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Low mortgage rates create great opportunities in the housing market, but you need to understand the implications. Get the latest insights on what you should know when exploring this dynamic market - use our guide for the private lender.
"New Year's Resolutions from Across the Housing Industry" discusses various housing industry professionals' New Year's resolutions. One real estate agent resolves to help more first-time home buyers, while another credits her past year's success to her resolution to be more organized. A loan officer resolves to originate more government-backed loans, and a title company owner resolves to increase her company's social media presence.
Prepayments on mortgage loans are expected to slow in 2023 as delinquencies on these loans rise, according to a new report from Fannie Mae. The number of seriously delinquent mortgages (those delinquent by 90 days or more) is expected to increase from 1.5 percent in 2020 to 2.1 percent in 2021 and 2.5 percent in 2022. The increase in delinquencies is expected to lead to a decrease in the number of homeowners prepaying their loans, from 3.8 percent in 2020 to 2.7 percent in 2021 and 2.1 percent in 2022.
This article discusses the current state of mortgage rates and the housing market. It cites a number of sources that suggest that rates will remain low for the foreseeable future. This is good news for those looking to buy a home, as they will be able to get a lower rate. However, it is bad news for those who are currently in the process of selling a home, as they will likely have to accept a lower offer.
Many mortgage companies are unsure of the best way to communicate rate changes to their borrowers. Some companies have started using social media to announce changes, while others have released statements to the press. Some companies have even started sending out letters to their customers. The best way to communicate rate changes will vary from company to company, but it is important to make sure that the method chosen is effective and consistent.
A federal appeals court has ruled that the source of funding for the Consumer Financial Protection Bureau is unconstitutional. The CFPB is a government agency that was created in response to the 2008 financial crisis. The agency is tasked with protecting consumers from unfair and deceptive practices in the financial industry.
The CFPB is funded by the Federal Reserve, which is an independent agency. The appellate court ruled that the CFPB's structure violates the separation of powers because it gives the agency too much power. The CFPB can only be overturned by a vote of Congress, and the agency's director can only be removed for cause.
The decision will likely be appealed to the Supreme Court. If the Supreme Court upholds the ruling, it could have a major impact on the CFPB's authority.
As a part of its plan to increase transparency and reduce risk in the mortgage industry, Equifax will provide utility credit data to mortgage firms. This move will help mortgage firms better assess the creditworthiness of potential borrowers, as utility bill payment history is a strong predictor of mortgage repayment. Equifax is the first credit bureau to offer this type of data, which will be available beginning in early 2019.
When it comes to your mortgage business, there are a lot of factors to consider when reevaluating your origination tools. It’s important to make sure that your tools are up to date and that they’re still the best option for your business. Here are a few things to keep in mind when you’re reevaluating your origination tools:
1. Make sure your tools are up to date. This includes making sure that they’re compatible with the latest technology and that they offer the latest features.
2. Consider your business needs. What do you need your origination tools to do? Make sure that your tools can meet those needs.
3. Compare costs. Not all origination tools are created equal. Make sure you compare the costs of different options before making a decision.
4. Get feedback from your team. Your team is the ones who use your origination tools on a daily basis. Get their input on what they like and don’t like about your current tools.
5. Test the new tools. Once you’ve narrowed down your options, test the new origination tools to see how they fit with your business.
Taking the time to reevaluate your origination tools is an important part of running a successful mortgage business. Keep these tips in mind to ensure that you make the best decision for your business.
The mortgage industry has changed a lot in the last few years, and loan originators need to change their mindset in order to be successful. The old way of thinking about getting new business, building a client base, and generating referrals is no longer effective. Loan originators need to focus on providing an exceptional customer experience, being transparent and upfront about fees, and being available 24/7. With the right mindset, loan originators can be successful in the new mortgage industry.
