Jacob Gaffney is the Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s). At HousingWire, he began focusing his journalism on all aspects of the housing and mortgage markets.
Lenders report, for the average borrower, purchase APRs for conforming 30-year fixed loans offered on LendingTree’s platform were up 10 bps to 5.02%. The loan note rate of 4.91% was also up 10 bps. Consumers with the highest credit scores (760+) saw offered APRs of 4.89% in March vs. 5.17% for consumers with scores of 680 to 719. And, more.
Artificial Intelligence relies on increased data volumes, advanced algorithms, and improvements in computing power and storage, according to computer analytics firm SAS; all of which is available today. AI requires no human intervention and can make decisions on its own. This ability to move from strength to strength is defined by the Harvard Business Review as Machine Learning (ML).
Tuesday’s LendingLife featured a Bloomberg report sounding a warning on pending mortgage lending crisis. The main allegations in that article is that the Federal Housing Administration insurance program are too over-extended and borrowers too unqualified. It touched a nerve with readers, for sure.
As the digital mortgage moves closer and closer to a mortgage-lending industry standard, more and more partnerships are being announced. For those in the mortgage lending community this week alone saw 4 such partnerships. Here they all are.
HousingWire reporter Kelsey Ramírez states, “Homebuyers are going to continue to need larger loans as home prices increase.” The good news for homebuyers is that the average size of their new mortgages is actually going down, for now.
The language may be infuriating for a loan officer to read: referring to mortgage lenders as "small-time bankers" who are "peddling to the poor." But Prashant Gopal’s Bloomberg report states that even the Federal Housing Administration is concerned about rising defaults in its mortgage insurance program.
The MBA Secondary mood is so.... Plus, Texas jobs are booming, with no end in sight. New York and San Francisco startups promise to find people to co-live with each other. Plus, Fannie and Freddie risk-sharing bond performance updated. And, this person claims to have single-handedly caused the housing crisis in California. Plus, even more.
In a Q&A with HousingWire, Ben Wu, executive director of LoanScorecard, discusses the recent surge in non-agency/non-QM mortgage lending, the challenges in that market and how technology can be utilized to help lenders with these challenges. As Wu points out, “With more than 20 million sole proprietors in the U.S., there is pent-up demand for mortgage product that can accept income documentation other than the 'Appendix Q' requirement of QM loans.”
So this brings up the question: what should a lender be willing to compensate for? Is it wrong to ask a Loan Officer to “clock out” in order to grab a cup of coffee, a smoke and a trip to the bathroom (just maybe not in that order)? Reply and tell me your thoughts.
Some background: Dan Green has been in mortgage lending way longer than I’ve been at HousingWire. His latest venture, Growella, has a very unique play: It uses YouTube to get the attention of Millennials. There are examples of the videos at the end of this article.
The 2018 Rising Stars represent the best young leaders in the mortgage industry. Many of our 46 winners are leading companies as C-level executives, making strategic decisions for their organizations or developing new and inventive ways to get things done. Others are contributing through product development, data management or finding new ways to engage with consumers. Across the board, their efforts and accomplishments are influencing the present and future course of our industry.
The multiple characteristics of blockchain make it an incredibly attractive mechanism across industries. It provides an unchangeable, time-stamped ledger that allows for real-time and simultaneous input. It is the perfect set-up for industries where transactions are routinely moved from entity to entity or business to business and where records need to be verified and audited. Naturally, therefore, in the world of title and real estate, blockchain provides an incredibly innovative platform.
It has been proven time and time again that companies that make an investment in workplace culture attract the industry’s best talent and achieve greater success. For leaders who want to see their business grow to the next level, the solution is to focus on building a great culture — a culture of excellence.