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New initiatives meant to increase access to credit have rekindled the debate over whether housing counseling is the best and most cost-effective way for preparing consumers to become mortgage borrowers.
"With a disciplined approach to offering these programs, we can offer them in a safe way," said Tom Hutchens, senior vice president of Angel Oak Mortgage Solutions.
Lenders who make or buy non-qualified mortgages are learning how to get more of a handle on the risks, in part by ensuring they don't stray too far away from QM boundaries.
An automated consumer training technology aims to mitigate compliance risk in loans outside qualified mortgage standards for liability protection.
LONG VIEW: Some big lenders' exits from reverse mortgages have hurt the market, but demand from an aging population means the product
Most lenders are said to be embracing the regulatory changes being made to the home equity conversion mortgage, but for Generation Mortgage those changes meant too much risk and lower margins.
With an eye on eliminating mortgage buybacks and adhering to increasing regulatory compliance obligations, mortgage lenders are redoubling their sales training efforts for both rookie and veteran loan officers.
For the fifth year in a row, Quicken Loans is rated No. 1 by consumers in terms of customer satisfaction, according to a J.D. Power survey.
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