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Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Jan 27 2015, 5:15 PM
jurko2jm, I know a lot of Wells folks who write loans all over the country, and don't have state licenses. Both Wells and Chase are obviously depository banks. Why would you think their LOs would have to be licensed on a state by state basis?
on Tue Jan 27 2015, 10:53 AM
Dan: passing the NMLS means virtually nothing as far as competence goes. While working for a depository since '06 I took both Nat'l and UST, 93% on both, to prove a point to our mtg banker/broker bretheren. This arrangement is nothing more than a larcenous character ignored by higher-ups who are generally oblivious when your closing 1billion/day
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Jan 27 2015, 12:11 AM
I've been working for depository lenders (so exempt from licensing test) since 2008, and wouldn't need to take that test to know that CASH payments for referrals are NOT RESPA compliant. I'd venture a guess that licensing had far, far, less to do with this than a cozy relationship between a title company and some idiotic LO's.
on Sat Jan 24 2015, 10:59 AM
The affiliate arrangements used to cloak these kinds of tacit kickback schemes seemed to shield this kind of event. It seems that, if the loan officer hadn't accepted cash, this might still be an acceptable arrangement. The ominous (for those who participate in these kinds of deals) wording of the ruling seems to indicate that it doesn't just have to be cash payments, but ANY agreement which calls for the referral of business is a violation: 'Entering a contract is a 'thing of value' within the meaning of Section 8, even if the fees paid under that contract are fair market value for the goods or services provided,' the bureau said. "Entering a contract with the agreement or understanding that in exchange the counterparty will refer settlement services related to federally related mortgage loans violates Section 8(a).'"
on Sat Jan 24 2015, 1:30 AM
Fannie Mae....eroding land records across the country. Fannie Mae in cahoots with the likes of Bank of america, aka BANA, aka BAC, aka fka countrywide, along with GreenTree, Everbank, etc with the help of their "trusty" substitute trustee" lawyers, (Samuel I White, Fisher Law Group, etc etc) who should be disbarred, are submitting FORGED mortgage notes. FORGING owners names, and then adding "ta-da" endorsements, also committing notary fraud, all to fraudulently foreclose on homeowners. Lies about modifications, fraud at the inception, fraud , forgery, felony , racketeering etc etc. Meanwhile, the judges turn a blind eye because otherwise the "floodgates" would open. When that is what is needed , a flood.
on Fri Jan 23 2015, 3:25 PM
Dan Michaud... FYI Wells Fargo and JP Morgan Chase require separate state licensing. They are not federally chartered however I think the licensing process federally vs. state both instruct LO's that kickbacks are illegal.
on Fri Jan 23 2015, 9:51 AM
How is this any different than Realtors steering customers to Preferred parter Title companies who then cut them "profit sharing" checks at the end of the year?
Ted Erickson
Loan Officer, Clear Lending
on Tue Jan 20 2015, 6:23 PM
If they are a few years into the loan try a 20 year loan. Lower rate and maybe only a little bump in payment and cut 7-9 years off the loan. I sold about 5 that way when they didnt want to back to the 30 year.
Larry Gray
Senior Mortgage Banker, Clear Lending/Div. of PRMI
on Mon Jan 19 2015, 4:47 PM
I agree it often seems the CFPB keeps coming up with stuff to justify their huge budget. Shopping for the best deal is easy enough for home buyers or homeowners to do. My goodness, look at the unlimited options provided on the internet! It is fine that they encourage shopping for the best deal, though it is rather sad that they refuse to recognize the importance of the competency and proven track record of the loan officer and their employer. That we are required to encourage borrowers to shop us seems a bit absurd as we are trying to provide a high level of professional education and assistance, along with ongoing support. Realtors recommend generally competent loan officers because they want the deal to go through! I don't wish to leave out loan officers of very little experience as they can get the support of a senior loan officer or hands on good manager. We all have been there and had to show the confidence of a seasoned veteran to get deals! However, some purchase loans are too vital to the buyers to get anything less than an experience and competent Broker or bank mortgage rep. As far as a loan officer who has gained the confidence of borrowers and gotten them pre-approved for the purchase of a home, I would hope the borrowers recognize they have earned the right to at least a counter offer after any other legitmate offers from lenders. As strict as regulations are, we have been limited to the same commission with each loan we do, and since most of us want to remain competitive that is generally quite reasonable. However, if one comes up against an occassional lender taking an overall relatively low commission on each loan, you just have sell your borrowers on why they chose you, why you are the best choice for getting the loan through and on time, and be not too far off in rate and pricing! One does not get too far with sophisticated borrowers in our area unless they are competitive in rate and pricing. Less sophisticated borrowers get a good deal because we can not charge differently for them over our sophisticated borrowers! But we all like them because they really value the level of service we provide!
on Mon Jan 19 2015, 2:38 PM
Entities such as Green Tree Servicing, in cahoots with Bank of America (aka BAC, aka BANA, fka Countrywide, ) with the help of their "trusty" substitute trustee lawyers, along with Fannie Mae, (this is just to name a few) are committing: forgery,wire fraud, mail fraud, securities fraud, racketeering, notary fraud(to name a few) , and fraud upon the courts all to fraudulently foreclose on homeowners who were LIED to from the beginning. Fraud at the inception, fraud in the middle, and now fraud at the end. Forging homeowners signatures on mortgage deeds and adding "ta da" endorsements and submitting the FORGED documents to the courts, who in turn look the other way . Welcome to America-home of the corrupt and land of the snakes.
on Sat Jan 17 2015, 10:11 AM
I know many dislike the correction on Friday but I LOVED it. Having $2mil locked at 3.75% does not bode well when I get phone calls wanting a lower rate because they saw it online...
