David Kittle of IMARC (right)
"The banks and everybody involved that settled is certainly saying that its time to move forward. I agree with Scott, the proof is in the pudding at the end of the day, and you have to see how its going to be implemented, how fast. I dont know if concern is the right word or even worry. I dont know which word I want to use there, but what theyre talking about in the settlement, having all these loans be done at FHA, I wonder how thats going to take place and be implemented. The constraints the FHA is under today financially and their staff if theyre prepared to handle, if it gets to the volume that they think and hope that it will." "
The compliance now goes all the way to the new regs, compliance with the origination of the loan, which ends up in the servicing pot. To Scotts point, Ive owned all or part of three mortgage companies in my 34-year career. I wouldnt open another one today."