Fri, Oct 26 2012, 12:12 PM
Contributing to MND the past 4 years, I have been content to
represent my image as a bewildered George Bayley, wondering what
happened to his belo...
Fri, Aug 3 2012, 4:11 PM
The housing statistics are staggering. Over the
past five years, the 30% average drop in prices has cost homeowners
approximately $7 trillion in w...
Tue, Jul 3 2012, 3:36 PM
One of my favorite movies during the July 4th holiday is The Patriot. The sacrifices Benjamin Martin and many others make to win a chance at freedom a...
Mon, Jun 4 2012, 12:46 PM
Headlines promulgating JP Morgan Chase’s recent transgressions reveal capricious trading practices, resulting in record-breaking losses to the institu...
Thu, Mar 22 2012, 12:43 PM
Dear Fellow Mortgage Industry Professionals, I know that the industry is in a fit over what to do with the HARP 2.0 program , but I would submit to ...
Fri, Oct 14 2011, 3:36 PM
I'm as guilty of participating in the blame game as anybody, but I want to evolve beyond it. It accomplishes nothing for our industry and has hardened...
Fri, Oct 7 2011, 1:27 PM
After too many years of hearing people say real-uh-ter in reference to real estate agents, it's time to set the record straight. 'Realtor' is two syll...
Fri, May 27 2011, 3:30 PM
Today is the deadline to submit feedback on the Consumer Financial Protection Bureau's first attempt at combining the Good Faith Estimate and Truth in...
Fri, May 6 2011, 11:41 AM
As Dodd-Frank loan officer compensation regulations became a reality in early April, I started seeing new pay practices emerge in my reviews.
Sever...
Wed, Feb 23 2011, 12:51 PM
I'm winding down a two week trip to the Mid-West where I've been
performing warehouse lender audits. Something that's really stood out to
me latel...
Mon, Jan 31 2011, 9:53 AM
The Bill of Rights within the Constitution of the United States is a
precious thing to Americans who value freedom. It serves to protect us
from w...
Thu, Jan 20 2011, 12:48 PM
A counterparty is a company that agrees to perform a transaction or service with or for another company. Counterparty risk is the fallout that would ...
Thu, Jan 13 2011, 11:39 AM
He who adapts to new market conditions will survive and thrive. Those that don’t will die. 2011 may be another year of Mortgage Darwinism.
Tue, Jan 4 2011, 3:32 PM
One of the key metrics wholesaler and correspondent lenders monitor on a regular basis is their pull-through ratio. Pull-through references the numbe...
Tue, Dec 21 2010, 11:26 AM
Making money is not all about producing loans. It's about running the business efficiently. Don't get me wrong, loan production is a very very importa...
Fri, Dec 10 2010, 2:13 PM
Twenty months into HAMP, many troubles still exist and the program seems to have run out of steam.This is evident from all the processing problems we ...
Wed, Dec 8 2010, 3:45 PM
Today, there are only a handful of investors buying loans from mortgage bankers. There’s even a smaller amount of investors that offer mandatory comm...
Mon, Nov 29 2010, 2:34 PM
A little over a week ago Garrett, Watts & Co held its annual client appreciation dinner in San Francisco. The event took place at the Palace Hotel. A...
Thu, Nov 18 2010, 12:40 PM
A good way to fend off an unwelcome call from your warehouse lender is to review your scorecards often and address issues quickly. It is always bette...
Fri, Nov 12 2010, 12:35 PM
Without accurate and timely financial reports, managing the affairs of the company can be extra challenging. Let’s take a look at a few examples of t...
Wed, Nov 3 2010, 11:43 AM
We continue to see some of our clients still having loan purchase delays from investors. Part of the problem is the volume of refinances because of l...
Wed, Oct 27 2010, 2:42 PM
One would not go on a long road trip without a map. Without a road map, one could get lost, waste time or maybe never find the place they set out to ...
Fri, Oct 22 2010, 10:57 AM
A long, hard look at the continuing stability of the VA Loan Guaranty program should be requisite for those helping to reshape and redefine sustainabl...
Fri, Oct 22 2010, 10:28 AM
What do Bank of America and Chase know that the rest of the industry doesn’t? Why have they decided to ditch wholesale and focus on the retail and co...
Tue, Oct 19 2010, 2:01 PM
One shop I recently visited staffs their entire operations department with 100% independent contractors. After 3 years and about 150 shops, this is th...
