article thumbnail

Opinion: Do loan officers need more tech than they have now?

Housing Wire

Do loan officers need more technology than they currently have? Most loan officers do not believe they need more tech than they have now. Most loan officers do not believe they need more tech than they have now. Function keys in a DOS-based green world was how all loans were done in 2010.

article thumbnail

CFPB orders Bank of America to pay $12M for submitting false mortgage data

Housing Wire

According to the CFPB, hundreds of loan officers at BofA failed to ask mortgage applicants demographic questions and falsely reported that they had chosen not to respond. The 1975 Home Mortgage Disclosure Act (HMDA) requires lenders to report information about loan applications and originations to the CFPB and other federal regulators.

Law 407
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Mortgage lenders are loosening standards on jumbos

Housing Wire

Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a loan officer opinion survey published this week by the Federal Reserve Board.

Mortgage 464
article thumbnail

Financial institutions jump into ARMs amid high rates

Housing Wire

While financial institutions are taking note of the increased attention for ARMs, some loan officers said many consumers think the cost to get ARMs is not worth the risk compared to a 30-year mortgage rate. That’s where it would make sense for a 5/1 ARM.

article thumbnail

Ben Cohen becomes second Guaranteed Rate LO to originate $1 billion

Housing Wire

A few short months after Shant Banosian became Guaranteed Rate ’s first loan officer to originate $1 billion in a year , another Guaranteed Rate loan officer has joined that exclusive club. I’ve been with Guaranteed Rate since 2010, and when I came on, I was originating about $40 million in business.

article thumbnail

The fight to standardize educational training for LOs

Housing Wire

The raison d’etre is the same whether you work as a mortgage loan officer at a depository bank or an independent mortgage bank – originate a purchase mortgage or refinancing for a client. Loan officers working for depository banks are not bound by the same requirements. Regulations to oversee them all.

Training 335
article thumbnail

loanDepot plans to launch ‘digital’ HELOC in Q3

Housing Wire

” Prospective borrowers can talk to a licensed loan officer if they prefer during the approval process, however. In a traditional home equity product, the lender disburses a lump sum upfront to the borrower, who then pays the loan back in fixed-rate installments.