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I am a real estate agent so self employed and my wife doesn’t work. In the process of refinancing a house that we out renovating to become our primary residence and the amount of back up documentation required is large, as expected, but I didn’t expect to be asked the ages of my children! No joke. That is a data point they have asked for. I have obtained 3 or 4 mortgages before and never been asked that and further I can’t understand why it is relevant plus it seems like some sort of discriminatory question…
JT. I have been a mortgage lender for 20 years. That is a standard question and has been there since I have been in the industry. It is right there on page 1 of the loan application. Always has been. The reasoning I suppose is for statistical purposes.
I am an agent and not a lender, but from my vantage point, the problems you folks are describing are nowhere near as pevelant as you are experiencing elsewhere in the country. Yes, things have become "tighter", but they needed to become more stringent, otherwise we'll be right back in the boat we just bailed out of (no pun intended). It's been business as usual here in central New Hampshire…in fact, it's been rather brisk for this time of year.
The Industry has relaxed a bit say from the 2010-2012 days. Remember immediately post implosion every lender had over lays, such as a 640 or 660 to conduct an FHA Loan, well e have seen that number fall. Sure, it is still not where it should be, but the number (Fico Score) has fallen. We have Non-QM Loans today, where 2010-2012 we did not. We need to get to a point where Lenders have removed all over lays and are Underwriting to Agency Findings. That is happening with FHFA, but not FHA, and that is because of the by back clauses FHA will not remove, thus Regulation is still strangling the low to medium income families. Additionally, with the Non-QM loans and the Bond/DPA Loans, because of LO Comp rules, Lenders are not participating or are shying away from the products, so again, who does this hinder? Yup, the Consumer. You would see many more home buyers/owners out there if there was some common sense restored to LO Comp, but when a Lender is going to lose money by allowing an LO to do a DPA Loan, you can't blame them for not wanting those kinds of loans in their pipeline. So while I will say it has relaxed some since 2010-2012, it's afar cry from where it needs to be, and unless LO Comp rules change on Non-QM and/or DPA Loans, those programs are almost pointless.
CFPB pays every employee 6 figures!!!!! No government supervision and spending all the fines for parties and elaborate events including buying buildings. They need to be shut down immediately.
"as the small and independent lenders get squeezed out of the industry leaving big banks and large mortgage lenders which, I don't believe, was the intent of the Dodd Frank Rule or the CFPB…". I beg to differ, my friend. I believe that was exactly the intent.
I have heard that PHH Mortgage is no longer in the retail mortgage business-not a small player! Where are we headed?
Hello, I can’t see the video, any suggestions? Thank you
I agree with Joy, small and independent lenders are getting squeezed out of the industry leaving big banks and large mortgage lenders which was the intent of the Dodd Frank Rule. Sad to say, like many of our elected representatives today, Barney and Chris have been bought. The vehicle they are using to make sure only the big banks are lft is the CFPB.
I don't agree that residential mortgage lending credit has done a 180 and is now too tight. After 30+ years in the industry, I find the credit requirements are basically the same, we just need to provide all the documentation that has been required. I know the Dodd-Frank, HVCC fiascos have substantially increased the costs of mortgage borrowing for everyone. Which ultimately has burdened the consumer the most. The new TRID rules have exponentially increased the costs, and have made it so a rate lock is a risky item. And, who has to pay for an interest rate extension. I keep hearing people ask what direction this industry is going. I compare it to the health industry. We use to have doctors do house visits. We use to have LO's do house visits. We use to have many medical facilities. We use to have many mortgage lenders. The government came in and entirely changed the health industry. The government did the same for the residential mortgage industry. They have us headed towards a socialist type of government run medical industry. Although, the big players such as Kaiser, Sutter Health, etc. are in control. The same is happening to the residential mortgage industry as they are having Wells Fargo, Bank of America, etc. gain control. No matter what the direction or intention our representatives are forcing upon us, it is just very sad to see the families burdened the way they are. No matter if it's the health or residential mortgage industry, it's obvious the consumers are feeling the financial and emotional pain.
Absolutely. Federal politicians do not achieve and maintain their congressional seats by looking out for the little guy, regardless of what team blue might tell you. (and for those of you who cheer on team blue, team red is no better or worse about screwing the little guy, it's that team red is more honest about screwing the little guy)
I challenge anyone to find a borrower who can understand their final closing disclosure. So, transparency is a joke.
What borrowers really want is to get the rate and payment they were promised, and the amount of closing costs they were promised. The process could be made much much simpler for everyone, and by doing so, costs to the borrower could be decreased! That's the truth.
Why do I no longer receive your shows? Since March 7,2016 I no longer get the show. I even re-registered several times, but still NO SHOW. Brian,Frank are we still friends!