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• W2992722228 abstract "Maybe not soon, or willingly, but practice is gaining ground in conventional market Mortgage lending historically has be en a one-size-fits-all industry, at least as it relates to rates consumers pay. If lender's interest rate is 6.95% on a 30-year mortgage, it is 6.95% for everybody. But that model-called average pricing in mortgage industry more than likely change over next several years. Instead of using average lenders move toward risk-based which is pricing loans individually based on borrower risk. Lenders, for example, offer borrowers with exceptional credit (who pose little risk of default) a lower interest rate than borrowers with less than stellar credit. You may be thinking, isn't this already done? That's because in certain markets, risk-based pricing has been around for years. For subprime and jumbo loans (loans over $240,000), for example, risk-based pricing is norm. But in conventional, conforming loan market (loans eligible for sale to Fannie Mae and Freddie Mac), risk-based pricing at loan level is almost nonexistent. However, while lenders in this market have not been offering different loan rates based on borrower's risk, they have been testing risk-based pricing waters by offering different mortgage products to different borrowers. For example, Countrywide Home Loans, Inc., Calabasas, Calif., offers borrowers different products within their conventional loan products, says Greg Lumsden, managing director, loan origination. There are other examples of risk-based albeit a loose definition of occurring in conventional market. Blake Edwards, executive vice-president of Capital Markets and Secondary Marketing for HomeSide Lending, Inc., Jacksonville, Fla., says that Fannie Mae's announcement of reduced levels of mortgage insurance for certain borrowers is another form of risk-based pricing, and is industry's first major instance of it. What's incentive? Although lenders have talked about risk-based pricing for years, there are several reasons why conventional market has not embraced it. First, healthy mortgage industry has left most lenders simply too busy handling current volume to worry about risk-based Right now, blenders] don't need more volume. There is no real incentive... to make this move, says Mary Bruce, managing director of Mortgage Dynamics, McLean, Va. Plus, most lenders don't see benefits of risk-based Madeline Oler-Johnson, senior consultant with Mortgage Dynamics, says simply, industry is struggling with how to implement risk-based They don't see it as an opportunity, but as a big pain, both on fair-lending side and implementation side. Don Palumbo, director of Mortgage Products Group for CFI ProServices, McLean, Va., agrees, saying, industry as a whole is not pushing risk-based pricing. However, the big boys are starting to do it, and this have a cascading effect on rest of mortgage industry, he says. Explains Erin Esparza, vice-president of marketing for IMX Mortgage Exchange, San Ramon, Calif., Without risk-based other lenders cherry-pick best borrowers by offering them better pricing. Properly pricing loans is tricky. Not only must lenders properly assess risk of loan as they price it on front end to borrower, but they must also properly price loan for sale in secondary market if they don't intend to hold it in portfolio. The secondary market is already using risk-based pricing when buying loans and this increasingly force lenders to risk-based price on front end. Investors become much more aggressive in imposing risk-based pricing on lenders. As a result, lenders will have to become much more aggressive [offering] risk-based pricing in a customer friendly environment, predicts Nancy Nastally, vice-president of sales for Fiserv's Unifi loan origination system. …" @default.
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• W2992722228 title "Risk-Based Pricing-On the Way?" @default.
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