The Mortgage Bankers Association is projecting that more than 4,600 residential finance professionals will attend its annual convention in Denver next month.
An industry switch to digital mortgage lending may be costly upfront, but it would have saved the industry a ton of money and aggravation had it been adopted a decade ago, and can help resolve investor anxiety about legal liability and ensure greater regulatory compliance going forward, according to industry experts.In a webinar last week sponsored by Inside Mortgage Finance, Tim Anderson, director of eServices for DocMagic, pointed out that, when it comes to complying with the CFPB’s TILA/RESPA integrated disclosure rule, proof of delivery can be a big issue with investors, and e-closings/e-mortgages can be a huge help in resolving the anxiety that stems from the use of paper documents. “Three-day delivery is a big deal, [including] acknowledgement ...
ATTOM’s Daren Blomquist: “In markets where distressed discounts have largely dried up, flippers are showing more willingness to leverage financing when acquiring properties…”
The wholesale-broker channel accounts for a relatively small amount of new business in the jumbo mortgage market, according to a new Inside Mortgage Trends analysis of lender surveys. Brokers accounted for just 4.6 percent of jumbo originations during the second quarter of 2017, although volume was up 13.7 percent from the first three months. The problem is that jumbo lending by a diverse sample of mortgage lenders was up 19.9 percent overall, meaning ... [Includes three data charts]
A number of lenders outside of the mortgage market are starting to rely on alternative data to help make underwriting decisions. The Consumer Financial Protection Bureau is also encouraging use of such alternative data sources, which could prompt adoption by more lenders. Speaking at the ABS East conference produced by Information Management Network this week in Miami Beach, Joanne Gaskin, a senior director at FICO, said some lenders are relying on ...
CMG Mortgage, San Ramon, CA, has launched a new service called HomeFundMe that is geared toward helping loan applicants gather up enough money for a downpayment – using the Internet, of course. There’s a catch though: applicants who use the “crowd funding” platform have to take out a mortgage with CMG, which bears the name of its founder and CEO Chris George. In a recent interview with Inside Mortgage Trends, George was reluctant to estimate how much money ...
Lenders with better-than-average origination practices tend to produce mortgages with less default risk across different loan products, according to a new study sponsored by the Mortgage Bankers Association. “Managing Mortgage Product Development Risk” focuses on several key issues in risk layering, including the morphing of loan products designed for one type of borrower to a different population, and the added risk of sloppy processing systems. The paper, authored by Clifford Rossi ...
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