Tag Archives: Lenders

Approximately three-quarters of mortgage industry professionals believe that today’s regulatory environment prevents them from lending to creditworthy borrowers.

Lenders across the U.S. appear to be offering borrowers a second chance at obtaining a mortgage by originating more subprime mortgages for borrowers with credit scores under 620.

Commentary is an ongoing series on theMReport.com that focuses on opinions, ideas, and insights from experts across mortgage banking. Lenders in today's market often face compliance challenges that bring the Consumer Financial Protection Bureau to their door with a huge fine. Mary Beth Doyle, founder of LoyaltyExpress examines these compliance issues and advises lenders on an effective way to avoid regulatory repercussions.

Commentary is an ongoing series on theMReport.com that focuses on opinions, ideas, and insights from experts across mortgage banking. This article features Mark McElroy, president and CEO of Pavaso, Inc., advising lenders to be innovative in their business practices to serve today's consumers.

Recent survey data from Fannie Mae's Economic & Strategic Research group found that many mortgage lenders are still applying credit overlays that are stricter than what Freddie Mac, Fannie Mae, or Ginnie Mae require.

In order to provide a clear time frame for claim payments, the Federal Housing Administration (FHA) recently announced its proposal to establish a maximum time period for lenders to file insurance claims. The FHA also intends to revise its policy on reimbursement of eligible expenses and debenture interest when foreclosure and claim filing deadlines are missed.

In today’s environment, all retail lenders should be asking themselves, “What value am I truly offering a borrower?” We know that more and more consumers use an online, self-service option when making any retail purchase —mortgages included. When such convenience is available, why would a customer pay more to get a home loan from a retail lender instead? When faced with these questions, it is important to evolve your retail business model to stay ahead of the curve. Editor's note: This select print feature appeared in the June 2015 edition of MReport magazine, available now.

FICO has announced it is expanding its Score Open Access program, which offers complimentary credit score access to consumers with credit management problems. Now, the program will also provide credit and financial counseling to approximately one million Americans.

Though they’re on the fence about the benefits for themselves, most lenders surveyed agreed that both changes would be advantageous to consumers. In fact, 76 percent believe that expanding 97-percent LTV loan products will be good for homebuyers, and another 81 percent believe the MIP reduction will be beneficial, too.

Adapting automation technology on a timely basis to help lenders weather increasing regulatory demands, meet mandates and stay ahead of the competition relies on a solid workflow management foundation.