Ken Perry’s Post

If you're thinking about buying a home, your credit score has likely been on your mind. Today, a number of institutions provide credit scores to consumers, but it's important to understand how inquiries affect credit scoring and which scores matter most. Here's How Inquiries Affect Credit Scoring: https://bit.ly/487IPDS. #RattiLending #CreditScore #CreditInquiries

How To Buy a Home Without a Credit Score or Credit History Good news for people who want to purchase a home but do not have any credit history with the credit bureaus. Fannie Mae has just released a new program on their Affordable Loan Solutions program called HomeReady. Traditional qualifications require enough credit history for their computerized underwriting system to give an approval. In the past the only way to get around this was to put together a 'non-traditional' credit profile. This is a complicated process for the buyer and seller. Using this kind of credit history review also limited the amount the borrower could secure below what is available for those with a traditional credit history. The new program is called Cash Flow Assessment. It uses a report that lenders can obtain from an applicant's bank called a Verification of Asset. With a 12 month report the program identifies recurring transactions and creates Fannie's own credit assessment. Their automated underwriting system can view and analyze that report and provide an approval. Please contact me with any questions on how I can help you or your clients. #mortgageexpert #mortgageadvisor #creditscore #homebuyertips

If you're thinking about buying a home, your credit score has likely been on your mind. Today, a number of institutions provide credit scores to consumers, but it's important to understand how inquiries affect credit scoring and which scores matter most. Here's How Inquiries Affect Credit Scoring: https://bit.ly/487IPDS. #RattiLending #CreditScore #CreditInquiries

If you're thinking about buying a home, your credit score has likely been on your mind. Today, a number of institutions provide credit scores to consumers, but it's important to understand how inquiries affect credit scoring and which scores matter most. Here's How Inquiries Affect Credit Scoring: https://bit.ly/487IPDS. #RattiLending #CreditScore #CreditInquiries

C for ‘Creditworthiness.’ Creditworthiness in the financial space refers to how qualified or reliable an individual is for receiving credit, be it a loan, mortgage, or credit card. This is determined through various factors, including credit score, income stability, and financial history. For property managers and landlords, assessing the creditworthiness of a prospective resident is critical for mitigating risks associated with late payments or defaulting on rent. The impact of creditworthiness isn’t just a one-way street; it also plays a huge role in the financial well-being of the resident. A poor creditworthiness could limit their ability to secure loans, buy a home, or even land certain jobs. #propertymanagement #creditreporting #ABC

Final call: On this coming Thursday, July 11, at Noon, we will be holding a Webinar Roundtable about the Supreme Court’s opinion in Cantero v. Bank of America in which the Court reversed the Second Circuit’s judgment in favor of the Bank and remanded the case back to the Second Circuit for a determination of whether the National Bank Act preempts a New York State Law that requires the Bank to pay 2% interest on residential mortgage escrow accounts. That will turn on whether the New York law significantly interferes with the federal power of the Bank to administer residential mortgages. The 9th and 1st Circuits will consider the same issue for two other national banks. The OCC regulations which categorically preempt a laundry list of state laws have implicitly determined to be invalid. Every national bank in the country and non-banks partnering with them will need to research applicable state laws and then determine whether they significantly interfere with the national bank’s powers. The registration link is contained in the attached blog. ALL ARE WELCOME! https://lnkd.in/eXNwmNns

