Speaking recently at an Urban Institute seminar on mortgage servicing, Housing Finance Policy Center Director Laurie Goodman said that the current “broken” state of mortgage servicing regulations is partly to blame for the current tight lending environment.
Speaking at a conference of the National Investment Center for Seniors Housing and Care in Chicago, Bernanke said that the market is so tight right now that he was unable to refinance his own home loan recently.
After mortgage banker costs skyrocketed the past 6 quarters, well out of the realm of profitability, the latest Quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association reports the landscape shifted from losing money to making money, as costs came more under control.
“Nearly every part of the real estate process has been transformed by technology except for home financing. Getting a mortgage is still manual, frustrating and confusing,” said Nick Stamos, CEO and founder of Sindeo..
Legacy insurers are headed toward solid ground, with some experiencing their first full year of profitability since the housing crash. New entrants, meanwhile, are raising capital, entering the fray and gaining market share. Read More
First, I’m not suggesting totally yanking FICO or Vantage Scores or anything like that. What I am recommending is the adoption of other models that would equally, or even more effectively, determine who can repay a loan. Read More