Delay in predatory lending protection rules Jun 25, 2009
Delay in predatory lending protection. June 25, 2009 - 11:49AM. (Sydney Morning Herald -- Business)
Former mortgage brokers launch eModifyMyLoan Jun 25, 2009
for free extra services. Subscribe to Phoenix Business Journal. (Phoenix Business Journal, AZ)
Citigroup Halts Some Mortgage Applications After Review Finds Data Missing Jun 24, 2009
In October, Citigroup cut off all but 1,000 of the 9,500 mortgage brokers in its network for selling the bank loans of poor quality, or in insufficient volume to be profitable ... Other channels include retail -- where the bank deals directly with borrowers through branches or call centers -- and the network of mortgage brokers. (Bloomberg -- US)
Forty-One Defendants Charged In Five New Area Mortgage Fraud Cases; Two Schemes Involve Expensive Condos and Suburban Homes Jun 24, 2009
The defendants include a vice president of the title company, mortgage brokers, loan officers, real estate investors, appraisers and an attorney. Together the cases involve more than $48 million in fraudulently-obtained mortgages issued by various lenders and secured by scores of residential properties in the Chicago area, including two in the suburbs of Wheaton and Glenview. (PR Newswire)
ClosingCorp Launches Online Source for Real Estate Closing Services Jun 23, 2009
Farwell envisions buyers and sellers working with their real estate agents and mortgage brokers to create a Pre-GFE that includes their designated closing service providers. The Pre-GFE could then be submitted to prospective lenders along with a loan application. (PR Newswire)
Reforms aimed at benefiting borrowers irritate brokers Jun 23, 2009
For mortgage brokers, though, the plan threatens to shrink the fee income some have received from encouraging the use of adjustable-rate, interest-only and other sometimes risky loans ... There s no reason that we should have to assume that risk, said Marc Savitt, president of the National Association of Mortgage Brokers ... If mortgage broker fees were eliminated, that would be the complete kiss of death for mortgage brokers, Olson said. (Columbia Daily Herald, TN)
'Vanilla' home loans could benefit borrowers Jun 23, 2009
For mortgage brokers, though, the plan threatens to shrink the fee income some have received from encouraging the use of adjustable-rate, interest-only and other sometimes risky loans ... "There's no reason that we should have to assume that risk," said Marc Savitt, president of the National Association of Mortgage Brokers ... If mortgage broker fees were eliminated, "that would be the complete kiss of death" for mortgage brokers, Olson said. (San Francisco Chronicle -- Business)
Pa. to offer free legal, financial help Jun 23, 2009
"Pennsylvania is going to use the power of lawyers, bankers and mortgage brokers to do something positive," he said ... Pennsylvania's Bar Association, Bankers Association, Credit Union Association, Association of Community Bankers, Mortgage Bankers Association, Association of Mortgage Brokers, Financial Services Association, Department of Banking and the First Lady's Office are all contributing to the program ... "These are times when people have lots of questions, need lots of guidance, the... (Pittsburgh Post-Gazette, PA)
Mortgage Brokers - Pros and Cons Jun 22, 2009
Homeowners often turn to mortgage brokers to identify the best mortgage deal, reduce monthly repayments and save money ... Advantages of Mortgage Brokers ... Disadvantages of Mortgage Brokers. (Suite101.com)
Obama pushes for less risky home loans Jun 22, 2009
For mortgage brokers, though, the plan threatens to shrink the fee income some have received from encouraging the use of adjustable-rate, interest-only and other sometimes risky loans. Obama's plan to overhaul financial regulation, unveiled last week, would create a Consumer Financial Protection Agency to monitor consumer financial products and revamp the entire home-loan process. (MSNBC -- Politics)
Local golf notes Jun 21, 2009
The Florida Association of Mortgage Brokers Volusia Chapter is hosting a charity tournament at Riviera Country Club on July 11. Cost is $65 per player. (Daytona Beach News Journal -- Sports)
Mortgage rates jump in one week Jun 20, 2009
David Hollingworth at mortgage brokers London & Country said "best-buy" deals had typically gone up in cost by about 0. 5. (BBC News -- Business)
Word of the Week Jun 20, 2009
The collapse affected not only contractors, Realtors, and retail business but also "politically connected groups such as the credit ratings agencies, hedge funds, derivitive underwriters, mortgage brokers, etc." If a firm is deemed "too big to fail," that's usually because its potential collapse carries a great deal of systemic risk. So how do you manage systemic risk. (Slate)
Good news for Bay Area home prices Jun 20, 2009
Mortgage brokers say the increasing number of jumbo transactions has less to do with an increased willingness on the part of banks to issue those big loans than with growing eagerness among wealthier owners to sell their homes, even at discounted prices. Many are succumbing to financial pressures like job losses, dwindling business returns and soured investments, just as moderate-income owners were forced to give up properties in recent years because payments on their adjustable-rate mortgages... (San Francisco Chronicle)
