Mortgage Loans
Mr. Cooper Group, the Coppell-based mortgage loan servicer considered to be one of the largest companies of its kind in the United States, was hit with five lawsuits following an October data breach. On Halloween 2023, the mega mortgage loan company was hit by a cyberattack that potentially exposed significant consumer personal information: full names,…
Read MoreInteresting story in the Los Angeles Times. According to their business desk, banks are easing lending restrictions and lending more freely, using “creative financing,” which could bring more risk to the market. The story, which talks about “piggyback financing” and other risky mortgage loans, says that with higher prices comes more risk in housing finance.…
Read MoreChanges are coming to some of the key documents that homebuyers sign when they close on a mortgage loan. Government agencies are behind these changes, so it should come as no surprise that they’re late. The changes to the Good Faith Estimate, Truth-in- Lending Disclosure and HUD-1 Settlement Statement — required by the Dodd…
Read MoreUpdate to the mortgage story. As I said earlier, mortgage broker Ron Schulz told me over the weekend that the biggest hurdle in mortgage financing now is finding mortgage loans for the self-employed. Those deals are near impossible because most self-employed work off K-1 income to control/limit taxes so when they go to get a…
Read More