Lenders user overlays in an attempt to minimize buying back bad loans. Well, the CFPB is looking at overlays as possible redlining.
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additional comments on "CFPB Looking at Your Underwriting Overlays"
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Well isn't this just wonderful…There seems to be a shortage of qualified loan officers in our area and with the new procedurs starting this month they now have this to worry about as well….Thanks CFPB for doing such a bang up job
Well isn't this just wonderful…There seems to be a shortage of qualified loan officers in our area and with the new procedurs starting this month they now have this to worry about as well….Thanks CFPB for doing such a bang up job
Are they gonna go after Fannie and Freddie for their lending guidelines? They are far more discriminatory of borrowers with unsatisfactory credit, and limited savings.
Are they gonna go after Fannie and Freddie for their lending guidelines? They are far more discriminatory of borrowers with unsatisfactory credit, and limited savings.
This is a easy fix. Have the CFPB put their money where their mouth is and spend some of it on hiring underwriters to sign off on those "subprime" loans. Then if or when they default the CFPB can deal with them. After all how many billions have they collected over the years???? Hmmmm that sure would be a good show topic " The CFPB billions and where did it go". Thanks for the show guys it always makes my morning!!
This is a easy fix. Have the CFPB put their money where their mouth is and spend some of it on hiring underwriters to sign off on those "subprime" loans. Then if or when they default the CFPB can deal with them. After all how many billions have they collected over the years???? Hmmmm that sure would be a good show topic " The CFPB billions and where did it go". Thanks for the show guys it always makes my morning!!
Just curious, is this the same CF”P”B with the unconstitutionally appointed director?
Cordray was the Ohio Attorney General when “Joe the Plumber’s” tax return was pulled and released by a state employee. No prosecutions were ever pursued against the employee.
Of course not.
I have to say there are some instances where overlays are frustrating. When a lender cuts off a borrower at 45% dti; if they are 45.01% dti they won't take the deal. For a borrower with perfect credit this makes no sense. In additional to knowing the guidelines we must be aware of the lender overlays on each product as well. If L O's don't want to go into this field it is understandable. It can be a lot of work with little reward. At the same time I don't get why fha would want to go so low on credit score and expect lenders to adhere.
I have to say there are some instances where overlays are frustrating. When a lender cuts off a borrower at 45% dti; if they are 45.01% dti they won't take the deal. For a borrower with perfect credit this makes no sense. In additional to knowing the guidelines we must be aware of the lender overlays on each product as well. If L O's don't want to go into this field it is understandable. It can be a lot of work with little reward. At the same time I don't get why fha would want to go so low on credit score and expect lenders to adhere.