Loan Think

When devising a mobile strategy, firms should pay close attention to three strategies that will help their mobile development succeed.

Two weeks ago, when industry officials met with the Consumer Financial Protection Bureau to discuss the agency’s proposals to reengineer how loan officers and brokers can make a living, it was a nightmare – a nightmare in the sense that few in attendance thought the agency understood the issues at hand.

Take a look at c-suites across the financial services industry and you will see a noteworthy decline in the number of women occupying the most powerful offices in America's banking industry.

On July 21, 2010, President Obama signed a bill that literally overhauled every corner of the financial industry—Dodd-Frank became an immediate game changer. Among other it contains an obscure provision that may fail to catch people's attention.

Some mortgage bankers are hoping for a Romney White House with the first order of business being the death of the Consumer Financial Protection Bureau. Of course, even if Romney wins that doesn’t mean he will be able to jam a bill to kill the agency quickly through the House and Senate.

If you are uncertain on the future of your LOS and vendor partners and feel like you are navigating a landscape that you can barely recognize, you are not alone. The good news is that you have options.

There are basically three things a salesperson must accomplish. First, the salesperson needs to find someone interested in his/her product or service. Next, the salesperson must convince the prospect/client to allow him/her to satisfy that interest and need. Last, but by no means least, the salesperson has to ensure that the transaction closes and funds. This third part to the equation is usually a good predictor of long-term success.

With all the attention to the new appraisal independence requirements in Section 129E of the federal Truth in Lending Act (TILA) that became effective in April of 2011, it can be easy to forget that more Dodd-Frank-based appraisal regulations are coming.

Are the instructive lessons of the past sufficiently integrated into current industry business models and strategic planning?

The final wholesale tally is in for 2011and the nation’s top ranked wholesalers – in terms of volume – were: Provident Funding Associates ($19.8 billion), Wells Fargo ($18.1 billion), U.S. Bank Home Mortgage ($7.3 billion), MetLife Home Loans ($6.6 billion), and Fifth Third Mortgage ($6.1 billion).