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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. Overall, feedback from participants – 75 domestic banks and 22 U.S.

Mortgage 493
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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.

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Old National Bank sued for alleged redlining practices

Housing Wire

The fair housing organization argued that Old National should have “ been especially attuned to the country’s fair lending laws and the need to make loans available in communities of color due to its 2018 purchase of KleinBank.”

Lending 435
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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. HMDA, Fair Lending etc.,”

Training 397
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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.

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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.

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Community lenders will thrive in 2021’s purchase market

Housing Wire

The community lending segment has experienced impressive growth over the last 10 years. From 2010 to 2016, for instance, the top five depositories saw mortgage origination fall from 64% to 25% , a loss of ~$500 billion in originations.

Marketing 397