Home » February 27th, 2009
Entries posted on “February, 2009”
Multi-use technology identifies new revenue streams and detects risk
Salisbury, Md., February 27, 2009 ? Credit Plus, Inc., a leader in the credit information industry since 1928, announces it has developed a suite of loan analytical tools. The technology focuses on assisting lenders and servicers in avoiding foreclosure. It also is utilized by lenders and brokers for data mining to identify new revenue streams.
?In today?s environment all lenders are modifying loans. Our proprietary software assists them in doing this by detecting potential loans that may be heading into default. In addition the technology can be utilized to discover additional income opportunities. For example, mortgage professionals only close
February 27th, 2009 | Posted in Uncategorized | Read More »
FOR IMMEDIATE RELEASE
CONTACT:
Alexander Mortgage Corp. & Alliance Realty Advisors
John Habeeb- President
Toll free- 800-894-4161
Office- 781-749-4161
Fax- 781-749-8961
Email- jhabeeb@amortgage.com
350 Lincoln St. Ste 213
Hingham, MA 02043-1585
Hingham, MA- 20 February 2009- New service from Amortgage.com allows users to buy, sell and finance real estate online in over 30 languages.
These close-knit staffs have more than 50 years of combined experience in real estate, financing, leasing, law and construction. Amortgage.com is a multi-faceted web site that will help you find the best real estate value, negotiate your deal, assist with the details of your home inspection, mortgages, insurance, and much more! Alliance Realty Advisors, and sister company Alexander Mortgage, are able to offer comprehensive services under one roof, relieving the stress of most real estate transactions. You can search Amortgage.com exclusive home listings as well as listings in the multiple listing service. Once you find your home, Alexander Mortgage will search hundreds of loan programs at many different lending sources to find the best loan for you. They have been serving the real estate needs of clients since 1986! BUY, SELL, FINANCE- and it’s that easy!
February 25th, 2009 | Posted in Uncategorized | Read More »
WASHINGTON, D.C. — The Conference of State Bank Supervisors (CSBS) has asked the FDIC to further review its proposed rule on interest rate restrictions for institutions that are ?less than well-capitalized? to provide more time to unwind their holdings of brokered deposits.
In a comment letter issued today, CSBS President and CEO Neil Milner restated a suggestion made in an earlier letter to FDIC Chairman Sheila Bair that institutions falling below well-capitalized be allowed time to reduce their dependence on brokered deposits.
?Absent a waiver from the FDIC, institutions are required to stop accepting or renewing brokered deposits,? Milner said. ?We are concerned that this provision is unnecessarily creating liquidity events,? he added.
CSBS suggested banks be given 12 months to unwind the positions, reducing the balances each month by 1/12 of the amount as of the determination date.
?This will allow the bank to reduce its dependence on brokered deposits over time, while helping to ensure adequate liquidity is maintained as the bank works to enhance capital and reduce its risk profile,? Milner said.
Milner said CSBS supports the proposal for providing depository institutions and examiners with a clear method for calculating applicable interest rate caps and suggested the FDIC post on its website those markets that qualify as a higher-rate market to provide institutions with a useful resource in determining the appropriate interest rate.
?However, we encourage the FDIC to consider the impact non-depository market participants are having upon the prevailing rates in an institution?s normal market area,? Milner said.
The letter can be viewed here.
# # #
The Conference of State Bank Supervisors is the nationwide organization for state banking, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands, and approximately 6,200 state-chartered financial institutions. The Conference is responsible for defending state authority to determine banking structure and the products and services state-chartered institutions can offer and for improving the quality of state bank supervision by providing department performance evaluation and accreditation programs and supervisory education/training programs for state banking department personnel.
CSBS Information Contact: Mary White, mwhite@csbs.org, (202) 728-5715.
February 24th, 2009 | Posted in Uncategorized | Read More »
Brings the entire mortgage process into a single paperless application enhancing efficiency and compliance
Strategic initiative lead by new Chief Information Officer Adeel Saeed
Transforms Company?s green ideals into real environmental and economic results
MELVILLE, N.Y. ? (February 24, 2009) — Lend America, a leading next generation direct-to-consumer FHA lender, announced today it has built and implemented an automated paperless platform for all loan originations and processing that enhances overall efficiency, regulatory compliance and risk management, while extending the Company?s commitment to environmental stewardship. This strategic initiative was directed by Lend America?s new Chief Information Officer,
February 24th, 2009 | Posted in Uncategorized | Read More »
Michele Newsham hired to enhance the Company?s operational infrastructure and lending value chain
WALLA WALLA, WASHINGTON – (February 12, 2009), NetMore America, Inc. (?NetMore?), an expanding next generation mortgage banker, announced today the hiring of Michele Sophiea Newsham as the Company?s new Executive Vice President, Operations. Ms. Newsham brings to this new position over 20 years of national operation management experience within the mortgage industry with a strong focus on process design, efficiency modeling and team building. Ms. Newsham will play a critical role in the Company?s risk
February 12th, 2009 | Posted in Archive,Uncategorized | Read More »
WASHINGTON, D.C. ? The Nationwide Mortgage Licensing System (NMLS) ended its first full year of operations with 22 participating states and managing over 90,000 company, branch and loan officer licenses.
