If the mortgage industry can ever get around to actually adopting eMortgages from stem to stern, it could save $1 billion annually, according to an “Advancing eMortgages” team at Fannie Mae, a squad given the mission of improving the mortgage process, including getting more elements of it done online. “In addition to improving the customer experience, the team estimates that an electronic mortgage process could shave 30 days off of the average 52 days it takes…
Even though the wholesale/broker channel is a shadow of its former self in terms of market share, that isn’t stopping LoanDepot of Irvine, CA, from sticking its toe in the water. In fact, the company acknowledged the problems the sector faces when it announced to the world two weeks ago that it was entering the space. “There is no segment in the mortgage industry facing greater challenges today than mortgage brokers,” said Jeff Walsh, president of LDWholesale, the unit LoanDepot ...
The increased incidence of occupancy fraud by borrowers in 2013 poses risks for lenders, but the industry also needs to be aware that the Consumer Financial Protection Bureau is on the lookout for lenders that facilitate occupancy fraud as a way to avoid the CFPB’s ability-to-repay rule. Occupancy fraud risk increased by 24 percent in 2013, according to Interthinx, a firm that provides fraud prevention services. “In previous years, when refinances dominated the market, we saw higher ...
Sources contend that three other top executives also have left Nationstar Mortgage. At press time, Nationstar’s media department had not returned telephone calls and emails on the matter.
“FHFA hasn’t dropped the ball on the issue,” said one MI consultant who has met with the agency over the topic. “They now know that the [GSE reform bill] is dead and they want to make sure they get it right.”
The new survey of more than 2,000 real estate agents found that respondents recommend specific mortgage providers for 59 percent of their homebuyer transactions.
S&P rated seven of the 11 non-agency MBS issued in the first three months of 2014, or 78 percent based on dollar volume, according to Inside MBS & ABS.
Consumer Financial Protection Bureau Director Richard Cordray has repeatedly told mortgage lenders that there are plenty of good loans to be made outside the confines of the qualified mortgage. Increasingly, it looks like market dynamics are backing him up. During a webinar last week hosted by Inside Mortgage Finance, Larry Platt, a partner with the K&L Gates law firm, noted that some lenders are looking outside the QM box to bolster loan origination volume that has plummeted. “The volume is down, and we’ve moved into a purchase-money market,” he observed. Also, there’s...
Real estate agents are more likely to recommend lenders that provide reliable preapprovals to potential homebuyers, according to a survey conducted by Campbell Surveys and sponsored by Inside Mortgage Finance. Positive interactions with real estate agents could help lenders boost business as the market has shifted toward purchase mortgages from refinances. “Real estate agents frequently recommend mortgage providers, and homebuyers frequently accept these recommendations,” said Tom Popik, research director of Campbell Surveys. The new survey of more than 2,000 real estate agents found...
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