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California Housing Speculation Act: California Flip Tax Bill Raises Concerns for Lenders


AB 1771, also referred to as the California Housing Speculation Act (the "Act"), seeks to tax the percentage of capital gain from the sale or exchange of residential properties within three years of the purchase of the property by an investor at a higher [...]

Deeper Asset History Unlocks New Lending Opportunities

2022-05-08T06:23:10-07:00Private Money Lending|

Lenders have always taken a "less is more" attitude to asset paperwork, which is understandable. However, obtaining, examining, and (often) re-requesting statements for all parties concerned can be tedious and time-consuming. Borrowers must supply lenders with all statement pages, including those purposely left blank [...]

Are Lenders Prepared for the Upcoming Changes from the IRS?

2022-05-20T07:03:07-07:00Private Money Lending|

As a mortgage lender, you are quite familiar with IRS Form 4506. The form, which was brought to prevent fraud, is needed from virtually every borrower to show that their tax returns from the last two years are original and properly filed. The IRS [...]

FHA Unveils 40-Year Loan Modification Option

2022-05-20T07:04:24-07:00Private Money Lending|

The Federal Housing Administration, under the Department of Housing and Urban Development, late last week, published a rule that will expand the COVID-19 mitigation loss of the Department. This 40-year loan modification option will comprehensively change the repayment provisions for FHA borrowers. This rule [...]

UWM Targets Real Estate Investors with New Loan Product

2022-05-20T07:04:14-07:00Private Money Lending|

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 [...]

Products Loan Originators Should Look into Mortgage Rates on the Rise

2022-05-08T06:33:13-07:00Private Money Lending|

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, [...]

New York Bill that Would Change the Statute of Limitations on Foreclosures Affects Lenders


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 [...]

California Supreme Court Ruling Could Spell Trouble for Private Lenders


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 [...]

3 Questions Lenders Should Ask Before Implementing Non-QM

2022-03-24T07:44:58-07:00Private Money Lending|

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 [...]

How to Proactively Maintain Fair Lending


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 [...]

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