Origination's in a SLUMP. BofA Takes it on the Chin - 11.12.09 | Personal Finance For Life / Jeff Underwood TV and Coaching

Lynn B: (November 13, 2009 6:01pm)

You are so right about the naysayers, I have been a Realtor for 2.5 years and other Realtors are probably the biggest naysayers of what I'm trying to accomplish moreso than anyone else. They always seem to take the glass is half empty vs half full attitude and usually it's the ones who have not had that much success in the business themselves. That's not to say the industry isn't challenging but as you alluded to it takes persistence, consistency and belief that you're doing the right thing.

GvoxxRE: (November 13, 2009 10:18am)

Hey Guys! Thanx for the Gitomer tip! Gitomer's "The Little Black Book of Connections" is also a MUST-READ companion book to "The Little Red Book of Selling" that you mentioned! I have it and it's great! Finally, I enjoy watching your industry videos! You're right, ignoring the nay-sayers and idiots is critical if you want to be successful, (imagine if Steve Jobs listened to the many idiot, nay-sayers in his life...where would he be now?!) Being an entrepreneur and being your own boss is the only way to go! Congrats to the both of you for your newfound success and for helping us reach our success by bringing us all this great info! Mazel Tov!

ThePhoenix: (November 12, 2009 10:25pm)

Interesting comment on Aurora. Of course, deep rooted in contract rights is that the government should not interfere in private contracts. Aurora should have the right to say no. However, the whole concept of modifications and banks and the government are helping consumers is a fantasy. Homeowners that are more than 15% underwater should do a strategic default and walk from their home.

ddt: (November 12, 2009 8:43pm)

joecolorado - BO may be our Prsident however he is not America, not even close.

Pipe: (November 12, 2009 8:23pm)

Jon the Home Owner - Your question is interesting for a former CEO and VP in charge of loans - Call around try the yellow pages and ask for a no cost 30 you should be able to "get it" for 5.25 5.25APR By the way YOU KNOW NOTHING Your servicer COULD CARE LESS that you make your payments ontime, you agreed to do so. Your welcome from a 31 year street loan hack.

joecolorado: (November 12, 2009 5:24pm)

Frank/Brian-I thought you were going to monitior the input on this site?casting aspersions on a persons race or ethnicity is absolutely unforgivable.We as a nation ARE a melting pot.There IS no difference in equality,France mandated that with their revolution.WE did that with ours and Britain with William Wilberforce made sure that the "differences" between people were to be regarded as non significant.Now we have a string of outrageous comments which have reversed hundreds of years of progress.I am saddended and angry with this site today.Please monitor the site for derogatory input about our Commander in Chief and President.No matter what your view is....He IS OUR LEADER and we need to support him as he represents our country whether you like it or not,He IS America.live with it.

Confused on Harp: (November 12, 2009 3:22pm)

I have chase as a lender and they have refused to offer harp to me as well, even though I fully qualify under the terms listed. My problem is that they are just the servicer of the loan, they do not own it, correct? So why do they have the right not to do the HARP program? Being that it's a fanny loan, if it goes under the gov't has to buck up, right? I have a 2nd home in Flordia that is serviced by GMAC and the owner of the note is a not Fanny or freddy...they went out of there way to offer me a mod and forced GMAC to assist. I'm not sure what the difference is and again why Chase has an option not to do the harp program.

John the Home Owner: (November 12, 2009 2:50pm)

Before you jump on me, I was a CEO of one bank and a VP of two others in charge of loans, so I know what I an talking about. I spent 25+ years in banking, takes me back to when some of you were not even born, I know. The banks can do this, but now that make so much on each Refi in fees that they can't even think of this today

John the Home Owner: (November 12, 2009 2:37pm)

In the OLD DAYS a lender that held you paper could change the terms of your loan with your approval with a simple 1 page document, f you as the owner agreed. So the lender could cut your rate, change the end date or both. Let's look at mine, Outstanding $193,500 and 27 years left at 5.875%. They could rewrite my note today at $193,000 for 30 years at 5.25%. This would save me alot on my payment and they would not have to charge me a dime. As I have never even been late on a payment and can go to some one else should they not want to do this for one of the best clients?

