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Borrowers Lead Suspicious Activity Reports

February 25, 2014 CFPB, FHFA, Surveys 14 Comments

When it comes to the GSE’s Suspicious Activity Reports (SAR’s), Borrowers lead the way, significantly higher than mortgage originators.

In your real estate news and mortgage news today we’ve got a couple of interesting stories.  First of all a mortgage company decided to turn themselves in to the CFPB for RESPA violations.  If you didn’t hear that correctly, we’ll say it again.  A mortgage company turned themselves in to the CFPB.  As a result, they got what seems to be the standard CFPB fine of $80,000.00.  Well let you see who it was by watching the show.

SAR ReportsIn other news the GSE’s are filing their Suspicious Activity Reports or SAR’s over to the Financial Crimes Enforcement Network for review.  They used to handle this sort of stuff on their own, but there’s a new rule (further reforming the GSE’s) that makes them send the information to an outside agency.  This is to make sure that there isn’t any SAR hanky-panky going on.

What’s surprising is that borrowers are on the top of the list as far as suspicious activity is concerned – by a long shot.  We’ll let you tune into the show to see the details, but we think you’ll be surprised at the findings.  We sure were, we figured that originators would be at the top of the list.  What is equally surprising is the other industry professionals that make up the list.

With that you all have a wonderful day and don’t miss Friday’s Listing Booster webinar.  Listing Booster is selling like hotcakes and there’s good reason for it – It freaking generated purchase deals!  So to register for the webinar YOU CAN CLICK HERE.

We’ll see you tomorrow!

Frank and Brian

Homeowners to Cover Unemployment Extension

It looks like homeowners will be on the hook to cover the Unemployment Extension Tax of 2014.

The problem with a tax like this is where to get the money.  No problem.  We’ll just go to Fannie Mae and Freddie Mac.  You know, those two companies that are totally kicking ass right now making more money than any other government agency (thanks to their conservatorship), that a bunch of congress people want to tear down.  Yeah, that company.

heavy-tax-burdenHow does Fannie Mae and Freddie Mac pay for the Unemployment Extension Tax?  A G-Fee hike of course.  Thank goodness Mr. Mel Watt has a temporary hold on it right now as he wants to evaluate it.  But, rest assured, it’s probably going to happen.  We just find it strange that the place they go to get the tax satisfied is the very place that they feel should be terminated as soon as possible.

How do you feel about future homeowners paying for the Unemployment Extension Tax?  Let us know down below.

On to other news.  If you’re a Realtor, how do you stack up to against your peers?  Today we have some interesting data regarding Realtors and how much they make.  Did you know that the median income for a Realtor in 2012 was $43,500.00?  That’s about $21.00 an hour.  Hey it’s better than minimum wage right?  And only 2% of Realtors (and there’s about a million of them) made over $250,000.  Just some interesting facts to consider and you go into your new year.

And finally, if you haven’t checked out how Listing Booster can make this year one of the best years you’ve ever had in this business, catch our webinar this Thursday by clicking on the Listing Booster banner below.

ListingBooster

Have a great day!

Frank and Brian

GSE Fee Increases Delayed

December 23, 2013 FHFA, Mortgage News, Rates 19 Comments

There is an art to advertising.  You want to stand out and get attention.  We found some great real estate advertisements that take the cake.

This all started when we found an article on a fellow named Phil Jones who imitated real estate agents and replaced their photo’s with his on their bench ads.  We found it quite funny.  He did a grate job with his impersonations.  Why someone would do such a thing is beyond us, but it sure is great fun to look at.

This got us surfing the web for other real estate advertisements that were funny and we came across several.  We decided to share some of what we found with you today.  So the first part of our show is just fun but then we get your real estate news and mortgage news going in the second half of the show.

Mel Watt FHFAIn today’s real estate news and mortgage news we circle back around to Mel Watt, the new Captain of the FHFA.  Mel says he’s going to delay loan level price adjustment increases that were supposed to hit in the beginning of the year until he can figure out the purpose of them.  Well when it comes to these price adjustments there are arguments for both increasing and not increasing them.

On the one hand, it would mean higher rates.  Higher rates means higher returns for investors, which means there could be an increase of private capital into mortgage b0nds.  But on the other hand higher rates makes home buying tougher on buyers.  Kind of one of those damned if you do damned if you don’t situations for Mr. Watt.

Of course what we want to know is what you think.  Is it better to increase them, or is it better to leave them alone?  Leave us your Facebook comments below and we’ll pick a winner who will win one of the awesome prizes we displayed on our show.  So be sure to give us your opinion!

With that you all have a great day and rush around getting your last minute shopping done!  We’ll see you tomorrow if you chose to show up for work!  :)

Frank and Brian

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