US Treasury defends bank reforms Jun 19, 2009
The new consumer protection agency is aimed at stopping misleading practices by credit card lenders and mortgage brokers. But one area of concern has been the greater powers given to the Federal Reserve, which some argue is already overburdened with trying to address the recession. (BBC News -- Business)
8 key ways Obama plan could avert meltdowns Jun 18, 2009
The financial crisis began in mortgage finance, where mortgage brokers with no federal regulation originated loans that were underwritten mostly by investment banks that weren't regulated for their financial soundness. The banks bundled the loans into pools, a process called securitization, and the securities were sold to investors. (AZCentral -- News)
More fixed-rate mortgages go up Jun 18, 2009
"People thinking of taking out a fixed-rate should not delay, but should move as quickly as possible," said Melanie Bien, of mortgage brokers Savills Private Finance. "I think rates will go higher still.". (BBC News -- Business)
US unveils banking reform plans Jun 18, 2009
"Mortgage brokers will be held to higher standards, exotic mortgages that hide exploding costs will no longer be the norm, home mortgage disclosures will be reasonable, clearly written, and concise," said Mr Obama said. And shareholders will be given more power to question executive bonuses. (BBC News -- Business)
Treasury chief defends proposed financial regulations Jun 18, 2009
The plan also calls for creation of a new consumer protection agency to protect against deceptive practices by credit card lenders and mortgage brokers. Copyright 2009 The Associated Press. (WCAX.com, VT)
Highlights: Obama's Proposed Financial Fix Jun 18, 2009
Establishes a Consumer Financial Protection Agency to protect consumers from deceptive practices by such companies as credit card lenders and mortgage brokers. Gives new authority to the Federal Reserve to supervise firms considered so big or influential that their failure could topple the economy. (CBS News)
What's missing from Obama's financial reforms Jun 18, 2009
A prime cause for the housing bubble that led buyers, mortgage brokers, banks, hedge funds, and investors to lose their senses about risk and bring the world economy to its knees lies with Washington's housing policy, and the powerful industry lobbies that push it. Over the decades, Congress, the Federal Reserve, and successive administrations have cranked up the property market with various favors until owning a home became a social necessity and the government had a stake in making... (Christian Science Monitor)
Consumer Agency Wants to Revamp Lending Jun 18, 2009
Mortgage brokers would be required to present home owners with the best available mortgage loans and ensure that borrowers could afford them. There would be bans on prepayment penalties and so-called "yield spread premiums," which provide incentives to brokers to steer borrowers to more expensive loans. (Realtor Magazine Online)
Democrats to Push Through Banking Overhaul Quickly Jun 18, 2009
A new consumer protection agency would be created to prevent deceptive practices by such companies as credit card lenders and mortgage brokers. The proposal was well-received among Democrats on Capitol Hill, who said it would prevent another round of bank bailouts and protect consumers from predatory lending practices. (ABC News -- Wire)
Obama to Propose Consumer Protection Agency, Combine Two Bank Regulators Jun 17, 2009
Dodd said the agency should have enforcement authority over credit and bank products and shield consumers from predatory practices of mortgage brokers and banks. The U.S. agency will have the power to require companies to inform consumers about the risks of the mortgage and to offer a plain vanilla product with straightforward terms, according to the document. (Bloomberg -- US)
Recession and Job Layoffs Create Economic Stimulus Package for Hydroponics Gardening Jun 16, 2009
Koster said his action is against SJS Investments, LLC, and A & J Mortgage Brokers, Inc. d/b/a (doing business as) Equity One Mortgage. The companies operate their businesses out of St. Peters and Hillsboro, Missouri. (Saint Louis Front Page)
Helping Clients Find the Right Cure for Foreclosure Jun 16, 2009
Mortgage brokers are more likely to recommend refinancing or a short-refi. Bankruptcy attorneys are more likely to recommend filing for bankruptcy, especially if the homeowners have a lot of unsecured debt (such as credit card debt). (RealtyTimes)
Brokers, lenders face state action Jun 5, 2009
The Massachusetts Division of Banks said it issued 87 cease-and-desist orders against licensed mortgage brokers and lenders for failing to provide required financial information, including evidence they posted tens of thousands of dollars in bond money. Steven Antonakes, the state's bank commissioner, said the companies, many of which are based out of state, had "ample opportunity to secure and submit" the money. (Boston Globe)