Valuequestor: (November 12, 2009 1:58pm)

APP: That is GREAT news! Frank & Brian, please follow this story. Sic Semper Tyrannis.(Thus always to tyrants) aka.(Big Banks)

Valuequestor: (November 12, 2009 1:50pm)

DEEDIE: You would have to be more specific. There are as many black lists as there are AMCs and major lenders. The whole system will soon grind to halt. There won't be any appraisers left to steal from. If you are completing more than 5-6 appraisals a week right now, I hope your work is sqeaky clean..... Just say'n.

App: (November 12, 2009 1:41pm)

Good news!! Nov. 12 (Bloomberg) -- Seven Wall Street lobbyists trooped to Capitol Hill on Nov. 9, hoping to convince Representative Paul Kanjorski’s staff that his plan to dismantle large financial firms was a bad idea. They walked out with a sobering conclusion, according to the accounts of two attendees who requested anonymity because the meeting was private. Not only was Kanjorski serious, he planned to offer the legislation as early as next week -- and it just might pass. Today marks a decade to the day that President Bill Clinton signed the repeal of the Depression-era Glass-Steagall Act that split investment-banking from lending and deposit-taking. The repeal allowed the creation of Citigroup Inc., the financial colossus now propped up by $45 billion in taxpayer rescue funds. Financial firms are scrambling to prevent Congress from re- imposing the act. Kanjorski is my hero. http://www.bloomberg.com/apps/news?pid=20601087&sid=az7AcisnxsCA&pos=1

Valuequestor: (November 12, 2009 1:34pm)

Animal ROCKS! He was my first and favorite drummer. He made me the punchiest bass player in DC. I miss you man....uhh..animal. Call me.

App: (November 12, 2009 12:54pm)

Deedie - signing that petition didn't get you on their blacklist. Ask anybody. It doesn't matter if you're good or bad, if you don't play ball on lowering fees, turn times and ridiculous never ending stips, you're on.

We are all Racist..Really!: (November 12, 2009 12:53pm)

We are all Racist especially back people since they vote at 95% for Obama in 2008. I think once you admit it they you can deal with it, like AA.

We are all Racist..Really!: (November 12, 2009 12:53pm)

We are all Racist especially back people since they vote at over 95% for Obama in 2008. I think once you admit it they you can deal with it, like AA.

Deedie: (November 12, 2009 12:41pm)

Does anyone know how to find the appraiser black list? I haven't had any work (to mention) since I signed the petition

rsamsing: (November 12, 2009 12:23pm)

Kathy, aren't you the racist calling them rednecks? And because you thought they were saying something racist doesn't give you the right make racist remarks.

reelyst: (November 12, 2009 12:05pm)

Hey No Spin...great post! I was about to start pounding the keys in response to Lookingforsolutions when I read your comments. Well said my friend! Free markets are not perfect, but by far the best model out there. And let's not fool ourselves...we certainly are not operating in a free market economy in this country anymore and haven't been in quite some time.

brian tbws: (November 12, 2009 11:53am)

I love it. Yes Franks a Realtor. It will give us more balance with our show. Not to mention Frank looks great in floral patterns.

Allen Tater: (November 12, 2009 11:42am)

Did Brian, just say "now that you are a Realtor" to Frank ????? Did he become a Realtor???...I didn't know he recently had a partial lobotomy, and now is only fit for Real Estate??

