And it ain’t Auld Lang Syne. The Department of Justice (DOJ) isn’t quite finished yet. They recently settled with Troy, Michigan lender United Shore Financial Services (USFS) to the tune of $48 million. This may be music to their ears, but surely not to United Shore’s. It is important to note that this settlement was the result of an investigation…
With rates increasing, loan refinancing decreasing, and fewer affordable homes on the market, lenders may face some challenges in 2017 to generate business. Challenges that can be overcome with an eye toward purchase business, an expansion of products available for home financings and a trained staff to originate quality loans. Many companies have introduced new, online, automated verification systems that…
With the recent election, rising rates, improving the economy, more job opportunities, and wage growth, things could be looking up for housing and mortgage lending in 2017. Then again…maybe not. It all depends to which economist or so-called expert you listen. Here are some recent headlines about housing and home-financing: Borrowers brush off rising rates, pushing mortgage applications 2.5% higher…
We all knew that those extremely low mortgage rates couldn’t go on indefinitely. The time has come for rates to rise but it appears they may not have such a devastating effect on the housing market. Although forecasts for 2017 and 2018 are being adjusted down, the decrease is not that substantial. The good news is that we are…
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…
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.…
