Loan Think

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.

THIS JUST IN: Is the Federal Reserve once again contemplating allowing loan brokers to be involved in the appraisal process through a “blind ordering” system? We understand there was a meeting on the topic at the Fed this week. This might cause certain ultra-pro consumer types to wring their hands, and chant, “Where's Elizabeth Warren when you need her?”...

The concept/law of Continuous Process Improvement begins with the concept that a plan—a process—is needed in most areas of your business and your life. Process simply is defined as the way, the best way, to accomplish a business plan and even a basic task.

Marc Savitt is a past president of the National Association of Mortgage Brokers and what you might call a guy who sees the glass "half full." In an interview the other day he told me that within two years home prices might be poised for a boom because of a lack of new building – even if the unemployment rate doesn't improve much. Meanwhile, although the broker sector is hurting (see the National Mortgage News website today for an update), he is starting to see more firms entertain the idea of reentering the wholesale space. Stay tuned…