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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity.

Contracts 370
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What happens when borrowers have more control of the lending process?

Housing Wire

Yet borrowers have had limited agency in the lending process to date. FormFree, the ATP fintech led by HousingWire Tech Trendsetter Brent Chandler , is launching a blockchain-based exchange for consumers to take control of the lending process. The smart contract presents the borrower’s lending request to the exchange.

Lending 435
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How JVM Lending plans to expand without any loan originators

Housing Wire

California-based retail lender JVM Lending plans to drum up business this year — but by doing the exact opposite. After the 2008 mortgage meltdown, JVM let go of all its loan originators and trained its employees to target the jumbo loan market in the San Francisco Bay area instead.

Lending 418
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Could American reverse mortgage companies someday partner with one from Australia?

Housing Wire

Other nuts and bolts issues regarding loan mechanics were similarly enlightening, they said, with particular attention to understanding how the credit assessment is completed, how the lenders and lending officers work, and how they do business development. The industry in Australia and New Zealand is also much younger than it is in the U.S.

Mortgage 321
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David Stevens, former FHA Commissioner and MBA President, has died

Housing Wire

Dave Stevens grew up in the mortgage business before serving the industry and its customers both as FHA Commissioner during and immediately after the 2008 financial crisis and then as President & CEO of MBA, where he was instrumental in rebuilding our organization and leading the industry out of the Great Recession.”

Finance 493
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How AI Can Help Solve the Mortgage Industry’s Cyclical ‘Problem’

Appraisal Buzz

In fact, the last time the FOMC cut rates by half a point was during the 2008 global financial crisis. Traditionally, they would would ramp up hiring – more loan officers, processors, and contract underwriting. BLOG VIEW: The Federal Open Market Committee (FOMC) on Sept. It was the first rate cut since the early days of the pandemic.

Mortgage 393
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EPM files a counterclaim against Jesse Iwuji Motorsports

Housing Wire

Equity Prime Mortgage (EPM) filed a counterclaim against Jesse Iwuji Motorsports (JIM) last week for allegedly breaching a sponsorship contract. The stock car team is also accusing EPM of breaching the contract by failing to make more than $4 million in sponsorship payments following a “margin call” from its investors.

Contracts 392