In the aftermath of the 16-day partial government shutdown, mortgage lenders have decided to continue suspension of the tax transcript requirement for borrower income verification until the Internal Revenue Service has caught up with the backlog of requests for the transcripts. According to lenders, even though normal operations have resumed at federal agencies, the IRS has fallen behind on processing lender requests for the 4506-T Form, which is a borrower’s transcript of tax return provided by the ...
With the era of “easy refinances” in the past, lenders are working to increase their purchase-mortgage originations. Industry consultants suggest focusing on lead-generation and providing value to potential borrowers as opposed to competing with other lenders based solely on interest rates. Garth Graham, head of Stratmor Group’s marketing strategy and execution practice, said lenders should use the leads and data they already have to increase purchase-mortgage originations. He noted that ...
Community banks in several states are working to increase their market share of mortgage originations as nonbanks have exited their markets, according to the Conference of State Bank Supervisors. However, credit unions have also gotten more aggressive with their lending, posing a threat to community banks. Charles Vice, chairman of the CSBS and commissioner of the Kentucky Department of Financial Institutions, said regulators in 28 states held more than 50 town hall meetings this year with community banks ...
A senior executive at Residential Finance Corp. confirmed that the company’s chief financial officer Nick Hahn left the lender/servicer last month, but has since been replaced.
The survey of almost 2,000 real estate agents found that lenders routinely extend their deadlines due to loan processing issues, causing problems for homebuyers
Marc Savitt, president of National Association of Independent Housing Professionals, a broker/appraiser trade group, noted that the short-term outlook for the sector looks difficult.
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