ARCHIVED BLOG POSTS
2011
5
Comments
QRM DEAD ON ARRIVAL? The qualified residential mortgage idea may be dead! If so, this will be one of the first things they have gotten right in Washington. I'm all about making good loans, but asking buyers to put down 20% or have the lender hold back 5% of the loan amount to cover defaults wou...
07/25/2011
FEDS TO THE RESCUE WITH LOAN OFFICER COMPENSTAION RULE - or not! L O Compensation Rule - Requires the originator of the mortgage loan set an amount they want to earn and not vary that from loan to loan, regardless of the type of loan or amount of time or work that loan takes to get done. Income...
07/22/2011
WHO IS RUNNING THE CONSUMER FINANCE PROTECTION BUREAU? TODAY IS THE BIG DAY THE CFPB GOES LIVE. Since there is no confirmation of the director (Cordray of OH), then who is in charge? What are our elected officials afraid of when they don't want to confirm any director? The CFPB has oversight of s...
07/21/2011
22
Comments
WELLS FINED 85MIL FOR MORTGAGE ABUSES WOW, I'M A MORTGAGE BROKER AND IT FEELS SOOOOO GOOD TO READ A HEADLINE AND ARTICLE LIKE THIS. This article was written on CBS Marketwatch (by Gregg Robb). In Part this article says: The Fed fined Wells for allegedly steering borrowers into high-cost subpr...
07/20/2011
4
Comments
WHY DON'T BORROWERS UNDERSTAND LOAN TERMS? As a loan originator who has worked in the industry for nearly 14 years I simply cannot understand why a borrower would call me and say they have been quoted a 4% interest rate on a thirty year mortgage and want to know if that is a good deal. Heck yeah!...
07/18/2011
2
Comments
WHAT ARE LOAN LEVEL PRICE ADJUSTMENTS? - OR OTHERWISE KNOWN AS LLPA'S IN MY INDUSTRY. HERE IS WHAT THE CONSUMER NEEDS TO KNOW about loan level price adjustments. What are they? Do all borrowers get them? Can they be avoided? Fannie Mae reeling with losses on mortgage loans has implemented "loan...
07/05/2011
Rainmaker
325,298
325,298
Dora Griffin
NMLS 6380