There are all sorts of ideas floating around about ultimate GSE reform. Everyone believes their plan is the best. What would be best for the GSE’s and the industry? Should we have one combined agency with some sort of government backing? Should both Fannie and Freddie stay as is but go private? Should they operate like Ginnie? Now, we hear…
Well, maybe not quite, but the big news is that United Wholesale Mortgage (UWM) recently closed their first, all-digital mortgage transaction. Yup, all digital, no wet signatures required. Using the new UWM technology, a borrower can execute all documentation, including legal documents, using WIFI to access a computer, or mobile app, to FaceTime the closing agent, and notary. In the…
Since 2008, the Department of Justice (DOJ) has drastically increased its use of the False Claims Act (FCA) to go after what say are bad actors in FHA mortgage lending. Since 2009, they have collected fines and penalties totaling more than $7 billion. That ain’t chump change. Many banks discontinued making FHA loans and some nonbank lenders became increasingly more…
Up until now, the elimination of the mortgage interest deduction has been considered off limits when discussing tax reforms. The third rail, don’t touch it, but that has changed. Elimination is a real possibility now on the table. In fact, according to Gary Cohn, National Economic Council Director, almost everything, including the mortgage interest deduction, is in play when it…
As I mentioned in a previous post, FHFA is still considering adding a question to the new Uniform Residential Loan Application (URLA). The question would ask the applicant to indicate their ‘preferred language.’ The industry fears that this may open up a whole new regulatory can of worms. FHFA believes knowing this information will aid the lender and, ultimately, the…
Let’s take a look at some recent headlines in the mortgage industry news: Bipartisan Senate Bill would force Fannie & Freddie to think outside FICO FHFA’s Watt: No Change in GSE credit scoring model until 2019 Freddie expects to double low down payment mortgage volume in ‘17 If you take the time to read these articles, you will find…
