Borrowers will bear the brunt of this, but rumors from several sources have Fair Isaac planning on giving most residential lenders an early Christmas “present,” effective 12/26, of higher fees for mortgage work incorporated into a new tier system. (Talk to your credit reporting agency or provider for details and tiering.) I heard a dealer in a Reno casino say that no one gets ruined by losing, they get ruined by trying to win back the money they lost. How hard is it to get back a lost client? People ask me why I send the commentary out six days a week. Hey, if I can help one MLO not lose one borrower, it’s worth it, right? For example, if an MLO is working with a borrower, or their spouse, who is Native American, they can access VA’s Native American Direct Loan (NADL) program to buy, build, or improve a home on federal trust land. The borrower may also be eligible for a loan to refinance an existing NADL to reduce their interest rate. Find out if they qualify for a NADL. There are jillions (a secondary marketing term) of less-well known programs out there by which MLOs can add value to their clients. (Today’s podcast is available here and features an interview with nCino’s Matt Hansen on innovation and product initiatives in the mortgage fintech space. This week’s is sponsored by SimpleNexus, the homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing and business intelligence. Click here to learn more about SimpleNexus, an nCino company.)
Source: Mortgage News Daily
