Rich Sweum's Blog

Mortgage and Lending - 1st Security Bank - NMLS #115765
Residential Mortgage Musings Real Estate Industry News
Richard Sweum : In the CFPB Pipeline...HMDA reporting under review. I wonder if there would have been a real estate bubble and subsequent "bust" had the rules that have come into existence over the past 3 years had been enacted in 2000.  I think most would agree, that the vast majority of all the...
Richard Sweum:  Highlights of the QM and ATR rules now in effect. End result?  I think borrowers are indeed more protected.  I am not so sure that they will understand the mortgage process any more than they did before, but there are indeed more safeguards in place. Ability to Repay (ATR) and Qua...
Richard Sweum:  CFPB's Fact v. Fiction sheet on Ability to Repay rule. Whether you agree or disagree with the CFPB's "Fact or Fiction" sheet, it's always good to know what folks are saying, no matter what perspective they are coming from.   What the end result will be won't be known for a year at...
Richard Sweum:  So you thought 700 was a good FICO Score? (Possible delay in implementation leaked by the new FHFA Director... this would be helpful!)  No, 700 is not a good FICO least not any more.  Fannie and Freddie have something called LLPA's, (loan level price adjusters) for a nu...
Richard Sweum: ATR (Ability To Repay) and January 10th 2014. January 10th is a "day of days" in the home loan industry; on par with GFE 2010, LO Comp, HVCC, et al.  The implementation of the final rule related to the Dodd Frank Act.   Along with it, a whole new set of acronyms to make our lives e...
Richard Sweum:  Current and Past Homeownership Rates...Opportunity! There are thousands of different facts, stats and trends that we call allow ourselves to be absorbed by.  In everey market, there is... guess it now... a ... MARKET!  Someone is always buying and someone is always selling at any ...
Richard Sweum:  FHA and the Qualified Mortgage Rule Summary   Not that anyone is really paying attention anymore (at some point and time, everything fades into the rattle and hum of internet informational blather) HUD finally came out with how it was and was not going to play by the QM rules of D...
Richard Sweum:  New 8/1/2015  "Integrated Mortgage Disclosures" I've got 1 thing to say:  Unbelievable.  God help us all, the final rule is 1888 pages long, and from what I can tell, there are different and separate "new" forms for every possible type and distinction of transaction.  FUBAR. Integ...
Richard Sweum:  New Conventional Loan Standards via DU 9.1 Freddie is following Fannie on all of the major changes (loan to value 95% etc), but what will be interesting to view over the next 2 weeks are the completely new loans that were not run through DU prior to Nov 16th, and what other surpri...
Richard Sweum:  Homeownership Counseling and Instruction a requirement? Not necessarily...yet.  A lending requirement sunami of sorts is about 2 miles offshore courtesy of the CFPB.  January 10th could possibly be remembered as a "day of days," the date which many CFPB requirements go into effect...

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