Rooting for the Borrowers: (November 12, 2009 11:30am)

The Home Affordable Program was established because of the dire need to help stabilize the environment for borrowers in ARMs and higher rate rate fixed programs. Aurora originated only a small portion of the loans that they service or own. So are the homeowners that had the misfortune to have their loan purchased or assigned by/to Aurora to be left out in the cold? This program should be available to everyone. I understand the concerns about manipulating contractual agreements, but let's face it (as you bring it up constantly), by foreclosing on more homes and failing to help find a way to get people into this program for help, the entire market suffers. The result will be continued depreciation in the communities, increasing the incentive for yet more homeowners to walk. Offering the program and keeping people in their homes is the only way to stave off over supply and get prices to stabilize. How much more will it cost us on further 'to big to fail' bailouts down the road?

App: (November 12, 2009 11:29am)

A guy from Exxon was just on CNBC and stated that gas prices are too high considering the glut of oil we've got. The reason is speculators and not based on the physical mount of oil in reserves we have. Goldman Sachs - didn't we bail them out? They are the main speculators on oil and say it's heading back to $4/gal. WTF is the matter with this world?! Everyone in power is bought off. They'll ruin the economy to make sure their execs get their bonuses. Gas, imo, should be around $2/gal consdering supply. This is a bankster tax on US citizens that goes directly into the pockets of the too big to fails. Get rid of the crooks dammit !! This coddling of the banksters has got to stop for sanity's sake. Geeeez

No Spin; Just the Facts: (November 12, 2009 11:09am)

Lookingforsolutions. Greed is greed and finds its way around whatever gets in it way. It is the few. Regulations do not stop greed. Central Planning governments (socialism & communism) allow their companies to write off as business expense "Bribery". These are the most regulated societies in the world and GREED is rampant and part of doing business. Our housing crisis was the result of abuse of regulations, not under regulation. Congress threatened banks with violations of ECOA (justice department) & CRA (ACRORN protest at banks) if they would not make the high risk loans (bad credit no money down) created by Wall Street at the request of Congress. It is clear, we need LESS Central Planning government intrusion into our citizens using their freedom & property to create solutions to the challenges. If not, then we would not have any hope for better days. Don't fall trap to the politicians' claims as HOPE. Please think about that thought. We the citizens are the HOPE.

Old Peeve: (November 12, 2009 11:05am)

I think the borrower should have a method of changing servicers without refinancing. It peeves me to think that just because some company bought the right to service my loan, that I have to tolerate their rules and procedures. I recall one servicer that picked up one of my mortgages wouldn't do direct bank withdrawls... I had to mail in a coupon from their stupid little book with my check every month. Bottom line... Aurora should be allowed to run their business their way, BUT borrowers should also have the ability to force Aurora to sell their mortgage to somebody else.

No Spin: Just the Facts: (November 12, 2009 10:54am)

HAMP should be a program that servicing companies are authorized by the owner(s) of the loan. This would honor the contracts and the trust that is the foundation of a free market society. As is the benefit of free markets, the brilliance of the citizens will find the most efficient and effective solutions to the challenges of the day. Certainly, a bunch of bureaucrats (this includes judges)are not going to be the best source for solving problems faced by the country. We saw the destruction of property rights in the Chrysler bankruptcy. Where President Obama took the property of secured creditors and gave it to his political supporters, the union. The Supreme Court allowed this to occur, but not one Justice allowed their name to be signed to that opinion. Purely political cowards when they do not even sign their name. Let's fight for what makes the United States a unique country, respect for property rights. Stand up and demand the US remain a property rights protector.

SIMPLETON: (November 12, 2009 10:45am)

Can I get the drum solo video? Classic. Would love to post it to facebook...my kids loved it.

