Archive for January 2015

Are mortgage credit standards really too tight?

Earlier this week, Geoff Williams, a reporter for U.S. New and World Report, asked me for my opinion about current credit standards set by mortgage lenders, and whether someone with less-than-stellar credit could actually get a loan to buy a home. Here’s what I told him: There has been a false narrative circulating ever since…

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The CFPB's New "Mortgage Tool" is a near miss

The Consumer Financial Protection Bureau (CFPB), has recently released a suite of tools for consumers who are thinking about buying a home. The concept is good; in my 25 years as a mortgage lender, I have spent a great deal of time educating the public about basic financial principles. Here’s where CFPB has missed the…

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Will changing mortgage insurance fix FHA?

FHA loans are about to get a little less unattractive (yes, I know that’s a double negative. I did it on purpose). Since 1934, millions of people have become homeowners because of the Federal Housing Administration’s (FHA) loan programs. The combination of low down payment requirements (presently 3.5%) and flexible underwriting standards has made FHA…

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Joseph M. Parsons NMLS #230285
Pinnacle Capital Mortgage,
a division of Finance of America, LLC

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