Receiving borrower tax transcripts from the IRS, which usually takes 48 hours, is stretching on for weeks since the start of the tax filing season, according to lenders.
The company sees demand for contract underwriting from mortgage lenders trying to originate purchase mortgages and other new products amid margin compression.
The new option is for borrowers who cannot achieve at least a 25% reduction in the principal and interest portion of their payment through a 30-year loan modification with a partial claim.
The mortgage origination “correction” has arrived, with some shops pondering their options. As one dealmaker put it, “Many lenders will need to find a safe port in the storm.”
Lenders argue the temporary measures adopted by Fannie and Freddie to promote condo safety unnecessarily raise costs for borrowers and present liability issues for HOAs and cooperatives.
In years past, LendingTree’s Doug Lebda was one of the industry’s highest paid executives. In a few weeks we’ll get a look at his 2021 compensation package. Also, Ocwen’s chief received a nice raise last year.
It’s earnings season and the early results have not been encouraging when it comes to home lending. Then again, no one really expected good news. But will 1Q22 be the low point and then a bounce?
While states offered broad temporary flexibilities regarding LO licensing and location requirements during the pandemic, the transition out of the temporary standards has been bumpy.
Steeply lower production volumes call for new lending ideas. Right? Some A-paper shops are jumping into the non-QM pool. Will it save the day or result in higher delinquencies?
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