12
MAY
2017
big-pharma-mortgage-lenders-advertise-direct-to-consumers-pills-30-year-fixed-mortgage

Why Does Pharma Advertise to Consumers?

It’s one of those things that bug me. I see all these ads on TV by big pharmaceutical companies advertising drugs you can only get by prescription. Why advertise directly to consumers for something they cannot buy? There must be a reason. Do they believe, or does market research...
11
MAY
2017
movable-collateral-mortgage-risky-business-chattel-loan

Would You Mortgage “Movable” Collateral?

In ongoing efforts to increase homeownership rates and provide home financing to underserved markets, both Fannie and Freddie are entering the mobile home financing market. This is part of their ‘Duty to Serve’ requirements under the 2008 Housing and Economic Recovery Act that I...
10
MAY
2017
Uncle-Sam-wants-you-to review-fhfa-plans-freddi-mac-fannie-mae-low-to-moderate-income

Duty to Serve

It sounds as though we may go back to the old military draft system. No, it’s only for Fannie Mae and Freddie Mac requirements to provide programs to serve the needs of very low, low, and moderate-income home buyers. FHFA announced it is extending the deadline for comments on...
09
MAY
2017
employment-roller-coaster-mortgage transaction-variance

As The Employment Roller Coaster Ride Continues

Sounds like a name for a bad soap opera or a reality TV show. But, once again this year, the trend continued. Non-Bank mortgage lenders shed employees in December, January, and February only to find the need to find new employees in March. Like the annual migration of the...
08
MAY
2017
morty-online-mortgage-originator

Why Lenders Need to Get to Know “Morty”

Who is Morty and why might he or she put the traditional mortgage originator out of business? First, Morty is not a he or she, it is an online mortgage resource system meant to match consumers with the best products and rates available, while walking them through the loan...
05
MAY
2017
day-1-one-certainty-caveat-reverification-emplyoment

Protect Your Day 1 Certainty Relief

By now you’ve probably heard of Fannie Mae’s Day 1 Certainty Program to earn relief from certain origination reps and warranties. I hope so because it’s a good program for lenders to get a little relief when they produce quality loans. A lender, using a Fannie authorized third...
04
MAY
2017
security-vet-vendors-PII-vault-door-open

Vetting Your Vendors

As you may know, LoanLogics (the company I work for) is a vendor to the mortgage industry. We provide technology, technology platforms, and reporting, to lenders for quality and risk management, MERS reviews, correspondent lending, portfolio monitoring and much more. You can view...
03
MAY
2017
funny-how-time-slips-away-hand-clock-hmda-cfpb-trid

Funny How Time Slips Away

It’s an old song, sung by performers like Elvis, Willie Nelson, and Al Green. They talk about what goes around, comes around, and sooner or later “you’re gonna pay” in love and in life. Things ain’t so different in business. If you do right by your customers, then they’ll do...
02
MAY
2017
CFPB-CLEARR-choice-magnifying-glass

Is there a CLEARR CHOICE for Dodd-Frank Reform?

Recently, Rep. Jeb Hensarling (R-TX), Chairman of the House Financial Services Committee, announced that his Committee will hold new hearings to discuss the provision of the amended CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs). You can’t make...
01
MAY
2017
Defect-Monitor-action-plan-bank-guard

Are You Just a Defect Monitor?

You’ve probably seen the commercials on TV with a bank security guard or a guy looking like a dentist, where they say they are just a ‘monitor’ but don’t do anything about what they find. It’s funny for a commercial, but not so funny to the bank or the patient needing dental...