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 [...]
The Consumer Financial Protection Bureau (CFPB) recently announced a proposed rule package that contained temporary HMDA data collection and reporting thresholds for open-end lines of credit. The rule also established partial exclusions for lenders from certain HMDA standards included in Congress's Economic Growth, Regulatory [...]
AB 3088 is an omnibus law that brings together several past tenant and landlord protection bills. For months, the American Association of Private Lenders has been at the vanguard of the legislative fight against these measures, first with opposition to AB 828, then with [...]
Adopting technological advancements has always been difficult for lenders because it is filled with several unprecedented workflow considerations and expenses. Unfortunately, most lenders have been compelled to accept this position over time because there was no other option given the absence of legacy software [...]
Congress recently approved the Consolidated Appropriations Act, 2021 (CAA 2021), which has several temporary modifications to the bankruptcy code embedded in its Title X. These temporary changes and how it affects the lending business for private lenders are briefly discussed. Temporary Modification 1: Late [...]
The ability to repay the Qualified Mortgage rule, with certain exclusions, demands lenders to make a valid, good faith identification of a consumer's capacity to pay a residential mortgage loan and provides specific liability protections for residential mortgage loans that satisfy the rule's conditions [...]
Private lenders will begin to experience new and unprecedented changes with foreclosure processes based on the new regulations of SB 109, which implements the fact that what was once the final sale of foreclosure might not be the completion now. The changes in the [...]
For the week ending February 11, mortgage applications fell 5.4%, showing what the mortgage market looks like when rates hit 4% for the first time since 2019. The seasonally adjusted refi index from the Mortgage Bankers Association decreased 8.9% from the previous week, reducing [...]
The standard coverage policy of the American Land Title Association (ALTA) typically only relates to issues that can be discovered by carrying out a public records search. The standard ALTA policy guarantees protection in situations such as where the grantor of the loan cannot [...]
For the week ending February 17, the average 30-year fixed-rate mortgage rose 23 basis points to 3.92%, up from 3.91% the previous week. According to the most recent Freddie Mac PMMS Mortgage Survey, this is the highest level of mortgage rate since May 2019, [...]
