Cars, trumpets, measurement devices, and now the loan quality control process are a few of the common calibrations we need to perform to ensure high standards in execution. Starting in 4Q 2022 and rolling out more robustly next year, Fannie Mae® announced that the agency will begin calibrations with its customer base to understand the precision and accuracy of a…
It never fails. You are in the middle of managing a large enterprise-wide project, tech implementation perhaps, or just juggling unforeseen volume and one of the government sponsored entities’ (GSE) ‘comes a knockin’. Many lament that it is bad timing, but in the mortgage industry is there ever a good time? We all saw how the industry was scrambling in…
We are now in unprecedented times, and the importance of verifications and reverifications are even more heightened as the industry deals with the current health crisis triggering a tsunami of unemployment and economic strain. Advancements have been made in the industry to streamline the verification process, certainly helpful in a time like today, which ends up having a downstream…
As a part of the overall standardization efforts of the government sponsored enterprise (GSEs) Fannie Mae and Freddie Mac as directed by their regulator, the Federal Housing Finance Agency (FHFA)’s Uniform Mortgage Data Program (UMDP) is the latest “U” initiative coming to market is aimed at the loan application. Everyone from the borrower, to the loan originator, quality control vendors…
Companies are always exploring new ways to leapfrog over their competition. But, now one of them is building a bridge, or maybe an arch, to by-pass their competition altogether. Arch MRT, a newly formed sub of Bermuda based Arch Capital Group, is working with Freddie Mac to provide mortgage insurance directly to borrowers bypassing traditional private mortgage providers. Under the…
A new battle is brewing between bank and non-bank mortgage lenders over the use of credit score models. The battle over FICO versus VantageScore has begun. Which is the better scoring system to use for qualifying mortgage applicants and which is the best indicator of potential default. For a while now, the Federal Housing Finance Agency (FHFA), the agency that…
