Verifying IRS Transcripts; Lender Updates; Vendor Management is a Full-Time Job

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Posted To: Pipeline Press

“Rob, are we heading back to loans with LTVs greater than 100%?” I doubt it, but certainly there are some high LTV programs out there, over and above down payment assistance programs. For example, and this is not an ad, but United Wholesale Mortgage gives borrowers 2%: “Borrower puts 1% down, UWM contributes 2% toward the down payment, giving them 3% equity at closing.” And Quicken began offering a 1% program earlier this year. More down payment news below with FirstREX. Vendors appealing to residential lenders are on the rise. The OCC issued vendor management guidelines , followed by the FFIEC in 2015. As a result, the time has come for lenders & community banks to put their vendor management efforts to the test in regulatory audits . Not all vendors are created equal. While…(read more)

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