Home » November 20th, 2008
Entries posted on “November, 2008”
WASHINGTON, D.C. (November 20, 2008) — As policy-makers begin to debate the regulatory structure for our nation?s financial institutions, the Conference of State Bank Supervisors (CSBS) has formed a special task force to set forth principles necessary for any regulatory system crafted by the U.S. Congress.
?While Congress understandably emphasizes stability of major financial institutions, we are focused on economic development, consumer protection and community stabilization in our states,? said Sarah Bloom Raskin, Maryland?s Commissioner of Financial Regulation, who will chair the CSBS Regulatory Restructuring Task Force.
“The dramatic federal interventions in financial markets and the federal government’s efforts to shore up institutions that are systemically significant or too globally interconnected to fail have set the stage for an overhaul of our nation?s regulatory system,? Raskin said.
November 20th, 2008 | Posted in Uncategorized | Read More »
CHARLOTTE, N.C., Nov 5th, 2008 – Charlotte Business Journal has awarded Ameritrust Equity Services ?2008 Best Places to Work.? Over 40,000 businesses in the Charlotte area, thousands of companies and employees to compete with: Ameritrust Equity Services proudly accepts this award. In addition: Ameritrust was the only mortgage company to be honored.
John Owens, CEO of Ameritrust Equity Services; contributes the continued success of Ameritrust with a Culture that employees can grow professionally and personally.
?We are a results driven company while maintaining a high level of sociability and positive culture. We are a Family friendly company with an open door policy that management encourages,? explains Owens.
November 13th, 2008 | Posted in Uncategorized | Read More »
– Interface update expands connections to mortgage service providers –
SAN JOSE, Calif., Nov. 12, 2008 ? Calyx Software
November 11th, 2008 | Posted in Uncategorized | Read More »
Now working with multiple financial institutions to refinance mortgage portfolios in the billions 300 H4H mortgage specialists now trained and certified to handle ?Structured Refinances?
Direct-to-consumer outreach includes nationwide educational TV campaign and H4H toll free hotline
MELVILLE, N.Y. ? (November 10, 2008) — Lend America, recently ranked as the 13th largest direct-to-consumer FHA
November 10th, 2008 | Posted in Uncategorized | Read More »
Key strategic role to manage Company?s enormous growth and enable value generation
WALLA WALLA, WASHINGTON – (November 7, 2008), NetMore America, Inc. (?NetMore?), an expanding next generation mortgage banker, announced today the hiring of Edwin Fuchs as the Company?s new Chief Financial Officer. Mr. Fuchs brings to this new position over 20 years of finance experience and a deep understanding of the mortgage industry. Mr. Fuchs will be based at the Company?s corporate headquarters in Walla Walla, WA.
November 7th, 2008 | Posted in Uncategorized | Read More »
Bend, ORE., Nov. 6, 2008 ? Early returns to the MORTECH 2008 survey shows lenders overwhelmingly thinking that the government had good reason to intervene in the operations of the GSE?s.
?We have been surveying lenders for more than twenty years,? said Jeff Lebowitz, owner of MORTECH, LLC, and publisher of the annual MORTECH survey on lender behavior and technology use. ?In our surveys, Fannie Mae and Freddie Mac always found a great deal of grass roots support from the average mortgage lender. For an overwhelming majority (seventy five percent) of lenders to say that the federal takeover of the GSE?s was necessary, their on-the-ground experience must have contradicted their long held faith in the mission of the agencies.?
Preliminary MORTECH survey results (116 company interviews) show that lenders are in agreement with the need for takeover. However, survey respondents are much less in agreement that they, or the public, will benefit from the federal intervention.
November 6th, 2008 | Posted in Uncategorized | Read More »
HOUSTON, Nov. 6, 2008 ? Envoy Mortgage, formerly known as First Houston Mortgage, a mortgage-banking firm licensed in 20 states that offers expertise in every aspect of the residential mortgage lending process, announced it has opened a new office in Corpus Christi, Texas.
The new office now offers the Envoy Mortgage?s full range of loan products and utilizes its advanced business processes, including a proprietary paperless lending platform; electronic signature capability; in-house underwriting system and paperless file management system.
?Our new office in Corpus Christi illustrates Envoy Mortgage?s quest to expand in a down market,? said Dana Gompers, co-founder of Envoy Mortgage. ?Our expansion plan involves strategically looking for healthy markets to pursue in order to position our company for growth as the mortgage market returns.?
First Houston announced its new brand identity under the name Envoy Mortgage on Oct. 1, 2008 in order to more accurately reflect the growing number of offices it has throughout the United States. The company currently has 34 offices.
November 5th, 2008 | Posted in Uncategorized | Read More »
This evening I am driving over to a potential client?s house to discuss their options for getting out of an oppressive mortgage that is slowly drowning them (and their ARM hasn?t even recalculated yet). I know from talking with them over the phone that they are underwater in their current mortgage and there is not even a one percent chance they will qualify for a new mortgage. You may be asking yourself ?then why go over there if you know they won?t qualify?? My answer is that not only is this right thing to do, but these folks need sound advice and help figuring out their options. I may be able to refer them to one of many reputable business partners I have aligned myself with in this struggling market.
November 3rd, 2008 | Posted in Articles | Read More »
My original ?assignment? was to write about how mortgage brokers can take advantage of FHA?s new Hope for Homeowners (fondly nicknamed H4H by HUD) to help their clients who are delinquent, underwater, or simply over their heads in mortgage debt. My assessment so far is that H4H ?isn?t worth the paper it?s written on.?
The better FHA option is FHASecure, an alternative program that works amazingly well for FHA approved brokers and their homeowner clients who are currently in trouble. A huge glitch is that the entire FHASecure program is currently scheduled to expire 12-31-08; whereas H4H is ongoing until 9-30-11.
I strongly believe that FHASecure will be extended, mostly, because it looks so great politically ? not to mention that it?s actually working. However, I sure can?t guarantee it.
November 3rd, 2008 | Posted in Archive,Articles,Featured,Tip of the Month | Read More »
Benefit to you? Or benefit to the customer? If you benefit, then you are paid well on a closing. If the customer benefits, you do not get paid so well. If you benefit, you need to close less loans in the month. If the customer benefits, you have to work harder and close more. If you benefit, your investors will like doing business with you and you can typically receive better yield spread or rates. If the customer benefits, you have to impress the investor with volume to hedge the less favorable yield spread.
As you can tell, the tug-o-war of benefit is an ongoing issue. Many brokers and originators have a difficult time with the ethical issues of drawing the line of benefit to favor both themselves and the customers. The happy compromise is typically a very thin line that requires balance of a Cirque Du Soleil performer to walk it.
Bottom line, the benefit should go to the customer. If you are in this business for the long haul, build a reputation now as the mortgage banker who gives good deals. Be the one who clients will refer. Build a lasting relationship based on ethical standards and quality customer service.
November 3rd, 2008 | Posted in Articles | Read More »
A lot of people don’t...
