Millennials have been toying with the idea of buying a home for the past year. Many say they want to make the jump, but there are extenuating circumstances still holding them back. Things like: Student loan debt Limited credit profile Fears leftover from the credit crash of 2008 Lack of knowledge about the financing process, and A shortage of affordable…
Are you aware that on July 1st, the three (3) credit repositories, Equifax, Experian and TransUnion, are going to stop most of the reporting of information on consumer’s civil judgments and tax liens? Yup, that’s their plan and they’re stickin’ to it. Since this information has a negative impact on the consumer’s credit profile, removal will have the effect of an…
“It’s amazing, we can’t do HMDA right,” so said my good friend and colleague Jack Konyk, Executive Director of Government affairs with Weiner Brodsky Kider, during an exchange at a recent industry forum. Jack was talking about the requirements for reporting a borrower’s ethnicity, race, and sex for loan applications. HMDA has been around since the 70’s, like Jack, and…
The much anticipated, and long awaited, entrance of Millennials into the home buying market seems to finally be upon us. This generation accounted for about 85% of the volume of home purchase, closed mortgages in January. Not surprisingly, many of these buyers chose low down payment mortgage programs for their financing. In fact, Down Payment Resource, an entity that creates…
Are You Ready to HMDA? “Those required to report this information must make more careful efforts to follow the law,” CFPB Director Richard Cordray said in a press release. “Today we are sending a strong reminder that HMDA serves important purposes for many stakeholders in the mortgage market.” Mr. Cordray was speaking about a $1.75 million fine levied against…
Times they are a changing…rates are on the rise, refi’s are going away, house prices are increasing, and buyers are a little different and getting tougher to qualify. To compete in the new mortgage market, lenders need both a full complement of products and services and current technology, with the qualified staff, to make it all work. Everybody is concerned…
