Fannie Mae has rolled out some new automation on their DU platform which leads us to ask “are we getting closer to full automation in lending?” What are your thoughts below?
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One correction Brian; you said that, when obtaining a Reverse Mortgage, the older you are the lower the LTV because you don’t live as long. Actually, the opposite is true; the older you are the HIGHER the LTV. Also, as for that Reverse lender being fined by the CFPB for saying you cannot lose your home, every Reverse prospect MUST attend a counseling session AND they are told about all the pitfalls, including that you MUST pay your taxes and insurance. In fact, there’s a disclosure IN the loan package that is signed by the borrowers that discloses that information.