HELOC/2nd News; SIFMA Rate Forecast; Tax Court Ruling for Brokers

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Posted To: Pipeline Press

One court ruling from 2017 is that a mortgage broker is not a real estate professional , so passive activity rules apply. Yes, 2017 is now in the history books, and of course we will soon be seeing estimates of residential lending volumes for last year. (The exact numbers won’t be known until the HMDA data in September, and know that some companies don’t report volumes to non-government tallying services.) The starting point of the numbers is pure retail, since wholesale and correspondent derive their volume from other’s retail sources. It would be a surprise if anyone cracked into the Top 25. Through September: Wells Fargo, Bank of America, Quicken Loans, Chase, Fairway Independent, Guaranteed Rate, Caliber, Guild, Movement, loanDepot, Navy Fed, U.S. Bank, Finance of America…(read more)

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