Not too long ago, the rage was all about loans being offered by various lenders with a minimum of a 1% down payment coming from the borrower. Freddie Mac was the secondary source purchasing these loans. This was done to increase homeownership by reducing the amount needed upfront for a buyer to purchase and finance a home. It sounded like…
Hey, did I tell you that the CFPB is in process of their required review of the effects of the QM/ATR rules implemented under Dodd-Frank? Well, they are! CFPB is looking into several lending areas to determine to successes or failures of the new rules. They’ll be reviewing quantitative data for loan originations, default rates, and loan performance. The data…
Did you know that the Federal Housing Financing Agency (FHFA) put out a Request for Input for Improving Language Access in Mortgage Lending and Servicing? You should respond because what they propose may have a drastic impact on how mortgage lending and servicing is done in the future. The gist of the proposal is to explore ways to better…
By now, I believe that mortgage lenders are aware of the importance of the Millennial generation. In a world of shrinking opportunities for new originations, this generation represents an oasis for business. How do you make it through the desert to drink from the Millennial pool when everybody is courting these potential home buyers? You need to know what they…
Any business should know that it’s the complaints that you don’t hear that cause the biggest problems and loss of business. The same holds true for the defects that you don’t find. These are the ones hidden in the pipeline that can end up costing a company big money in the long run This is all the more reason to…
Fannie Mae announced that they are expanding their DU credit box to accept/approve mortgage loans up to 50% total DTI (Debt to Income) ratio, as of July 29th. Some see this as a good thing. This means that Fannie will approve loans where the borrowers total recurring monthly debt payments, including the new mortgage payment, equal to 50% of their…
