Mortgages

How to grow confidence in growing loans

Almost by default, large legacy financial services organizations still command the strongest hand when it comes to consumer lending. It often boils down to the fact that those large organizations — by a nearly 3-to-1 margin — are considered a consumer’s primary financial services provider. BAI Banking Outlook: Trends in 2020, a recent BAI survey of consumers Read More

By |2020-05-27T18:16:26-05:00January 14th, 2020|Comments Off on How to grow confidence in growing loans

Fraud on the home front: Spotting and stopping mortgage scams and schemes

To his victims, many elderly, Michael “Mickey” Henschel might have seemed like the homeowner’s hero, rescuing people over their heads on their mortgages. In reality, Henschel was not an angel of home possession but rather a devil possessed. In May, the 70-year-old career con man from Van Nuys, California, pleaded guilty in a federal court to netting Read More

By |2020-05-27T18:16:32-05:00August 9th, 2019|Comments Off on Fraud on the home front: Spotting and stopping mortgage scams and schemes

A sure strategy for a shrinking refi market: Put borrowers first

As the economy continues its post-Great Recession progress, interest rates are expected to continue rising in 2018 on almost all financial products, including personal loans and mortgages. With these rate increases, the industry forecasts a reduction in mortgage rate refinancing. A study by Black Knight reported that in just the first six weeks of 2018, about 1.4 Read More

By |2020-05-27T17:58:35-05:00May 23rd, 2018|Comments Off on A sure strategy for a shrinking refi market: Put borrowers first

Changing the score: How alternative lenders rethink FICO ratings

Not long ago, bankers tallied creditworthiness with a fat envelope full of papers they assessed over the course of weeks. Then electronic reports took hold, with the three major credit bureaus (Experian, Equifax and TransUnion) ruling the roost and brandishing that all-important FICO score. To borrow from FICO’s paradigm, its importance to borrowers might as well be Read More

By |2020-05-27T18:58:51-05:00April 13th, 2018|Comments Off on Changing the score: How alternative lenders rethink FICO ratings

Homebuyers, fast flyers: Welcome to the age of high-tech, high-speed mortgages

The mortgage industry has long stressed speed. Pre-qualification? You bet. Pre-approval? Even better for wannabe homeowners in a hurry and the wannabe lenders looking for smart risks. Get those documents now! And yet … It’s tough in an age of 60-second mobile check deposits to shake the feeling that elements of the mortgage process—as in paperwork, paperwork Read More

By |2020-05-27T18:00:04-05:00November 3rd, 2016|Comments Off on Homebuyers, fast flyers: Welcome to the age of high-tech, high-speed mortgages

The case for non-qualified mortgages

Beginning in January of 2014, the Ability to Repay (ATR)/Qualified Mortgage (QM) Rule took effect, which establishes a standard to differentiate “qualifying” and “non-qualifying” residential mortgage loans. Since that time, many lending institutions have defaulted to making only qualifying loans.However, several prudential regulators have made it clear that avoiding nonqualified mortgages was not the intention of the Read More

By |2020-05-27T18:00:10-05:00May 16th, 2016|Comments Off on The case for non-qualified mortgages