Appraisal-related issues cause more than one out of every 10 purchase-mortgage applications to be denied, according to CoreLogic. Below-contract appraisals comprised 11.3 percent of the first-lien purchase-loan appraisals ordered through the CoreLogic/FNC Collateral Management System, according to Yanling Mayer, director of research in CoreLogic’s office of chief economist. The CMS is a workflow and compliance platform used by many lenders, servicers and appraisal management companies. Mayer noted...
With rates at the highest they’ve been in 27 months, mortgage lenders have to make sure they keep their costs as low as possible to be competitive. At the same time, they have to retain and attract the most productive loan officers, while still staying within the bounds of the loan originator compensation rule from the Consumer Financial Protection Bureau. During a webinar sponsored by Inside Mortgage Finance this week, Paul Hindman, managing director at Grid Origination Services, said loan officer recruiting is not just about the Benjamins. “In no particular order, should they decide to explore, loan officers will evaluate and compare the following when assessing the right model match: company brand and culture ([including] mission, vision and values); compensation clarity, [and] loan products and consistent rates/pricing,” he said. Also important are...
Fannie Mae and Freddie Mac will launch pilot programs to purchase personal loans tied to manufactured housing under the final duty-to-serve regulation released this week by the Federal Housing Finance Agency. The duty-to-serve requirement was mandated by Congress eight years ago but has never been implemented. The government-sponsored enterprises will devise three-year plans for serving low- and moderate income households in three underserved areas: manufactured housing, affordable housing preservation and rural housing. Like the annual affordable housing goals set for the GSEs, the duty-to-serve requirement does not include...
PHH, the nation’s eighth largest originator, has offered no guidance on when it might file, except to say, “We will file no later than that date [Dec. 22].”
The FHA commissioner in the Trump White House will have final say on the key issue of adjusting FHA premiums and loan sizes, and likely would have input on GSE reform.
Consumer complaints to the CFPB about their mortgages fell by 8.2 percent in the August to October 2016 period compared to the same time frame a year ago, according to a new report from the CFPB. The bureau registered 11,587 borrower gripes about mortgages during the August-October 2015 period, the agency’s latest monthly consumer complaint report indicates. One year later, that total had fallen to 10,642. Criticisms about virtual currency dropped even more, by 66.7 percent, and those related to prepaid accounts plunged further by 67.2 percent. That being said, mortgage complaints are still among the top three topics the bureau receives gripes about, after debt collection and credit reports. (With one data graph and two data charts.)
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