As we kick off the New Year, affordability remains one of the biggest challenges facing the mortgage industry and the broader housing market. It continues to shape conversations among lenders, policymakers, and consumers alike. Affordability Is Not a Rate Problem Ask most people what’s wrong with housing affordability, and the answer comes quickly: rates are too high. It’s an easy diagnosis, clean and intuitive, and it fits neatly into headlines and political talking points.

For more than four decades, I have worked at the intersection of housing finance, regulation, and the rule of law, and if there is one constant in mortgage banking, it is change. Yet the forces reshaping the industry today feel as consequential as any I have witnessed. Understanding what comes next requires an honest look at how the system was built, why its legal and regulatory foundations matter, and what is at risk if we forget those lessons. My belief in the importance of

Agentic AI, the use of autonomous systems capable of independent decision making in support of customer service and sales efforts, is sneaking up on the mortgage industry. The thought of replacing employees with AI generated “bots” who are programmed to interface with consumers carries serious regulatory and compliance concerns which may limit their usefulness in external operations. In considering agentic AI we must understand the difference between using automated platforms

Is There Even a “Referral” Back at All? Dry January? We open 2026 after a couple short week holidays [1]  and amid discussion of the  inverted food pyramid  and challenging efforts to achieve a “dry January”. [2]  But, here at the Levy School of RESPA Compliance (LSRC), we like to invert your RESPA understandings and make RESPA anything but a dry topic. So, I’m going to start the Musings off this year with a detailed explainer about a percolating RESPA issue and finish with a

Reverse mortgages remain one of the most misunderstood products in residential lending. Even seasoned mortgage professionals often approach them with hesitation, influenced by outdated perceptions, incomplete information, or reputational concerns. That hesitation is understandable. Reverse mortgages differ from forward loans in structure, servicing, and borrower experience.   When properly understood and responsibly delivered, however, reverse mortgages can serve as an effect

Photo by  Emilie  on Unsplash After my  recent edition in which I expressly desired to appeal to a wider audience  by, among other things, eschewing the use of acronyms (unsuccessfully), I am now going to offer much more parochial industry commentary on what I think should be the biggest focus for the mortgage origination business in the coming year; specifically, the costs of loan production. So why the picture of a shovel in a ditch above? One, it’s a reminder about an  all

It’s the 100 th edition of these Musings, so it seems I need to write something special: something that is accessible and insightful to all readers and will provide deep meaning and energize your life. [1] At a minimum, this “Musing for the masses” will avoid using acronyms that only my mortgage industry peeps understand and refrain from discussing ongoing litigation implications. [2] I’m even going to spend some time talking about summer camp. So, in this “ Very Special”

Vendor management is a cornerstone of risk management for mortgage lenders, ensuring operational stability and regulatory compliance in a...

“Breaking” mortgage litigation news I’m not a news reporter [1] (and these Musings are not legal advice), but here I am reporting on the...

After years of mounting pressure and advocacy, the Homebuyers Privacy Protection Act (commonly referred to as the “trigger lead bill”)...

Suddenly, occupancy fraud is national news Recent allegations of mortgage loan occupancy fraud[1] on second homes and investor properties...

Ten Keys to Survival 1. Preserve capital. 2. Maintain maximum liquidity. 3. If not profitable, cut expenses down to where you break even....

We have seen too many banks and credit unions exit mortgage banking, usually at exactly the wrong time. But the good news is that many...

Now that we’re kicking off the new year, it’s a good time to set goals and establish priorities. Here are ten things we hope you’re...

Human nature is to be corrupt Like all humans, [1] I am self-interested and tribal by nature, [2] and that is corrupting. So, with a...

In the mortgage industry, risk is a constant variable. Something that can be managed, or mitigated, but never eliminated. Amid the...

And it still plagues industry and consumers alike Back in early 2020, in just my third Mortgage Musing, I joked that the...

Trigger leads, Twitter feeds, and the changing DC game The headline in the June 24, 2025 Mortgage Bankers Association’s Newslink read,...

At the heart of mortgage lending is a simple axiom: the value of any loan rests on the quality of its collateral. For centuries, that...

Deregulation may ease oversight, but it raises the stakes. Without the scaffolding of regulatory mandates, trust becomes the only real...