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Contributed by Dave Hershman We are ending the year with some strange statistics to chew on. In a quiet week, we received some disparate news. First, the GDP economic growth figures for the third quarter were revised downward again. The growth rate is now at 2.8% down from the 3.5% initially reported. While this seems to [...] We are confident that you have educated yourself on the new RESPA reform. Under the new RESPA rules, when you select Provident Funding as the lender for your client, we are responsible for the terms of the Good Faith Estimate (GFE) issued to the Borrower. Please familiarize yourself with Provident Funding’s new policy and procedures [...] Independent mortgage bankers made a profit of $902 per loan in the third quarter, down 33% from the previous quarter, according to a new study by the Mortgage Bankers Association. “These are still healthy margins,” said Marina Walsh, MBA associate vice president of industry analysis. But she noted that 18% of [...] By the end of the third quarter the estimated number of homes heading toward foreclosure, but not yet included in “unsold inventory” figures, reached 1.7 million units, up from 1.1 million a year earlier, according to new First American CoreLogic data. The increase in this estimate of real estate-owned by depositories [...] Contributed by Jennifer Harmon, compliments of Broker Universe The Georgia Department of Banking and Finance recently entered into a consent order with Gateway Mortgage Group LLC, in Tulsa, Okla. and its president, John Kevin Stitt, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules. The order includes the [...] Contributed by Joel Pate, compliments of Broker Universe Over the years, I have given advice to a number of friends and associates who have gone through some trying times. Everyone always asks, “When will this change?” Always remember – nothing will change until you change it! To me, this is the good [...] FHA is implementing three new mortgagee letters regarding appraiser independence, requirements and the appraisal process. The following information provides a brief overview of the new requirements. Beginning January 1, 2010, brokers originating FHA loans will be required to order appraisals through LandSafe Appraisal or one of the multiple FHA appraisal management companies who will provide the [...] Mortgage brokers could thrive in these challenging economic times by undertaking a number of simple yet profitable marketing activities, a leading U.S.-based mortgage originator told attendees at an industry conference in Las Vegas.Fred Arnold, president of American Family Funding, a loan origination business based in southern California, told attendees at the [...] Contributed by By Dean Calbreath, UNION-TRIBUNE STAFF WRITER Over the past weekend, members of the Western division of the National Association of Mortgage Brokers took a break from the second-worst real estate market in a century and descended on the MGM resort hotel in Las Vegas for their annual convention.Secluded away from [...] The Federal Housing Administration (FHA) has announced that it is immediately suspending Equitable Trust Mortgage Corporation (”ETM”) of Baltimore, Md., thereby preventing the company from originating and underwriting new FHA-insured mortgages. FHA is imposing this action because ETM improperly overcharged 37 borrowers for broker and loan origination fees in excess of [...] |
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