Doug Capps's Blog

After reading a recent blog, I was compelled to write about my own personal lending experience.  Following the military, I moved to a new town, bought a new home and started a new career as a loan originator.  When I left the military, me and my wife purchased our home using a NO DOC loan becaus...

USDA Guaranteed Rural Housing is NOT just for Mississippi, but for the purpose of this post, the map below is for Desoto County.  To see if you are in an eligible area, go to:  http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.With the demise of 100% conventional conforming loans, ...

Currently in the State of Mississippi, there are 804 licensed loan originators.  Only 22 loan originators to date, have earned the NEW Lending Integrity Seal of Approval.  These 22 loan originators represent the "first" Lending Integrity members in the State.The National Association of Mortgage B...

It just got harder to finance greater than 95% financing.  Here is an excerpt from one Mortgage Insurance Company.  All three companies that I have checked so far are making similar changes.These changes only affect conventional Fannie and Freddie loans - regardless of AUS (Automated Underwriting...

Last week I found about a few "upcoming" lending changes:  (1) Fannie Mae's interest rate adjustments according to credit score risk effective March 03, 2008 (FNMA Announcement 07-16) and (2) the MyCommunity Mortgage changing its allowable seller contributions from 6% to 3%.Well here's another ma...

LENDING TIMES - THEY ARE A CHANGINGLike we needed something else to potentially effect the market!   Well the fact is, the landscape of mortgage lending IS changing.  We can debate about the what, when, where, why and how, but the fact that things are ever evolving still remains.  Update:  12/15 ...

CALL TO ACTION ON H.R. 3915Most of you have read and already know about HR 3915, the "Mortgage Reform and Anti-Predatory Lending Act of 2007."  Alot of real estate professionals have already voiced their opinions through various vehicles (petitions and emails), but if you have not, here's your la...

The Mississippi Association of Mortgage Brokers (MAMB) strongly believes in promoting the highest degree of professionalism for its members and providing ethical and professional standards against which mortgage professionals can be measured.  To that end, MAMB has developed this certification pr...

Effective July 1, 2007, there have been many positive changes made to the Mississippi Mortgage Consumer Protection Law (MMCPL).  Here is one of the new changes:Did you know that Mississippi now has pre-licensure requirements for loan originators?Here's the breakdown - please note, the information...

Why a NAMB Certified Broker?National Association of Mortgage Brokers (NAMB)-certified mortgage professionals pledge to adhere to a strict code of ethics and best business practices, and they have proven their skill by meeting tough eligibility requirements and passing a rigorous exam.  As the eco...