Recently a mortgage loan originator in another state contacted me for help. He was stuck with an underwriter and was challenged by how to calculate the self employment income. In that conversation he told me how helpful it would be to originators to have a “loan advisor” to consult with. He encouraged me to set up Advisory Sessions and they are now available to any originator who knows the value of time. In addition to …
Why the two tier system anyway? Do consumers realize the difference? For the sake of full disclosure, my business is education. I am a mortgage educator. I write, record and instruct courses for depository and non-depository originators alike. Their job is the same! One could reasonably argue that I have an agenda; I earn my living on education. Does that make the argument for all originators to be educated any less valid? In 2007, I …
April 29, 2020 – The CFPB issued an Interpretive Rule today titled: Application of Certain Provisions in the TILA-RESPA Integrated Disclosure Rule and Regulation Z Right of Rescission Rules in Light of the COVID-19 Pandemic. The rule allows for COVID-19 to be a “financial emergency reason for borrowers to WAIVE the TRID closing waiting period and the three-day right of rescission. “The Bureau understands that the COVID-19 pandemic could pose temporary business disruptions and challenges …
26,000,000 people filed for unemployment in the past several weeks; and it’s not over! The Coronavirus is causing serious financial issues for states. For the first time ever, independent contractors are eligible under the CARES Act , even though unemployment taxes may not have been paid in. When the states start looking at all the workers who were 1099, what action will they take? The IRS is just as interested in independent contractors, even more …
Learn how to get YOUR Tripod. Free LIVE Webinar on May 5th 12:00 Noon ET! In this COVID-19 world, companies need all possible resources at their fingertips to keep businesses going and growing to recruit and provide quality professional development in a safe environment. Is consumer direct the future of mortgage origination with all the hidden pitfalls? While it may be a smart strategy for banks and credit unions to grow market share, retain servicing …
Every customer should receive a written analysis; it helps take emotion out of the equation. I do it for all my purchases and refinances. Yes, we have lots of long discussions, but hearing and seeing are two different things! The point of an analysis (particulary for refinances) is for a consumer to know the interest costs and principal reduction between a new loan and the original loan at it’s current balance. (you may need to …
Is there any good news today? I guess at least people who have filed will begin collecting some income. The mortgage world is in flux and the challenges are coming faster than we can deal with. We play a very important role as mortgage professionals by helping people make the right decisions; what’s in their best interests. This week I told three customers NOT to refinance. If you are submitting 100% of approvable files you …
In December, 2019 McKinsey & Company’s article “Competing on Customer Experiences in US Mortgage,” they sited reassurance, transparency, simplicity, and speed as the four dimensions of a mortgage experience. The #1 priority; GETTING THINGS RIGHT, THE FIRST TIME! Speed and simple processes are up there, but what do you have to know to get it right the first time? Consumers still like advisors; someone to run things by, ask questions, review the numbers with and rely on …
A picture is worth a thousand words! Take a good look at that image; then ask yourself, how long will you wait before you really learn the business? Why do top producers have time to bring in more business? Minimum knowledge to fill out a 1003 doesn’t cut it! To assume it’s enough, indicates the lack of knowledge about the real business of residential lending. Analysis, critical thinking, mathematics, problem solving, communications and the ability …
It’s a new year with all the hopes that January brings…it’s also Monday. New week, same old issues. You are in charge of “training.” You yawn, sip your coffee and try to remember where you left off on Friday afternoon. In-house training departments face many challenges. They are expensive and labor intensive. The cost to acquire, develop, maintain, update and deliver content and systems is an ongoing battle. Compliance takes over when new mortgage laws …