App: (November 12, 2009 10:39am)

Mortgageblues- it's like the amc's are the banks retarded cousins that costs everybody that has to deal with them. Eappraiseit (Chase) is now sending in many appraisers reports to their state boards - boards that barely have the funds to enforce the complaints they already get. AMC's cost EVERYBODY that has to deal with them, EVERYBODY! Most importantly, consumers. The thing that gets me is it's illegal and allowed to continue. It's a violation of the APA and other laws that state that public policy must be voted on. Kneecap them all. I'd like to protest in front of every AMC till the newpapers pick it up and enlighten the public what a scam this whole thing is. Madoff got nothing on this scam. It's huge and it's being ignored like the elephant in the room - just move aside of the damage and never admit it's there. Disgusted. What does this teach our kids??!! 20 yrs appraising, trying to make an honest living, growing a business and working hard just doesn't cut it anymore.

lookingforsolutions: (November 12, 2009 10:32am)

Aurora Servicing is a Lehman brothers company. AIG paid out it debt to Lehman's using TARP money. I would say without the TARP, Lehman's would have lost billions of dollars. Lehman's owns Aurora. Yes they should participate in HAMP. By the way free enterprise does not gel with a free society. A free society has a right to know everything about what and how an enterprise makes it money. Private businesses have a right to withhold that information. They don't mesh. Our founding fathers were not profiteers but men of great principle, morally and ethically sound. An unregulated market only encourages greed. It has never been proven wrong.

MortgageBlues: (November 12, 2009 10:27am)

HVCC has got to go or I will leave the mortgage business. Seriously! I cannot take it anymore! These AMCs and their lame appraisers are killing loans right and left. They simply do not care if the loan goes through or not. Why should they? They get paid either way! Why are appraisers being sent across the state 100+ miles away into areas they are totally unfamiliar with to do appraisals? Why do the AMC companies force appraisers to continue with appraisals and charge the borrower even when they can see beforehand the value is not there? Why are the AMCs not being held accountable for the poor quality of these appraisals? HVCC is the worst thing to happen to the mortgage industry in the 20+ years I have been originating loans. HVCC benefits no one but the AMCs!

Loan Tired: (November 12, 2009 10:22am)

I appreciate the response. I am in Wisconsin. I had worn both hats until I found out FHA doesn't allow that. I am not afraid of hard work that has reward. Right now in the origination side, the work is tiring, frustrating and just drainig the passion. I love this industry, but i am struggling to find the love of the game. Then throw in HVCC. What a nasty bunch of bs. They are essentially trying to throw a life jacket to a victim who has drowned. Day late and a dollar short from saving anybody. I would like to tell Washington to get off my train and go after the people and companies who have the majority of these loans under their belt.

CA appraiser: (November 12, 2009 10:19am)

WHEN ARE THEY GOING TO REPEAL HVCC!!!!!!!!!!!!!!!!? THE APPRAISAL INDUSTRY BLOWS AND IT DOESNT SEEM TO BE GETTING BETTER. Is that a light at the end of the tunnel or a train?

Prior R/E Broker and L/O: (November 12, 2009 10:00am)

To all my friend on this site. If the current economic situation and market has you in a difficult position and/or if you would like a "Plan B" to generate another income stream I would like to offer some help. Please visit www.AttainResponse.com/U-1st. This program is allowing Realtors and many other businesses to eliminate their competition and expand their growth significantly. If you would like to contact me for more info, you can do so at: U-1st@vmdirect.com.

CV Broker: (November 12, 2009 9:55am)

Loan Tired - We have both sides here - family business. My husband is the Realtor Broker and I am the Mortgage Broker and I agree that the fun factor has been at an all time low this past year. We are in No Cal East Bay and yes, it's not easy but on the real estate side, we are having the best year in the past four. We don't have any banks in our pocket or asset managers feeding us - just good old fashioned hard work and networking. I see how hard he works but it is very rewarding. Good luck if you move to the other side.

joecolorado: (November 12, 2009 9:52am)

Aurora are the WORST to do appraisals where they are involved...They have attitudes that they think dont stink.I eventually just refused to take work where they were involved as they were so bad.They blackballed me for refusing to change an appraisal to suit what they needed and I lost a LOT of business. I was so glad to hear that they went under,now they are back...absolutely the worst thing that can happen in CO.Dr.Teeth looks suspiciously like Keith Moon...pretty much performs like him too.......aaaaah THOSE were the days....

