J.D. Power: Will mortgage lending go fully digital in 2018?

Trend grows toward heavy tech development
J.D. Power conducted a new study which shows, for the first time, refinance and purchase customers cited online/website as the most frequent method of submitting a mortgage application. The number of buyers that began their mortgage application digitally surged from last year. Are we finally on the verge?
Read More

Online mortgage lender Lenda continues growth, expands to Virginia

Recently expanded to Illinois, Pennsylvania, Michigan, and Arizona
For the second time this year, online mortgage lender Lenda is expanding. Earlier in the year, the company announced that its service would now be available in Illinois, Pennsylvania, Michigan, and Arizona. And now, Lenda is growing again, adding Virginia as its newest state.
Read More

Job growth surges with strongest growth since last summer

Construction employment sees largest gain since 2007
Job growth continued its surge in February, this time growing at its strongest rate since July last year. Job growth was especially high in the construction industry, which saw its largest increase since 2007. For one expert, February’s report was “as good as it gets.”
Read More

3 reasons to be optimistic about the future of non-QM Loans

These aren’t the NINJA loans of 2006
A surging non-QM market wouldn’t just be good news for non-QM players. It’s good for everybody. The housing market desperately needs a greater diversity of mortgage products and extending credit to deserving borrowers will produce a dynamic, vibrant and more efficient marketplace.
Read More

Richey May launches cybersecurity services

Information security expert John-Thomas Gaietto will serve as executive director
Accounting and advisory firm Richey May announced Thursday it launched a cybersecurity services practice, Richey May Technology Solutions, to help lenders and servicers protect themselves against online fraud and data attacks. The company also announced John-Thomas Gaietto, an information security expert, will serve as the service's executive director.
Read More

Former payday lender CEO requests to lead CFPB

But it’s a joke… right?
The former CEO of a payday lender sent in an email with her application to be the next director of the Consumer Financial Protection Bureau. And while the former CEO of a payday lender may seem like the least qualified fit to lead the CFPB, the situation gets worse.
Read More

HUD proposes change to mission statement, housing groups push back

Proposed change shortens mission statement to 23 words
The Department of Housing and Urban Development is considering changing its mission statement, according to a leaked March 5 memo obtained by the Huffington Post. The proposed statement removes anti-discrimination language and replaces it with phrasing that aligns closely with Secretary Ben Carson’s push for self-sufficiency. Housing and civil rights groups have spoken out on the proposed change, saying it goes against fair housing rules.
Read More

Amazon hiring head of newly-formed mortgage lending division

Exclusive information for LendingLife readers
Earlier this week, we reported to the LendingLife community that online shopping giant Amazon may be looking to get into the mortgage lending business, or at least that's the rumor among mortgage lending professionals. Well, after reporting that, we’ve received information that Amazon is currently looking to hire someone to lead their newly-formed mortgage lending division.
Read More

Explaining the disconnect between the rate borrowers want, and can get

You may need to break the rates process down for them
Most quoted industry rates are for a hypothetical borrower with prime credit who makes a 20% down payment. Yet, most borrowers do not fit this profile and often experience disappointment when the rate on their loan turns out to be meaningfully higher than what they believed prevailing rates to be. Many loan officers have likely experienced having to explain this discrepancy to borrowers with varying degrees of success.
Read More