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 …