Florida became a state in 1845. Sixteen years later, kites were used in the American Civil War to deliver letters, news, and newspapers. Now we have… the internet. Here in Sarasota, at the MBA Florida Conference, yesterday’s CFPB proposal turned heads. A “rule” would remove medical bills from most credit reports, “increase privacy protections, help to increase credit scores and loan approvals, prevent debt collectors from using the credit reporting system to coerce people to pay, stop credit reporting companies from sharing medical debts with lenders and prohibits lenders from making lending decisions based on medical information.” “Just because little Timmy can’t hit a baseball doesn’t mean they need to narrow the plate to make throwing strikes harder,” said one person. “Do we need more people bidding up starter homes?” asked another. “Let’s leave off mortgage payments, or late payments, from credit reports,” said sarcastically said another. Click on the link above to comment and stay tuned! (Today’s podcast is found here, and this week’s are sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, cybersecurity, technology, and other services to the mortgage industry. Hear an interview with Zavvie’s Maya Velazquez on cash offers and buy-before-you-sell modern bridge solutions to empower buyers.) Software, Products, and Services for Lenders and Brokers Fewer new mortgages are being originated than in years past as homeowners are reluctant to give up record-low interest rates to finance a new property at rates north of 6 percent. Now, lenders are turning to special loan products to earn borrowers’ business. From ARMs to buydowns, SCRA loans and more, servicers need to make sure their teams are ready to handle these special loans. Read ICE’s new blog to learn why special loan products are rising in popularity, and to see how the ICE Mortgage Technology Professional Services experts can help bring your team up to speed.
Source: Mortgage News Daily