Investing in Mortgage Tech: Making the Mortgage Process Easier and Faster in the 21st Century

2023-01-27T13:40:07-08:00private lender servicing|

As we move further into the 21st century, it's becoming increasingly clear that "mortgage tech" is something that we're going to have to start paying attention to. It's not just a fad or a gimmick – it's a genuine necessity, and those who are investing in it now are the forward thinkers who are going to be ahead of the curve in the years to come. What is mortgage tech? Essentially, it's any technology that can make the process of getting a mortgage easier, faster, and more efficient. This can include anything from online applications and digital signatures to automated underwriting and fraud detection. The benefits of investing in mortgage tech are obvious – it can make the process of getting a mortgage simpler and more straightforward, which is good for both borrowers and lenders. In addition, it can help to speed up the process and make it more efficient, which can save everyone involved a lot of time and money. So if you're thinking about getting a mortgage in the near future, it's definitely worth looking into some of the new mortgage tech that's out there. It could very well be the key to making the process as smooth and stress-free as possible.

FHFA: Mortgage Loan Guarantee Fees Changed to Reduce Costs for Borrowers

2023-01-27T13:41:49-08:00private lender servicing, private mortgage loan servicing|

In an effort to make pricing more uniform and to reduce the overall costs of getting a mortgage, the Federal Housing Finance Agency (FHFA) is making changes to the way that guarantee fees (g-fees) are charged. Upfront g-fees will no longer be assessed on loans with terms of 15 years or less, and all other g-fees will be decreased by 10 basis points. This will result in savings for borrowers, especially those who are taking out shorter-term loans.

How to Ease Your Mortgage Payments: Modification or Forbearance? | Get the Facts Now

2023-01-27T13:43:18-08:00private lender servicing, private mortgage loan servicing companies|

There are two ways to ease the burden of monthly mortgage payments when you're struggling to make ends meet: modification and forbearance. A modification permanently changes the terms of your loan, while a forbearance suspends your payments for a set period of time. Each option has its own set of pros and cons, so it's important to choose the one that's right for your particular situation.

AAPL Partners with Lightning Docs for Official Loan Document Provider | Discounts Available

2023-01-27T13:43:27-08:00loan servicing private lenders, private lender servicing|

The American Association of Private Lenders (AAPL) has partnered with Lightning Docs to serve as the official loan document provider for the organization. As a result of the partnership, AAPL members will have access to Lightning Docs' online platform, which offers a variety of customizable loan documents and e-signatures. The partnership will also provide AAPL members with discounts on Lightning Docs' services.

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 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.

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.

Record Performance in Freddie Mac’s CRT Program – 0.11% of Loans Seriously Delinquent for Private Lenders

2023-01-27T13:49:49-08:00private lender servicing, private money loan servicing|

In Freddie Mac’s CRT program, Mortgage loan servicing companies are able to combine credit and mortgage risks to create new securities. This allows for better performance by transmitting the credit risk to investors while still maintaining the mortgage servicing rights. The program has seen record performance in the past year, with only 0.11% of loans becoming seriously delinquent. This is due in part to the fact that the pool of loans is made up of mostly prime loans, which have performed better than expected.

Private Lenders: Be Aware of Common Origination Fee Practices and Laws to Avoid Violations

2023-01-27T13:51:05-08:00private lender servicing, private mortgage loan servicing companies|

As a private mortgage loan servicing company, we have seen many originators Fees ranging from $500 all the way up to $5,000. We have also seen many different ways that these fees are structured, some of which are compliant while others violations of law. We have seen some common practices that often result in problems for both the borrower and the originator. For example, some originators will charge an origination fee that is based on a percentage of the loan amount. This is often done without the borrower’s knowledge or consent and is illegal in many states. In addition, some originators will collect their fee upfront, before any work has been done on the loan. This is also against the law in many states. We advise all originators to be familiar with the laws in their state regarding origination fees and to structure their fees in a way that is compliant.

New Advisory Housing Committee Formed: Positive Development for Private Mortgage Loan Servicers

2023-01-27T13:51:29-08:00private lender servicing, private loan servicing company|

The article discusses the new Advisory Housing Committee that the Federal Housing Finance Agency has formed. The committee is made up of representatives from the private mortgage loan servicing industry, and its purpose is to provide input and advice to the FHFA on housing finance policy issues. This is a positive development for the private mortgage loan servicing industry, as it provides a formal avenue for the industry to have a voice in shaping housing finance policy.

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