Consultant Joe Garrett noted that if investors are worried about marketplace lenders in the current credit environment, just wait until the economy eventually goes south...
Fannie Mae has postponed the anticipated release of Desktop Underwriter 10.0, an updated version that included using trended credit data. Something went wrong during the testing phase, prompting the government-sponsored enterprise to announce last week that the program will not be implemented during the weekend of June 25 as planned. Fannie apologized to its customers noting that it would be prudent to delay the release until the issues are addressed. Fannie isn’t...
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...
Joe Garrett of Garrett, McAuley & Co. wonders whether the day is coming when the CFPB will take up residence at some of the nation’s largest nonbank lenders.
Ten trade organizations and community groups this week sent a letter to FHFA Director Mel Watt imploring him to suspend the quarterly GSE dividend paid to the Treasury Department...
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