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Michael Belcher
Featured Story
Prefunding Fraud Analytics Helps Reduce Potential Risk
By Amilda Dymi
Fraud risk control is commonly recognized as an effective way to avoid loan buybacks. Avivah Litan, vice president and analyst at Gartner research firm, says lenders who want to remain competitive in fraud management are also aware that they "cannot continue doing business as usual."
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November 29-
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Michael Belcher Featured Story
Prefunding Fraud Analytics Helps Reduce Potential Risk
By Amilda Dymi
Fraud risk control is commonly recognized as an effective way to avoid loan buybacks. Avivah Litan, vice president and analyst at Gartner research firm, says lenders who want to remain competitive in fraud management are also aware that they "cannot continue doing business as usual."
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a year ago
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November 22-
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Michael Belcher It's not easy being a mortgage loan officer these days. Oh sure, loan volumes are increasing nicely because of the refinancing boom, but there's plenty to worry about, chief among them warehouse "dings" and future caps on compensation.
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It's no secret in the industry that warehouse credit has improved greatly over the past half year, but that doesn't necessarily mean management is going easy on its loan officers.
Profit margins continue to be fat, but some nonbank lenders are beginning to penalize LOs if the loans they're working on take too long to close. As one consultant told me, "If a loan takes a long time to close that means the warehouse line will have to stay open that much longer. It could result in 'negative carry.' So what do you do? You 'ding' the LO to teach them not to take so long."
No one has suggested that penalizing LOs (which reduces their overall commission) is a serious problem yet, but it's not a new phenomenon either. A LO who works in the Columbus, Ohio, area, and who requested his name not be used, said a lender he worked for was doing it back 2008. "A lot of times it didn't have to do with the LO," he said, "but it was a way for the company to say, 'We're not going to absorb this extra charge.'"
The broker added that oftentimes it wasn't the loan officer's fault the loan was taking so long to close—it was the title company's fault, he argued. (Today, thanks to the foreclosure crisis, there is an increased emphasis on having clear title, especially on REO sales.)
But warehouse charges may be the least of worries facing loan officers who work for either an actual funder or a loan brokerage operation.
Currently, the big unknown facing the industry is coming rules
about 2 years ago
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Michael Belcher Settlement service fees for mortgage originations haven’t budged much since new Real Estate Settlement Procedures Act policies took effect at the beginning of the year, according to a new study.
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Ernst Publishing Co. conducted a survey of 226 lenders from Oct. 11-16 to gauge price ranges in county recording fees and vendor- and lender-controlled origination fees.
According to the survey, 57.5% of respondents said county recording fees increased 5% or less during the past 12 months. Like the low increase in recording fees, 55.7% of respondents said vendor-controlled fees such as appraisals, credit checks and title searches increased no more than 5%. In addition, 51.4% reported lender-controlled fees didn’t increase more than 5%.
Those responses contradict a common misconception that the new good-faith estimate led to higher costs for borrowers, Jan Dalton Clark, vice president of the Half Moon Bay, Calif.-based firm, told National Mortgage News.
“We heard outcry from our lender clients that the perception is that they have increased fees because of RESPA and borrowers are paying the price,” Clark said.
In reality, she said, the estimates on the GFE are now more accurate. Previously, lenders used baseline prices that generally underestimated fees. RESPA holds lenders accountable for cure violations between the GFE and HUD-1 closing document and the lender must reconcile any settlement services that cost more than 10% of the price quoted on the GFE.
“Before the new RESPA regulations, borrowers would go to the closing table and find out they had $2,000 in charges that weren’t quoted correctly that they had to pay,” Clark said. “What we’re seeing now is that the fees are accurate on the GFE.”
Indeed, 45% of survey respondents
about 2 years ago
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Michael Belcher nationalmortgage Search
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Regulators Unwilling, Unable to Punish Wayward Mortgage Servicers
PrintEmailReprintsFeedbackShare | Monday, November 22, 2010
By Cheyenne HopkinsWASHINGTON — Despite tough talk from regulators that they are cracking down on mortgage servicers that do not follow modification guidelines, the agencies have so far done little to nothing to punish firms.
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The Treasury Department and the Federal Housing Administration have said servicers have failed to comply with conditions of some government programs, but have mostly just ordered them to do better next time.
While regulators argue that they are taking necessary steps to ensure compliance, observers said the agencies are unable and unwilling to act in most cases.
"I don't think the tools have teeth," said Tim Rood, managing director at Collingwood Group LLC. "That's the problem. … It's a lot of frowning and finger-pointing but not a
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Dedicated to your success!!! about 3 years ago
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about 3 years ago
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Gifts and grants can be considered borrower’s own funds for purposes of meeting MGIC’s 3% Minimum Borrower Contribution when the following requirements are met: Property is located in a Nonrestricted Market DTI 740 Loan instrument is fixed-rate/fixed-payment for at least the first 5 years Property is 1-unit Property will be a primary residence Loan has no subordinate financing or soft seconds a year ago
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It has been a crazy and busy time for me, as I am sure it has been for many of us. I would like to first say thank you for being a part of AAN. For those who have joined my team becasuse of others, I hope to have the opportunity to get to know you. If there is ANYTHING that I can do, or questions that need to be addressed, please feel free to reach out. I hope to hear from you soon! about 3 years ago
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about 2 months ago
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Hello world a year ago
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