The nation's largest wholesale lender, United Wholesale Mortgage (UWM), introduced a new product on Wednesday, the 23rd of March, that will qualify borrowers for investment properties based on monthly rental revenue rather than current income. This is the second non-QM product introduced by the [...]
With the mortgage rates constantly on the rise recently, and a considerable decline in refinance volume, loan originators need to start seeking other means of growing their business by looking into products that are less sensitive to interest rates. In this increasing rate climate, [...]
A bill in the New York Senate may drastically reduce the time it takes for a lender to start a foreclosure process. The bill introduced by James Sanders Jr. (D) of the 10th Senate District, nicknamed the Foreclosure Abuse Prevention Act, mandates that once [...]
Recently, the California Supreme Court issued a judgment in a case that sent shockwaves through the lending sector, determining whether interest rates are "unconscionable" under California's Unfair Competition Law ("UCL"). Although the case originated in consumer finance, it is conceivable that this precedent will [...]
With refinance volumes expected to drop by 62% this year and many originators facing layoffs, lenders seek non-QM products to broaden their offerings and obtain new business to stay profitable. So, what should lenders know before adding non-QM products to their portfolios? How are [...]
The Consumer Financial Protection Bureau (CFPB) has continuously shown over time that fair lending and fair servicing are the same and that fair lending affects the servicing of mortgages. However, recently, specific servicing problems have been raised by the CFPB regarding this, including CARES [...]
The Home Mortgage Disclosure Act ("HMDA") data collection and reporting standards were recently changed by the Consumer Financial Protection Bureau ("CFPB"). According to the new regulation, insured depository institutions and credit unions are excluded from certain HMDA criteria if they generated less than 500 [...]
With loan volumes in the business already declining, lenders are looking for new ways to meet their growth targets. Several opportunities are available for lenders that focus on credit, especially early in the mortgage origination cycle, all across the consumer credit range, without exception [...]
This year, the mortgage business will see a shift in trend forecasts, as experts informally name a "color of the year" in the industry. For example, affordable, underserved, accessible, and equity are all current keywords in the mortgage sector. In addition, mortgage lenders must [...]
This year, lenders' efforts are projected to change from operational efficiency in the high purchase and refi volumes to expanding sales volume and competitive differentiation in a market dominated by purchases. In 2022, the ability of lenders to compete will come down to their [...]