Housing crisis also means more empty offices Jun 5, 2009
Offices that once were filled with mortgage brokers, title insurance officers, real estate agents, developers, engineers, architects and planners have gone out of business or reduced their staffs. "About 500,000 square feet of empty office space can be attributed to the job losses in real estate," Velthoen said. (Modesto Bee, CA)
New rules protect appraisers, but drive up costs Jun 3, 2009
Federal regulations aimed at putting more distance between mortgage brokers and home appraisers require lenders to use appraisal management companies to order appraisals ... The new rules went into effect May 1 as part of the Home Valuation Code of Conduct which keeps mortgage brokers from hand picking appraisers. (Nashville Business Journal, TN)
Local experts find fault with HUD's home buyer program Jun 3, 2009
Local mortgage brokers and real-estate agents had been waiting for news from HUD about the plan, originally announced in mid-May but then quickly withdrawn, that would let first-time buyers eligible for a federal income-tax credit of up to $8,000 apply for a "bridge loan" to cover the down payment on a Federal Housing Administration loan. On Friday, HUD announced that it would move forward with the program but would not allow lenders or non-profit groups to advance the tax credit to home buyers... (AZCentral -- Business)
NH gov looks at taxes on mortgage refinancing Jun 1, 2009
Ralph Coppola, past president of the Mortgage Brokers and Bankers Association, says the idea would clash with Lynch's efforts to help homeowners avoid foreclosure. . (Concord Monitor)
New financial order May 31, 2009
This goes some way toward explaining why your credit card company can suddenly change the terms of your agreement (though never to your benefit, it seems) and why consumers who qualify for prime-rate mortgages get pushed into the subprime category, with its higher fees for mortgage brokers. While it's easy to blame borrowers, saying that they "should have known" disasters could happen with financial products, it is truly impossible for most average people to understand the byzantine terms and... (San Francisco Chronicle -- Opinion)
A fool and his money soon part May 30, 2009
Any more than we can blame the foreclosure crisis on unscrupulous mortgage brokers. If the housing crisis were all about predatory lending, the re-default rate on modified mortgages wouldn t be so high. (Atlanta Journal-Constitution -- Business)
Beware the hidden agendas of 'experts' May 30, 2009
The financial services industry which includes real estate agents, mortgage brokers, lenders, stock and mutual fund salesmen (aka "financial advisors") has an enormous vested interest in restoring the confidence of people like you and me in the products they sell and the advice they provide. No matter how personable, intelligent, honest or trustworthy they may be, they are making a living selling a product. (MSNBC -- Business)
Complaints against Interactive Strategies May 30, 2009
companies run by a mother and son who contract to provide sales leads and make sales calls for insurance companies, mortgage brokers and financial planners, the BBB said Friday. Businesses nationwide complained that failed to make calls on their companies behalf even after they pay hundreds of dollars for the services, the St. Louis said Friday. (St. Louis Business Journal, MO)
AnswerDesk: Noquick fix May 30, 2009
Home sales add a big boost to the economy beyond the fees earned by real estate agents and mortgage brokers. Home buyers typically also spend money on new appliances, furnishings, repairs and improvements. (MSNBC -- Business)
Too Late To Refinance Your Mortgage? May 29, 2009
Mortgage rates at some lenders spiked by as much as 1 percent on Wednesday and saw little relief on Thursday, according to mortgage brokers. "The 4.75 percent my broker quoted two weeks ago? There's no way I'm going to get that now," said Wald, 49. (CBS News)
Mortgage rates may end refinance boom May 29, 2009
Mortgage rates at some lenders spiked by as much as 1 percent on Wednesday and saw little relief on Thursday, according to mortgage brokers. advertisement. (MSNBC -- Business)
Happy Valley fights real estate blues with citywide open house May 29, 2009
In short order, city staffers were calling area real estate agents, mortgage brokers and bankers, floating the idea of a citywide open house to put a positive spin on an otherwise bleak situation. They decided to call their free, self-guided event "City of Dreams.". (OregonLive, OR -- Business)
SmallCapSentinel.com: Riding the Recession May 27, 2009
The only problem was the carefree economy of 2005 wasn't full of responsible individuals wisely managing debt and income or eager to hear the voice of reason among a chorus of dubious mortgage brokers, reckless lenders, and credit card enticements. Related Quotes. (Primezone Releases)
Equity in Homes Will Help Canadian Homeowners Weather Recession May 27, 2009
