The Need for Mortgage Loan Modification
Even as vaccines have offered some hope that the economy could be back up on its feet in the second half of the year, the months before that are likely to remain challenging. The private sector has added just 6,000 jobs, hardly much to register against the millions of positions lost during the pandemic. There […]
Boost Closing Ratio and Improve Profitability
The Mortgage Industry is extremely competitive. With escalating customer demands, digitization is the key to ensure fast and accurate processing. With the current low-interest rates, loan volumes have been high and it is an opportunity for lenders to capitalize on. However, it is imperative that lenders are able to convert and close loans in order […]
Improving Accuracy in Loan Boarding and Set Up
The Federal Reserve has been on a buying spree, and now owns nearly a third of bonds backed by home loans in the U.S. This in turn has driven the mortgage rates lower and amplified the competition within the mortgage lending industry intensifying the pressure on the mortgage servicing industry too. With mortgage servicers investing […]
6 Things To Check Before You Select Your Mortgage Support Partner
The mortgage industry is a volatile and evolving industry. To adapt and respond proactively, it’s good for lenders to explore mortgage process outsourcing options. This has become even more important in recent times. Low mortgage rates led to a major rise in demand and a surge in refinance activity resulting in massive workloads for lenders. […]
Upgrade Mortgage Ops for a Better Performance in 2021
The mortgage loan origination process is human-intensive and time-consuming. At a time when there is so much uncertainty around, there are several challenges the industry may face. However, uncertain times should not be an obstacle to improving the mortgage process. As we begin 2021 on a positive note, it is time for mortgage lenders who […]
FHFA Announces “Duty to Serve” Enterprise Plans
The Federal Housing Finance Agency earlier last week announced the latest versions of the government-sponsored enterprises’ underserved markets plans for 2021, which include opportunities for lenders to expand their origination activity. (Source: FHFA) Fannie Mae seeks to “launch a targeted effort through one or more lenders” that expands its manufactured housing program. It plans to […]
Dealing With Rising Foreclosure Volumes After CARES Act
Even though the housing market was booming in 2020, high unemployment has meant millions of Americans are struggling to make mortgage payments. The CARES Act offered some relief to homeowners with distressed finances in terms of foreclosure and eviction protections. But once these forbearance protection clauses run out, there is a looming fear of a […]
Three Themes for 2021 – Mortgage Operations
2020 has been an amazing year for the mortgage industry, with rates hitting record lows. 2021 too is likely to see low rates with Fannie Mae predicting that average rates for the 30-year fixed loan will remain at 2.8% through 2021 and only rise to 2.9% for 2022. Of course, factors like inflation and the […]
Lenders Should Know – Amendments to the Qualified Mortgage Rule
CFPB recently released rules that revamp and expand its standards for what counts as a Qualified Mortgage, swapping out an old debt-to-income limit and introducing a new subcategory of seasoned loans. Mortgage lenders can opt into the new QM as early as 60 days after the rule is published (so, likely by late February 2021), […]
The Secrets of Mortgage Originators Who Flourished During the Pandemic
The Covid-19 pandemic forced most industries to innovate and find new ways to ensure business continuity. In response to social distancing measures and recommendations to not gather in large groups, turning to digital tools was the way out to keep some semblance of normality. While the pandemic accelerated the need for digitalization across numerous sectors, […]