Sales Mgt., MLO Jobs; Non-QM, Processing, ECOA, Subservicing Tools; Administration and Housing Apr 9 2021, 8:07AM
What’s new out there? Queen Elizabeth’s husband Prince Phillip has passed away this morning at age 99. Wealthy people in New Yorkseem to be fleeing to live in other states with a lower tax rate. Both Freddie Mac and Fannie Mae released QM loan information that maps out their policies. Any lender originating Agency loans should be aware of their requirements and their effective dates related to their purchase of loans subject to the Qualified Mortgage (QM) Rule and originated relying on the GSE Patch. And tongues are wagging about the proposed CFPB RESPA Servicing Rule with protections for borrowers affected by the COVID emergency. Industry players are questioning the regulatory authority to issue a blanket prohibition on foreclosure through the end of the year and are concerned that the contractual disruption for investors might lead to l
Lenders Hiring MLOs; Correspondent, Tech, Servicing, Tech Products; What you Should Know About Yesterday s Rate Move Feb 26 2021, 7:56AM
Huh? Rates don’t continually go down and then stay there for an indefinite period of time? No, they don’t. There’s this opinion piece in the Wall Street Journal: “We’ll Have Herd Immunity by April. COVID cases have dropped 77% in six weeks. Experts should level with the public about the good news.” Every lender will tell a client that good economic news is bad for lower rates. We return to the question of, “What’s a lender’s cost to create a servicing asset worth a point?” Yes, yesterday’s rate move was dramatic (we’re already seeing rates come back down slightly this morning, as you’d expect), but lenders are already reminding their production force about monetizing their own database. Is the servicer staying “front of mind” for clients? Lenders are already changing tactics. And change is
Retail, Correspondent Jobs; Performance, Non-QM, Sales Tools; STRATMOR Strategy Paper; DACA and FHA Jan 21 2021, 8:19AM
“Do y’all remember, before the internet, that people thought the cause of stupidity was the lack of access to information? Yeah, it wasn’t that.” The internet has brought a lot of change to the world, and to our industry. But we don’t need the internet to drive changes, and potential changes, in our biz. HUD has declared that it will once again back DACA mortgages. Huntington’s Rob B. asks, “Is a CRA Mandate coming for independent mortgage banks (IMBs)?” (Prompting his question is the perception that President Biden will look for opportunities to boost homebuyers and builders. Of course, if there is little inventory, or land to build on, or people to build them…) CFPB Director Kathy Kraninger, who s term would not have ended until 2023, resigned, indirectly furthering the Biden Administration’s pick of replacement Ro
Why Refinancing Just Became More Expensive
Planning to refinance your home loan? Prepare to pay a new fee.
Photo by pathdoc / Shutterstock.com
A new Federal Housing Finance Agency fee could mean your next mortgage refinance will be a little more expensive than you hoped.
Beginning this month, the agency is assessing a 0.5% fee on lenders for newly refinanced mortgages.
The fee itself is designed to help Fannie Mae and Freddie Mac cope with losses stemming from the coronavirus pandemic. The Federal Housing Finance Agency oversees the two mortgage giants, which back millions of U.S. mortgages.
Under the federal CARES Act passed in March, homeowners facing a coronavirus-related hardship have been able to suspend mortgage payments. As a result, Fannie Mae and Freddie Mac have incurred more than $6 billion in losses.