The vast majority of Canadian homeowners will have no problem weathering the recession and making their mortgage payments, says a reassuring analysis by the country's largest mortgage brokers association ... - Mortgage brokers were used by 48 per cent of those taking out first mortgage (compared to 44 per cent who used a bank representative). (RealtyTimes)
Mortgage Brokers Webinar Today May 27, 2009
Published: Wednesday, May 27, 2009 6:09 AM EDT The non-profit Florida Association of Mortgage Brokers (FAMB) will host a live webinar today from 3 to 4 p.m. to discuss the revisions recently made to Florida Statute 494 during the 2009 Legislative session and how this will affect the way the mortgage broker industry conducts business ... The Florida Association of Mortgage Brokers exists to advance the mortgage broker profession through advocacy, education and ethical practice. (The Fort Meade Leader, FL)
Business people May 21, 2009
The Alaska Association of Mortgage Brokers has recently elected their new board. New officers are John Martin, CMC, CMPS, of Alaska Mortgage Solutions, president; Terri Weary of Alaska USA Mortgage Co., vice president; Tauna Clegg of Preferred Mortgage, secretary; Dalton Clark of Academy Mortgage, treasurer; Scott Hiett of Loan Network as president-elect; Joe Brammer of Summit Mortgage as past president. (Anchorage Daily News)
More Biz in Today's Tough Market – The Phrase That Pays May 21, 2009
(Which isn't that unusual for Financial Advisors, Mortgage Brokers or Realtors. So I say to them, "Well you know, that isn't too much of a problem, because we've got chapters forming all over the Atlanta. What I can do is get you plugged into the process it will take about 10-12 weeks to get a chapter "chartered" at 20 members and we'll be there every step of the way to partner you up with other business professionals who want to do the exact same thing in your area. Is that something you'd like... (RealtyTimes)
Foreclosure scams on rise May 20, 2009
There also are reputable private firms, run by attorneys, mortgage brokers and real-estate agents, offering loan-modification help. But a growing number of scam artists that have joined the scene, promising help, taking hefty upfront fees and then leaving homeowners on their own. (AZCentral -- Business)
Senate Passes Credit Card Reform Bill May 20, 2009
Overvalued homes in a very narrow market, and dishonest realtors and mortgage brokers. Those buyers are being called dummies. (CBS News)
New Appraisal Rules Rankle Appraisers May 19, 2009
Rich Kuegler, a vice president at MDA Lending Services Inc., a national appraisal management company, says new fees compensate his and similar firms for "processing and administrative" duties that used to be handled by mortgage brokers and lenders. He also says that appraisers can expect greater volume working for an appraisal management company, which should compensate for lower fees. (Realtor Magazine Online)
Don’t get scammed on loan mods May 19, 2009
Reputable mortgage-modification operations do exist and are usually run by real-estate agents, mortgage brokers or lawyers who have switched from home sales to foreclosure assistance. Other firms, according to state regulators, often are run by former unlicensed loan officers, telemarketers and payday-loan operators, who promise quick loan modifications, charge a hefty up-front fee, then fail to deliver. (Santa Maria Times)
Fees rise, but appraisers get less per job May 18, 2009
The code pushes most large lenders to use third-party "appraisal management companies" that contract with networks of independent appraisers around the country who have no direct contact with retail loan officers or mortgage brokers. Mortgage brokers - who formerly chose appraisers and kept a competitive eye on appraisal fees - say the new rules are adding 20-30 percent to consumers' appraisal costs ... "On May 1," Facchini said, "I lost almost my entire customer base" - mortgage brokers who now... (San Francisco Chronicle -- Business)
Medicare's New Expiration Date May 14, 2009
The rules would likely apply to companies that didn't receive any bailout money and could extend to include regulated hedge funds, private-equity firms, and mortgage brokers. Although the WSJ's high placement of the story is clearly meant to scare executives in the financial industry, the truth is that nothing has been decided yet. (Slate)
Byte Software Announces Software for the Home Affordability Modification Program May 11, 2009
Kirkland, WA (PRWEB) May 11, 2009 -- Byte Software, an innovative leader in secure and affordable software for banks, credit unions and mortgage brokers, announces the release of the , providing servicers with an all-in-one software tool for processing modifications under the Treasury's Home Affordable Modification Program (HMP). The BytePro Loan Modification Edition allows servicers to process HMP modifications from initial borrower contact through completion of the modification. (Yahoo News -- Press Releases)
Who gets the credit? May 11, 2009
The days of mortgage brokers knocking on your door, soliciting business and obtaining loans through Wall Street conduits are over, Levinsky said. That type of securitized financing doesn t exist anymore. (Albany Business Review, NY)
Washington Report: Appraisal System May 11, 2009
