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Rates Shoot Past Recent Lows; 3.5% Getting More Prevalent; Affordable Housing Rules Set; Income Inequality and Housing; Everyone Loves Bonds!
Published: 1/30/2015
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Leslie Howard-Redweik
on Sat Jan 31 2015, 3:57 PM
Just wanted to note, a seller has been forced to perform (sell) however.
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Ted Rood
Senior Loan Officer , MB Financial Bank
on Fri Jan 30 2015, 1:12 AM
Overall closing rate for refinances was 51.2%??? Are you kidding me? I can't imagine closing under 90%. Must be a lot of loans getting started without DU runs, paychecks in hand, etc!
Joseph Neely
on Wed Jan 28 2015, 3:22 PM
who's offering the 3.25 rate for VA loans? Thanks, Joe
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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?
John Murphy
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
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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.
Thomas Morgan
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).'" http://www.mortgagenewsdigest.com/2014/01/the-anti-kickback-rule-payment-or.html
lauren lang
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.
jurko2jm
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.
Chuck Cybulski
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?
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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.
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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!
lauren lang
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.
 

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