The refinance market was soft as well. The agencies securitized $37.48 billion of refinance loans during November, down 12.3 percent from the previous month.
Edward Pinto, former chief credit officer of Fannie Mae who now studies housing trends for AEI, disputes NAR’s data and describes the first-time buyer market as “booming.”
Quicken Loans recently launched a new, TRID-friendly product dubbed the “rocket mortgage,” so named because “in the eight minutes it takes a space shuttle to reach orbit, Americans will now be able to receive a full mortgage approval online,” the lender says in its marketing pitch. “Rocket Mortgage simplifies the largest, most complex and important financial transaction most consumers experience in their lifetime,” said Linglong He, chief information officer for the lender ...
Mortgage employment has risen by just over 5 percent the past year while loan production is on track to increase 33 percent from 2014 – a sign that residential lenders continue to hire as few workers as possible and use outsourcing firms. According to interviews conducted by Inside Mortgage Trends over the past week, it appears that demand for experienced loan officers will remain strong in the coming year, but servicing staffs will continue to shrink. Mortgage recruiter ...
In addition to state law, federal laws address cross-selling issues. The Real Estate Settlement Procedures Act, for example, covers referrals of settlement service business, like residential mortgage loans.
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