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Chase Calls it Quits

We knew it would happen.  Keep suing these lenders over and over again and pretty soon they just won’t lend anymore.

Before we get started.  If you’ve got those people that are in that in between place, you know, those 3 to 5 years you have to wait to help someone that had a short sale or foreclosure.  Well there’s a great program out there that can help them.  It’s the Mortgage Alternative Program.  To learn more about it – CLICK HERE.

Jamie DimonWell, it’s happening.  Lenders are going to start pulling out of lending.  Not entirely, but they’re going to start lending only to the super qualified.  Lawsuit after lawsuit and the increasing inability to foreclose on a borrower in default are getting to be just too much.  The lenders are all to blame even though many of the people who got foreclosed on during the crisis were the recipients of Seadoo’s, Quad runners, toy haulers, 2nd homes and other such big toys.  Yet they are the victims of evil lenders that forced them to cash in on their equity to buy all those toys and 2nd homes.  Okay so they’re to blame and they’ve been sued for it.  Yes sued for it, again and again and again and again.  At some point it makes lending mortgage money to a home buyer just not worth it.  That’s how Chase feels anyway.  They’re cutting back and if you think about it, you can’t really blame them.  Well, maybe we’re wrong.  So if you think we’re right or wrong, let us know in the comments below.

With that you all have a great weekend and we’ll see you Monday.

Frank and Brian

Mini-Correspondent? CFPB is Watching You

The Mini-Correspondent angle is a way that some brokers have chosen to go so they can disclose like a bank.  Well, the CFPB is thinking differently about it.

Before we get started let’s get down to business.  REMN Wholesale is hiring in Southern California and Hawaii.  If you’re considering making a switch as an AE or even becoming an AE, give them a call.  You can contact them by CLICKING HERE.  Also, we are going over some Listing Booster sales strategies tomorrow.  This webinar is good for you if you’re a Listing Booster member or not, so tune in by CLICKING HERE!

CFPB Watching YouNow on to the show.  We’ve got a few stories for you that are all interesting, but the top story for the day is the CFPB – again.  So, there’s this whole thing where a mortgage broker can become what’s called a mini-correspondent.  As a mini, they are basically funding their own loans so the disclosures that are provided to the consumer can mirror what a mortgage banker would send.  The benefit here is that any rebate or service release premiums don’t have to be disclosed.  It all makes sense.  Problem is, it looks like the CFPB ain’t buying it.  Yeah, so, hmmmm….

Well you all have a great day and we’ll see you tomorrow!

Frank and Brian

House Passes 3% Cap Revision for QM

The House unanimously passed a bill to make critical adjustments on the QM 3% cap rule.  This is kind of a big deal guys.

Before we get started let’s talk business.  REMN wholesale is looking for AE’s in California and Hawaii!  They are growing and need bodies to do the business.  So if  you’re currently an AE looking to make a move or if you’re considering looking at wholesale as your next endeavor withing the industry, fill out there form.  You can get there by CLICKING HERE.

3% cap ruleNow on to the show.  We’ve got a few stories today but the big one is the matter of the House passing a bill to make critical adjustments to the 3% cap rule in QM.  As most of you probably already know, the 3% cap rule in QM makes it pretty much impossible for a non-depository lending institution to lend on low value properties.  There simply isn’t enough money in it make the loan.  Well, low value properties typically go hand in hand with low to moderate income families, hence the rule is hurting these families by giving them fewer lending choices.  Get it?  The Bill passed by the House remedy’s the situation, but the details are in the show so be sure to watch the video.  Don’t get too excited, it still has to move along the line to the Senate and the President.

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

Frank and Brian

 

 

 

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