5 Best Practices for Loan Officers and Mortgage Originators
Question any inconsistencies regardless of how well you know the customer or how uncomfortable it might make you feel.
Home » May 26th, 2010
Entries posted on “May, 2010”
What do you think of this issue?
Once again a new issue of TNR will hit the media waves.
Are You Using Video Marketing In Your Business?
People love to connect with
Self-Coaching–Having a meeting with oneself.
Self-Coaching?Having a meeting with oneself.
TNR Contest Winners & Important Announcement
See the three lucky TNR fans who won a Free Facebook Business Page by www.Blitzlocal.com
Read about our impending conversion to a paid subscription and how you will earn BIG just by becoming a TNR Subscriber.
Change You Can Believe In: Mortgage Market Attrition, Contraction & Regulation, and the emergence of the Super Broker by Rick Roque & Josh Weinberg
Do you understand the industry well enough to make the right changes to your business? We’re afraid you don’t and may be out of business within two years.
The line between perception and reality is often blurred by emotion. Few things in life cause us to act based on our emotions more than change. So, if you have been in the mortgage industry for longer than six months, you have likely been pretty emotional the past year or two and feeling a little unsure of what your future reality may look like.
I remember attending a regional conference held by the CAMP (previously CAMB) in 2007 and hearing an anecdote about being a mortgage broker. It went something like this:
Master of Illusion ? The Con Man by Jerome Mayne
Tricked into committing fraud
Once upon a time I was a loan officer and I got involved in a gaggle of mortgage fraud activity. It didn’t end well.
I was originally contacted by a guy named Milt (or so I thought). Milt had a plan; a scam, and other players in place – straw buyers, appraisers and title agents. He presented himself as a real estate investor who simply needed a good loan officer to handle all his business. He’d heard great things about me. I was in.
Fearing FNMA?s New Loan Quality Red Flags? by Brad Kelso
Simple Insights on two of FNMA’s Loan Quality Initiatives Can Save Repurchase Risk
Two of FNMA’s recently communicated — Loan Quality Initiatives (Announcement SEL -2010-01 March 2, 2010) validating borrowers’ SSN/ or Tax Identifications and Confirming Undisclosed Liabilities – seem daunting but only require a little more understanding for originators to navigate without concern. The key is in understanding what FNMA is after, how existing tools can help, and then knowing how to escalate should existing data or results prove insufficient.
Quality Control, The 2009 Year End Review by Tommy A. Duncan
Mortgage stats for mortgage geeks (a good thing)
March 2010, The 2009 Year End Review for Quality Control made its debut in the mortgage industry. Even though there is more data that could be analyzed and discussed, I will stay focused on a few areas.
How did the industry do when comparing FHA against Conventional loans?
With all the buzz regarding FHA defaults and other problems, overall the loans are looking excellent. The FHA loans improved in the “Excellent” risk ranking by 145percent. Even though conventional loans had a higher number of “Excellent” loans they only improved 45percent as compared to the FHA loans.
BRINGING UP THE REAR: FTC Chairman Jon Leibowitz
I’m really starting to struggle with this “loan modification fraud” stuff. I’ve never been quite comfortable with the whole thing… ever since Treasury Secretary Geithner and Attorney General Holder went on national television last April 6th, and at best misled the American people… and me personally… on the subject of loan modification fraud.
I didn’t even need to go back and look up that date, April 6, 2009, and I’m sure it’s correct. I suppose I’ll remember it forever… a day that shall live in infamy, in my mind anyway.
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