Loan Think

Under sections 202 and 536 of the National Housing Act, HUD may impose sanctions, including civil money penalties, for misuse of the terms “Federal Housing Administration,” “Department of Housing and Urban Development,” “Government National Mortgage Association,” “Ginnie Mae,” the acronyms “HUD,” “FHA,” or “GNMA,” or any official seal or logo of the Department of Housing and Urban Development.

It may be premature to declare the death of wholesale mortgage lending in America, but certainly it would appear that the future looks exceedingly bright for correspondent lending. We know of at least one large net branch (broker) that recently became a mortgage banker and is boasting as much to its customers.

The biggest compliant when is ask if a loan originator is doing anything with social media is—“Yeah, I know I need to do it—but can’t seem to find the time!”

In case you are just tuning into this series of articles we have been covering a very important marketing lesson, one that might explain why your current marketing efforts may not be working. We have discussed the market and how important it is for you to know your market.

In all of our talk about using social media, about how we are going to use the Internet to take more loan application, how we can communicate in an instant with our clients and never pick up the telephone, have we lost something, the ability to communicate meaningfully?

The verdict was against PHH Mortgage Corp. which does business as Coldwell Banker Mortgage. The jury awarded Staff Sgt. David Brash over $21 million in damages consisting of $1 million in emotional distress damages and $20 MILLION IN PUNITIVE DAMAGES.

With FHA lending remaining healthy (still) and the outlook for the sector looking promising (despite recent premium hikes) it’s safe to say that the “government eagle” is more valuable than ever before.

In case you are just tuning into this article we have been covering a very important marketing lesson. One that might explain why your current marketing efforts may not be working. Last week we spoke about the Market and how you really need to know your market and their issues before you can effectively market to them. If you haven’t answered the questions from that article go back and do that now -- We’ll wait.

If it weren't for those darn mortgage lenders and their ultra-tight underwriting standards, the housing market would be much improved, or so the National Association of Realtors keeps telling us every month when the new existing home sales figures come out.

Whether the U.S. is in an economic recovery or not is debatable. But things are easing for many small businesses; even mortgage originators with a purchase orientation are seeing signs of better times ahead.