Given the economic impact of the pandemic, mortgage defaults have been a stark reality. In this situation, loan modification is one option that can be beneficial to mortgage servicers as well as borrowers since foreclosure is never a preferred solution to either parties. For borrowers, a foreclosure will result...
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Closing ratios are important for mortgage lenders and we previously touched base on it through the post, In a nutshell, closing ratios are the indicators of process efficiency and the number of closures, and fairly reveal the profitability of the mortgage business. Buyers usually check out different lenders, compare the...
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Even as vaccines have offered some hope that the economy could be back up on its feet in the second half of the year, the months before that are likely to remain challenging. The private sector has added just 6,000 jobs, hardly much to register against the millions of...
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The Mortgage Industry is extremely competitive. With escalating customer demands, digitization is the key to ensure fast and accurate processing. With the current low-interest rates, loan volumes have been high and it is an opportunity for lenders to capitalize on. However, it is imperative that lenders are able to...
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The Federal Reserve has been on a buying spree, and now owns nearly a third of bonds backed by home loans in the U.S. This in turn has driven the mortgage rates lower and amplified the competition within the mortgage lending industry intensifying the pressure on the mortgage servicing...
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The mortgage industry is a volatile and evolving industry. To adapt and respond proactively, it’s good for lenders to explore mortgage process outsourcing options. This has become even more important in recent times. Low mortgage rates led to a major rise in demand and a surge in refinance activity...
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The mortgage loan origination process is human-intensive and time-consuming. At a time when there is so much uncertainty around, there are several challenges the industry may face. However, uncertain times should not be an obstacle to improving the mortgage process. As we begin 2021 on a positive note, it...
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The Federal Housing Finance Agency earlier last week announced the latest versions of the government-sponsored enterprises’ underserved markets plans for 2021, which include opportunities for lenders to expand their origination activity. (Source: FHFA) Fannie Mae seeks to “launch a targeted effort through one or more lenders” that expands its...
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Even though the housing market was booming in 2020, high unemployment has meant millions of Americans are struggling to make mortgage payments. The CARES Act offered some relief to homeowners with distressed finances in terms of foreclosure and eviction protections. But once these forbearance protection clauses run out, there...
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