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What color of front door “sells” the best? Some say black, although in a related topic red is the most popular. Doesn’t that mean red sells the best if there are more red front doors? Statistics are interesting things. LOs everywhere tell me that the deals are harder, and as an indication of both statistics and harder deals, a report by the Consumer Financial Protection Bureau (CFPB) revealed that 11 percent of Americans have a "thin or stale" score file, and therefore it's impossible to generate a current, valid credit score for them. Another 11 percent are considered to be "credit invisible," meaning that they don't have a credit file with any of the three major credit bureaus. That's a total of 22 percent of the adult population of the United States, around 50 million, that doesn't have a credit score at all. As an investor or a lender, and one of these adults wants to buy a home, even with meag
What does someone look like when they started working in our business at age 15? Well, there’s always this interview last week with Robbie Chrisman (yes, RCIII) about how he started his mortgage podcast and the potential influx of youth versus the 60- to 70-somethings. Yes, the industry continues to evolve, and not always in good ways. Every lender out there is coming to grips with the upcoming conventional conforming loan-level pricing adjustments hitting cash out refis. (Fannie Mae, Freddie Mac.) Those who take the time to compare have noticed that the cost of a cash out refi is increasing, except for credit scores of 640 and below with an 80% LTV and any LTV with a score of 620<. Put another way, the FHFA is rewarding low credit score borrowers that need cash out. Cash out LLPAs are worsening depending on the LTV/FICO but there are some categories that are improving, but those are generally lower FICO and higher LTV and represent a small percentage of cash out busi
A federal grand jury returned an indictment against German Antonio Lopez-Velasquez, 55, of Modesto; Marko Antonio Lopez, 27, of Modesto; and Lisa Marie Santos, 48, of Long Beach, charging them with bank fraud and conspiracy to commit bank fraud, announced Phillip A. Talbert, U.S. Attorney for Eastern California. The trio faces up to three decades in prison and a $1 million fine.