An examination of the details in the B of A settlement shows many examples of risky behavior, including mortgage applications that were underwritten with "shadow" guidelines that allowed exceptions to approve almost any loan.
It would be a lot easier if we could just order mortgages on Amazon, where perhaps prime borrowers who are also prime members could get a prime mortgage with free shipping.
Millennials may be the first group of homebuyer-aged Americans that don't buy into the American dream at least not the homeownership part of it.
In about six years, by 2020, one out of three adult Americans will be a Millennial. By 2025, they will make up about 75% of the workforce.
For outsourcers to supply value to the originators that hire them, they must do than simply meet the terms of the agreement.
Under the Consumer Financial Protection Bureau plan, lenders would need to respond to virtually every public complaint even those by consumers, disgruntled employees, and competitors that abuse this forum.
While use of facsimile has decreased in the workplace for general business practices over the years, fax machines still remain the default delivery method for sending and receiving mortgage payoff statements.
The CFPB believes that the answer to all of these problems lies in taking the paper completely out of the transaction and closing electronically.
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.
So, every week I write a column in this space, and often I get some interesting feedback.
Mortgage originators have been slow to adopt this tool which can assist in educating potential clients about your products and services.
Last week I wrote about how the college application process compares to the mortgage industry, and I got a lot of commentary on that, more than anything else I have written in the past few months.
In the perfect mortgage application process, the borrower could press a button and send out all the data, saying I want to apply to these specific lenders.
Lenders should avoid repeated mistakes in their process as they could be used as evidence of a fraudulent intention to originate loans without proper safeguards and underwriting processes.
The best thing to happen to the business over the last three decades was the development of the secondary agencies' automated underwriting engines. The worst? There are several strong contenders