Loan Think

You’ve no doubt been inundated with communication about the changes occurring within the reverse mortgage industry. Making its appearance just this week is the HECM Saver in addition to the new principal limit factors which are now in place. We can speculate and look at various predictions about how this will affect the reverse mortgage business overall, but what does it mean to you, the individual originator?

Mortgage servicers have been getting whacked upside the head thanks to the 'Foreclosure-gate' scandal, sweeping the nation. But a Florida law firm that processes foreclosures for servicers has won a battle (for now) against state attorney general Bill McCullom (a former Republican Congressman, by the way.)

Because of the tough economy, home sales have been slow in many parts of the country. And even the refinance market is not as strong as it could be, if one looks at the Mortgage Bankers Association's Market Composite Index.

Basel III caps at 10% the amount of servicing rights that can be counted as capital. (See the National Mortgage News issue of Monday, October 4.) There is a multi-year phase in on the rule which will help some of the nation's megabanks. One servicing advisor told me that as of June 30 Wells Fargo was "already something in the mid- to high-teens in percentage of Tier 1 capital attributed to MSR.

The purchaser or assignee that acquires the loan must provide the required disclosures no later than 30 days after the date on which it acquired the loan. This applies to any consumer credit transaction secured by the principal dwelling of the consumer. This became effective May 20 to all mortgage loans sold or otherwise transferred on or after that date.

THIS JUST IN: LoanMarket.net, the fledgling loan auction bulletin board based in Irvine, hired Jeff Haar who used to run Saxon Mortgage's correspondent program. More to come on what it all means…

National Mortgage News was one of the first news organizations to receive the new Amherst Mortgage Insight report on foreclosures. I hope you're sitting down because AMI says that 11 million home mortgages could go to foreclosure if the loan modification picture does not improve.

Actually, it’s called your life.I own an Apple TV. The settings allow you to watch YOUR pictures and at that same time listen to your favorite playlist.This is otherwise known as YOUR LIFE.What pictures do you have?Do you like to watch your life’s experience?Do you wish it was different?

So, it looks like the $80 billion that Uncle Sam spent to bail out American International Group eventually will be paid back. And with a little luck maybe the U.S. will get back the $17 billion it pumped into GMAC/Ally Financial. Okay, maybe not so fast on that last one.

Are you experiencing withdrawal symptoms because the homebuyer tax credit incentives have come and gone? Think of this as your mid-year business planning session. You’ve got to keep the momentum going because you can’t always rely on “the next big thing” to boost your business.