Let’s get away from TRID for a moment. Recent revisions to the reverse mortgage program have made it a more viable option for more retirees, especially those working a little longer with a consistent monthly income (Reverse Options). For those 62 or older that own a home (and I’m one), it could provide additional wealth while reducing their housing expense.…
Financing options for mixed-use properties have greatly expanded thanks to a change in a long-standing FHA rule limiting FHA Section 203(b) mortgage insurance to properties that have non-residential portions exceeding 25% of the total floor area. Up until September 14, 2015, a prospective borrower was able to utilize FHA Section 203(b) financing to purchase a mixed-use property under certain conditions.…
And so it begins. Which credit score to use to provide the best profile of a potential borrower? Is it FICO, FICO Stage9 or, maybe, the new VantageScore? (Credit Scoring) For the past several years, the industry has mainly relied on the good old three digit FICO score. Some say that is no longer the most representative of a consumer’s…
Some experts believe that a slight rate hike may actually increase lending by loosening credit standards (Rate Hike). They believe the higher rates will entice lenders to make it a little easier for people to get mortgages. Is that because the higher rates may restrict some at the lower end of the scale from affording a home? So, in turn,…
Innovations via Technology – Making the Loan Origination Process More Effective & Efficient On October 19th, Fannie Mae announced a series of innovations that will collectively have a positive impact on the loan origination process. The ultimate objectives of these innovations are to provide more access to mortgage financing to prospective home buyers and to help simplify current loan processing…
Now that TRID has arrived, with QM and ATR in the rear view mirror, the CFPB may start looking around for other areas of intended consumer protections. One which has recently come to light is MSA’s – Mortgage Services Agreements. Richard Cordray, CFPB’s Director, has made it pretty clear that he does not like these type arrangements as they may…
