Emphasizing Efficiency Amid a Challenging Market for Loan Originators

2022-08-11T08:00:52-07:00Private Money Lending|

Midway through 2021, most mortgage companies experienced good origination activity and increased staffing. However, as we start the third quarter of 2022, the environment has significantly shifted, and the sector faces numerous difficulties. The 30-year fixed mortgage rate has risen to about 6 percent, [...]

What is in the Way of Modernizing Title and Appraisal?

2022-08-11T08:00:40-07:00Private Money Lending|

As rates remain high and lenders can no longer rely on a regular stream of Refis, the sector is starting to hear this message. Considering this, Paul Doman, CEO of Accurate Group, and Clayton Collins, CEO of Housing Wire, recently discussed the profitability of [...]

What is HUD’s Plan for Small-Dollar Mortgages?

2022-08-11T08:00:40-07:00Private Money Lending|

The Department of Housing and Urban Development stated that it is seriously considering ways to make small-dollar mortgage financing easier but has not yet specified how it will do so. HUD gave the issue its attention in April. However, a senior HUD official claimed [...]

Trusting Your Data is Key to Taming Origination Costs

2022-08-11T07:59:59-07:00Private Money Lending|

The newest quarterly Mortgage Bankers Performance Report from the Mortgage Bankers Association contains one figure that stands out for all the wrong reasons. The estimated cost to originate a mortgage for an independent mortgage bank was over $10,000 per loan in the first quarter [...]

In a Bad Mortgage Market, These are Areas of Opportunity for Lenders

2022-08-11T07:59:49-07:00Private Money Lending|

In the second quarter of 2022, tappable home equity increased from the first quarter while home listings expanded, and credit scores also rose. According to Sales Boomerang's research on mortgage chances for the second quarter, those three areas give a chance for lenders to [...]

The Obstacles to a Digital Mortgage are Changing – What Lenders Need to Know

2022-08-11T07:59:37-07:00Private Money Lending|

Undeniably, a digital-first approach to business is spreading, and the demand for Digital in the mortgage sector is only increasing. The future is here. The momentum already existed before COVID, and as COVID retreats, if anything, it is gaining momentum. Lenders understand how important [...]

Non-QM Lenders are Racing to Stay Ahead of Rates

2022-08-11T07:59:20-07:00Private Money Lending|

At the end of June, First Guaranty Mortgage Corp. (FGMC), a non-QM lender, filed for Chapter 11 bankruptcy, leaving four warehouse lenders liable for more than $415 million. Early in July, Sprout Mortgage collapsed, abandoning its staff in the cold. Due to the lender's [...]

The Hybrid Appraisal is Here. Who Benefits?

2022-08-11T07:59:10-07:00Private Money Lending|

Desktop appraisals may minimize some mileage and undoubtedly open doors for a select group of private sector businesses. However, it is still unclear whether they are better than traditional appraisals and whether they will ultimately lessen racial bias, a key GSE policy objective. Starting [...]

Qualia Releases Qualia Connect for Mortgage Lenders

2022-08-11T07:59:00-07:00Private Money Lending|

The launch of a new mortgage lender version of its Qualia Connect platform was announced by the digital real estate closing platform Qualia on Tuesday, July 12, 2022. The Connect platform will now be able to integrate directly into the loan origination system of [...]

HUD Affordability Plan Doesn’t Include Lowering FHA Premiums

2022-08-11T07:58:48-07:00Private Money Lending|

The Federal Housing Administration (FHA) is addressing the affordability challenge by increasing supply, but it hasn't yet started to reduce the costs it charges borrowers. At a news conference on July 14, senior officials from the Department of Housing and Urban Development, which houses [...]

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