The recent decision in California in favor of Irvine-based, Mount Olympus Mortgage against Guaranteed Mortgage and a former Loan Originator, for corporate espionage (stealing loans) has lenders reviewing their contracts and employment agreements with their LOs. These contracts need to cover more than just compensation. They should also specifically spell out who “owns” the customer and what happens if, and…
Most companies like to boast that they provide great customer service. I once attended a bank’s 5-year planning meeting where the facilitator asked, “How much do you, or can you, charge for your “great” customer service? Everyone went silent. The reality is that every customer expects to receive good service as part of the product and process. You wouldn’t expect to…
The USDA recently announced that they will be conducting webinars on both credit underwriting topics, property requirements for anyone interested in learning more about current USDA policies, and upcoming Handbook (HB) changes. In my opinion, this training opportunity is a MUST for all those participating in the USDA loan programs. It is anticipated that rather substantive policy changes will be…
I would just like to send my congratulations to my Alma Mater, Villanova, who won the Men’s Basketball National Championship. Last night may have been the greatest playoff game ending of all time. Most importantly, the young men on the team played and won with both class and style. #ProudNovaAlum
It’s not unusual for Mortgage Lenders to openly recruit their competitors best loan originators. It’s not unusual for the most productive originators to get the best offers to move. Unfortunately, it is also not unusual for these originators to try, by any method they can, to move their pipeline of business from one company to another when they make a…
There are quite a number of tools available to lenders and Quality Control firms these days to help identify and prevent fraud in the processing, underwriting and closing of mortgage loan transactions. Automated risk assessment reports, AVMs, Collateral Underwriter, backup credit reports, CAIVRS, Internet Searches, etc. are used on an ongoing basis by industry personnel in helping to identify possible…
