Loan Think

Recently I attended the 2012 NMLS Annual Conference in Scottsdale, Ariz., and learned that there are still many challenges out in the licensing corner of mortgage lending. It was a great opportunity to meet with state and federal regulators, compliance professionals, licensing specialists, lawyers, and experts in the industry.

Everybody is familiar with the line from the movie "Jerry Maguire," the one that goes "Show me the money!"

Is there really much of a professional difference between loan officers who work for a bank versus a nonbank? I'm not picking sides, but recent comments to this column suggest that nonbank LOs feel they are better equipped to serve the consumer - and not necessarily because they have passed the state test.

At Interthinx we get to be both soothsayer and Monday morning quarterback understanding from review why portfolios fell during the bust, and applying that learning to the future. Thus, my advice to you is to make sure that best practices in your organization flow from front to back and that all areas have the necessary intelligence tools to adequately ensure quality.

Many people take the first few weeks of the year to review and revise their personal and business goals for the next twelve months. Here's an alternative method suggested by Chris Brogan for achieving your 2012 goals.

If you're looking for the next megabank to exit the mortgage sector the most likely candidate would be Ally Financial, the government owned bank holding company that controls No. 5 ranked servicer GMAC Mortgage/Residential Capital Corp.

So, HARP 2.0 is going to be the program that finally helps millions of current but underwater Americans refinance their GSE loans? Last week National Mortgage News first reported about some of the fat profits being earned by the nation's megabanks on the 'new and improved' program.

I occasionally get invitations to speak at mortgage industry events (in addition to chairing our own SourceMedia conferences). My reaction is always bifurcated. On the one hand I'm always flattered people think my outlook on the business is worth listening to. On the other hand I'm always worried I will say something exquisitely stupid.

It was announced this week that the Consumer Financial Protection Bureau is planning on issuing a proposed rule changing the current loan officer compensation laws in the near future.

Reputation is everything in a business such as mortgage originating, where the consumer needs to trust the person they are doing business with.