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Government Finally Getting Sued

Finally and organization has stepped up to sue the Government over their reckless and irresponsible handling of the GSE’s.

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William AckmanOn to the business at hand.  First of all, for those of you who didn’t understand the problem we had with Freedom Mortgage getting fined, we make it our point clear in today’s show.  Yes, there is a HUD Mortgagee Letter that states one thing, but the ATR rules state another and that’s where the problem lies.  Next on the list is the new Lender Code that we propose.  There’s a tried and true, proven code that’s been around since 1850 that just might be the ticket to solving all of our problems.  We bring it up in the show.  And finally, someone has stepped up to sue the government for their reckless and irresponsible handling of the GSE’s.  We’ve been waiting for something like this to go down and we hope others join in.  The Governments mishandling of the GSE’s has been one of the most negligent and irresponsible acts of government we’ve ever seen in the history of our country.  Perhaps is the start of an important and needed change?  We’ll see..

With that you all have a wonderful day!

Frank and Brian

Lender Pays Ridiculous Fine

So a lender, Freedom Mortgage, got fined for discriminating against “disabled” people.  Why in the world would a lender intentionally do something like this?  Uh… they wouldn’t.

If you missed the FSBO webinar yesterday, no problem, you can catch it here over on your far right.  There’s about 6 minutes of chat before the visual presentation starts but it’s all there for you.

Disability-discriminationNow on to the show.  Well as you know, there is this little thing that lenders have to adhere to call the “ability to repay rule”.  Part of that rule says you have to confirm that the borrowers income will continue for at least the next 3 years.  Standard stuff right?  I mean, the ATR rule doesn’t say “unless the borrower is disabled”.  So what’s a lender to do?  Well Freedom apparently got fined by HUD for asking a disabled person for something to make sure that his disability income would continue for 3 years.  No, we’re not kidding.  Yep, money paid out for doing their best to make sure they were meeting ATR.  When does this end?  Why lend at all?  It’s safer to go to Australia, jump in the ocean and film great white sharks with a GoPro.  Come on!  We can’t believe HUD did this!  Come on, you’re telling us, that Freedom Mortgage was unfairly discriminating against a disabled person?  Really?  That’s a great business plan.  Can you see the board meetings?  “Okay whose got some ideas on how to become a more successful company?  We could discriminate against the disabled market… it’s basically untapped.”  Please.  We’re calling a big foul on this one HUD.

Well, as usual, let us know your thoughts below and have a great weekend!

Frank and Brian

Too Many Chefs Spoil the Loan

There’s a darn good reason why lenders have backed so far off of lending and today we show you a chart that makes it very clear.

Before we get started let’s remind you that if you’re having trouble getting an approve eligible due to LTV, MGIC’s Go program might just be your ticket to an approval.  To see what’s up all you have to do is CLICK HERE.  Also if it’s early enough you can learn how you can make big bucks as a loan officer with FSBO’s.  There is a webinar today at 11am Pacific time.  You can register by CLICKING HERE.

toomanycooksNow down to business.  We all know too well that lending is tight.  Lenders are cutting back on what  they’ll do and there’s a good reason for it.  On today’s show we provide a chart that shows how many different agencies are “regulating and enforcing rules” on mortgage lenders.  It’s insane.  Not only do you have far too many regulators, but throw in massive lawsuits and at some point it literally becomes too expensive to do one single loan.  If you don’t think that multi-billion dollar lawsuits don’t get factored into the cost of doing a loan you’re crazy.  I DOES get factored in.  Now throw in fines and penalties from multiple regulators and it makes a lender very reluctant to do a loan for any borrower that’s not perfect.  Yet the Government also wants lenders to do more low to mod lending, and builders to build low to mod housing.  It’s a complete mess and no one on the Hill can seem to get it lined up.  Well, who knows, maybe if we all make enough noise someone will take head and try to do something about it.  The real estate and mortgage industry really needs someone on the hill to make things clear up that and start on a path of correction.  We over here at the NREP hope so.

As we said in the show here are the links to join the MBA and NAMB.

CLICK HERE for MBA

CLICK HERE for NAMB

With that you all have a wonderful day and we’ll see you tomorrow.

Frank and Brian

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