Equifax to Provide Utility Credit Data to Mortgage Firms

2022-11-07T16:43:08-08:00Private Money Lending|

To "streamline the mortgage underwriting process and support loans within the secondary mortgage market," according to a statement released by Equifax on Friday, the mortgage industry will receive credit data for telecoms and subscription television from the credit agency. More than 190 million consumers, [...]

Modification VS Forbearance: Choosing the Most Suitable Agreement

2022-11-07T16:42:56-08:00Private Money Lending|

The lender's straightforward response to a loan default is to start the foreclosure process. However, many lenders would instead take a different approach and try to modify the debt in the hopes that the borrower can resume payments. Loan modification and forbearance are the [...]

Lightning Docs Named Official Loan Docs of the American Association of Private Lenders (AAPL)

2022-11-01T12:14:51-07:00Private Money Lending|

The American Association of Private Lenders has designated Lightning Docs, a proprietary cloud-based system for creating loan documents for commercial purposes, as its official loan document provider (AAPL). Lightning Docs establishes the benchmark for loan documentation for the private lending sector. Users can download [...]

ALTA 2021 Replaces ALTA 2006- What Lenders Need to Know

2022-10-25T17:16:15-07:00Private Money Lending|

Meanwhile, the American Land Title Association (ALTA) changed the loan policy and several endorsements from their 2006 editions, among other things. These were altered in 2021, and the updated policies and endorsements started to be implemented thoughtfully in 2022. As of January 2023, these [...]

UWM Unveils Alternative To Traditional Lender Title Process

2022-11-01T11:51:57-07:00Private Money Lending|

At AIME Fuse on Saturday, the 1st of October, United Wholesale Mortgage (UWM) CEO Mat Ishbia unveiled three initiatives for brokers. The most significant could be TRAC, an alternative to the conventional lender title process. Ishbia claimed that his business had retained lawyers to [...]

Community Housing Group Wins, Court Tosses Trump-era HMDA Reporting Change

2022-10-24T08:54:06-07:00Private Money Lending|

Part of a rule from the Trump administration that affected the reporting requirements of some mortgage lenders has been partially overturned by a federal judge in favor of a coalition of community housing organizations against the Consumer Financial Protection Bureau (CFPB). The Home Mortgage [...]

Are You Re-Evaluating Your Origination Tools? Here Is Where To Start

2022-10-24T08:53:15-07:00Private Money Lending|

Many lenders are taking advantage of the current decline in the number of new originations to inventory the instruments available for risk reduction and workflow efficiency. However, the state of residential mortgage originations has also sparked increased attention. As a result, many lenders now [...]

How The Upcoming Tax Season Will Be Different For Servicers

2022-10-24T08:52:05-07:00Private Money Lending|

Every tax season is difficult since little happens, or at least not much, until the time the taxing authorities release their bills, and the taxing authorities frequently alter the release and due dates. For instance, a county with over 1.8 million assessed parcels, one [...]

How to Maintain Loan Quality in a Rapidly Changing Market

2022-09-29T06:35:39-07:00Private Money Lending|

It is not surprising that the likelihood of mortgage fraud has grown this year, given how much the market is changing. Housing Wire reported on a CoreLogic mortgage fraud report on September 12 that stated that the risk of income (which increased by 27.3%) [...]

How Loan Originators are Dealing with a Mortgage Rate Lockdown

2022-09-29T06:35:12-07:00Private Money Lending|

According to a Michigan retail loan officer, business is at a "dead halt." The LO, who has more than 20 years of experience in the sector, said it is sad to see offers vanish with mortgage rates virtually doubling from 2022 onward. Who is [...]

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