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
For lenders who use the administrative exemption or who have exempt branch managers, the new regulations will impact the base salary needed to maintain exempt status once regulations develop.
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.
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.
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?
The transaction boosts InterLinc's origination operations in Alabama.
The GSEs reported big profits for 2013 but even the companies' executives question the sustainability of those earnings.
Wipro Gallagher Solutions announced its NetOxygen loan origination system has added an integration with mortgage technology developer Optimal Blue's product and pricing engine.
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.
The Conference of State Bank Supervisors named Robert Niemi the new ombudsman of the National Mortgage Licensing System and Registry.
Many conversations in the loan process start with this often uttered, never welcome phrase: "I am going to need an explanation
" If you were on the receiving end of that message, how would that make you feel?
Contracts to purchase previously owned homes rose less than forecast in January, adding to signs housing was weakening in early 2014.