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Linda Todd

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"Fingerprinting is not new actually. No, I did not have to be fingerprinted when I worked for Union Planter/Regions or prior banks but in Tennessee when I originated for a Broker; yes I did and this was a standard practice for Brokers or non-depository mortgage loan originators and was the normal even back in 2005-06. It simply gives you more credibility to have the courses and testing along with the fingerprints; even if you have experience. I had been a senior u/w, originated at a bank, was operations..."    View Comment
"Jonathan you are correct on that one and they are also required to escrow and that makes their payment increase as well. I might add that the guidelines are not consistent with normal mortgage underwriting. For instance they have to gross up SS income (non-taxable income) as they must comply with normal mortgage guidelines, yet they deviate from u/w requirements and will use income from a person who lives in the dwelling, but is not on the loan, and did not qualify for the loan to begin with....Now..."    View Comment
"Okay guys, as I have said before, it is not just the banks. The SubPrime era in my book is what put us where we are. I was there and I for one saw how Fannie and Freddie changed their guidelines so that they could get some of the $$$$ the SubPrime was getting. The 80/20, interest only, option arms, NINA, SISA, No Ratio, ALL of these loan options is what happened to Conventional Lending. Also, Fannie allowed borrower's to obtain loans where there were collections in large amounts that did not..."    View Comment
"Why would anyone be so hurt to get a 4.75%???? I can remember when they where 5.750/6.750/7.750 +. They should just remember it could be much worse.... Oh, I know the rate have been historically low but 4.75 is not considered a bad lock in my book. Of course I was watching VA rates when they were 9% back in '87. That was a long time ago. I still think it isn't a bad rate for all that has occurred in our market and they still need to count their blessings. Thanks for sharing."    View Comment
"I might add that with FNMA's new guidelines coming into play on 12/13/10; 97% loan to values u/w in DU and flexible source of funds for LTVs greater than 80% for 1-unit properties, single family owner-occupied; without having any of their own saved funds??? What more can they ask for? This is really better than FHA as their is no upfront MIP."    View Comment
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