In a year of turmoil in the mortgage industry and questions as to regulatory oversight, Conference of State Bank Supervisors (CSBS) and American Association of Residential Mortgage Regulators (AARMR) introduced a system that provides transparency to the mortgage industry and is quickly proving itself as a key supervisory tool to state regulators. After four years of development, NMLS launched January 2, 2008, with seven states. NMLS now expects to have a total of 34 states on the system by summer 2009.
NMLS concluded its first year managing 13,936 mortgage companies, 9,278 branches, and 66,692 mortgage loan originators.
“We?re pleased to report NMLS has exceeded our initial expectations and is on solid footing as it enters its second year,? said Gavin Gee, Idaho Director of Finance and chairman of State Regulatory Registry LLC, a CSBS subsidiary which owns and operates NMLS.
?Being able to launch such a comprehensive system and have nearly half the states participating in the first year is a strong indication of state regulators? ability to move quickly with effective solutions,? Gee said. (See chart.)
February 11th, 2009 | Posted in Uncategorized | Read More »
Expands support services to provide additional opportunities and added benefits
Waukesha, Wis., February 10, 2009 ? Inlanta Mortgage, a mortgage banker and broker since 1993, has added in-house underwriting to its extensive list of support services for loan officers and partner branches. Randy Burgei, a FHA Direct Endorsement Underwriter, has joined Inlanta Mortgage to develop the company?s in-house underwriting, insuring and shipping departments. He also helped the company achieve full Eagle status, meaning Inlanta will be able to originate and sell FHA-insured mortgages without prior approval from a sponsoring lender. With Burgei?s Direct Endorsement status, the company can streamline the application process and provide greater flexibility for originators and borrowers.
?With numerous, significant benefits in operating with in-house underwriting, we are pleased to bring this resource to our loan officers and branch partners,? said Jean Badciong, Vice President of Operations at Inlanta Mortgage. ?It?s an honor to welcome Randy to the team, and we are looking forward to the contributions he will make to the growth and progress of our company.?
February 10th, 2009 | Posted in Uncategorized | Read More »
This issue of TNR is packed full of great content ? including our feature article on FHA Streamline Refinances by Leslie Petersen, the industry guru on FHA/VA and conventional guidelines. A loan originator cannot survive without having FHA or VA in their portfolio of product offerings. This article gives great insight to one of the best programs on the market.
It has been reported that correspondent lending is rapidly growing while wholesale mortgage brokering is rapidly decreasing. This seems quite obvious with Chase recently shutting down their wholesale operations. I believe the small broker is getting squeezed out. To remain competitive in this market these same small brokers are joining correspondent lenders as net branches. By doing this, they are now able to compete with retail lenders but must now also carry a substantial about of risk on their shoulders, sometimes referred to as ?skin in the game?. I won?t go in to all the associated risk because it differs from company to company but I will say this is not a bad thing; in fact, it will help to cleanse our industry of the ?bad apples?. I am not saying the small broker is dead, only that there is a popular
February 5th, 2009 | Posted in Articles | Read More »
This is a continuation of last month?s column.
4. Benefit ? Cost = Value
The ultimate goal in any transaction is to offer a good product at a fair price to the satisfaction of the customer. In this formula, ?cost? is the fair price. Cost can be monetary, emotional, time, or effort. Cost is measured by the customer. You offer benefit. If your benefit far exceeds the customer?s cost of the transaction, then the customer will experience an inherent value. The greater the benefit you offer, more enjoyable or pleasurable the experience will be to the customer and the greater the value they will have for their investment.
5. Listen to the words, not an interpretation in your mind.
This is a personal pet-peeve of mine. I hate when people interpret what I say instead of listening to the literal meaning of my words. I am sure we have all had a disturbing experience of this. For example, I would tell a client that I MAY be able to lock in at a certain rate for them. The next day they want to know if I DID lock in that rate because I said that was what I would do for him. That client interpreted my words to mean I WILL perform that task when I said I MAY be able to perform the task.
February 5th, 2009 | Posted in Articles | Read More »
Put Your Client into a Better Loan
Work less, make more money and put your client into a better loan! Yeah, right ? heard that before, haven?t you? What about no appraisal and no income qualifying? Too good to be true, right?
Let?s test it out. All of the following are rumored to be features of the FHA Streamlined Refinance program. How would you answer?
T F
□ □ 1. Unemployed borrowers are eligible; there is no income qualifying
□ □ 2. No FICO requirements
□ □ 3. No new appraisal required, even in declining markets
□ □ 4. Borrowers who no longer occupy the home may be dropped from the new loan
□ □ 5. No asset verification
□ □ 6. Loan can be done at no cost to the borrower
□ □ 7. There is no one-year seasoning requirement
□ □ 8. Borrowers end up with a better loan, usually with lower payments
□ □ 9. Secondary financing may be subordinated without regard to CLTV
□ □ 10. Current occupancy is not necessary
February 5th, 2009 | Posted in Articles | Read More »
A lot of people don’t...
