Home Ownership and Equity Protection Act, also known as HOEPA, was passed to eliminate unscrupulous mortgage lending practices. The HOEPA regulation enforced new requirements and features for high-cost mortgages to protect borrowers. HOEPA was approved in 1994 as a revision to Truth in Lending Act (TILA), It provided an extra layer of protection to mortgagors who qualify for high cost…
In a stringent Dodd-Frank regulatory framework, it has become difficult for lenders to churn adequate profit on per-loan basis. It is difficult to find the right balance between risk-free operations and keeping costs in control. However, many lenders are now taking help from superior data to understand what type of loans to sell and how to improve close ratios. However,…
When a buyer wants to buy a property, it is important for it to have clear titles to avoid legal hassles later. This is what makes title search such an important process in home loan lifecycle. A title search determines if seller has the right to sell their property and that the buyer will receive all rights to the property…