visit cemeteries and memorials on Memorial Day and it is traditionally seen as the start of the summer season. Please remember those who sacrificed for…
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…
