Loan Think

Talk about pet peeves, sales and marketing slogans are high on my list. Companies employ a variety of sales and marketing slogans but totally disregard the intent and meaning of the phrase they use. They even go so far as to have it as a salutation on their emails and voicemail greetings.

The National Mortgage Settlement between state attorneys general and the federal government on one side and major mortgage servicers on the other is likely to affect the way small servicers and subservicers do business.

Over the past dozen years, one of the best things I’ve done on the road is to gather top industry officials around me and have a freeform, on-the-record roundtable of industry issues.

When the CFPB’s loan officer compensation proposal came out late Wednesday night nonbank mortgage lenders and loan brokers hit the roof. Some trade group officials thought the young agency actually understood the mortgage market, thinking it would do what is best for consumers – which brokers believe would benefit them.

James Delbert McConville, a Fremont man, was sentenced to nearly eight years in prison and must pay more than $7 million in restitution after being convicted of conspiring to commit mail and wire fraud, federal prosecutors said.

More information from an anonymous contributor who wanted me to spread the word about how if you don’t feel good, your business will suffer.

Many foreclosed properties sell at far lower prices because servicers and investors often fail to carry out repairs and take full advantage of insurance coverage when properties sustain insurable damages.

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.