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Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Thu Oct 23 2014, 11:16 AM
Most of all, it's time to change the dialogue of distrust to a dialogue of confidence."--the leap from distrust to confidence has to start with a dialogue about WHY consumers can trust the mortgage industry. Until that happens, confidence can't be built.
on Wed Oct 22 2014, 11:47 PM
Heart attack occurs in several reasons but this one is different. Harry Engel died in heart attack after receiving foreclosure notices from JP Morgan Chase. The family filed a case suing JP Morgan Chase is the responsible for the death of their father. It is contended in the lawsuit that Chase was accountable. Article resource: Visit here for more details.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Oct 16 2014, 4:47 PM
Thanks Frank. Pretty crazy day.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Thu Oct 16 2014, 1:23 AM
Amazing. The MBS alerts I got on my phone and then showed to customers coming to visit helped seal the app deal on several loans today. Thanks as always for what you do. This information is invaluable to truly being able to offer the best rate and terms available in a given day...or in the case of today, in a given hour.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Wed Oct 15 2014, 12:31 AM
.In developing new rules and regulations coming out of the crisis, legislators and regulators, albeit with good intentions, upended the delicate balance between consumer protection and access to credit. I have to wonder when this 'balance' existed and why it was so delicate. There was nothing 'consumer protective' about the housing boom, mostly because no attention was paid to the 'investment value' of the houses that were being purchased during this time. I've met as many people who defaulted on mortgage loans that had 30 year fixed rates as had subprime loans over the past 7 years. The reason the subprime loans got the most attention was because the abuse was so media worthy. The abuses in selling practices (i.e. the myth perpetuated that house values never go down) hasn't really been regulated. Financed loans may have to adhere to stringent valuing guidelines, but no such guideline exists for all cash purchases. Kind of interesting that reports are showing a pull back in investor buying around the same time housing values/prices seem to be tapering off. The cash sales still ended up being closed sales didn't they, even if a third party HVCC trained appraiser didn't validate the value? Some of the fear of defaults and buybacks perhaps comes from a lack of faith in the housing recovery, doesn't it? If we are in a true recovery, then housing appreciation should make default less likely, because home owners can simply sell their houses if they fall on hard times and at least break even if not net a few thousand dollars and call it a day. Unfortunately the hyper sensitive regulatory infrastructure doesn't have much power to protect home buyers from paying too high a price for house because they are so focused on every component of how financed home purchases are made. It reminds me of the scene in Die Hard when the FBI and police on the ground shine the spotlights on the bad guys who have taken the Nakatomi building by force. A few minutes later, gunfire erupts. When the authorities try to assess what's happening, the only common sense police officer on the ground points out the obvious: "They're shooting out the lights." Sometimes the guys on the inside of the building trying to save the day can see the obvious, while the army outside trying to break in is following a regulatory path that is only going to lead to embarrassment and not ultimately help save any of the people inside. I'll let you guess which housing...
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Sun Oct 12 2014, 12:18 AM
Hmm. No comments from any small businesses, so the proposed rules haven't had a big impact? Curious what study is done to assess the impact of implemented rules on the cost of mortgage credit for housing consumers....
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Sat Oct 11 2014, 9:25 AM
"we will need to see lending regulations strike a better balance between the current defensive underwriting posture and common sense." This statement is so true, yet is so vague. What is common sense lending nowadays? When you have CSI style forensic underwriting going on, and perpetual fear of buybacks, how can you even begin to build a platform for common sense style lending that won't be deemed as predatory by our new regulatory agency? Maybe the lack of a push for common sense lending reform comes from a lack of confidence in this housing recovery. With so many neighborhoods experiencing price increases, and rates staying at historical lows, and more ability to repay restrictions than ever, it seems that the risk of future defaults would be really low. Or is it? Is the buyback fear the result of a lack of confidence that this recent uptick in values has any staying power? Is the defensive underwriting posture coming from a place of inside knowledge that another downturn in prices is eminent, putting customers into no equity or negative equity positions again in the not to distant future? I hope not.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Mon Oct 6 2014, 4:04 PM
Between QM, dramatically increased FHA MIP, reduced number of loans that are HARP eligible, and rates up from historic lows, it's no wonder that loan lives are up from the past couple of years. Good news for borrowers who got in at the bottom, not so great news for mortgage originators!
on Mon Oct 6 2014, 10:23 AM
Rob, Titan is a moon of Saturn. A forgivable oversight. The mortgage industry out there hasn't yet seen the effects of the economic recovery; something about the speed of light. Lol
on Sat Oct 4 2014, 2:14 AM
Yes, I agree there are too many injured people left out in the cold who only received approximately $1000. This is so inhuman, because millions of people invested their lives in their homes and lost everything. I was one of those people who lived in my home since 1998 and lost it. Why, because CitiMorgage loan modification department did not do my loan correctly. So, I lost my home in foreclosure and CitiMortgage approved a short-sell which benefit them. I got nothing from the sale of my home. I feel like I was cut in half and left for dead. Wounded for life........
on Fri Oct 3 2014, 6:23 PM
You'd think he would have known to handle the refi BEFORE he gave up the salaried job.
on Fri Oct 3 2014, 5:46 PM
This is a no brainer. The only Xfactor for the mortgage companies was the number of people that would qualify for a reimbursement. Once they learned the number of qualified people in January of 13 they simply struck a deal saying we will pay the people with close review on our own and the home owner is screwed again. 80% received less than $1,000.00
on Wed Oct 1 2014, 5:56 PM
Hello Jann: You once published a list of questions addressing mortgage lending risk in 2014. I want to cite your article for the use of your material. Can you kindly send me the title of that article and the exact date that you published it. I'm honored to use your material since I'm a consistent reader of your pieces. Thanks--yaw
on Wed Oct 1 2014, 8:02 AM
I SECOND that! It only took the government 6 years and so many lost their homes for the exact same thing. Not only Flagstar but many, many companies that we still use and believe benefit us today.
