Common mortgage mistakes can lead to big issues down the road. Read on for more information.
Who’s In the Club? The Could Have, Would Have, Should Have Club is one of the largest clubs in the world. Its enormous membership spans generations, all the way back to the beginning of time. If you are active in business, investing, or anything similar, you’re undoubtedly familiar with this club.
Every once in a while something comes down the pipeline that the mortgage industry has needed for a very long time. While getting into the mortgage industry as a loan officer and moving to a mortgage broker has become more difficult, and rightly so, than at any time in the past it is, for the […]
Depending on how a Mortgage Broker runs their operation, the ability to have the wholesale lender doing the Loan Estimate for them has been both a plus and somewhat difficult. Why? Well, it all comes to three specific reasons that are now emerging. Certainly not all wholesale lenders have these issues or circumstances, but I […]
By now everyone is aware of the TRID rule and is coping with compliance and how it is affecting their day to day business. Of particular interest is how this regulation is impacting Mortgage Brokers and their operations. I have heard the wailing and gnashing of teeth, but an apparent solution, provided by wholesale lenders […]
Recently, at a mortgage conference in Las Vegas, there were several discussions about small and medium-sized entities inability, or lack of desire, to remain current with the necessary compliance requirements. In short, many small to mid-size mini correspondents and mortgage brokers are not compliant and don’t seem to be concerned about it. It was part of this conversation […]
The CFPB has provided the guidance it will use in determining whether correspondents are table-funders or conducting bona-fide secondary marketing transactions. The items listed below are just some of tests that the lending entity must meet to qualify as a bona-fide Correspondent Lender Can the Correspondent Lender demonstrate: -The required net worth to be a […]
The Consumer Financial Protection Bureau (CFPB) has now launched itself into the world of mortgage brokers, both pure brokers and correspondents. Three distinct problems are surfacing that are somewhat surprising given the compliance environment in which the industry operates. It is evident what the CFPB is encountering is consistent with what state regulators are also […]
It amazes me how many mortgage brokers continue to operate without an implemented quality control program, choosing instead to roll the dice and hope for the best. This business philosophy is proving to be very costly with significant regulatory fines and loss of operational licenses happening literally every day. Current industry projections forecast a 35% […]
The following is based on a true story and, for a blog, may be a little long, but mortgage professionals need to be aware of what some prosecutors are doing with respect to the past subprime industry and prosecuting stated income/stated asset loans that have gone into foreclosure. The actual names of both the lenders […]
We currently live in heightened arena of compliance that is hard for anyone in the mortgage industry to ignore. A constant stream of new rules and regulations seems to be never ending and adds a tremendous amount of additional cost to the mortgage process. Many smaller mortgage entities look for more cost efficient methods of […]