Despite talk that lenders would reduce loan originator compensation in 2019, comp increased on an annual basis. Lenders could reduce LO comp this year with refi business expected to decline.
Lenders can take a number of steps to help ensure that borrowers are satisfied with the origination process, making them more likely to recommend the lender to friends and family.
A $175 million prime auto ABS issued by GTE Federal Credit Union in November was the first rated ABS issued by a credit union. Other deals are likely to follow thanks to revisions made by the NCUA.
Many potential first-time homebuyers want lenders to offer both an online loan application process and in-person services. Borrowers are looking for speed, convenience and customer service.
As most residential stakeholders know, nonbank risk is an issue that has caught the eye of the Federal Housing Finance Agency and the Department of Housing and Urban Development because nonbanks are major counterparties to Fannie Mae, Freddie Mac as well as Ginnie Mae.
Kristy Fercho of Flagstar said the bank is comfortable with the CFPB’s plans, noting the transition to a new measure for QM status should be “pretty easy to manage.”