New Penn Financial, a large successful independent mortgage lender, based in the Philadelphia area, announced a joint venture with a Massachusetts Realtor. New Penn will join forces with Jack Conway, Realtor, to create Conway Financial Services. Conway Financial will operate as a traditional independent mortgage banker, created to provide mortgage financing to Conway’s home buyers and to those seeking to…
For those of you who were hoping, and maybe believing, the CFPB and their Director, Richard Cordray, were going away, it looks as though that may not happen anytime soon. CFPB just announced plans to hold public hearings on the potential for use and the benefits of non-traditional sources to establish a consumer’s credit profile for lending purposes. Today, most…
You would think that after all the hard work put in by CFPB and others to educate consumers on the mortgage process and associated costs we would now be seeing better results. According to a Wilson Perkins Allen Opinion Research survey, for ClosingCorp, in January 2017 more than 50% of homebuyers are still surprised by the costs at closing. Homebuyers…
You can’t pick up a newspaper, listen to a talk show, news broadcast, read a tweet or online post today without some comment on the political divide. Everything has become a zero-sum game; there’s no room for compromise. It’s right or wrong, black or white, fair or unfair. In the eyes of the public and our legislators, it’s “win or…
While Banks and non-bank mortgage lenders battle it out to capture a larger slice of a shrinking pie, Marketplace Lenders have appeared on the mortgage lending scene to upset the pie chart. What effects will such lenders have on the future of mortgage lending, and how it gets done? What is a “Marketplace Lender”? Presently, these are non-bank lenders offering…
It looks as though home refinancing may be down, but not yet out. Although overall home refinancing has declined, lenders are beginning to see a slight resurgence in requests for cash out refinances. This is due to the increase in home equity, the continued low-interest rates and an increase in consumer debt. Current homeowners see an opportunity to trade high-interest…
