A data management and analytics firm is offering a service that can identify a lender’s existing borrowers who “need” an offer for a cash-out refinance. Altair Customer Intelligence said it offers lenders a number of ways to retain existing borrowers. While cash-out refinance activity is well below the levels seen before the financial crisis, many borrowers have built up equity in their homes in recent years, making cash-outs an option. Steve Ferrell, ?inbound marketing manager at Altair, said...
Homeowners over the age of 65 rarely use their mortgages to access their home equity, according to a new study by the Urban Institute and Fannie Mae. Even as a large number of seniors reported concerns about finances during retirement, Fannie noted that just 6 percent of older adult homeowners are interested in tapping their home equity. Relatively few seniors use FHA reverse mortgages, closed-end seconds, home-equity lines of credit and cash-out refinances to tap built-up home equity. One reason seniors hesitate...
Early on, after the lender was sued, Quicken even threatened to leave the FHA program but never did and instead has dominated the FHA “direct” lending market…
As the mortgage industry waits for a definitive resolution to the legal dispute between PHH Mortgage and the Consumer Financial Protection Bureau, industry experts tried to glean some guidance on the Real Estate Settlement Procedures Act from the bureau’s recent consent orders involving nonbank Prospect Mortgage and some of its partners. Earlier this year, the CFPB brought a $3.5 million enforcement action against Prospect, accusing the firm of illegal kickbacks for mortgage business referrals from two real estate brokers, and in an unusual twist, a mortgage servicing operation. The bureau also acted against ReMax Gold Coast and Keller Williams Mid-Willamette, the brokers, and Planet Home Lending, the mortgage servicer – all of whom it accused of taking illegal kickbacks from the lender. During a webinar this week sponsored by Inside Mortgage Finance, Rodrigo Alba, senior vice president of mortgage finance and senior regulatory counsel for the American Bankers Association, said...
Secretary Ben Carson may not yet have a clear agenda and a set of priorities for the Department of Housing and Urban Development over the next four years, but the House Financial Services Committee appears to have identified changes that Republican lawmakers want to see at the agency. A HUD spokesman said Carson will embark next week on a nationwide “listening” tour of certain communities and HUD field offices to learn more about the agency he leads, FHA programs and the mortgage insurance fund he oversees. On March 2, Vice President Mike Pence swore...
According to one advisor: “I do think a thaw is on, but if you threw it on the grill, it would still be pretty tough because it’s not fully defrosted.”
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