As independent non-bank lenders take the lead away from traditional banks in originating new mortgage business, they also want to be excluded from direct CFPB supervision. They are not the only ones. Small to mid-size non-bank mortgage lenders, like some community banks and credit unions with assets under $10 billion, are seeking exclusion from CFPB audits and enforcement actions. A…
Ask lenders – and just about all will tell you they do their business the right way. If so, they shouldn’t need to worry about any action from the Department of Justice (DOJ) under the False Claims Act (FCA). Right? With everyone supposedly doing business the right way, why does the DOJ keep finding lenders that violate the rules? Could…
What do Equifax and the IRS have in common? They both house tons of consumer personal data. Equifax got hacked. Could the same happen to the IRS? Some regulators are saying no and pushing for the IRS to get more heavily involved in the data verification game. Rep. Patrick McHenry (R-NC) introduced legislation aimed at fast-tracking the IRS’s capability to…
We knew it would happen sooner or later and so it has. The Millennial generation, the single largest group of current consumers, is finally looking to buy a home. In fact, in the past 12 months, Millennials have topped the list of home buyers. It’s time for this generation to make its mark on the housing industry and take its…
It seems like a simple question. According to Fannie Mae Quality Control guidelines, a lender need not reverify or recalculate, as applicable, information that is validated by Fannie’s Desktop Underwriter (DU), under their Day 1 Certainty Program. This includes the qualifying information for employment, income, and assets for each borrower. When a lender receives the validation of data from DU,…
If you’ve been following my blog, you know that I believe mortgage loans will be a little tougher to come by in 2018. I know, I’m not the only one. Lenders need to find new and better ways to attract consumers and acquire their business. Much of the talk has centered on what is needed to service the new generation…
