| how does this effect reverse mortgages |
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| Above Posted By:
paul pancher
| Mon, 11 Feb 2008 17:19:14 EST |
| You try opening a mortgage broker firm with "no skin in the game". Beyond the thousands of $$ it takes to actually open, recruit, brand & run a business, its hundreds of hours of busting *** just to establish yourself. The $10K plus to have a government approved CPA bless our financials is just insane. Lets be honest, you don't want the approval reform because it creates more competition, & you're afraid of someone else doing it better than you & offer the product at a better rate/price. |
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| Above Posted By:
Mack
| Thu, 13 Dec 2007 21:25:20 EST |
| With all due respect to Tom, I disagree. Though there are many conciencious brokers, there are many slimey ones who are salivating at the thought of easier access to FHA loans. They are even advertising that they will shift sub-prime borrowers to FHA. Encouraging them with no audits or net worth requirements is inviting a flood of bad loans into FHA. Brokers with no "skin in the game" have no business in this arena. It is a shame that the dishonest make life hard for people like Tom. |
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| Above Posted By:
Alan
| Tue, 16 Oct 2007 07:39:36 EST |
| I really would like to take a moment and add my comment to the many that have been posted here although I'm not sure I know the original premise,but based on the comments made there seems to be a plenty of various and astute people able to give professional advice. Although I'm sure there is plenty of blame to spread in this meltdown. The issues aren't to be simply divided and broken down exclusively unto themselves but look to your heart and tell me that good old fashion greed wasn't presen |
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| Above Posted By:
Don
| Fri, 5 Oct 2007 06:07:48 EST |
| It is not Mortgage Brokers who caused this mess. It was the lenders offering a loan to anyone who was breathing basically. |
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| Above Posted By:
Brent
| Tue, 2 Oct 2007 10:17:14 EST |
| To Joe Kamenar,
Whoever got you that loan at 9+% helped themselves, not you! Suggest you go to the AARP website and find out about reverse mortgages. They are available to seniors REGARDLESS OF CREDIT RATING OR INCOME (your interest rate suggests you have credit problems), because there are NO payments. The mortgage is paid off after your death. Check it out, and sorry you were victimized. You should report the lender or broker to your state's banking dept. Good luck! JD Rawcliffe, Esq. |
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| Above Posted By:
JD Rawcliffe, Esq.
| Thu, 27 Sep 2007 14:59:43 EST |
| Real estate agents do NOT set prices, they show clients what similar homes have sold for and let the Buyer or Seller decide what the price should be. If your agent isn't doing this, find another agent. I have never pressured a client into buying a home. I am not selling cars or shoes or some other commodity. Buying a home is an emotional decision, you either love it or you don't. I can't talk you into loving a home. Get loan approved first and house-hunt within your budget limits, be smart! |
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| Above Posted By:
Pete
| Thu, 27 Sep 2007 12:44:56 EST |
| Wade, real estate professionals DON'T set the price on a listing. The real estate market and the owner set the price. Don't shoot the messenger. |
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| Above Posted By:
Tom
| Wed, 26 Sep 2007 07:37:56 EST |
| For those that think mortgage brokers are "all bad" you are quite ignorant. To say that the FHA approval requirements should remain the same is foolish. I own a small brokerage that primarily originates A-Paper. Due to my company size and the huge cost of a full blown audit, FHA has been a pipe dream. With the new reform, my company will soon be able to get approved FHA and help hundreds of borrowers that cannot be helped right now. We don't charge 8pts so we can have the cash for FHA. |
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| Above Posted By:
Brian Margulies
| Wed, 26 Sep 2007 07:00:42 EST |
| please....it is not only mortgage broker's that have to be weeded out, but real estate personals doing all the pressure to client's
to buy bigger homes than they can actually afford. |
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| Above Posted By:
giant
| Tue, 25 Sep 2007 10:50:30 EST |
| It seems to me to be another way to bail out the rich. Leave it to ol' W to help out and require another help for his friends in Texas. I don't care what person we get for president, it will take the next 20 years to recover from what Bush is doing to the average taxpayer. I will grant you the last presidents didn't spend a whole lot on the average American, but now the average American will be watching their great-grandchildren pay for Bush being in office. Way to go Bush! |
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| Above Posted By:
ahab
| Tue, 25 Sep 2007 02:33:03 EST |
| We are supposed to believe elder abuse because you refinanced a 600k loan? Seriously? There are people in much worse shape than you richard "real". |
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| Above Posted By:
john
| Mon, 24 Sep 2007 09:07:02 EST |
| My earlier comments about brokers should be able to originate FHA loans were to TC, so sorry Edward.
But Edward, FHASecure will help those people you are worried about. |
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| Above Posted By:
Wade
| Sun, 23 Sep 2007 21:32:01 EST |
| Edward O. would rather brokers be DENIED the ability to originate FHA loans, even though his "trusted" banks are still the ones Underwriting ALL of the broker's loans. Why be afraid of who is originating it? Allow only the rich brokers the option to do FHA loans? Talk about easy entrance, there are NO mandated requirements for the bank and credit unions originators. Brokers do have requirements. And as far as who started the mess: Real Estate Agents set the price on the listing. |
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| Above Posted By:
Wade
| Sun, 23 Sep 2007 21:22:59 EST |
| Will this new FHA 'overhaul' help those homeowners who have been, or are 30,60, or 90 days delinquent? So far, FHA cannot help those people. They are the ones who could really use the help! |
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| Above Posted By:
Edward Olssen
| Sat, 22 Sep 2007 07:01:09 EST |
| One of the problems with the bill is that it will allow Mortgage Broker's easier entrance into FHA originating. That is one of the things that got the Real Estate Market into trouble. Any Joe with a heartbeat could get licensed to originate mortgages. Now FHA is following suit and easing the once tough qualifications to originate FHA mortgages. It'd be nice if people that were experts in the industry got to make the rules instead of the suits in Washington. But oh well. |
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| Above Posted By:
TC
| Fri, 21 Sep 2007 14:23:41 EST |
| In many parts of the country, FHA is not a viable option due to the maximum cap on loans of $417,000 that the FHA will purchase. Until that cap is raised to reflect the cost of housing on the West Coast, Metro DC, and other high-cost areas, there will be no alternative for subprime borrowers. Also, the FHA loans will not be of the stated income "liar loans" type that got the lenders into trouble. They would require proof of income and the ability to pay back the loan. |
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| Above Posted By:
Joe Kamenar
| Fri, 21 Sep 2007 11:54:50 EST |
| I hope this bill comes in time to help me. I am 70 years old and paying $5775 per month at 9.37% because of a refinance that was shoved down my throat. This loan was total elder abuse. |
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| Above Posted By:
richard real
| Wed, 19 Sep 2007 20:18:19 EST |
| If this bill allows a 125% LTV, as was indicated to me in the NAR mailing I received about this bill, it would effectively move sub prime from the backs of hedge fund owners and banks, to the US taxpayers. Using tax payer backed loans to "bail out" the mortgage market seems like a very unwise decision. If FHA had been participating in the current sub prime debacle, we'd be in much more trouble than we already are. This is a short sighted solution with long term consequences. |
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| Above Posted By:
Donna
| Wed, 19 Sep 2007 13:42:29 EST |
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