California CU Offering No Downpayment Option, Using a 80/20 ‘Piggyback’ Loan December 29, 2015 Brandon Ivey Borrowers are required to have a credit score of at least 700 and at least three months of reserves...Read More
United Wholesale Mortgage Bucks the TRID Trend: No Delays in Loan Closings December 28, 2015 Paul Muolo Mat Ishbia of UWM said the money his company spent getting ready for TRID is an expense "for the long haul..."Read More
Short Takes: More TRID Snafus: Who Makes the Disclosure? / Electronical Acceptances Key / The Marijuana Trade and Home Prices / Microscopic Changes in Rates / HFH Hires New CIO December 28, 2015 Paul Muolo and Sherry Muolo Is the booming marijuana trade in Colorado causing home prices to rise in the Rocky Mountain (High) state? Not necessarily... Read More
Banks Sharply Reduce Use of ‘Proprietary’ Loan Mods in 3Q15 December 28, 2015 Brandon Ivey The banks completed 22,459 proprietary mods in the third quarter, down 25.4 percent compared with the previous quarter...Read More
MorVest Capital Unloads Ginnie Mae MSRs; Another Deal in the Works December 28, 2015 Paul Muolo The new offering is in the $1 billion range. MorVest hopes to complete the sale by the end of January.Read More
Clayton Homes Pushes Back Against Accusations of Discriminatory Lending on Manufactured Homes December 28, 2015 Brandon Ivey Clayton said the outlets’ analysis didn’t include factors such as a borrower’s credit score, downpayment, loan size, collateral and land type...Read More
Subservicing Contracts Continue to Rise; A 28 Percent Gain YoY December 28, 2015 Paul Muolo In a recent report, Freddie Mac economists said subservicing likely will “persist and perhaps grow.”Read More
More Front-End Changes to Deal With: GSE Loan Application Will Undergo a Major Redesign December 28, 2015 Carisa Chappell New data fields will be added to support Fannie’s and Freddie’s requirements, as well as those required by the FHA, VA, USDA and CFPB...Read More
Residential Servicers Cut Staffing Levels – But Banks Cut the Most December 28, 2015 Brandon Ivey Banks had an average of nearly 500 loans per full-time employee in the third quarter, up from almost 400 at the end of 2014. Read More
FHFA Issues Final Rule on Suspensions Under ‘Counter-Party’ Program December 23, 2015 Carisa Chappell The final rule from the FHFA also simplifies the standard for issuing suspension orders...Read More
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