The overall message that mini-correspondents were intended as transitions, not permanent business models means that the loan channel would be examined for consistency with the intended purpose.
Minority borrowers, as a group, are more likely to use the same lender again and more likely to comment about the experience in social media.
Selling loans into the secondary market was a good strategy for housing finance agencies when rates were falling, but now they are said to be heading back to traditional bond financings to boost their balance sheets.
Lenders need to take the initiative to analyze their Home Mortgage Disclosure Act data before the Consumer Financial Protection Bureau does.
Another roundup of comments on our Editor at Large blog, from the best and brightest to the funniest.
Unlike other regulatory agencies that in many cases looked at form over substance, the Consumer Financial Protection Bureau will ignore structures altogether when it perceives them to be "sham" transactions.
In our work, we've found that lenders who survey customers at the right time will see a significantly higher information return, which can then inform positive changes in the mortgage operation.
The CFPB and other regulators are showing an increasing appetite for big data. The HMDA database may be the biggest in the mortgage business and a preview of the upcoming dataset may give lenders a chance to stay one step ahead of the feds.
The Consumer Financial Protection Bureau requests data that if used too zealously could cause a massive restriction in the market and a reduction in the type and amount of lenders.
New and experienced compliance experts have to learn the nuances of all the new regulations.
Public officials must make it clear once and for all that the law forbids them to deny or delay a loan because an applicant is pregnant or on parental leave.
There was already confusion about this part of the Fair Housing Act in past years, and the ability-to-repay rule that took effect in January has made it worse.
A big reason we have so many last-minute surprises is because data, documents and requests sit and wait until they are all ready for review by the next person in line.
For outsourcers to supply value to the originators that hire them, they must do than simply meet the terms of the agreement.
Warehouse lenders are severely aware of the potential risks of non-QM loans, but right now, they have a huge appetite for earnings and sustainability.
Mentoring the newbies in the mortgage business may help them avoid boom-and-bust errors later in their careers. And it can be a personally satisfying thing to do as well.