August 29 Webinar: Fair Appraisals: Compliance Considerations and Recent Developments Recently, a number of new laws, rules and guidance have been issued that are intended to address unfair bias in the real estate appraisal process.   • On July 18, 2024, the CFPB, OCC, FRB, FDIC and NCUA jointly issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to help identify, address, and mitigate the risk of discrimination impacting residential real estate appraisals. The agencies’ ROV guidance follows May 2024 ROV guidance issued by HUD and the FHFA.   • On July 17, 2024, the CFPB, OCC, FRB, FDIC, NCUA, and FHFA jointly issued a final rule implementing quality control standards for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.   • In recent years, the U.S. Department of Justice (DOJ) has brought a number of actions alleging discrimination in the appraisal process. As part of these actions, the DOJ and CFPB have jointly declared that mortgage lenders can be liable under the Fair Housing Act and ECOA for relying on discriminatory appraisals.   • In recent years, California has enacted a number of laws that apply heightened anti-discrimination measures to the appraisal process, some of which apply directly to depository institutions.   Given the number of recent fair appraisal developments, institutions are encouraged to reevaluate their own appraisal and fair lending practices to ensure consistency with current regulatory expectations. This Webinar will highlight those current expectations as set forth in recent guidance, laws and regulations. The Webinar materials will also feature new sample ROV template forms developed by Aldrich & Bonnefin, PLC. For more information or to register, please visit: https://lnkd.in/g_yBQpQz #banking #bankinglaw #CFPB #ECOA * 𝘑𝘢𝘯𝘦𝘵 𝘉𝘰𝘯𝘯𝘦𝘧𝘪𝘯 𝘪𝘴 𝘳𝘦𝘵𝘪𝘳𝘦𝘥 𝘧𝘳𝘰𝘮 𝘵𝘩𝘦 𝘱𝘳𝘢𝘤𝘵𝘪𝘤𝘦 𝘰𝘧 𝘭𝘢𝘸 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘧𝘪𝘳𝘮.

Dear Mortgage Industry, Do not mix good people with bad people, and get your titles right. Do not post details about independent origination or wholesale if you don't understand them. We have seen this cycle before and will defend good fiduciary-natured independent originators (brokers), small businesses, lender competition, and consumer choice. Just be careful whom you're calling a 'broker.' Many want to put it out there and address the news, but you must do so with accurate data. If you don't know what you don't know, it's embarrassing to comment and reckless for others reading it if it's inaccurate. Nearly every post I'm reading or sharing with me (PM, calls, etc.) about wholesale or what brokers do is pure rhetoric, and you have no clue what you're talking about as you're referencing originators or companies that don't 'broker' as being 'brokers.' This also gives relevance to the irrelevant. Please be careful (including media) with what titles you use. If someone violates any fiduciary foundation or federal consumer protection laws, they are not brokers (LO comp, Anti-Steering, QM, adding Mini-Core or Non-Del lines, etc.). So call them something else when they are not independent and have never been. Federal regulators, please do the same with what is coming. We know your examinations will clearly show the difference, and good and evil are not mixed once again (merely from abused titles) for the sake of consumers. Thank you - Every True Independent Mortgage Broker Everywhere #stopit #facts #math #mortgagebroker #future #smallbusinesses #ethics #integrity #journalism

Join our Chief Regulatory Counsel - RegCheck, Jonas Hoerler, for a three-part refresher blog series on various aspects of the TILA-RESPA Integrated Disclosure (TRID) Rule. 🏡 In his first entry, “Understanding TRID Tolerance Requirements and Valid ‘Change of Circumstance’ in Mortgage Transactions,” Jonas begins by explaining the foundation of the TRID Rule, exploring its tolerance levels, and describing the "changes of circumstances" that affect loan terms. In addition, he provides actionable steps lenders can take to keep in compliance with the Rule. 💡Take the journey of knowledge and understanding with us. Read the first entry of his three-part TRID series at https://lnkd.in/e6nXmnQj. #RegCheck #TRID #MortgageCompliance #MortgageLending

We 🚨 **CHANGING THE RULES** 🚨 **Fannie Mae Makes a Bold Move: Pre-Reviews Required for Broker-Involved Agency Loans** 📅 Data as of 11/08/2023 market close. 🔍 In light of recent events involving Freddie Mac and a major commercial mortgage broker, Fannie Mae has adjusted its sails. All agency-backed loans connected with brokers will need a preliminary review. What’s unfolding: - **Exemptions:** Loans already committed or rate-locked with Fannie Mae before this rule are not affected. - **New Scrutiny:** Loans in the underwriting process or with pending quotes are subject to resubmission for pre-review. 🔎 Freddie Mac's investigation has led to a "temporary pause" with Meridian Capital Group, stirring up the industry. **Impact & Industry Reactions:** - This could significantly affect mortgage brokers in agency lending. - Ira Zlotowitz, CEO of Gparency, points out the inevitable evolution of intermediaries' roles and fees. ➥ **THE TAKEAWAY** Why this matters: - Fannie Mae's new rule could signal tougher times ahead for agency loans. - It reflects growing scrutiny and the potential reshaping of the brokerage industry's role. Stay tuned as we navigate these changing tides.