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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 Mortgage Planner NMLS 543290, 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 Mortgage Planner NMLS 543290, 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."
on Thu Sep 11 2014, 12:00 PM
Better song - Billy Joel - MY LIFE
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 Mortgage Planner NMLS 543290, 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.
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: ( 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 Mortgage Planner NMLS 543290, 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
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%.
John Rodgers
CEO, Prime Mortgage Lending Inc.
on Wed Aug 20 2014, 8:45 AM
Can you please provide me a link or some other info from the VA on this interim final rule? I've called VA and it is not on the VA Lenders Portal. Some investors have issues changes to the VA loan program based on reporting but I can't seem to find the no kidding interim final rule from the VA.
on Fri Aug 15 2014, 3:21 PM
The govt. has made the process so painful, who could blame people for not refinancing?
S Reichert
Mortgage Banker, Black Hills Community Bank
on Fri Aug 15 2014, 2:44 PM
There's a pressure here. Regulate the points and fees while forcing an increase to operational costs. Is this an intentional squeeze designed to force lenders to exit the business? Also, the consumer gets hammered with higher costs, of which the vast majority would qualify under old and new regulations. So your qualified buyer gets to pay for the sins of others. Eh.
on Fri Aug 15 2014, 2:08 PM
Quicken actually just cut all the pay for their employees. All disappointed again!
on Fri Aug 15 2014, 1:48 PM
We find that extreme procrastination is a major factor. Homeowners have so much on their daily plate that the idea of having to submit a laundry list of docs to apply gets put off until either the loan officer gives up or the window of opportunity get closed again with rates. We continue to refinance many homeowner's with rates in the 6% range whether Conventional, HARP or FHA but it is very frustrating to speak to a good percentage of prospects that can save substantially but do not mover forward.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Fri Aug 15 2014, 12:39 AM
Amen Philip, Amen. If we could actually maintain historically sustainable average home value increases of 2-4% and restrict lending in zip codes with those 10-12% unsustainable increases to lower LTVs, all of this regulatory mayhem would be unnecessary, because even a house bought with an exotic loan product could be sold at a profit after just a couple of years and the potential for severely upside down neighborhoods would be significantly reduced.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Fri Aug 15 2014, 12:15 AM
Larry Gray: I simply don't think it can be considered an 'investment' based on the Intelligent Investor (the Benjamin Graham book hailed by Warren Buffet as 'The best book on investing ever written) definition that "An investment operation is one which, upon thorough analysis promises safety of principal and and an adequate return. Operations not meeting these requirements are speculative". And please please stop the insanity of comparing stock investing to home buying. If you lose money on a bad stock investment, the money is gone. You aren't paying on debt related to that bad stock bet for 30 years, don't have to risk destroying your credit rating if you end up defaulting on debt since you are generally using cash to buy the stock, and you certainly aren't going to risk losing your home if the stock market drops. I once thought home ownership was an investment but the boom and bust cycle of the last six years has changed my opinion. I think it can still be a foundation or wealth, and there are tax and pride of future ownership (once the loan is paid off) benefits, but I just can't call it an 'investment' true to the definition above. The real 'investing' is happening on the MBS side of the housing finance world where there is measurable safety of principal and return for the investors regardless of what happens to the value of the underlying collateralized assets (the financed houses). The boom and bust cycle of the last year must have at least made you question the integrity of the system we use to value property for the purposes of heavily leveraged home lending. 5% down in a neighborhood that has a steady appreciation rate of 3-5% will at least yield a resale breakeven in a couple of years. But with shadow inventory, cash buying, investor block buying, and reports like the one I cited here on MND in my last post predicting a downturn in a couple years I can't rationalize moving the current state of home buying out of the 'speculation' column and into the investment category. Given that we can't seem to do anything to change the boom and bust nature of real estate, maybe we can instead offer financial planning advice that includes recommending saving up earlier for more down payment, finding ways to get a higher education that doesn't involve massive amounts of student loans so debt ratios are lower, mandating financial education for grades K-12 so money management is reflexive by graduation, and re-tooling...
Larry Gray
Senior Mortgage Banker, Clear Lending/Div. of PRMI
on Wed Aug 13 2014, 10:27 PM
Frank Ceizyk...I would like to think your cringe when you hear any mortgage professional use the word "home" and "investment" in the same sentence is because you just do not like home buying as an investment, though you may once have. Whatever these young people ages 25 to 34 decide, home buying ought to be considered as an investment, whether a wise one or not. Buying stocks is an investment even if not always a wise one. For some first time buyers, buying a home may not have the sense of urgency it once had with as many young people, but many still want to own their own home. It is a job of a good mortgage planner or consultant to address all important issues regarding buying a home. It is important for the young potential home buyers to get opinions from family, friends, and their own extensive research. Where I live, the demand for purchasing homes is so great in the entire county, it is extremely difficult for many people to buy a home now! Every real estate market is unique as is every buyer's situation and short term and long term goals .
S Reichert
Mortgage Banker, Black Hills Community Bank
on Wed Aug 13 2014, 1:34 PM
These rules have been in place for a long time. It takes concerted effort to ignore them. Sounds like this is good for consumers and competitors alike.
on Wed Aug 13 2014, 11:22 AM
and how much did Markert earn under this scam? How much were competitor losses incurred by playing fair with consumers? 1.5Mil? that a joke. should be 10 times that for this fraudster.
on Wed Aug 13 2014, 7:01 AM
FHA was such a great help to us when we were devastated by hurricane Katrina. We’re glad that we found a considerable lender near us (here in Florida). You are correct Victor, your credit card score will definitely determine whether you’ll be qualified or not. Our loan specialist whom we stumbled upon here keeps reminding us that if possible, we should keep our credit rating and our credit score high. That will give us the possibility to be approved immediately.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Mon Aug 11 2014, 10:11 AM
Perhaps the truth is Millenials are more financially educated than we give them credit for. I cringe when I hear any mortgage professional use the word ‘home’ and ‘investment’ in the same sentence. I just don’t think we can honestly say anymore that housing is an ‘investment’. I’ve used this definition over and over in posts before, but the simple truth is an ‘investment’ has to have some reasonable expectation of protection of principal and allow for some return. With the drastic fluctuations up and down in prices over the last 7 years, it’s hard to make the argument that principal will be protected, or that a return will be realized in the future. The sale of a house is backloaded with 6-7% worth of fees, so a 3.5% down payment means it will take a year or two to reach a resale breakeven assuming houses appreciate at 3% /year. Then there are pesky news reports like Home Prices to Level Off and Reverse Course Within 2 Years - Analysts that don’t exactly instill confidence in the investment value of home buying, or the outlook for appreciation in the future. Add to that it took Congressional legislation and a new regulatory agency to ‘protect consumers’ from predatory lending and it’s pretty obvious why this generation might not be knocking down our doors to become home owners.
on Fri Aug 8 2014, 4:41 PM
Locked one this AM-->thank you AGAIN to MBS Live!
Steve Chizmadia
Mortgage Consultant, MLO# 244902, American Capital Home Loans, A division of Pinnacle Capital Mortgage Coporation
on Fri Aug 8 2014, 4:41 PM
Thanks MG, I snuck 3 locks in before that reprice.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Aug 8 2014, 4:41 PM

More From MND

Mortgage Rates:
  • 30 Yr FRM 4.13%
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  • 15 Yr FRM 3.30%
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  • Jumbo 30 Year Fixed 4.00%
MBS Prices:
Recent Housing Data:
  • Mortgage Apps -7.23%
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  • Refinance Index -10.65%
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  • FHFA Home Price Index 0.67%