A complete video presentation on the “Best Practices” of mortgage loan originators.
Purchase business is the lifeblood of many originators. With affordable homes in low supply, multiple offers on multiple properties is a way of life, especially in the first-time home-buyer segment. And, every real estate agent wants a “pre” something! A Friday in August, and I can’t get this topic off my mind. On July 31, 2019 the CFPB put out FAQs on this very topic. So, here’s some food for thought. FAQ Question #4: Is …
Someone was kind enough to point out that my last post was shameful self-promotion. So let me approach this same topic a little differently. As an originator for over 25 years, it is very clear that we have a significant impact on the psychological emotional, and financial well-being of every consumer we interact with, and that impact stays with them well beyond the closing. We also intentionally or innocently, torture our bosses, co-workers, real estate …
Originators have a significant impact on the psychological emotional, and financial well-being of every consumer they interact with and it stays with them well beyond the closing. Let’s also not forget impact on our bosses, co-workers, real estate referral and other partners and our companies! We believe this is such a neglected topic, we made the first episode in the Mortgage Professional Practices program, IMPACT- Psychological, Emotional and Financial Impact, Empathy in Mortgage Transactions. Real …
After delaying the “optional use date”, yesterday the FHFA and GSEs announced the new 1003 mandatory use date will no longer be February 1, 2020. This should take some pressure off of lenders who were facing a deadline that was creeping up. Now, the GSEs have been directed to make new modifications to the form. The good news is the industry will now be afforded additional time to make changes since the FHFA and the …
Recently someone posed this question on Facebook: “What do you think the most important word in the mortgage business is?” And that got me thinking. Wouldn’t it be nice if mortgage originators didn’t have any competition? We really would provide the best rates, costs and services for all consumers…really, I promise! Ok, we all know the supply and demand story! Recently, former head of the MBA, David H. Stevens simply stated “consumers benefit by a …
Every time I finish writing another episode on mortgage financing, as if on queue, something significant changes. If you sell financial products linked to LIBOR, changes may be heading your way…okay so maybe not till 2021! Today, Timothy Kitt, Senior Vice President, Head of Pricing and Execution for Freddie Mac released a statement on the replacement of the London Inter-Bank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR), in support of the recommendation …
With low rates and refinances slowing down turn times in the middle of the summer selling season, changes may be coming that are most likely not on your radar. Depository institutions may want to begin to develop a strategy for Transitional Licensing Authority that could change the originator pool. The real estate industry is being sued for anti-competitive practices and NAMB is calling for Congress to open the SAFE ACT! What has me interested is …
Tomorrow night I will be speaking at the CT Mortgage Association event at The Library Wine and Bistro in Wallingford, CT. Since I posted the event, I have received questions about the topics. It occurred to me that while I am researching all new things mortgages, most originators, managers and companies are focused on closing loans. So here is a brief summary. If you’re in the CT area and want to hear more, come tomorrow …
A complete video presentation on the “Best Practices” of mortgage loan originators.
It’s December 2019. Your entire origination staff just got Certified by a 25 year mortgage veteran. Your underwriting conditions are cut in half due to less touches on more profitable files. Your customer service has improved dramatically and the stress level with all employees is greatly reduced. Not to mention, there is a significant reduction in potential compliance issues. New applications are increasing because originators are not babysitting files with more time to originate new …
Waiting Until 70 For Social Security Benefits may not make sense and here is why.
The Mortgage Professional Program Starting May 1, 2019 What if I told you, you could get 25 years of experience in nine months? And what if during this time of learning and growth you were challenged, you learned how to think differently…work more efficiently, more profitably and even build loyalty with your customers? And just suppose you were willing to devote 60 hours of time over the next nine months to master what it takes …
The FHA Single Family Handbook has been updated. Check out the complete list of changes. Some highlights include an update to the legal age for members of an LLC, an update to the standard to limit non-commission employees to those employees that perform underwriting or quality control activities, that Mortgagees must report employee compensation following IRS requirements, as well as providing guidance on the use of Third Party Verifications, (TPV) services to verify borrower’s employment, …
Introducing Mortgage Professional News a streaming information service that delivers timely information directly to your inbox. Content is from three major sources: Articles and discussion on recent Mortgage Professional topics Live Webinars, New Courses, Presentations, Videos on Mortgage Education Major Notices for Mortgage Professionals Keep up to date on the information every Mortgage Professional needs to know. Get live updates on changes as they occur that directly affect you. Get immediate notices on new on …
We like less confusing! Right after I finished my Only Three Conditions on the First Underwrite webinar today I received a FNMA update. Thank you Fannie Mae. In response to feedback from lenders and technology providers, Fannie Mae has rewritten and simplified the DU Validation Service messages. According to their release today, the DU 10.3 update replaces 41 current messages with 11 messages, including changes for findings regarding commission income, as well as some updates …
Our CLOES.online Mortgage Professional Program is coming soon and I am in “content hell” but, happy to say with light at the end of the tunnel. The program will be available April 1, 2019 but there is one area I want to share because we are in tax season and it may be helpful, a sneak preview! Mortgage Practices 1 includes an episode on Mortgage Math & Income Calculations, with a detailed review of tax …
FINRA Regulatory Notice 18-19 issued May 11, 2018 expands AML Program requirements to include additional risk-based procedures, or the “fifth pillar” required for AML programs under the new FinCEN CDD Ruling Since all AML programs are customized based upon the size and risk of a Mortgage Lender, Broker or Individual Licensee, the application of the “fifth” pillar must be factored into all programs beginning on May, 11, 2018. Therefore all AML programs must be modified …
At the 2019 NMLS User’s Conference in Orlando, FL., I participated on a panel with state regulators and a compliance attorney about how working together can improve NMLS approved Continuing Education. If educators could obtain the results of federal and state regulator’s examinations and investigations, could we could make Continuing Education more meaningful and engaging? Examinations (which are performed routinely) and investigations, (which are a result of a consumer or competitor’s complaints) are enforcement cases …
Continuing Education and the Supervisory Process Hilton Orlando Lake Buena Vista1751 Hotel Plaza Boulevard, Lake Buena Vista, Florida, 32830 For the past three years, SRR has been working with the Multi-state Mortgage Committee (MMC) to understand and identify reoccurring problems discovered on mortgage exams that can be addressed through annual continuing education (CE) process. Now in its third year, this session will explain how SRR, the MMC, and continuing education providers are working together to …