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Welcome to our Legislative & Regulatory issue of TNR. As we all knew, change was coming down the pike. And as loan originators, we will all be affected by these changes. This issue is packed full of information, contributed by some of the most respected and trusted insiders of our industry, to help you navigate these changes. Please pay attention.
Keep up the fight,
Robert Pegg
September 26th, 2009 | Posted in Articles | Read More »
A Retired Bull? No… Just a Liar in Economist’s Clothing.
I’m still not entirely sure why they call someone who thinks a given market’s prospect’s are bleak a “bear”. It’s not because “bears get slaughtered,” that’s “pigs” that get slaughtered… or maybe “hogs,” I don’t really know, or care to know, frankly. I find Wall Street’s apparent preoccupation with bestiality distasteful, and not surprising in the least. But I do think that I just figured out why they call people who are optimistic about a market’s future a “bull”. It’s because what they have to say is BS, and they’re too polite to add and spell-out the conjunctive ‘s’ word that would make the term a synonym for “fertilizer”.
September 26th, 2009 | Posted in Archive,Articles,Bringing Up the Rear | Read More »
Every relationship has a beginning. The best of friends and the closest partners all were strangers to one another at sometime. When you engage people/prospects as potential clients, they have little or no reason to commit to you; “they don’t know you from a hill of beans.” How do they become a committed client of yours?
A person will slowly become more committed and loyal to you as you guide them through the process of originating a mortgage or finding a house. As the time you spend with a person increases, and as the options become fewer, and as your knowledge of their goals is honed, the commitment to you is stronger. This is called “creeping commitment.”
September 26th, 2009 | Posted in Articles | Read More »
Submitted: Karen Deis, Publisher, Mortgage Currentcy.com
Wow, for the first time in years, there have been no FHA Mortgagee Letters or VA Circular Letters that affect Originators and Processors!
Of course, Fannie and Freddie have created a new dance routine called the “Mortgage Shuffle”, where they are changing the changes that they changed before!
If you only read one update in this article, read Freddie’s Clarifies and Revising Underwriting Guideline Updates!
Fannie Updates 125 LTV Again! But these are Good Changes!
September 26th, 2009 | Posted in Uncategorized | Read More »
The Niche Report talks with Thor Skonnord, co-owner and designer of Quick Qualifier.
Pay attention folks, this is a highly useful software suite that will help you close loans and build referrals.
Over the last fifteen years, Quick Qualifier Software has become an industry leader as a versatile tool for loan officers. Thor Skonnord, author of the software, talks about its conception and features.
Tell me about Quick Qualifier.
Quick Qualifier is a Windows-based software program that does many things for a loan officer. It calculates loan scenarios with payments, closing costs, and total cash requirements. It is a pre-qualification tool and a marketing tool that has templates for fourteen open house flyers that include finance options and color pictures of Real Estate agents and homes for sale. It creates more than sixty presentations in English or Spanish. The best part is that everything it does is instantaneous.
September 26th, 2009 | Posted in Archive,Articles,Center Stage | Read More »
With the passage of the Housing and Economic Recovery Act (HERA) of 2008; Title V, the Secure and Fair Enforcement Mortgage Licensing Act (SAFE Act) brings extensive changes to the lending industry. Among the most significant is a requirement for all Loan Originators to be licensed and registered with a national database. Additionally, the SAFE Act provides a new federal definition of Loan Originator and requires all States to create and maintain a system for licensing and monitoring Loan Originators so that loan performance may be tracked at the individual loan level.
The Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) were given the task of creating the Nationwide Mortgage Licensing System and Registry (NMLSR), the national database responsible for tracking Loan Originators.
September 26th, 2009 | Posted in Articles | Read More »
This type of ‘Home’ Schooling can cost a mortgage.
The mortgage industry has long been at the forefront of using the Internet to generate sales leads. The Internet leads market was riding high in the glory days of the mortgage refinance boom, but then the market came crashing down. Literally overnight hundreds of banks failed, mega-banks were on the brink, and for months consumers had little or no choice for mortgage financing.
Well, you’re a mortgage broker or lender most probably—is it possible to believe the marketing opportunities are even bigger in this new market?
September 26th, 2009 | Posted in Articles | Read More »
By Joel Horn, president of Mortgage Spirit
The complex changes involving HUD’s reformed Good Faith Estimate (GFE) slated for Jan. 1, 2010, has left many mortgage originators uneasy. The significant change brings a lot of discord as many originators struggle to prepare for the challenging requirement to define their revenues in terms of a specific dollar amount instead of the current industry practice of defining their revenue in percentages. The transition takes time and must be handled with care.
While many originators resist changes dictated by the new “final rule” of the Real Estate Settlement Procedures Act (RESPA), such change is inevitable and it is imperative that they prepare by implementing a formal educational process. The training involved for the pending RESPA requirements should begin at least 90 days prior to the ruling going into effect. One of the best ways for the owner of a brokerage or mortgage banking organization to educate their entire staff is to follow a three-tiered, 90-day approach.
September 26th, 2009 | Posted in Articles | Read More »
In today’s lending environment, the quality control process is more important then ever before. Whether you’re a large or small mortgage lender or broker, the quality control process needs to be a key part of your daily business. As foreclosures continue to mount, loans are being kicked back for a variety of reasons even when you think your company has done its due diligence with sound underwriting. In this market, you need to ask yourself, can we absorb repurchase losses, because a single repurchase can mean the loss of thousands of dollars, the loss of a warehouse line, or worse yet, the closure of the business.
September 26th, 2009 | Posted in Articles | Read More »
Your world is being turned upside down with this one—especially if you are a broker! But wait, this affects EVERYONE—bankers, lenders, creditors—anyone who provides closed-end mortgage loans.
The Mortgage Disclosure Improvement Act was created for 3 reasons – uniformity, disclosure, and comparison-shopping! You will also find changes in GFE and HUD 1 and HUD 1A. Oh, by the way, more waiting periods kick in. MDIA should be renamed to “How Long Can We Delay the Closing Act”!
In fact, to be a little more technical, MDIA defines and consolidates the information from TILA, HOEPA, HERA, EESA and Reg X and Reg Z (It’s published in Federal Register Vol. 74, No 95, May 19, 2009 if you want to research on the internet, download and read.)
It’s designed to clearly answer the questions borrowers have when applying for a mortgage and gives them the ability to compare estimates—both with your competitor’s rates and fees and a second disclosure if the terms, fees or APR have changed by more than the tolerance levels.
September 26th, 2009 | Posted in Articles | Read More »
A lot of people don’t...