on Tue Sep 30 2014, 7:24 PM
Could someone please tell me how CoreLogic came up with the percentages that are shown in the chart. When I did my own math (and I am certainly not a mathematician), I could not get anywhere near the percentages they did. For example, to get NJ's negative equity share I took NJ's Negative Equity Amount of 238,327 and divided it into the total US Negative Equity Amount of 5,309,383 and came up with 4.5% (they show 12.8%). Also, when you add all the percentages up in the Negative Equity Share, it is way over 100%. Could someone enlighten me?
on Tue Sep 30 2014, 3:34 PM
About time!
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Sep 30 2014, 12:41 AM
Nice to see our gains last all day today. Now if we can nurse them through to NFP on Friday, maybe we can continue our downward trend channel for rates!
on Sun Sep 28 2014, 12:39 PM
"Black Knight' the old Lender Processing Services, who were found by the U.S. Department of Justice to have submitted over one million forged, fraudulent documents into our county recording offices. Black Knight, like Core Logic, enable illegal foreclosures with their "document creation" services for banksters and their stooge attorneys. Both companies are continuing criminal enterprises...any doubts?
on Tue Sep 23 2014, 6:05 PM
"Fannie Mae's economists are painting a much improved picture for the economy in the coming months"....gee... is that because they are stealing homes across the country through fraudulent foreclosures by forging mortgage notes and then submitting them to the courts as evidence? I wonder if that could be why. I'm curious, does Fannie Mae know this is taking place or are the so called lawyers who are the substitute trustees for them doing this without Fannie's knowledge? It's funny how Fannie stops using certain law firms and then the same lawyers from those law firms just show up with another law firm and the forgeries continue.
on Tue Sep 16 2014, 9:26 AM
How would the survey be self-serving? It may be that too few people were polled to skew the survey but what purpose does the survey serve Wells Fargo?
on Mon Sep 15 2014, 6:26 PM
Is Wells Fargo survey credible or self-serving?
Ted Rood
Senior Loan Officer , MB Financial Bank
on Fri Sep 12 2014, 12:57 AM
Definitely not a time for loan originators or floating borrowers to take rates for granted. Anyone who does could regret it if the recent trend continues!
Tony Hanson
Mortgage Management Recruiter, The Hanson Group
on Thu Sep 11 2014, 2:04 PM
Keb Mo singer /songwriter on being single "I liked the old me better." http://www.youtube.com/watch?v=C_SttAYKiHQ
on Thu Sep 11 2014, 12:00 PM
Better song - Billy Joel - MY LIFE https://www.youtube.com/watch?v=h3JFEfdK_Ls
Andrew Snyder, P.S.M.
President and Professional Surveyor & Mapper, Landtec Surveying, Inc.
on Thu Sep 11 2014, 10:33 AM
Actually this does not look like anything other than a typical back-to-school/fall activity slow down... Pre-bubble levels (late 90's/early 00's - at least here in Florida) used to always illustrate this type of activity. I'd like to interpret the data as a return to a more normalized market comprised of a majority of consumers rather than investors (see recent downturns in the level of cash transactions)
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Sep 11 2014, 1:23 AM
Yikes! Purchase volume down, refi volume even more so, and rates trending up. Looks like it could be a tough Christmas for originators' families!
on Tue Sep 2 2014, 12:04 PM
Fannie Mae and its lawyers continue to steal home from homeowners and committing fraud upon the courts by submitting forged mortgage notes. http://samueliwhitepc.com/
on Tue Sep 2 2014, 6:39 AM
Good day to everybody My name are Lynn Janet, I want to thank this great loan company who helped me to get a loan. For the past three months, I have been searching for a loan to settle my debts and also to start a business, everyone i met scammed and took my money until i finally met Mr Gabriel Owen. He was able to give me a loan of $330,000 dollars. He can also help you with any amount of loan you wish to get. He has also helped some other colleagues of mine. If you need any financial help, kindly contact his company through email: (gabowenfinance@yahoo.com) i believe they can help you. Contact him to get help just as he helped me. He does not know that i am doing this by spreading his goodwill towards me but i feel i should share this with you all to free yourself from spammers, please beware of impersonators and contact the right loan company to get any kind of loan of your choice.
on Sat Aug 30 2014, 6:48 PM
Ted, Don't write off FICO Score 9 so quickly. Remember that FICO bent to pressure from the CFPB. Emboldened as they are these days, the CFPB could apply significant pressure to the GOEs (except VA- they do whatever they want to do) to adopt the new model.
on Fri Aug 29 2014, 2:07 PM
lmao Matt... great update and good laughs too
Ted Rood
Senior Loan Officer , MB Financial Bank
on Sun Aug 24 2014, 11:51 PM
Yeah, nothing like another potential government debt limit crisis combined with a contentious mid term election to keep boredom out of the mortgage industry! Ought to be an interesting next several months!
on Sat Aug 23 2014, 5:21 PM
I can relate to the stuck in the mud borrower. CFPB is going to make life even more difficult in the future.
on Thu Aug 21 2014, 5:19 PM
http://www.gpo.gov/fdsys/pkg/FR-2014-05-09/pdf/2014-10600.pdf
on Wed Aug 20 2014, 6:37 PM
With FHA MIP premiums now permanent at 130-135 bps, quoting FHA 30 Yr rates at 3.75% should be considered a fraudulent misrepresentation. The real rate is 5.05-5.10%.
 

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