Loan Think

For those looking to start or grow a small business in 2011, they need to have marketing plans that are more creative and innovative than ever before, declared one expert.

The Fed Sued Over LO Comp. What's Next?

ML 11-02 –Quality Control Plans must be updated. QC plans must now provide for monitoring third party originators and underwriters. Review must include thresholds based on volume, past experience and other factors as set forth in 4060.1 Rev 2, Para. 7-6. QC Plan must include methodology of review, results and corrective actions taken.

On Monday the National Association of Independent Housing Professionals is expected to file suit against the Federal Reserve Board, seeking to block its loan officer compensation rule, according to officials familiar with the situation. The civil action will be filed in U.S. District Court for the District of Columbia.

The Law of Continuous Process Improvement begins with the concept that a plan is needed in every area of your business and your life. But every plan requires continuous analysis and adjustment to find the way forward. Even basic task need a plan and a process of continuous improvement.

Mortgage lenders and servicers should've been drinking champagne this morning. The national unemployment rate fell below 9% which means (in theory) that fewer mortgagors will default on their loans, and a whole new crop of employed citizens might feel good enough to buy a home this spring. But if only it were that simple.

As we noted in a recent column, wholesalers have been sending out new compensation contracts to their loan brokers. Some brokers I've interviewed are none-too-pleased with what they've seen while others are learning to live with the situation.

It used to be that if you called the FHA Hotline to find answers to your underwriting questions, you’d be on hold forever. Worse yet, if you used their advice and it was wrong, you’d could not trace who gave you the answer—nor would they give you the chapter and verse from the HUD manual.

Anyone looking for Treasury Secretary Tim Geithner to endorse a specific approach to the future of Fannie Mae and Freddie Mac (and the housing finance system at large) came away disappointed by his testimony before the House Financial Services Committee on Tuesday — where he repeatedly declined to take a concrete stand.

In our past few articles, we have been discussing the one sentence that will generate more clients for you. Here’s the sentence: People will do anything for those who encourage their dreams, justify their failures, allay their fears, confirm their suspicions and help them throw rocks at their enemies.