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First-time Homebuyers Flood the Market

05.24.2016

The number of first-time homebuyers entering the marketplace is on the rise, at least according to the First-Time Buyer Mortgage Share Index released earlier today.

According to the index, which comes from the American Enterprise Institute’s International Center on Housing Risk, first-time buyer volume has jumped 18 percent since April of last year, totaling 98,000 first-time buyer loans for the entire month.

Trended Data Gives Lenders an Expanded View of Credit History

05.09.2016

Trended credit data, already used by other industries, provides lenders with a longer view (up to 30 months) of borrowers’ credit accounts and how borrowers manage revolving accounts such as credit cards. That is in contrast to the credit scores currently used in most lending decisions, which “do not distinguish between people who carry balances on credit cards and those who pay them off,” notes a recent article by Reuters.

Home Builders Detained by Rising Compliance Costs

04.06.2016

Home builders have hit a roadblock. The ramped up regulatory environment has made it difficult for builders to produce affordable homes.

Regulations put in place to protect the environment and to shore up local city finances are holding back affordable home building, according to a report by Jody Kahn, SVP of John Burns Real Estate Consulting.

Trended Credit Data Improves DU Risk Assessment and Supports Access to Mortgage Credit

03.24.2016

Credit scoring models assess the ability and willingness of borrowers to pay their debts using data collected by the three consumer credit reporting companies: Equifax, TransUnion, and Experian. 

How Will Trended Credit Data Impact DU Version 10 Approvals?

03.22.2016

Trended credit data is expanded information on a borrower’s credit history at a trade line (credit line) level on several monthly factors, including: amount owed, minimum payment, and payment made.

Effective with Version 10.0, DU will use trended credit data in its credit risk assessment.

Big banks are fleeing the mortgage market

03.10.2016

When it comes to residential mortgages, big banks are waving the white flag.

Banks originated 74% of all mortgages in 2007, but their share fell to 52% in 2014, the most recent data available from the Mortgage Bankers Association. And it could go even lower.

But even at these levels, the big bank backtrack is reshaping a lending landscape that’s already undergone seismic shifts since the housing bubble burst.

Fannie Mae to Begin Requiring Trended Credit Data in June, With Rollout of DU 10.0

03.08.2016

On Jan. 28, Fannie Mae announced more details about the greatest change to the mortgage credit reporting process since the adoption of the credit score, “trended credit data.” The plans for this change initially went public in October of 2015 when Fannie Mae’s CEO Timothy Mayopoulos addressed the audience at the Mortgage Bankers of America (MBA) Annual Convention in San Diego. In that address, trended credit data sounded like a minor change and it garnered little attention at the time or since by many in the mortgage industry.

Who Will Benefit from Fannie Mae’s New Trended Data Requirement?

02.02.2016

Much has been written about Fannie Mae’s new Trended Data mandate, Fannie Mae and the repositories agree to its potential benefits to both consumers and lenders alike.

Starting in July 2016 Fannie Mae's Desktop Underwriter platform will require the integration of trended consumer credit data. This trended credit data will be utilized in assessing credit risk and AUS findings for single-family mortgage applicants. Currently, both TransUnion and Equifax have agreed to provide this trended credit data.

Fannie Mae to Bring Certainty, Simplicity to Lenders, Borrowers

02.02.2016

Fannie Mae recently announced a series of innovations intended to bring more certainty and simplicity to lenders, employ stronger data capabilities, and help borrowers have access to sustainable mortgage credit. In addition, Fannie Mae previously announced plans to reduce lenders’ costs and enhance the company’s technology platform, including new capabilities for the EarlyCheck™ loan quality system and a new loan delivery tool.

The Path to Paperless Mortgages

02.02.2016

The days of traditional mortgage lending may be close to being over as tech-savvy millennials and new regulatory changes such as the TILA-RESPA Integrated Disclosures rule (TRID) add pressure to originators to step up their mortgage delivery game.

A survey from Xerox showed that lenders and potential borrowers are showing signs of moving to a completely digital process, perhaps sooner than the industry may think.

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