Previous industry changes — the Uniform Mortgage Data Program, the single security initiative and the transition away from the London Interbank Offered Rate — took longer than expected to put into place and caught some stakeholders flat-footed.
Mortgage repurchases and other indemnifications by commercial banks and savings institutions in the second quarter were the lowest since before the 2008 financial crisis.
Given confusion around the commission structure for home sales, it’s important for loan officers to advise real estate agents and become a source of knowledge for homebuyers, according to Jonathon Haddad, CEO of the Association of Independent Mortgage Experts.