Underwriting is back in style and underwriters are in high demand as the requirements of investors and regulatory considerations require more documentation and more scrutiny around whether a borrower can pay back the loan.
Lenders don't want to make loans outside the Qualified Mortgage rule's tight debt-to-income standard. Young graduates don't want to add to their hefty monthly payments. Net effect: Fewer first-time buyers.
Over the last year several decisions and regulatory actions suggest industry standards are soon going to become the way of life for lenders.
As interest rates increase, prepayment speeds are falling precipitously, extending the maturities of mortgage-backed securities, especially the guaranteed variety. This trend is likely to cause future declines in MBS values.
The housing sector is increasingly a drag on consumption and job creation. The fault lies not with the market but with ill-considered regulations and bank capital rules.
The Affordable Housing and Community Investment programs of the Federal Home Loan Banks provide important gap financing to support other sources of financing for affordable housing.
Loan processors should continue the conversation that the loan officers hopefully started. Like asking, "What did you like about that house?" while trying to nail down the appraiser's contact information.
Have you made excuses to your friends, family and even yourself as to why you have to work late?
A technical reading of the rule supports excluding charges by a broker's title affiliate from the 3% fee cap. But without a specific interpretation from the CFPB, it would be unwise to risk a loan's QM status.
Once into the application stage, the process of having a dialogue instead of an interview increases conversion even more.
Lenders should be aware auditors are focusing on 1099 payments due to the concern that the payments could be a vehicle for compensation no longer permissible under the Dodd-Frank Act.
Here is a list of 18 items loan officers should consider when talking with their current or future employers, including who owns the database.
There are many conversations that take place during the mortgage process, and a lot of them are conversations between players in the industry.
A jury found a particular loan officer was exempt from minimum wage/overtime requirements because her work involved "outside sales," but the case's decision fails to broadly apply to all LOs.
Perhaps the very first opportunity a lender has to convert is by turning a website visitor into a loan applicant.
Here are 14 questions to ask yourself to develop your personal plan.
Lenders should consider carefully the potential for originators to steer borrowers from closed-end products into open-ended loans.
There are plenty of companies waiting for a secondary mortgage market to develop for these high-margin loans.
Some advice on learning to "play well with others" in your office.
The contest, as it were, is not really over when the big game ends.