Millennials Face Homebuying Challenges | Top Factors Explained

According to Trulia’s recent Consumer Home Buying Survey, young adults ages 20 to 36 are most eager to purchase a home, but also endure the most challenges. Although this generation is most active in the market, a variety of factors are forcing them to make difficult decisions when it comes to buying a home or Read More

Clear the Air | Tips for Lenders on Responding to Borrower Reviews

As discussed in our previous blog, electronic processes seem to be the path forward for the mortgage and appraisal industries. An online presence is becoming more and more important for connecting with potential borrowers and maintaining relationships with current borrowers, as demonstrated by the results of the 2018 Ellie Mae Borrower Insights Survey. According to Read More

Tech Tools | Harnessing Automation for Increased Appraisal Efficiency

Many appraisers have a deep-seated anxiety when it comes to technology. For years, the general industry consensus was that computers and artificial intelligence would eventually take over and make appraisers obsolete. However, like most industry shifts, the move to automate and streamline has played out as an evolution rather than a snap change. In addition Read More

Getting to Know Millennial Homebuyers | Tips for Lenders

According to J.D. Power’s 2018 U.S. Home Equity Line of Credit Satisfaction Study, nearly all millennial borrowers search for information online ahead of applying for a HELOC product, with 59% using a desktop or laptop and 50% using a smartphone or tablet. Mortgage Professional America notes that “as millennial homeownership rates increase and home values Read More

MBA Supports Re-Evaluation of Credit Scoring Model | FICO vs VantageScore

After opening the issue to public comments in December, the Federal Housing Finance Agency is moving to re-evaluate accepted credit scoring models. The scoring models under consideration are Classic FICO, FICO 9 and VantageScore 3.0. Hotly debated in industry publications and by major stakeholders, the credit model reconsideration has drawn the support of the Mortgage Read More

Hurricane Harvey, Houston & HUD | Agreement to Expand Low Income Housing Options

It’s been several months since we last reported updates on Houston’s recovery following Hurricane Harvey, and while life for most has returned to normal, many in the city are still suffering the effects of the nation’s heaviest concentrated rainfall on record. On March 12, the U.S. Department of Housing and Urban Development (HUD) reached an Read More

Dodd-Frank Reform Gets Messy | Senate to Debate Bill With 100 Proposed Amendments

In the ongoing policy overhaul of the Trump administration, Dodd-Frank is up for major changes. Many in the housing industry have voiced support for the bill, including the National Association of Federally Insured Credit Unions, which commented that “regulatory burden is the top challenge facing credit unions today.” The proposed bill has also received support Read More

Ginnie Mae Takes Action Against Predatory Lending Targeting Veterans

In light of a recent investigation into lenders who are part of the Department of Veterans Affairs home-mortgage program, Ginnie Mae has notified nine lenders of pending punishments if they do not eliminate churning practices immediately. Said punishment would involve being relegated to a custom pool of mortgage-backed securities rather than traditional Ginnie Mae bonds. Read More

CFPB Strategic Plan Goes Back to Basics, Abandons Stance As Enforcer

On February 12, the Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan, a revision of the draft previously released in October 2017. While sticking closely to Dodd-Frank and the Consumer Protection Act, the Bureau’s new direction seems to focus less on being a watchdog and more on “protecting the legal rights of all, Read More

The New Tax Bill & The Home Lending Industry | Changes to Mortgage Interest Deduction

After the Trump Administration’s passage of what has been called a ‘sweeping’ new tax bill on December 22, the mortgage industry has had time to digest changes and react to their effects. Upon release of initial drafts of the bill, several key industry advocacy groups voiced concern for the consequences of many of the bill’s Read More

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