With rates rising, refinances declining, and fewer homes on the market for sale, it is no surprise that mortgage lending is tight. Although the outlook for the 2018 purchase mortgage market seems good, overall business will be off from prior years with the same lenders all vying for their piece of a smaller pie. To compensate, lenders are loosening their…
With things a little slow in the mortgage world, the conversation again comes around to refinances. Rates have increased slightly and according to those “in the know,” they should continue to rise. With the rise in mortgage rates, smart money says refinances will decline (again). But, we have heard that before and refi’s seem to be hanging around. Maybe this…
Every day we hear or read about another security breach with volumes of consumer’s private information being acquired by some unscrupulous people. Most recently it was Equifax, a major repository of consumer credit and personal data. Who might be next? Now, all the pundits and politicians saying something needs to be done to protect the consumer. More good intentions… Senator…
You remember TRID’s “Black Hole?” The circumstance created by the new rule whereby a lender is unable to reset fee tolerances once an initial Closing Disclosure is issued and fees increase but closing gets delayed for more than 3 days. The question remains, how can a lender recover a fee increase once a CD is issued but closing gets delayed…
To run a business right and be successful, as in anything we do, it takes training, preparation, and commitment. A commitment to doing things right, no matter what the product or goal. Today, I’m gonna stray a little from what’s happening in the mortgage business and what we need to do to continue to ensure quality and compliance in the…
The CFPB recently issued what it calls their new ‘no-action letter’ to Upstart Network, a San Carlos, CA company that makes personal loans to consumers. The reason; Upstart will use and evaluate certain alternative credit and other consumer data when making credit decisions on their applicants. The CFPB’s apparent intent, through these no-action letters, is to encourage lenders to develop…