The National Association of Mortgage Brokers has begun documenting the higher fees and other problems with the new code. In one case the association shared with Realty Times last week, a large lender, EverBank, circulated its list of new appraisal fees to be charged consumers through its "automated appraisal system.". (RealtyTimes)
New laws in North Dakota: A to Z May 10, 2009
MORTGAGE BROKERS: North Dakota's Department of Financial Institutions will begin licensing mortgage brokers in the state. (SB2160). (Bismarck Tribune, ND)
Housing loan help attracts new scams May 10, 2009
Reputable mortgage-modification operations in the Valley are usually run by real-estate agents, mortgage brokers or lawyers who have switched from home sales to foreclosure assistance ... Mortgage brokers are regulated in Arizona, and a law goes into effect in 2010 that will regulate the state's more than 5,000 loan originators, as well. (AZCentral -- News)
Bankers fault themselves in meltdown May 10, 2009
Five other causes were cited less frequently, including Federal Reserve efforts to keep interest rates low, the advent of complex Wall Street instruments known as credit-default swaps and inappropriate commissions for mortgage brokers, at 18 percent each ... Mathis mainly cites weak oversight of the lending process by mortgage brokers, easier terms permitted by Fannie Mae and Freddie Mac, credit-rating agencies' failures to accurately assess risk and the rise of complex investment products into... (AZCentral -- Business)
Lawsuit alleges builder, lender used rigged house appraisals May 8, 2009
The industry's shift toward selling off mortgage loans as securities to investment brokers made lenders less concerned about the accuracy of appraisals, the critics contend, just as the rise of new incentives for mortgage brokers gave them more reasons to push risky loans on buyers. Home builders sold their homes for higher prices, the banks profited from making and selling loans, and the mortgage brokers benefited from earning more commissions. (AZCentral -- News)
U.S. may face years of sluggish economic growth May 8, 2009
A nation that had too many investment bankers and mortgage brokers now must switch focus to other endeavors. Resources will stand idle while that process plays out, further constraining the economy's potential. (USA Today -- Money)
House votes to outlaw 'liar loans' May 8, 2009
Mortgage brokers and loan officers would lose incentive to steer consumers to more costly loan options. Under the bill, a broker would receive the same compensation for selling a 30-year, fixed-rate loan as he would a riskier adjustable-rate mortgage. (AZCentral -- Business)
2 Milpitas mortgage brokers get prison for fraud May 6, 2009
-- Two former Milpitas mortgage brokers have been given lengthy prison sentences for stealing $8 million from fraudulent sub-prime loans. Esperanza Valverde and Herman Covarrubias each were convicted in October of multiple counts of grand theft and forgery. (Fresno Bee -- State)
Home Capital's Strong First Quarter Sustains Momentum: Net Income up 24.9%; Return on Equity was 27.9%; Basic and Diluted Earnings per Share Reach $0.91 May 6, 2009
While Home Trust will continue to build on its traditional lending model, the addition of the Accelerator program has elevated Home Trust as a one-stop shop for mortgage brokers and borrowers. This new business has enhanced and expanded existing broker relationships and enabled Home Trust to further penetrate the broker market with an attractive suite of products. (Canada Newswire)
First National Bancshares in Compliance With NASDAQ May 6, 2009
First National Bank's wholesale mortgage lending division provides services to community banks and mortgage brokers across the Southeast from its office in Greenville. First National Bancshares was incorporated in 1999 to conduct general banking business through its wholly owned bank subsidiary, First National Bank of the South. (Primezone Releases)
Lessons of the '93 healthcare war muddle the current debate May 5, 2009
But now, after watching private mortgage brokers, mutual fund managers, and bankers build a system of rampant foreclosures, plummeting property values, and devastating stock losses, the answer isn't so clear. But Obama, who wants bipartisan backing for such a major undertaking, seems to be at least weighing the possibility of trading away the public option in exchange for GOP support. (Boston Globe)
Attorney General Koster Declares 'Zero Tolerance' on Mortgage Scams May 4, 2009
"Increasingly, mortgage brokers are using deceptive ploys to draw Missourians back into the refinancing game," Koster warned. "Our goal is to alert consumers that these scams are out there and to sue every mortgage broker who crosses the line.". (Saint Louis Front Page)
Low mortgage rates not for everyone May 3, 2009
There's no shortage of mortgage brokers out there who want to connect lenders with borrowers. Another option: You could hold off on refinancing or buying a home, and spend some time trying to improve your credit score by paying your bills on time and paying down your credit card balances. (AZCentral -- Business)
