I’m a little confused. You would think that rising mortgage rates would have a negative impact on home sales. The higher the rate, the more it would cost a consumer in their monthly payments, the fewer consumers buying homes, right? Not necessarily. Most experts are predicting that rising rates will actually spur more home buying. First, we have the pent-up…
In January of 2018, just about all mortgage lenders will be required to collect approximately 50 data elements identifying specific information about the consumers obtaining mortgages from them, and the terms and conditions under which they get them. This information is required by the CFPB under its power and guidance provided by the Dodd-Frank Act. This requirement will no doubt…
Everyone is familiar with Ford’s advertising campaign – “Quality is Job 1.” Lenders learned since the crash of 2008 that in mortgage lending loan quality and compliance is as important as is product and pricing. A poor quality loan can be as costly as one that is priced incorrectly, sometimes more. Here are some questions to consider regarding the quality…
Lately, most of the reports concerning housing and mortgage lending have to do with the rise in mortgage rates since the election. Many believe that this may derail any potential housing recovery. It seems that prediction may be a little premature. One of the challenges facing housing is the shortage of homes for sale, especially at the affordable end. This…
Here is some good news about the new administration. The word on the street is that the Department of Justice is in the process of dismantling their multi-agency task force put in place to seek out potential legal actions against lenders under the False Claims Act. The reason being is that President-elect Trump will be nowhere near as aggressive in…
Hope you read my blog on Wednesday. I provided some background on Black Friday. The day that now traditionally marks the official beginning of the holiday shopping season; when sales skyrocket and retailers go from red to black. Deck the halls and all that stuff. Well, it looks as though shopping for a new home is also on the rise…
