Cutting payments helps stave off default, but principal reduction on underwater loans and lower consumer debt levels are less effective, according to JPMorgan Chase Institute's new study of post-crisis modifications.
Are you putting your compliance management into the hands of your competitors, waiting to see their mistakes, penalties and then adjusting? Risk extension runs from penalties to counter party relationships- Proactive management will lower risk and increase profits.
Fannie Mae is staging more pilot projects with lenders and vendors, including one that consolidates submissions of different types of loan data potentially eligible for immediate representation and warranty relief.
Competition between fintech, marketplace and traditional mortgage lenders often focuses on borrower-facing automation and other technology. What gets overlooked is how differences in their funding sources create another area of competition.
Competition in other areas of consumer lending has driven both VantageScore and FICO to build credit scoring models that are more accurate and more consumer-friendly. Permitting that competition in the mortgage market can increase certainty for lenders and transparency for investors.