FHFA Considers Alternate Credit Scoring System

The venerable FICO scoring system for rating borrower’s credit has been a foundational piece of the mortgage process for nearly 30 years. The major credit bureaus (Equifax, Experian, and TransUnion) compile consumer credit files, which are then used to calculate the FICO credit score. While the system was the best attempt for a mathematical solution…

Brokers Play Key Role Despite Digitization

The mortgage industry is evolving day by day as technology and data is integrated into every aspect of the lending cycle. More data is available for both the lender and the borrower for faster turn arounds, more accurate assessments, and a reduction in errors. It’s an exciting time for the mortgage industry. Despite this rapid…

5 Ways HMDA is Going to Change the Mortgage Business

The Home Mortgage Disclosure Act, or simply HMDA, is a federal law that requires lenders to provide mortgage data to the public. It has been on the books since 1975, but HMDA has continued to change as technology has advanced. One of the goals of HMDA has been to combat any unfair or discriminatory lending…

Is a Buyer’s Market Coming Soon?

Many regions in the United States have been a seller’s mortgage market for years. There are a number of reasons that the market has been so favorable to the seller, but factors are pointing to a switch. Those sellers that missed the wave that crested to its height over the summer may have some regrets…

How Does Location Affect a Mortgage Rate?

Mortgage rates vary quite a bit from state to state. A recent study revealed that there is a variance of 0.71% between the best and worst rates across the nation. Why is this important? If all other aspects of the mortgage were the same, things like term, principal, down payment, and all the rest, that…

5 Tips for Repeat Mortgage Customers

Keeping a mortgage customer is just as important as finding new ones. Marketing costs for mortgage leads can be quite expensive. Every broker knows how important it is to convert as many of those new business leads into happy homeowners, but how many put the proper emphasis on keeping those leads as lifelong customers? Most…

Delinquency Rates Lowest in a Decade

According to a recent study released by CoreLogic called the Loan Performance Insight Report, delinquency on mortgage payments is at the lowest rate in nearly a decade. The report shows that this trend is true across a number of different metrics. For instance, the current rate of delinquency, defined as 30 or more days delinquent on…

FlexKey Adds Foreign National Enhancements

Pacific Union Financial’s exclusive FlexKey loan program just got even better. We’ve added Foreign National enhancements to our Non-Agency suite of products, and we think lenders and borrowers alike will be pleased. What is FlexKey? Designed with atypical mortgage situations in mind, FlexKey is a suite of loan products available only from Pacific Union. For…

Disaster Relief Programs from Pacific Union Financial

In the aftermath of several natural disasters across our country, Pacific Union Financial would like to remind our business partners of the disaster relief programs we offer. We also offer an additional resource for impacted borrowers and potential borrowers you can share to your social media here. The Wholesale, Retail and Correspondent Channels of Pacific Union offer FHA 203(h) loans….

4 Tips for FHA Mortgages

FHA mortgages are very popular, partially due to their low down payment requirements for qualified borrowers. As little as 3.5% down is required for candidates that meet the credit score requirement. That means for a house that costs $100,000, the borrower only needs $3,500 down, which is very attractive in today’s market. Understanding the ins…