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Jan 16 2015, 5:41 PM
Thank you Isaac. I take requests too.
on Fri Jan 16 2015, 2:03 PM
I think that millennials went to college thinking that they were going to graduate and walk right into high-paying jobs, which may have been the case 8-10 years ago but not anymore. Furthermore, they are the generation whose feelings were never to be hurt and that they were special and the world revolved around them and that they could do whatever they wanted. Ask any hiring manager that interviews or hires millennials..many of them expect to be able to work from home or tend not to understand that they should feel lucky to have a job and that they need to EARN the RIGHT to be treated with respect...but working diligently isn't in their work ethic for many of them. If you are not willing to work, you can't buy a house.
on Fri Jan 16 2015, 1:27 PM
Awesome song reference! Made an excellent article even better. Thanks for delivering useful information and perspective in a memorable way. Keep up the excellent work. Cheers!
on Wed Jan 14 2015, 4:42 PM
I've only seen reports on the annual fee changing on 30 year mortgages. What are the changes to the 15 year loans? I currently have a 15 year that I had to take out due to a foreclosure 4 years ago. Even though we put 25% down we still have mortgage insurance premiums. Just wondering if they reverted back to 0% annual premium if we have 20% or more in equity.
on Tue Jan 13 2015, 11:55 PM
CFBP needs to investigate builders who steer buyers to their affiliated lenders by offering incentives that are built into the rate or purchase price. Why are they outside CFPB scrutiny? Why has the builder escaped? There is not other flagrant disregard for the consumer than these builder/lender relationships.
on Tue Jan 13 2015, 9:41 PM
I'm not surprised with the comments from the CFPB.. The information they provide to the consumer is not only poor advise, if any of us as professionals gave the same advice, we would be fined.. I agree consumers should shop, and compare all of the fees, and costs.. The comment about multiple credit inquires, does not affect your credit score is very irresponsible advise.. How many times have you worked on a loan, and the consumer had multiple credit inquires, and the credit scores dropped.. Sometimes below the qualifying level??? Once again, the CFPB is trying to establish credibility for their huge budget.. Has the CFPB really done anything, to justify the wasted tax dollars they spend??
on Tue Jan 13 2015, 6:56 PM
This is completely reckless. OK, go shop before you get a loan but not during. You can't shop for a loan really. That's like shopping for a surgeon based on the nuances of the surgery. Person wouldn't have a clue unless they were a surgeon. Maybe an afternoon call to 3 lenders where you close your eyes and throw a dart. 25 years in origination and I'll tell you. What are the actual costs, rate, close of escrow, etc? I don't know until I get a lot of data and I don't do loans so someone can shop - you think a seller is going to wait? Actually this is more insane than reckless and doesn't even make sense. It's like saying have a diner go and eat 3 dinners and then decide which one to pay for?
Bill Kidwell
on Tue Jan 13 2015, 5:48 PM
Too bad in creating an interactive tool the CFPB elected to violate the very TILA it is chartered to enforce - the tool provides comparisons to rates only and disregards the very same closing costs that led the government to unjustifiably controlling the compensation of an entire industry. Further, the study on which the Director drew his conclusions about shopping makes lenders synonymous with brokers and totally disregards the fact that by definition when engaging a traditional broker borrowers are benefiting from the widest, most efficient "shopping" tool available. The Bureau simply wants to carry on the draconian practices implemented by its predecessor, the Board. Everyone in the distribution system should challenge the tool that so prominently disregards the fact that front end costs must be considered on balance with stated rates --- the tool does not do that!
Dave Macintyre
Senior Mortgage Banker, First Ohio Home Finance
on Tue Jan 13 2015, 3:39 PM
If you read the mortgagee letter it states:To allow mortgagees to obtain the reduced annual MIP rates contained in this ML for loans in process with active FHA Case Numbers, FHA will temporarily approve cancellation requests for active FHA Case Numbers within 30 days of the effective date of this ML.
on Mon Jan 12 2015, 5:33 PM
Does the ability to be able to cancel apply to all active FHA case numbers that have not funded or are there any limitations as to when they were assigned?
on Mon Jan 12 2015, 3:05 PM
Does the ability to be able to cancel apply to all active FHA case numbers that have not funded or are there any limitations as to when they were assigned?
on Mon Jan 12 2015, 3:05 PM
Does the ability to be able to cancel apply to all active FHA case numbers that have not funded or are there any limitations as to when they were assigned?

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