President Obama gave his last State of the Union address on last evening, 1/12/2015. Unfortunately, for those of us in the housing and mortgage lending industry he did not address or even mention anything about a housing policy targeted to help more Americans realize their dream of homeownership (Speech). A dream that has been dealt a severe blow resulting from…
At first glance, you may think, “What do these three things have to do with each other?” All are issues which mortgage loan originators face today. Each presents its own unique challenges but also provides some new opportunities. TRID has created a major shift in the closing process. This sometimes leads to delays in loan closings which, no matter the…
While most of the mortgage lending world is still concentrating on TRID, some are looking for ways to do more business, and do it better. Angel Oak Capital Advisors has recently announced that it had closed a $150 million securitization of nonprime loans. -Loans that didn’t fit into the neat QM conventional loan world (Sub-Prime Pool)-. Could this be the…
HUD/FHA released the results of its Post-Endorsement Technical Reviews (PETRs) that were processed in the third quarter of FY 2015 (April 1, 2015, through June 30, 2015), in its most recent Lender Insight Report issued in December 2015. The results of their PETR Ratings on these cases (as of October 31, 2015) were as follows: Conforming 1,278 cases 19.9% Deficient…
It’s hard to believe that the current Uniform Residential Loan Application (URLA) Form has not had any substantive changes in the past 20 years. Despite numerous programmatic and policy changes implemented by the Federal Government’s Housing Agencies (i.e. HUD, VA & USDA) and the GSE’s, this form has served well as a uniform loan application form for the mortgage industry.…
