With all the buzz around implementations using technology and a digital loan process, some say the role of the loan originator (LO) may be diminished, if not eliminated. Recent studies have shown that, although many homebuyers want access to a digital process that is online, they still want the comfort and certainty of having a human being available for assistance…
Not too long ago, the rage was all about loans being offered by various lenders with a minimum of a 1% down payment coming from the borrower. Freddie Mac was the secondary source purchasing these loans. This was done to increase homeownership by reducing the amount needed upfront for a buyer to purchase and finance a home. It sounded like…
Did you know that the Federal Housing Financing Agency (FHFA) put out a Request for Input for Improving Language Access in Mortgage Lending and Servicing? You should respond because what they propose may have a drastic impact on how mortgage lending and servicing is done in the future. The gist of the proposal is to explore ways to better…
By now, I believe that mortgage lenders are aware of the importance of the Millennial generation. In a world of shrinking opportunities for new originations, this generation represents an oasis for business. How do you make it through the desert to drink from the Millennial pool when everybody is courting these potential home buyers? You need to know what they…
Non-QM (Non-Qualified Mortgage) loans are getting a bad rap as the coming of the next subprime wave. Although they may be considered a little riskier than your standard QM (Qualified Mortgage), the perceived risk is in not having the QM’s safe harbor from repayment ability requirements. Some loans may have loan terms, i.e. interest only features, which disqualifies them as…
In case you missed it, or just plain forgot, effective July 1st the 3 credit repositories, Equifax, Experian and Trans Union, will discontinue reporting most tax liens and civil judgments, as well as, any unpaid medical bills of 6 months or less, on consumer credit reports. This is the result of an agreement they made with 31 state Attorneys General.…
