Tag Archives: Loan Officers

A new report on the quality of loans made to homebuyers shows the true cost for lenders struggling with staffing issues and what impacts defects in loan package documentation during the post-closing process.

Through the partnership, Colonial plans to offer a superior digital mortgage experience to its customers, while easing the loan process for its loan officers.

From rewards and recognition to expansion, new appointments and technology, get the latest pulse of the industry in this weekly update.

Digital tools and collaboration play an important role in enhancing the performance of a mortgage lender’s team. Here’s why.

Mortgage Network, Inc., announced Thursday it has relocated its former West Chester, Pennsylvania branch to Exton, Pennsylvania, and will be hiring new loan officers to expand the branch.

As lenders gear up to attract new loan officers (LO), many have them are requesting unique or complex compensation plans. The real challenge lenders face is adapting their compensation plans to these requests, while complying with Consumer Financial Protection Bureau (CFPB) standards.

During the mortgage crisis, portfolio lenders like TD Bank stood out as financial institutions that embraced the idea of quality underwriting and lending—especially since they kept loans in-house, taking the risk on their own balance sheets.

The Consumer Financial Protection Bureau announced it has issued a proposed consent order in its enforcement action against Castle & Cooke Mortgage, LLC. Under the terms of the order, Castle & Cooke has agreed to pay more than $9.2 million in restitution to consumers and $4 million in civil penalties to settle allegations that two of its officers--president Matthew Pineda and SVP of capital markets Buck Hawkins--paid illegal bonuses to loan officers based on the interest rates of loans offered to borrowers.

On net, a "moderate fraction" of banks polled in the Fed's Senior Loan Officer Survey reported easing standards on prime residential mortgages from August to October, with a net 8.8 percent saying credit standards have "eased somewhat." Among large banks, a net 26.5 percent reported somewhat looser standards. Meanwhile, however, demand has declined for both prime and nontraditional mortgages as mortgage rates bounce upward. Among all respondents, a net 7.2 percent reported moderately or substantially weaker demand.

With months to go before the implementation of the Consumer Financial Protection Bureau's (CFPB) qualified mortgage (QM) rules, the agency released several finalized amendments and clarifications created to ease the process.