FHA Reform Moving Right Along

RE:FHA Reform Moving Right Along

paul pancher — Mon, 11 Feb 2008 13:00:00 GMT

how does this effect reverse mortgages

RE:FHA Reform Moving Right Along

Mack — Thu, 13 Dec 2007 13:00:00 GMT

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.

RE:FHA Reform Moving Right Along

Alan — Tue, 16 Oct 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

Don — Fri, 05 Oct 2007 11:00:00 GMT

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

RE:FHA Reform Moving Right Along

Brent — Tue, 02 Oct 2007 11:00:00 GMT

It is not Mortgage Brokers who caused this mess. It was the lenders offering a loan to anyone who was breathing basically.

RE:FHA Reform Moving Right Along

JD Rawcliffe, Esq. — Thu, 27 Sep 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

Pete — Thu, 27 Sep 2007 11:00:00 GMT

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!

RE:FHA Reform Moving Right Along

Tom — Wed, 26 Sep 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

Brian Margulies — Wed, 26 Sep 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

ahab — Tue, 25 Sep 2007 11:00:00 GMT

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!

RE:FHA Reform Moving Right Along

giant — Tue, 25 Sep 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

john — Mon, 24 Sep 2007 11:00:00 GMT

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".

RE:FHA Reform Moving Right Along

Wade — Sun, 23 Sep 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

Wade — Sun, 23 Sep 2007 11:00:00 GMT

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.

RE:FHA Reform Moving Right Along

Edward Olssen — Sat, 22 Sep 2007 11:00:00 GMT

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!