KEEP IT SIMPLE: "If you're comfortable that you've met 'ability to repay' [requirements], you don't have concerns," said Elliot Salzman, senior v.p. and director of consumer policy and underwriting at BBVA Compass, on how to approach the ambiguity surrounding nonqualified mortgage loans.
Lenders desperately want to make potentially lucrative home loans to those with less-than-stellar credit, but only a few are willing to try given legal uncertainties. Here's how a few are designing their products to get a jump on the competition.
Peter Accolla set goals for transactions, dollar volume and how much money he wanted to make.
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Whether it's a formal merger/acquisition deal or a loan production office changing affiliations, successfully bringing together the cultures of two organizations is crucial to creating a harmonious union.
The coming surge of servicemembers winding down their time in the military is expected to keep Veterans Affairs-backed mortgage lending an attractive opportunity for soldiers reestablishing their civilian lives.
In the coming months, banks, mortgage lenders, consumer advocates and policy wonks will be slicing and dicing the latest Home Mortgage Disclosure Act data, as they do every year. Rarely, if ever, have the stakes been higher.
Mortgage underwriting overlays are not only tighter than they were precrisis, they're more restrictive than they were 15 years ago — a trend that Department of Housing and Urban Development Secretary Julian Castro wants to change.
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