After a three year period (2004 -2007) of declining credit standards the mortgage lending industry has had to fight and claw its way back into good graces with both their regulators and investors.
All this while swimming in a sea of undefined new regulation that has been thrust upon its already foreclosure burdened back with the introduction and implementation of the Frank Dodd Act of 2011 more commonly known as the Financial Reform Act of 2011.
In lending we refer to the our book of business that has been booked in any calendar year not unlike a winemaker refers to a vintage.
Mortgage Loans like Wines have good vintages and not so good vintages. Some you drink on only very special occasions while others may be more appropriately consumed from a paper bag. And just like the vintage you have vintner, some like me are better than others.
The best way to describe mortgage loans originated in the 2004 – 2007 vintage is “Smells of barnyard and tastes like, well … not recommended.” The Fermentation Daily Blog. Continue reading Where’s the Best City in America to get a Mortgage?