Home » January 27th, 2009
Entries posted on “January, 2009”
PLANO, Texas, Jan. 27, 2009 ? Optimal Blue , the award winning developer of a comprehensive, Web-based platform that couples decisioning technology with content management for the mortgage industry, today announced that Florida-based FBC Mortgage LLC has immediately improved the locking process since implementing Optimal Blue?s product eligibility and pricing engine (PPE) technology in August 2008.
Based on feedback from end users, FBC wanted to upgrade its PPE to a more accurate platform that would tightly integrate with its existing systems. As FBC began looking for a new PPE, they heard a lot of positive feedback in the market about Optimal Blue, which led to FBC executives contacting the company and ultimately selecting its PPE technology. Accuracy was the primary driver in selecting Optimal Blue, however, FBC executives also cited the system?s ease of use, strong lock desk functionality and customizable, feature-driven functions as key reasons in their decision making process.
January 27th, 2009 | Posted in Uncategorized | Read More »
WASHINGTON, D.C. (Jan. 14, 2009) — Maryland Commissioner of Financial Regulation Sarah Bloom Raskin was one of seven witnesses to testify before the Congressional Oversight Panel at a public hearing on regulatory reform of the financial sector on Wednesday. The panel is in the process of preparing a special report on regulatory reform,
Raskin, who serves as chairman of the Conference of State Bank Supervisors? Legislative Committee, provided the panel with a state perspective on the nation?s financial regulatory structure.
?We have often heard that the consolidation of financial regulation at the federal level is the ?modern? answer to the challenges of our financial system. I am here to challenge this assumption and ask you to challenge it as well,? she said.
Raskin noted that the present regulatory system that has evolved since the enactment of nationwide banking in 1994 provides for both state-state and state-federal bank supervision.
?This is a model that has served this nation well, embodying our uniquely American dynamic of checks and balance,? she added.
Raskin told the panel that the current crisis has both revealed and created weaknesses and gaps in the nation?s regulatory system, in addition to a gap in regulatory and political will in Washington.
?It is an old saying among bank regulators that our job is to take away the punch bowl once the party really gets going?.From the state perspective, it has not been clear for many years who was controlling the punch bowl,? she said.
January 14th, 2009 | Posted in Uncategorized | Read More »
– Download addresses mandatory compliance update –
SAN JOSE, Calif., Jan. 14, 2009 ? Calyx Software
January 14th, 2009 | Posted in Uncategorized | Read More »
–Interface update expands connections to mortgage service providers –
SAN JOSE, Calif., Jan. 13, 2009 ? Calyx Software
January 12th, 2009 | Posted in Uncategorized | Read More »
The housing market will ‘fix’ itself over time and constant meddling only prolongs the inevitable. But regulators, politicians and banks are hell-bent of ‘saving’ us all with programs that will just not work. The only way to ‘fix’ the housing and mortgage markets and consumer?s balance sheet is to undo 2003-2007. To ‘undo’ means to:
? a) force de-lever the home owner/consumer through mortgage principal balance reductions based upon what the borrower really earns using market-rate financing
? b) make it so home owners can freely refinance and sell their homes
? c) make it so the vitally important move-up buyer comes back
? d) significantly reduce defaults and foreclosures without making home owners underwater, fully-leveraged, renters for the rest of their life as the present FDIC, Fannie/Freddie and bank mortgage modification plans do
? e) allow home prices to fall to attractive multiples of rents and incomes without exotic loan programs or artificial, temporarily, government induced low mortgage rates
This can all be accomplished quickly if the right steps are taken.
January 11th, 2009 | Posted in Articles | Read More »
Happy New Year! Wow, 2008 is finally behind us. What a year, and a tough one at that.
In our first issue for 2009, our feature article from Mark Hanson, aka Mr. Mortgage, firmly suggests making drastic principal reductions to loan modifications. With over 50% of loan modifications defaulting (again), it may serve us well to take large hits now, versus larger hits later.
Some say investors and speculators help fuel the housing crisis. Kurt Lefteroff and Mark Speno make a very compelling argument on how real estate investors (entrepreneurs) can actually help our economy. With lenders hesitant to enter this arena, these same folks are ?stuck at the starting gate?.
