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 Wildebeests, it happens every year. Why haven’t lenders figured this out?…
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 process. Morty is the brainchild of mortgage professional, Brian Faux. He,…
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 party verification company, can get complete relief from the reps and warranties…
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 all our services at our website. As a service provider we are required by our clients, under…
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 right by you. If you cut corners, look for shortcuts,…
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 this stuff up! The new version, known as CHOICE 2.0 is intended to replace the controversial Dodd-Frank Act and reshape…
