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Jeff Taylor, Co-Founder & Managing Director at Mphasis Digital Risk, was recently quoted in the December issue of the MReport Magazine. Mr. Taylor projects that housing supply will remain tight in 2019. Commenting on the Innovation in Lending, Jeff says “We’re seeing a lot more non-QM products and similar types of loans coming to the market. People are looking to expand their credit box and see what types of different loans they can put in the marketplace and what the appetite might be from the investor base. The higher the interest rate, the higher the payment, the more risk tolerance people will be willing to take from a nonQM type loan, and the expansion of these mortgage products into different areas.” Inventory may also affect the purchase loan market, especially since “the refinance market has dropped off significantly and the purchase market is much more of a focus for all lenders,” states Jeff.
Leo Loomie, SVP, Client Development at Mphasis Digital Risk, was quoted in CNN Business in the article titled “The US economy is strong. Three signs it won’t last” talking about the nation’s financial stability and the debate to determine between a recovery or another downturn for the economy. The US corporate debt has risen to unprecedented levels with homebuyers taking more debt relative to their income. “If you look at requirements they have from an assets perspective, back in the day, in 2006 and 2007, you could write it on a napkin and get a mortgage loan,” says Leo Loomie “You cannot do that anymore. There’s a ton of data control that wasn’t in place 10, 12 years ago.” Housing isn’t the only reason consumers are taking on debt. Total credit, including student and auto loans, has risen far above its pre-recession peak, according to the Federal Reserve Bank of New York. Visit http://glassdoor.com/slink.htm?key=vQhSH to read the full article.
Eric Rawlings, Chief Technology Officer at Digital Risk LLC, an Mphasis company, has been recognized as one of the HousingWire Insiders 2018. HousingWire began identifying the contributions of professionals in the mortgage finance industry three years ago, recognizing professionals for their ability to not only transform their companies, but the industry as a whole. Visit http://glassdoor.com/slink.htm?key=vQkrG or http://glassdoor.com/slink.htm?key=vQkrm to learn more.
