Millennials are in the dark when it comes to knowing about mortgage resources, lenders said, and recent research shows that there are millions of millennials who could afford to buy a home today but don’t know it. “The problem isn’t always that they don’t qualify or have the credit scores, the big problem is they don’t know it,” said Rob Chrane, CEO of Down Payment Resource, speaking on a mortgage panel at the National Association of Real Estate Editors conference in New Orleans last week. “At the same time, we know from our database there are almost 2,500 different programs out there that represent billions of dollars in forms of downpayment assistance and other aid.” Paul Anastos, president of Mortgage Master, a subsidiary of loanDepot, said...
One trend that appears to be gaining momentum is the increased use of call centers and loan officers working at such shops who are compensated at lower commission rates…
The 11th annual Xerox Path to Paperless Survey finds what appears to be an accelerated pace toward making the paperless mortgage a reality. And the CFPB’s integrated disclosure rule known as TRID is apparently helping.
New home-equity originations on home-equity lines of credit and closed-end second mortgages fell by 6.3 percent from the fourth quarter to an estimated $45.0 billion. However, that was up 18.4 percent from the first quarter of last year.
A language preference question would raise several serious compliance and legal concerns that strongly weigh against including it on the Uniform Residential Loan Application, according to industry trade groups.
Fannie noted that lenders aren’t obligated to self-report any matters related to possible TRID non-compliance except in two limited circumstances where a repurchase demand is an authorized remedy.
Borrowers have been protected from pricing swings on the back-end Connecticut Avenue Securities Structured Agency Credit Risk transactions thus far because guarantee fees on the GSEs’ mortgages are set by the Federal Housing Finance Agency.
RSS