Will the loan originators, as we know them today, be replaced by technology anytime soon? That is one of the big questions on many a lender’s and LO’s minds. Lenders have long struggled with the challenges of hiring, training, retaining, and paying top notch loan originators. The LO’s share of what the lender’s loan profit has been increasing and for…
A tight inventory of existing homes for sale seems to be spurring an uptick in new home purchases. According to MBA stats, mortgage applications for new homes jumped in July by about 5% over last year. Although, Applications decreased by 12% from the prior month. Overall applications for new construction are on the rise as fewer existing homes are for…
Freddie announced that they have received approval to move forward with their plans to waive a lender’s requirement to obtain and submit a full residential appraisal report on a purchase loan transaction. This is one step further than Freddie and Fannie had gone when they waived appraisals on certain refinance loans. Freddie says that they will provide these waivers on…
Did you hear the one about the kid who was so bad his parents gave him a big pile of horse manure for Christmas? When he came down on Christmas morning he was so excited. He exclaimed with all this horse sh-t, there must be a pony in here somewhere! The eternal optimist; talk about seeing the glass half full.…
Now that I have your attention, according to a recent report released by the New York Federal Reserve’s Center for Microeconomic Data (bet you didn’t know that existed), household debt in America has reached an all-time high. Is that good news or bad news? Could be both… According to the NY Fed’s Household Debt and Credit Report (another Big Brother…
Times are tough for mortgage lenders, home loan apps are down, refinances are stagnant, and the inventory of homes for sale is a little light. So, where might one find new business? How about HELOCs? Many traditional mortgage lenders got involved in HELOC lending in connection with their first mortgage loans. These became known as piggyback loans. In most cases,…
