It sounds a little strange. A policy created for no action. It outlines what companies must do to determine if CFPB will not take, or is not contemplating taking, supervisory or regulatory action pertaining to a specific financial product to be offered to consumers (No Action.) Pretty good deal. It’s like when you play Monopoly and you pull the get…
Alternative Credit: The Opportunities and Challenges
Interesting that someone who does not have what has come to be known as a ‘traditional’ credit score finds it difficult to get a mortgage. It wasn’t that long ago (some of us still remember) when there wasn’t such a thing as a traditional credit score. Loans were underwritten based on the applicant’s profile, including how they paid their debts.…
Let’s Make Dough
The market shows signs of improving And owners are thinking of moving The mortgage rates are still pretty low Let’s make dough, let’s make dough, let’s make dough Though the rates may be increasing, And refis are now decreasing The economy’s ready to grow, Let’s make dough, let’s make dough, let’s make dough …
Be Sure About Day 1 Certainty
Fannie Mae introduced their new Day 1 Certainty program for relief from the reps and warrants related to the verification and reverification of employment, income, and assets. Good news for lenders. To obtain the relief, lenders need to validate information through Fannie approved vendors. At present those are limited to; The Work Number for employment and income Equifax for tax…
Bang for Your QC Buck
Today lenders are required to perform both pre and post close loan reviews for Fannie, Freddie, and FHA loans. Many banks do those reviews as well for loans held in portfolio. It’s not a bad idea. With the rising costs of quality and compliance, are you sure you are getting the best return on your QC investments? For years lenders…
Despite Rising Rates Optimism for Housing
Some believe that the rising mortgage rates may spell a real problem for the continuance of a housing recovery. That may be. However, based on the results of the recent Berkshire Hathaway HomeServices’ Homeowners Sentiment Survey (the BtripleHdoubleS), many are still optimistic about the state of the housing market. Ironically, the most optimistic group are the Millennials. About 74% have…