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Fannie Mae Hires Ex-Fraudster

Fannie Mae hired Adam Glassner last month after they sued him while he was working for Bank of America for defrauding them.  Yeah, you heard it right.

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Yes in the crazy industry we work in strange things happen.  Adam Glassner used to work at Bank of America was sued by FHFA for defrauding the GSE’s.  Then after he leaves the company Fannie Mae hires him.  Okay, that makes sense.  Why not?  I mean there’s just not a very big pool of high paid mortgage fraudsters out there that you can draw from right?  At any rate we wish the best to Adam Glassner, FHFA and Fannie Mae.

Do you realize that bowlers, yes bowlers have more concern about their sport than it seems that mortgage originators have about their careers?  How do we make that assertion?  Well, when we were in Dallas our event was held at the International Bowling Training and Research Center.  Yeah, they actually have one of those.  At any rate we also learned that there are over 1 million members of the Bowlers Association.  Imagine that!  So, if you want to force the Government to make the appropriate changes we need in the mortgage industry, just convince the bowlers how the CFPB will have a negative affect on bowling!

Finally, we just find it interesting how Fannie Mae is working to cut back on lending on investment properties for the little guy, but they are increasing their multi-unit  lending on luxury condo’s for corporations.  Yeah to the tune of ten’s of millions of dollars per complex.  How’d you like to fund one of those baby’s?  Well, apparently they’re on the rise so good luck!

As always your comments are appreciated down below, and have a fantastic weekend!

Fannie Mae Fix for Erroneous Foreclosure Credit Lines

August 22, 2013 Desktop Originator/Desktop Underwriter Release Notes tells us that manually adjusting automated findings to correct erroneous credit reporting of foreclosures and short sales is on the way!

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In today’s show we look at why so many mortgage employees with the big banks, Bank of America, Wells Fargo and Chase, are getting cut. Bank of America says it’s because their delinquent portfolio has significantly reduced, hence they just don’t need as many mortgage employees as they used to. We however feel that rising interest rates are more than likely the bigger issue at hand. Today it’s more important than ever for mortgage organizations to focus on purchase business as we believe rates will only continue to rise. With that in mind, there is a webinar this Thursday by Chad Weber on 30 days to 100 leads. He’ll actually show you on-line exactly how to do it. You can register HERE.

Another interesting story is Arizona’s Public Safety Personnel Retirement System has found a very interesting way to make a bunch of money. Not to spill the whole story here but it has to do with ignoring appraisals and valuating properties via their own unique way.

And finally, Fannie Mae in conjunction with Senator Bill Nelson (D) of Florida have found a fix for erroneous reporting of foreclosures and short sales on credit reports. This is based on their August 22, 2013 Desktop Originator/Desktop Underwriter Release Notes. So it looks there may be one less thorn in the real estate professional’s side come November.

Thanks for joining Frank Garay and Brian Stevens today. Your comments are always appreciated down below!

QM vs QRM vs You

QM and QRM Mortgage guideline changes are about to become a reality withing the mortgage and real estate industry. QM and QRM mortgage rules will go into effect after January 2014.

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Click the post title above to watch today’s show. Catch all your real estate news and mortgage news and commentary with Frank Garay and Brian Stevens right here at the National Real Estate Post!

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