Sarah Wheeler is the Managing Editor for HW Content Solutions. She joined HousingWire in November 2013 as Content Editor and was quickly promoted to Magazine Editor. Sarah has an extensive background in journalism and marketing.
Compared to the sound and fury surrounding TRID, when it seemed every other conversation or article was counting down the days until the deadline, the industry’s anticipation and preparation for HMDA changes seems eerily calm. It’s possible that after a decade of adjusting to multiple business-changing regulations, lenders and other mortgage companies have become adept at incorporating new requirements into their processes. It’s also possible they have compliance fatigue. Either way, the updated HMDA reporting requirements represent a new set of risks that lenders need to pay attention to.
Richard Cordray is officially out at the CFPB, and although the bureau and the White House are battling it out over who gets to name the interim director, a change in direction is all but assured. Whoever takes the helm at the bureau should use the opportunity to correct some of the most onerous practices at the regulator. Here are three critical steps.
First Community Mortgage raised more than $60,000 for local charities at the recent Tyler Morrissey Golf Tournament in Murfreesboro, Tennessee. The charities benefiting from the tournament include Christmas for the Children, Baylor Bramble Family, a domestic violence center, Court Appointed Special Advocates and FCM Cares/JC Gordon Memorial Scholarship.
While overall U.S. foreclosures were down 20% in the second quarter compared to last year, 13% of metro areas saw an increase in foreclosures this year, including Houston, Oklahoma City, and Hartford, Connecticut — all up by double digits. If you’re a servicer, the potential for increased foreclosures could catch you flat-footed. Luckily, HousingWire has you covered.
You want the good news or the bad news on HMDA? Let’s go with the good news: After collecting expanded data on borrowers under HMDA rule changes, lenders are going to have greater insight than ever before on their lending practices. The bad news? So is everyone else.
“What happens if the president nominates a new director who thinks the government role in mortgage finance is too large and wants to scale it back?” MBA Chairman David Stevens asked. “The answer is that it could affect everything from g-fees to loan limits. Credit policy could change which would impact the QM patch and confidence in the rule as it works today. Even the level playing field in pricing and credit terms could change as there is nothing – locked in."
Process transformation enables mortgage companies to rethink, reimagine, and rebuild the way work gets done. When legacy processes are redesigned to accommodate digital solutions such as robotic process automation, analytics, and other innovative applications, the impact of digital has the potential to become increasingly more powerful.
In just the latest chapter of the Trump administration's deregulation playbook, The Financial Stability Oversight Council, created by Dodd-Frank and comprised of 10 senior financial regulators, including Treasury Secretary Steven Mnuchin, CFPB Director Richard Cordray and Federal Reserve Chair Janet Yellen, voted to remove federal oversight of American International Group Friday night.
Mortgage brokers can compete with retail lenders because, besides the multiple products, they have access to technology, innovation and ideas of 20 wholesale lenders, not just one retail lender. What’s happening more now than five years ago, on the technology side, is wholesale lenders are building technology to help brokers thrive.
New consumer expectations for a faster, easier mortgage process have turned up the heat on financial institutions to deliver a better customer experience for borrowers. Speed and accuracy are more important than ever as potential buyers compete for limited inventory, and financial institutions compete for those borrowers. Fortunately, these 16 companies stand ready to help, offering solutions that span the entire mortgage loan lifecycle.
[Subscribers only] Multigenerational living, where two or more adult generations live under the same roof, is becoming a growing trend in the U.S. Currently about 19% of Americans now live in a multigenerational household, the highest level since 1950. That amounts to about 60.6 million adults in 2014, up from 57 million adults in 2012. And homebuilders have taken notice, designing houses specifically catered to this segment.
Would-be homeowners are inundated with picture-perfect examples of new and remodeled homes brimming with upgrades. But in the real world, homebuilders and investors must calculate the rate of return on these sometimes fleeting trends, weighing what buyers want with what they can actually afford. This feature looks at which features buyers of different age demographics consider the most important, and what that means for sellers.
We’ve found that the handling and posting of payments during bankruptcy has been a widespread issue in our testing environment. Specifically, there is increased risk exposure in pre-and post-petition payment application and treatment, both inside and outside of the bankruptcy plan. Servicers and sub-servicers have created manual workflow workarounds to address the issue, however, it does open the servicer up to more exposure to calculation errors.