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…
Most believe that the mortgage originator will always be a required component due to the complexities of a mortgage loan process. (Originators) Although technology can help to acquire and process information, many consumers still want someone available to walk them through the process, available, when needed, to answer questions and provide guidance. Many believe, for this reason alone, the originator…
Just in case you missed it here is an article I recently wrote which appeared Friday in MBA’s Newslink (Article). I believe that one of the benefits of TRID is that once again lenders are being forced to take a step back and take a long, hard look at how they do their business. Most industries have incorporated an increased…
Lenders continue to look for ways to stem the rising costs of producing a mortgage. One of the main factors contributing to these rising costs is the increased costs of compliance. One main approach to reducing this cost is through the better use of technology. Yet, would it surprise you to find out that compliance ranks fourth on the list…
With all the talk recently about quality and compliance, we need talk about if a lender has an adequate written Quality Control Policy. Do you? Whether you are outsourcing QC or performing it internally, a lender must have a written plan. This policy must clearly outline the scope of what a lender wants, and needs, to ensure their loans are…
“Lenders are doing a better job of originating loans with fewer defects,” according to a report provided by First American Financial Corp in a recent article appearing in National Mortgage News (Higher Spending on Compliance Results in Fewer Errors on Apps). The article stated that The First American Title Loan Application Defect Index decreased again in February after declining steadily…
