Student loan payments can be up to 20% of a graduate's current monthly debt obligations. Based on current housing ratios, that does not leave a lot of room for mortgage payments.
The Consumer Financial Protection Bureau recognized a distinction in terms of the treatment of persons working for a company based upon their classification as employees or contractors.
Among the revelations: A large number of single-family homes built in 2013 weren't sold that year; single-family units, surprisingly, kept getting bigger; cash sales remain higher than before the recession.
The CFPB believes that the answer to all of these problems lies in taking the paper completely out of the transaction and closing electronically.
Though the bulk of the ambitious Housing New York plan is intended to build or rehabilitate rentals, there are several homeownership components as well.
Previously there were a few larger institutions assuming the majority of the risk in the mortgage servicing market, but now this risk is more evenly distributed across smaller institutions.
By obtaining a third-party opinion that provides a reasoned analysis supporting borrowers' ability to repay, a lender places itself in a substantially stronger position with respect to subsequent ATR claims.
Risks and headwinds abound, but if smaller investors opt to pool their properties into multi-borrower securitizations, this market could materially grow. Lingering economic factors suggest large players will remain involved.
Nearly twice as many direct lenders are offering electronic disclosures to consumers now as they were only one year ago, and most of the consumers are opting to use them.
While lenders do not survey applicants on sexual orientation for their Home Mortgage Disclosure Act reports, a look at the data on same-sex couple applicants is intriguing.
Real Estate Settlement Procedure Act violations cited in a recent Consumer Financial Protection Bureau action suggest technical compliance required rises in line with the aggressiveness of past or present marketing.
One of the most difficult conversions for lenders to accomplish is turning a past customer into a future customer.
It could take quarters or years. It may require fatter yields to entice investors, or move-up homebuyers in need of jumbo loans. This much is agreed upon: Nobody really knows.
The Consumer Financial Protection Bureau last week quietly issued over $70 million in fines to entities which have been through private settlements without specifying why. Here are some likely causes.
White papers don't always get much respect in our industry, probably because so many are just veiled brochures, pitching products and services.
Last month, BMO Harris Bank changed policies on auto lending to pay a flat percentage of the loan amount to auto dealers making loans (sound familiar?).
The mortgage life support provided by the federal government since the crash is ebbing. It will be interesting to see if the industry can breathe on its own now.
So, every week I write a column in this space, and often I get some interesting feedback.
There will be enough grist for the NPL mill for at least three more years, industry insiders say.
Credit card telemarketers allegedly "went off script" in describing the benefits and charges of credit protection plans to coax consumers into receiving them. The move has implications for loan officers.