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New mortgage rules tough enough: Opposing view
New mortgage rules tough enough: Opposing view This rule would have dissuaded many lenders from originating mortgages outside those very tight boundaries, thus limiting credit — with disproportionate harm to low-income and first-time buyers. With sound underwriting, banks don't need such high down

Banks Cut as Mortgage Boom Ends
Banks Cut as Mortgage Boom Ends The Mortgage Bankers Association next week plans to cut its 2014 forecast for loan originations, which include loans for home purchases and refinancing. The current forecast of $1.2 trillion would represent the lowest level in 14 years. The trade group 

Lenders fear squeeze from mortgage rules
David Stevens, head of the Mortgage Bankers Association, said that the elimination of bad practices in the industry, such as no-document and no-interest loans, has erased 95 percent of all default risk in the market. With those loans gone, he predicted

'Worst of all worlds' for mortgage lending in fourth quarter
'Worst of all worlds' for mortgage lending in fourth quarter Looking at the broad market, mortgage applications plunged almost in half last year, led by dwindling interest from borrowers looking to refinance, as rates rose, according to the Mortgage Bankers Association, an industry group. The decline has forced

Nov 2006 Peter Schiff Mortgage Bankers Speech Part 1 of 8

In 2006 Peter Schiff tells over 1000 mortgage brokers they are about to be out of jobs. Watch how he completely nails the coming real estate ...

Mortgages? Big banks may be throwing in the towel

 , Which reported earnings the same day, mortgage lending was down 23% compared to the year earlier. (Wells Fargo is still the largest originator of mortgages in the U.S., with a 10.7% market share in 2018, according to Inside Mortgage Finance.)

Earlier coverage: Why mortgage lending at Wells Fargo, Chase and Citi plunged

Jamie Dimon, JPM’s CEO, said this in his shareholder letter released at the same time as Q1 earnings:

“In the early 2000s, bad mortgage laws helped create the Great Recession of 2008. Today, bad mortgage rules are hindering the healthy growth of the U.S. economy. Because there are so many regulators involved in crafting the new rules, coupled with political intervention that isn’t always helpful, it is hard to achieve the much-needed mortgage reform. This has become a critical issue and one reason why banks have been moving away from significant parts of the mortgage business.”

Because of post-crisis capital rules, “owning mortgages becomes hugely unprofitable,” Dimon lamented later in his note. On a call with analysts, he called mortgage servicing – the bookkeeping for regular customer payments – hard. “You got to look at that and ask a lot of questions about whether banks should even be in it,” Dimon said.

Research lab experience in computer vision led to Softworks AI's mortgage automation software | 2019-04-16

Q. The mortgage industry has been trying to completely automate the loan process for years, with uneven results. What factors are making that ambition more urgent and more possible today than ever before?

A. The biggest reason is simply the cost of doing business. According to the Mortgage Bankers Association, it costs nearly $9,000 for originators to process a loan. In addition, mortgage banks are reporting a net loss of $200 for each loan that was originated in the fourth quarter of last year.

Plus, there’s increased competition in a time-sensitive environment to turn mortgages around in near real-time. Many of the first-time home buyers entering the market are millennials. Most are accustomed to purchasing everything on Amazon, which is not only fast, but delivers a superb customer experience. Lenders are beginning to realize that these buyers aren’t interested in waiting weeks or months to find out if they’ve been approved for a loan.

condo association - mortgage?

My mortgage lender needs a condo questionnare filled out for one of many process in order to get a loan. the condo association said that in order for them to fill it out.

High; but state specific. In VA, we can charge $100 for a basic disclosure package; no lawyer involved.

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