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April 2, 2014

Lenders Will Ask Ellie Mae for Damages Because of Tech Snafu

By Paul Muolo

One mortgage technology expert had this to say on the Ellie Mae shutdown: “This is going to get ugly. Real money is lost when you can’t close loans on time.”

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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