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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.



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

Frank and Brian

Cordray CFPB Appointment Appears Illegal

Supreme Court deems Obama recess appointments unconstitutional.  The CFPB’s Richard Cordray was appointed under recess.  So are the CFPB fines that have been issued illegal?

Before we get started on this show we want to remind you that REMN Wholesale is looking for reps in Southern California and Hawaii!  So if you’re already a rep and you’re looking to make a move or you’re considering moving into the wholesale arena, get hold of REMN Wholesale ASAP.  You can do so by CLICKING HERE.  Oh and don’t forget about the new Listing Booster real estate agent video.  If you’re an existing loan officer LB member, you can use this video to show real estate agents the benefits of working with you within your Listing Booster account.  If you’re not an existing LB member, you can still check it out and get an account started from the video as well.  CLICK HERE to see it.

Cordray Recess AppointmentNow on to the show.  If you haven’t heard, the Supreme Court ruled that some appointments Obama made during a congressional recess were unconstitutional.  It looks to us like the appointment of Richard Cordray as head of the CFPB might be in that mix.  If this is the case, what does that mean.  Unconstitutional to us means illegal.  So here’s the question, if it’s deemed an illegal move, then shouldn’t all those fines get paid back?  Think about it.  If you were in court and something like this came up, everything would be thrown out and restitution would be awarded – no question.  But this isn’t real life is it…. No, the government is above the law, they answer to no one, not even the people.  Well, tune in to see what we have to say about it and let us know your opinion down below.

Have a great day.

Frank and Brian

Man Gets $21 Million For Credit Reporting Errors

Yes a man that had credit reporting errors with his mortgage was awarded over $21 million dollars as restitution.

In your real estate news and mortgage news today we have a Military man who setup auto pay for his house payments so that he wouldn’t have any late payments while he was deployed.  Well, there was a problem and the payments were being reported late.  Naturally getting a servicing company to correct an issue like this can be a nightmare.

Millions of DollarsHis fear was not only that his credit would be affected, but that the issue might cause him to have problems with his military career.  So he sued the servicer.  Well, he won!  And justice was served.  Served to the tune of $21 million dollars!  Now look, I know how frustrating this kind of stuff can be and suing the company may have been the only option to get their attention.  We also get that there needs to be some compensation for the matter.  But $21 million dollars?  What do you guys think?  Let us know down below.

We’ve also got some new FHA guidelines for Manual Underwrites that you can check out by CLICKING HERE to get Letter 14-02.

And in other news, a real estate agent in Denver accused Fannie Mae of taking bribes and some other dirty business.  Well, suddenly she stopped getting Fannie Mae listings.  How strange right?  Now she’s suing them saying that the reason she’s not getting listings is because or her accusations.  Ya think?  The nerve of some companies.

Don’t miss our Listing Booster presentation tomorrow where we will show you an actual presentation to real estate agents.  You’ll see just how powerful the product really is.  You can register by CLICKING HERE.

And finally if you’re a manager or an owner of a mortgage company and you want to learn how Listing Booster can increase the sales or your originators, and see how easy it is to get a corporate account simply fill out the form down below.

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March 2019
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