Hiring among non-bank mortgage lenders increased in September, adding 2200 full-time employees to their payrolls. That’s a big jump from the 900 hires they added in August. The additions were part of a rise in September employment to 315,000 new jobs, the highest increase since 2008. Maybe things are looking up. This hiring increase by non-bank mortgage lenders comes at…
By all accounts, it cost a lender more money to originate and close a mortgage loan today than it did 10 years ago. But then again, what doesn’t cost us more today than it did 10 years ago? The question is how much is the increase, why, and is it worth it? That’s something each lender needs to decide. Recently,…
With the crash of 2008, the federal government took over the largest purchasers of conventional mortgage loans in this country; Fannie Mae and Freddie Mac. They said this was done to protect the taxpayers against major losses that might be sustained by these agencies. (Takeover) In September of 2008, the agencies were placed into conservatorship and provided with about $190…
The Mortgage Bankers Association has forecasted a sharp rise in home purchases in 2017 and 2018. As a result, based on their most recent predictions, home purchase mortgage originations in 2017 will be about $1.1 trillion, growing to around $1.18 trillion in 2018. Great news for the housing markets! On the flip side, as the purchase volume grows, the refinance…
Speaking at MBA’s Legal and Regulatory Conference in Washington, DC, Peggy Twohig, CFPB’s Assistant Director, said that the CFPB is generally pleased with what lenders have done to comply with the new Dodd-Frank rules. Interestingly, she mentioned ability to repay and LO comp, but not TRID. I guess it’s a little too soon to tell. With some exceptions, they also…
According to Fannie Mae’s 3rd Quarter Mortgage Lender Sentiment Survey, some lenders are forecasting an increase in their profits over the next 3 months. Twenty-eight percent of those surveyed expect profits to rise, with 17% seeing it go down, and 55% say it will most likely stay about the same. Not a rousing endorsement of the present economy but good…
