REwired

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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

Don’t be a headline reader

Read the whole story
[Op-ed] We're all short on time but don't let that deter you from reading the whole story. Headlines are great for short attention spans and cliff notes, but not for understanding the importance of the details. You are going to have to take the time to dive deeper into subjects if you want to grow your business and hit that next level.
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Nonbank mortgage lenders still misunderstood in mainstream media

United Wholesale Mortgage CEO speaks up for our community
[Op-ed] Mortgage lending is still often maligned in the mainstream press. When will coverage begin to accurately reflect all the hard work we, as lenders, put into getting Americans into homeownership? Here, Mat Ishbia, the CEO of United Wholesale Mortgage, calls out a CNN report that gets it so wrong.
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Ask the Underwriter: Negative self-employment income? No problem… here’s how to exclude it!

Simply put the spouse first!
When co-borrower income that is derived from self-employment is not being used for qualifying purposes, the lender is not required to document or evaluate the co-borrower’s self-employment income (or loss). Any business debt on which the borrower is personally obligated must be included in the total monthly obligations when calculating the debt-to-income ratio.
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Monday Morning Cup of Coffee: Getting Millennials to buy housing is becoming a joke

Plus, some hard hitting housing and economic reports
CNBC reports getting a mortgage is about to get easier. But it's not. At least not with what the reporter is presenting. On the bonus side, it's becoming more and more common to come across funny ways Millennials are intersecting with the houses they don't own. All that and more in your weekly Monday Morning Cup of Coffee.
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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.
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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.
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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.
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