Loan Think

Once again the government is taking out the mortgage crisis on nonbanks, their loan officers and mortgage brokers. On Monday National Mortgage News will publish a more detailed story about the mess, but suffice to say there are many things that rankle nonbanks concerning the Consumer Financial Protection Bureau’s new mortgage compensation rule.

The reality is that every morning, when you wake up, you are broke until you find a way to get more business and close loans.

Some loan officers hate appraisal management companies (AMCs) and here’s why: Several megabanks control AMCs through joint ventures and are making huge fee income while paying rank and file appraisers little.

What loan officers want from their employer first and foremost is integrity, said Sue Woodard, president, content and publishing at Mortgage Success Source. She was speaking at the Mortgage Bankers Association National Secondary Market Conference in New York in a session called “Powerhouse Production in a Compliance-Driven World.”

Investors will spend what they have to in order to keep REO in marketable condition, but they often work very hard to find asset managers who can sell the property in as close to the condition they find it in as they can. That’s just good business.

The Consumer Financial Protection Bureau is charting the course for new regulation on qualified mortgages, the new QM rule. Their goal is to dissuade lenders from partaking of mortgage loan programs that involve undo risk taking by imposing more stringent underwriting principals to potential loan applicants, including requiring that borrowers show they have the ability to repay a loan.

I have a few coaching clients that amaze me with their discipline and focus. One common denominator is that they try to keep a schedule for marketing and file reviews. I've decided to tackle this and thought I would share my schedule with y'all.

What the heck ever happened to Uncle Sam’s subprime (real estate) lender, Springleaf Financial? Good question.

HARP 2.0 is hot – or so we keep hearing. Late last year the Treasury Department finally found the keys to the HARP kingdom: take the loan-to-value ratio girdle totally off the patient and see what happens.

The lending industry would face “disparate-impact” liability for Fair Housing Act violations under a rule recently proposed by HUD.