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Public 2018 HMDA reveals little variation in debt ratios across metro areas
Mortgage professionals, policy makers, homebuyer’s, real estate agents, and prepurchase housing counselors will be curious to know about mortgage affordability in a neighborhood, city, county, or metro area. Fortunately, the public HMDA data provides a plethora of debt ratio information for home purchase loans that closed in 2018. Using the debt ratios, I will attempt…
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Everything You Need to Know About the Consumer Financial Protection Bureau’s UDAAP Symposium
Financial institutions have been a part of America’s economy since the beginning of the country, and the good faith dealings between these institutions and their customers have created the prosperity we know today. Maintaining these good faith negotiations is key to our future success, which is why the Consumer Financial Protection Bureau (CFPB) is launching…
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How the Veterans Affairs Lending Scandal Affects You and Your Business
Refinancing VA loans can be profitable as they bring large payments to financial institutions. However, some financial institutions have pursued predatory loans with vulnerable borrowers, and this has led to the current Veterans Affairs Lending Scandal. Here is everything that you need to know about the scandal and how it may affect you and your…
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VA owes disabled veterans refunds on home loan fees, report says
The federal government owes at least $189 million to 53,000 disabled veterans who overpaid on their home loans, according to the Department of Veterans Affairs’ inspector general. Read more on the Washington Post website. ComplianceTech also posted a blog on the topic. Use this link to read the blog.
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DIY File Review Using 2018 HMDA Alone: a Step-by-Step Guide*
Thanks to the expanded underwriting and pricing fields that are part of the 2018 HMDA dataset, users of the popular LendingPatterns™ software can identify file records based on qualification criteria and outcomes that are candidates for further review. Specifically, users can identify applicants that appear similarly situated based on some qualifications but had different underwriting…