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Tag Archives: Borrowers

CFPB: Student Loan Complaints Tie to Homeownership

A recent report takes a look at typical complaints logged against student loan lenders. Included was being able to afford a mortgage. MReport explores the link between rising student debt and the struggle millennials have to become homeowners.

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Low-Income Consumers Disadvantaged When Establishing Credit History

According to a new study from the CFPB, consumers in lower-income parts of the country are more likely to establish credit history through negative means, like debt collection or public records. About 27 percent of low-income area consumers establish their history through what are called “non-loans,” while just 7.9 percent of consumers in high-income areas establish credit via non-loans. The study found that consumers in higher-income areas more commonly establish credit with a credit card or through co-borrowing.

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TRID’s Mixed Reviews 6 Months Later

CFPB

Many in the mortgage industry have complained of the complexity of implementing the rule and the difficulty of complying, despite the rule’s goal of making it easier on all parties involved to close a mortgage loan. But do homebuyers share these same sentiments?

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Deciphering TRID Through Communication

Customer satisfaction regarding TRID has risen among borrowers—coinciding extremely closely to the rise in the number of borrowers who reported they’d been contacted (as per TRID guidelines) by their lenders before closing.

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Research Shows That Borrowers are Seriously Undereducated in Homebuying

Many borrowers are unaware of their homebuying power and are underestimating their mortgage eligibility, according to a recent study by Genworth Mortgage Insurance, a unit of Genworth Financial, Inc. The results showed that 66 percent of the 113 lending executives surveyed feel that many borrowers who are eligible for mortgages do not feel that they can realistically purchase a home.

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Keeping Up with the Customer: Evolving the Retail Business Model to Stay Ahead of the Curve

In today’s environment, all retail lenders should be asking themselves, “What value am I truly offering a borrower?” We know that more and more consumers use an online, self-service option when making any retail purchase —mortgages included. When such convenience is available, why would a customer pay more to get a home loan from a retail lender instead? When faced with these questions, it is important to evolve your retail business model to stay ahead of the curve. Editor's note: This select print feature appeared in the June 2015 edition of MReport magazine, available now.

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