Tag Archives: Borrowers

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.

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.

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?

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.

Fannie Mae has unleashed a new tool that will help servicers analyze additional borrower information to determine more quickly whether or not a distressed homeowner qualifies for a Fannie Mae loan modification.

A new article from Credit.com suggests that when given a choice between different types of debt, fewer consumers take out home mortgages and are much more likely to carry other kinds of debt.

The Federal Housing Administration announced Monday a new method that will be used to evaluate the lending practices of FHA-approved lenders and better understand the type of borrowers they are serving.

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.

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.