Loan Think

It would appear the GMAC 'Foreclosure-Gate' scandal may be the tip of the iceberg. Not only is Moody's now reviewing GMAC's foreclosure practices for a possible (servicing) rating downgrade, but I would gather that class action attorneys are probably circling the wagons, targeting the nation's mega servicers and how they've been running foreclosures factories without paying close attention to certain legal details.

As I write this article, I am sitting in the hospital waiting on my surgeon to get around to calling to the nurse’s station to allow me to have something to eat after 36 hours.

Forget the firestorm caused by the ‘GMAC Foreclosure-gate’ scandal. The industry may have a bigger problem on its hands. Banking regulators and central bank officials from across the world met earlier this month to finalize their Basel III talks on tougher capital rules for depositories and it appears one big loser could be mortgage servicing rights.

Have you learned any social media survival skills? If you want to become famous in your little corner of the mortgage world, there are some things you simply must do!

Have you noticed it? There are several changes occurring in our industry as I write this piece. While it is sometimes cumbersome to stay on top of new regulations, programs, etc, I say change is good. Read on and tell me if you agree.

If mortgage bankers and brokers think their industry has been slammed by a mountain load of new regulations under the Obama White House and Democratic controlled House and Senate, they may want to brace themselves for this: Democratic leaders on the House Financial Services Committee are assembling legislation to expand Community Reinvestment Act requirements beyond banks, targeting nondepository mortgage firms, investment bankers, and insurers. The

Would you take a mortgage company public that has procedural and legal problems foreclosing on its borrowers? Well, that's hard to say. The company we're talking about (of course) is GMAC Mortgage which is one of several brand names that fall under Residential Capital Corp., which in turn is part of Ally Financial, which in turn is majority owned by the U.S. government.

Many sales people have successful coaching relationships, but there are others who feel they have wasted their time and their money. Those people quite likely only put minimal effort into choosing the person they sought coaching from. If they did put a lot of time into their decision, they might not have been using the right criteria.

When we broke the news late last week that MetLife was the winning bidder on the $23 billion AmTrust servicing portfolio, we forgot to mention one interesting fact: that the buyer will not have to worry about loan buyback exposure from Fannie Mae and Freddie Mac.

Adult child loses home to foreclosure and bankruptcy. Now lives in a fine home a month later? It is possible with an FHA loan. Adult parent over 62 can take out a reverse mortgage to purchase a home in parent name only. Adult child with family can move in and live with parent as long as parent is only one on reverse mortgage loan. It could happen.