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Understanding Home Purchasing Trends with Mortgages in 2018
Mortgages are the key for millions of families trying to reach their dreams of owning a home and are often the most popular financial products sold by institutions. But when planning your company’s operations for the next few years, how do you make sure your products are attractive to your community and fit national trends?…
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5 Ways Cloud-Based Software Can Support Your Institution’s Fair Lending Practices
The financial industry has always been dominated by statistics, figures, and analytics, but in today’s fast-paced world, the speed at which you’re able to make calculations is just as important as the result, and that means you need the best tools available. Here are just 5 reasons why cloud-based software is better than traditional physical…
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Breaking Down Secondary Market Activity in 2018
Many people believe that the signs of a healthy economy are in the number of mortgages being applied for by Americans, but one of the true indicators of economic and financial health is in the secondary market, where government-sponsored enterprises (GSE) choose which mortgages to purchase and securitize from financial institutions. Let’s take a look…
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FHFA Announces Resource Expansion for Chinese-American Homebuyers
On October 23rd, 2019, the Federal Housing Finance Agency (FHFA) announced that it will be teaming with Fannie Mae and Freddie Mac to increase the library of resources available to Chinese-Americans. Let’s take a look at how these changes will benefit Chinese-American applicants and how it can impact the mortgage industry. New Support for More…
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On the margins of metro areas
This is the third in a series of blogs related to the 2019 demographic changes. The first dealt with changes in metro area median family incomes and the second dealt with tracts that flipped from low/mod to not low/mod, and vice-versa. As discussed, the 2019 demographic file features some reorganization of metro areas affecting counties…
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What the 2018 CFPB Fair Lending Report Means for Your Business
Every year, thousands of financial institutions across the United States gather their HMDA data and submit it to the Consumer Financial Protection Bureau (CFPB) for its use to monitor community housing needs; to compile lending statistics; and to identify predatory lending practices. This means that the CFPB is constantly analyzing new trends in the financial sector, which…
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Public 2018 HMDA reveals little variation in debt ratios across metro areas
Mortgage professionals, policy makers, homebuyer’s, real estate agents, and prepurchase housing counselors will be curious to know about mortgage affordability in a neighborhood, city, county, or metro area. Fortunately, the public HMDA data provides a plethora of debt ratio information for home purchase loans that closed in 2018. Using the debt ratios, I will attempt…
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VA owes disabled veterans refunds on home loan fees, report says
The federal government owes at least $189 million to 53,000 disabled veterans who overpaid on their home loans, according to the Department of Veterans Affairs’ inspector general. Read more on the Washington Post website. ComplianceTech also posted a blog on the topic. Use this link to read the blog.
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Consumer Financial Protection Bureau Proposes Changes to HMDA Rules
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) today issued a Notice of Proposed Rulemaking (NPRM), which proposes to raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act (HMDA) rules. For more details click this link.