It is a well-known fact that the population of millennials in the housing market has always been less in comparison to their former generations. There are numerous possible reasons for this viz. the past recession, unemployment, less income, ongoing student loan installments, or their inherent fear of not qualifying for a loan as yet. However, with the passage of time,…
A slew of rule changes introduced by the Dodd-Frank act and sea of red tape from the CFPB have pushed credit unions to the walls. The seemingly endless rulemaking process along with the outdated regulations existing in statute are forcing credit unions to dedicate more resources to ensure compliance than focusing on services that would benefit their membership. Stats reveal…
The need to carry out extensive customer appraisal, before arriving into a final lending decision has grown more important than ever before. The need is not just about meeting federal mandate, but more about gaining control and minimizing chances of loan defaults. Today, a lender’s responsibility goes well beyond collecting information about the borrower’s present status via examination of his…