Loan Think

THIS JUST IN: Loan brokers are starting to get a glimpse of their new wholesale contracts and the early reviews aren't good. One broker who works the mid-Atlantic market said he has reviewed three contracts so far (one from CitiMortgage) and the most he can make on any loan is 2% with a $7,000 maximum. If you care to share what you're seeing in your contracts drop me a line at Paul.Muolo@SourceMedia.com...

Late this week rumors were floating around Washington that the final 'qualified residential mortgage' test rule might be released (unleashed?) in a matter of days. But apparently there's a hang up and mortgage lobbyists say it's FDIC chief Sheila Bair who is still insisting that servicing standards be addressed at the same time.

A handful of trade groups are about to send a letter to the Federal Reserve Board concerning its loan officer compensation rule. Their chief complaint (if I read the letter correctly) is the Fed's definition of "affiliate" which could spell major problems for Realty firms that broker loans — and lenders with title company affiliates.

This morning oil prices were nearing $100 a barrel thanks to the political crisis in Libya combined, of course, with conflagrations all over North Africa and the Middle East. Normally, rising oil translates into price increases for new homes because it takes gasoline to ship building materials around the nation.

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.

A convicted financial crime felon, whose conviction has been widely reported in the press and which is known to every person working on the NMLS, submits an MU form and applies for a state MLO license.

The Consumer Confidence Index rose in February to its highest point in three years, which means Americans are feeling more optimistic about their income prospects and the direction the economy is headed – but will this newfound "happiness" translate into increased business for mortgage bankers and Realtors?

Many sales trainers talk about utilizing time management philosophy and techniques in order to maximize your productivity. But Anthony Signorelli begs to differ.

This past week Karen Sibayan of our staff broke the news about Redwood Trust’s second jumbo deal. But there's an interesting follow-up to the initial news that has not been reported on.

Next week Fannie Mae and Freddie Mac are expected to report their fourth quarter results – and no one (as might be expected) is looking for a blow-out quarter. Over the past year there's been plenty of chatter concerning when these two might (if) return to profitability.