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CFPB outlines issues with illegal ‘junk fees’ by mortgage servicers

Housing Wire

These include excessive late fees and fees for unnecessary property inspections. The CFPB also described its findings related to unnecessary property inspection fees, stating that mortgage servicers charged consumers between $10 and $50 “for every property inspection visit to addresses that were known to be incorrect.

Mortgages 397
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NRMLA, MBA provide comments on HECM application, origination documents

Housing Wire

MBA and NRMLA each state that they are generally supportive of the proposed changes, which include wholesale revisions to the lender table for the best estimate of the total cost of a refinancing to the borrower, as well as increases to the borrower’s principal limit.

VA loan 448
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What is a real estate broker vs. an agent? We explain the key differences

Housing Wire

That can include being a housing market expert and advising clients on the best times to list or buy a home; having referrals handy for inspections, repairs, staging and photography; understanding the mortgage origination process; and more. Broker-in-charge or Principal broker : These roles most closely align with designated brokers.

Agents 448
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Mortgage lenders need to lean in to consumer expectations

Housing Wire

For example, from a scheduling standpoint, 58% of survey respondents stated they would be very likely/likely to self-schedule their appraisal, inspection and/or closing appointment online if the option was available to them. Phil King is vice president, principal product manager, EXOS Valuations at ServiceLink.

Mortgages 448
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GSEs further expand AVMs, desktop and hybrid appraisals

Housing Wire

Desktop appraisals and hybrid appraisals, where an independent third-party inspects the property, both “reduce costs to the borrower and reduce potential risk of bias by creating greater separation between the appraiser and borrower,” wrote Fannie Mae. Non-traditional appraisals to the rescue.

Equity 370
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Mortgage Tech: Blend, Black Knight and QuestSoft

Housing Wire

With the integration, Blend will have access to the companies Dual AUS functionality – a product unveiled in 2018 with the ability to run an application through both systems and quickly identify property inspection waivers early on in the process.

Mortgages 355
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Why it’s time for the housing industry to get serious about climate risk

Housing Wire

property inspections) allowing them to restart their origination pipelines much sooner and continue to close loans without delay.