Our first Center Stage article for 2009 is with Good Grievance. A company that is very important, and appropriate, at this time. With deflating values all over the country, Good Grievance is leading the industry in property tax resolution. As a loan originator in this market, this company could prove to be a valuable partner in offering your past and present clients additional help.
Along with our line up of articles this month, we have added more lenders and categories in our ?Niche Reports? towards the rear of the magazine. Please use this information as a guide to help you do your job ? close loans.
The Niche Report wishes all our readers a prosperous New Year.
Keep up the fight,
Robert Pegg
January 9th, 2009 | Posted in Articles | Read More »
During the course of many years in customer service oriented businesses, I have learned many beneficial concepts mostly through OJT (on the job training). I have had a few mentors and valued teachers from whom I have learned how to be successful in a business that interacts with customers. As such, I have developed what I call ?Golden Rules? that are guidelines of how to conduct business on a daily basis. Since personal interaction is a key element of the business, or any business, these Golden Rules focus on communication and expression. I would like to share a few of these with a brief explanation of what they mean. If you have read my column over the past year, some of these Golden Rules may sound familiar.
1. Be impeccable with your word.
We will be tempted to say almost anything for gaining business. We will want to deliver the undeliverable just for that coveted commission check. This Golden Rule is an ethical thing. This is also the most important Golden Rule, in my opinion. There are implied benefits that will come to fruition over the long term by imposing this guideline.
January 9th, 2009 | Posted in Articles | Read More »
THE PROPERTY TAX CRISIS
Economic Solutions:
Property taxes can be traced back to ancient times, with the foundation of our current structure being passed through to the original colonies from England. Although, the methods employed by local taxing districts have undergone several changes, they all share the same basic model; the tax base must expand through new taxable units, the property value within the taxing district must continually appreciate or tax ratios for the district must be raised to cover pre budgeted costs of local government services.
Due to the dramatic declines in real estate values it has been estimated that as many as 50 million property owners within the United States are already being unfairly over-assessed. Many of these same property owners are just now becoming aware of the fact that they can file a tax grievance with the municipality to challenge the assessed value of their property. ?I called several property tax consultants in my area and chose Good Grievance because of their membership,? said Tara, a homeowner who will save almost $2,000 dollars off her tax bill the first year. ?I had called a bunch of other firms in my area and discovered they all charged 50% of the amount they saved me, that was a $1,000 for just one year?, she stated. ?Good Grievance had me pay a one-time enrollment cost of $399.00, provided a free property appraisal, free tax challenge, free analysis of my homeowners insurance, and will now challenge the assessed value of my property every year for free if the assessed value exceeds the fair market value?.
January 9th, 2009 | Posted in Archive,Articles,Center Stage | Read More »
Now more than ever, homebuyers appreciate the need to protect their investments and make smart decisions, particularly as they relate to mortgage finance. An alarm system can protect their valuables from theft, a smoke alarm from fire and homeowner?s insurance can reimburse them in the event of damage to their home. But what they often don?t know is that mortgage insurance (MI) can protect them if tough economic times or other personal financial setbacks impact their ability to make their mortgage payments.
Today?s MI products come with many added benefits for the buyer at no extra cost. These include homeowner assistance programs, job loss protection and discounts for those who complete homebuyer education programs.
January 9th, 2009 | Posted in Articles | Read More »
As many of you are aware, The Fair and Accurate Credit Transactions Act of 2003 (FACTA) established a requirement for the implementation of an Identity Theft ?Red Flags? Rule. The purpose of the rule is to minimize incidents of Identity Theft and Fraud related to the handling of customers? non-public information.
On October 22nd the FTC announced a six month extension of the Identity Theft ?Red Flags? rule. The new enforcement date is now May 1, 2009.
WHO NEEDS TO BE COMPLIANT ? MORTGAGE BROKERS?
The rule applies to federal banks, state and federal loan associations, mutual savings banks, state or federal credit unions, finance companies, auto dealerships, as well as, mortgage companies and mortgage brokers. Based on conversations with my clients, most were not aware that the complex rule affects them. In fact, it seems the brokers who were aware of the Red Flags Rule, were led to believe all they had to do was pay a little extra to the credit reporting agencies to get the fraud protection, and all would be well – that is not true?
January 9th, 2009 | Posted in Articles | Read More »
A lot of people don’t...
