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Learn Your Rights: The Real Estate Settlement Procedures Act (Regulation X)

2023-01-27T13:44:54-08:00private lender servicing, private money loan servicing|

As a consumer, it’s important to be aware of your rights when it comes to real estate transactions. The Real Estate Settlement Procedures Act (Regulation X) is a federal law that protects consumers in these transactions by requiring disclosure of certain information and prohibiting certain practices. For example, Regulation X requires that loan originators give borrowers a Good Faith Estimate of all settlement charges within three days of receiving a loan application. This estimate must include a breakdown of all fees, so that the borrower can shopping around for the best deal. Additionally, Regulation X prohibits certain practices, such as kickbacks and fee splitting, which can increase the cost of a loan for the borrower.

Understanding Regulation Z: How the Truth in Lending Act Protects Consumers

2023-01-27T13:45:08-08:00private money loan servicing, private mortgage loan servicing companies|

This article provides a brief overview of Regulation Z, which is also known as the Truth in Lending Act. This federal regulation governs the disclosures that lenders must provide to borrowers. The regulation is designed to ensure that borrowers have the information they need to make informed decisions about credit products. The regulation covers a wide range of topics, including credit terms and costs, advertising, and debt collection.

Understanding Yield Spread Premium (YSP) from a Mortgage Broker | Compare Mortgage YSPs Before Making a Decision

2023-01-27T13:45:20-08:00loan servicing private lenders, private lender servicing|

A mortgage broker's yield spread premium (YSP) is the difference between the mortgage interest rate that the borrower pays and the rate that the lender pays the broker. The premium is paid by the borrower to the broker as an upfront fee at closing. YSPs can vary significantly from one mortgage broker to another, so it's important for borrowers to compare premiums before selecting a broker.

Action Urged by Mortgage Bankers Association: White House Should Reduce Mortgage Insurance Premiums | SEOMOZ

2023-01-27T13:45:32-08:00loan servicing for private money lenders, private lender loan servicing|

According to the Mortgage Bankers Association, the White House should take action to reduce mortgage insurance premiums. The article cites industry experts who say that the current premiums are too high and are preventing potential homebuyers from entering the market. They recommend that the White House either reduce the premiums or allow borrowers to cancel their insurance once they reach 20% equity in their home.

How Technology is Shaping the Mortgage Industry & Learning Platforms for Mortgage Professionals

2023-01-27T13:45:44-08:00loan servicing for private money lenders, private mortgage servicing companies|

Technology has drastically changed the mortgage industry and the way business is done. In the past couple decades, there has been an increase in the use of eMortgages and eClosings, and a decrease in the use of traditional paper processes. The rise in technology has given rise to new learning platforms for mortgage professionals. These platforms provide online courses, webinars, and other resources that allow mortgage professionals to learn about the latest industry changes and trends.

Key Area Where Lenders Can Improve The Bottom Line

2023-04-28T17:53:07-07:00Private Money Lending|

The hunt is on for ways to reduce operating expenses as rates increase further and lenders adapt to noticeably slimmer profit margins. In a recent Interview with Sara Kodikara, a Senior Professional of Product Management at CoreLogic, she highlighted that one of the major [...]

Beige Book Report Shows Housing Industry Struggles Due to Mortgage Rates & Affordability

2023-01-27T13:46:37-08:00loan servicing private lenders, private mortgage loan servicing|

The Beige Book is a report compiled by the Federal Reserve that gives a summary of current economic conditions. The latest Beige Book was released on Wednesday, and it offered some sad news for the housing industry. According to the report, activity in the housing market has declined since the last report was released. This is likely due to the rise in mortgage rates and the decrease in affordability that has occurred over the past few months. The report also noted that homebuilders are seeing a decrease in demand, and they are starting to reduce production as a result. This is not good news for an industry that has already been struggling in recent years.

VA House Committee Unanimously Votes to Modernize Home Appraisals for Veterans | VA Bill to Require AVM & Prevent Use of Outdated Appraisals

2023-01-27T13:46:53-08:00private lender servicing, private mortgage servicing companies|

The Veterans Affairs (VA) House Committee recently passed a bill that would require the VA to use more modern appraisals when determining the value of a veteran’s home. The bill, which was unanimously approved, would mandate the use of automated valuation models (AVMs) and require the VA to develop new policies and procedures to ensure that appraisals are accurate. It would also prohibit the VA from using appraisals that are more than six months old. The bill’s sponsors believe that this will help to ensure that veterans are not undersold on their homes, and that the VA can make better use of its resources.

How Consumer Transaction Data Is Playing a Role in Increasing Homeownership Access

2023-01-27T13:47:02-08:00loan servicing private lenders, private money loan servicing|

The role of consumer transaction data has been increasing over time, and has been shown to play a role in increasing homeownership access. The data helps to identify potential borrowers who may not have been able to get a loan previously, and helps to improve the accuracy of underwriting. It also helps to improve the transparency of the process, and to provide borrowers with more information about their options.

Mortgage Companies in an Uncertain Housing Market: Generating Stability with Recurring Revenue

2023-01-27T13:47:12-08:00loan servicing for private money lenders, private money loan servicing|

In an uncertain housing market, mortgage companies can provide much-needed stability by focusing on something called "recurring revenue." This is basically money that comes in on a regular basis, like from people making their monthly mortgage payments. There are a few ways to generate recurring revenue, but one of the most effective is by offering services that customers need on a regular basis. For example, a mortgage company could offer home upkeep services, like lawn care or snow removal. Customers would then pay the mortgage company a monthly fee for these services. Another way to generate recurring revenue is by offering products that customers need to purchase on a regular basis, like homeowners insurance. The mortgage company would then act as a middleman, collecting a commission on each sale. Offering products and services that generate recurring revenue is a great way for mortgage companies to stability in an uncertain housing market. By focusing on this type of revenue, companies can provide their customers with the stability they need during these difficult times.

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