Fri, Oct 15 2010, 11:49 AM
Our industry is cyclical and we need to be reminded of the need for a "Plan B" quite often. When things are really good, chances are they will turn u...
Tue, Oct 5 2010, 2:55 PM
In my travels around the country I have come to find that mortgage shop owner/operators see repurchase risk and delays in the loan purchasing process ...
Mon, Oct 4 2010, 1:19 PM
A Reverse Mortgage is similar to a conventional mortgage because it is a lien against the property and the title remains in the name of the borrower. ...
Thu, Sep 30 2010, 11:47 AM
Industry evolutions over the past 5 years cemented the growing requirement for loan level reviews of collateral before warehouse lenders would release...
Thu, Sep 23 2010, 2:50 PM
How is it that a small mortgage banker is able to fund 100% of their production through a mortgage bank and pay only 40% commission to its loan office...
Tue, Sep 21 2010, 10:37 AM
In the last several months we’ve seen several banks and mortgage bankers create partnerships that are mutually beneficial. If you are bank, poke arou...
Thu, Sep 16 2010, 1:16 PM
Secondary market revenues are a large piece of the revenues and profits of a mortgage bank. They are predicated on both volume and GOS. A secondary m...
Wed, Sep 15 2010, 2:16 PM
My sister-in-law said the problem was that I was thinking like a borrower instead of a lender. I told her I would stop thinking like a borrower if th...
Mon, Sep 13 2010, 2:39 PM
While the HECM reverse mortgage industry is banking on the HECM saver, a reverse mortgage program with lower costs and less benefits, some wonder whet...
Fri, Sep 10 2010, 2:58 PM
The large bank owned aggregators have “well oiled” processes that put much of the responsibility on mortgage bankers for any loan level issues that m...
Thu, Sep 2 2010, 11:25 AM
Many of our clients feel like the large aggregators are being managed by the risk management departments. There may be some truth in this because mos...
Wed, Aug 25 2010, 9:31 AM
Anyone originating loans through a call center should either request an audit by the DOL or seek legal advice from a labor attorney. It’s better to b...
Thu, Aug 19 2010, 2:34 PM
My most recent post talked about some of the bad habits and practices we’ve uncovered during our FOCIS and FOCIS-plus reviews of mortgage bankers. N...
Thu, Aug 12 2010, 2:53 PM
I recently attended the Michigan Mortgage Lenders annual conference in Mt. Pleasant, Michigan. The group invited me to speak about current issues and...
Wed, Aug 4 2010, 2:03 PM
There is always an opportunity to grow profits without taking on additional risks. Sometimes it makes sense to engage someone to help you identify th...
Fri, Jul 30 2010, 11:05 AM
After visiting over 100 shops in the past 3 years, we haven't really seen anything “new under the sun” in terms of loan officer agreements. Sometimes ...
Thu, Jul 29 2010, 12:06 PM
I recently spoke on two interesting panels at the American Conference Institute’s two day symposium on Reverse Mortgages. The conference attracted a ...
Wed, Jul 28 2010, 3:33 PM
We all know the mortgage business can be extremely profitable at times. We also know it can be disastrous at other times. Regulators and law makers h...
Fri, Jul 23 2010, 3:07 PM
I recently visited two direct lender shops for a warehouse FOCIS review study. These lenders generated leads from two different sources: Radio and In...
Fri, Jul 16 2010, 1:40 PM
When a bank regulator makes a visit, they focus on various types of risk associated with operating a mortgage bank. They are interested in steps mana...
Tue, Jul 13 2010, 12:07 PM
All individuals, companies and organizations experience change. Some change is drastic and some is slight. How we confront and adapt to change defin...
Fri, Jul 9 2010, 12:21 PM
This week I attended the Western Secondary Market Conference sponsored by the California Mortgage Bankers Association. During my discussions with sev...
Tue, Jul 6 2010, 1:51 PM
Six years ago Joe Garrett and I co-authored an article called "The Seven Deadly Sins of Mortgage Bankers". The article examined seven key mistakes ma...
Thu, Jul 1 2010, 11:56 AM
The benchmark 10 year note yield is back below 3.00% and mortgage rates are at lifetime lows. Hello homeowners! Why isn’t everyone (who can qualify)...
Mon, Jun 28 2010, 1:01 PM
The issue that has caused the biggest problem for reverse mortgage lenders: when borrowers don't pay their the property taxes and hazard insurance. ...
