The FHA has exposed the taxpayer to unnecessary risks by lowering its premium…it hasn't taken the right steps to restore capital adequacy and in the process of lowering premiums attracted a riskier portfolio," said Douglas Holtz-Eakin, president of the American Action Forum.
The FHA's recent premium reduction is undercutting the private sector and expanding the government's role in the housing market, industry representatives told a House subcommittee.
"We wanted to think about the end-to-end journey, and really thinking about the consumer and not necessarily the transaction," said Nick Stamos, the founder of Sindeo.
San Francisco-based Sindeo is trying to bring the mortgage brokerage business into the future, creating a new online service that focuses on helping consumers navigate the often confusing mortgage process from start to finish.
With the economy recovering, Chris Hurn saw an opportunity to start another company focused on Small Business Administration 504 loans — his longtime specialty — and spread the word to business owners about the benefits of owning their facilities.
CFPB officials are keeping a close watch on the Qualified Mortgage and ability-to-repay rules to gauge whether further changes should be made. But mortgage numbers don't give a clear picture on what kind of impact they've had.
Ellie Mae's new CEO Jonathan Corr said the company will stop supporting the self-hosted version of its origination system at the end of 2016.
Users of Ellie Mae's self-hosted loan origination system will soon have to make a choice: migrate to the software-as-a-service version of Encompass or switch technology providers altogether.
Lenders are seeing higher demand for homes but are expecting only modest growth in sales this year due to the limited housing stock.
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