Prior R/E Broker and L/O: (November 12, 2009 9:48am)

Hello OC Realtor... As a 12 yr R/E Broker and a 14 yr res. loan officer I can certainly appreciate your situation. I lived in Dana Point recently for six years and worked for New Century Mortgage before they declared Chapter 11 back in April of '08. As a matter of fact, my position with New Century was "Quality Assurance Mgr." and I used to review most of the BPOs that our REO Dept had ordered. I'm wondering if you ever accomplished any BPOs for us. Can we try to stay in touch? I'd like to have a contact in OC with whom I can communicate from time to time. Wishing you a prosperous month. U-1st@vmdirect.com

App: (November 12, 2009 9:44am)

Appraiser stuck - I feel ya. Bankruptcy next for me after 20 yrs as an appraiser. All gone in what should have been the busiest times in years for appraisers has been funneled to the banks bottom line. I refuse to work for AMC's so the next stop is the employment office to take some other job. Thinking of getting my commercial drivers license, at 57 there's really not many choices. GLTY

BlamingtheChins: (November 12, 2009 9:40am)

Maybe Kathy's last name is Chin??

Frank Garay: (November 12, 2009 9:38am)

We're on a conference call about HVCC today. We'll keep you all posted.

Appraiser Stuck With Socialism: (November 12, 2009 9:37am)

I would like to know when the Govt is going to bail out all the independant appraisers. HVCC has ruined my business. I can't go work hustle up some work from a new source and all my established ones are obviously gone...nope I'm at the mercy of the Govt's AMCs... Frank and Brian, please don't drop the ball on the HVCC. Keep hammering on it everyday.

OC Realtor: (November 12, 2009 9:31am)

Hey Loan Tired... I am a realtor in Orange County, CA and it is a very tough market. Currently low inventory, multiple offers, FHA buyers don't have a chance as most offers are cash or conventional. Difficult market for us the last few years. I am fortunate and do BPO's (1-9 a week) and receive listings from one REO source. (took a year of follow up), business is not booming... Have done 3 normal transactions this year, 2 buyers one seller. All past clients. REO listings are slowly being released. Work my client base and farm. Nothing out of my farm for over a year and a half. If you switch to the realtor side it is also difficult. Hope that helps.

FHA will be the next Bailout! results are in: (November 12, 2009 9:23am)

The next bailout is coming..The Federal Housing Administration said Thursday morning that its cash reserves had dwindled significantly in the last year after a record drop in home prices. ... The results of the F.H.A.’s annual audit showed the agency’s capital reserves to be 0.53 percent, far under the 2 percent minimum mandated by Congress. A year ago, the capital reserves were 3 percent...

App: (November 12, 2009 9:16am)

It's our money on the line, isn't it? Who's protecting us? Is it the government in trying to force Aurora to modify loans with our money or is it Aurora that's protecting our money from making bad loans? Government forcing the big banks to make loans for people that couldn't afford it started off this decline in due diligence and morality so rampant in the banking system. Gov was the catalyst for the banks saying "screw it" and just not caring about anything anymore but profits. However, it is our money and if they're receiving it they better spend it the way it was intended. None of the banks are tho. The government didn't demand transparency and now we're stuck in the middle between those that don't care about our money as long as they can spend it as they see fit - the banks and the government. On the one hand the gov is trying to inflate the asset bubble and on the other hand they're trying to deflate it in forcing revisions. Gov, from these appearances, is ADD and bi-polar.

Loan Tired: (November 12, 2009 9:03am)

I can't beleive nobody has any input about how the real estate industry feels out there?

Frank Garay: (November 12, 2009 8:58am)

Kathy: What are you talking about???? It was meant as if BofA was punched in the chin. Yes, the "chin"... the thing on your face. What are you talking about "blaming the chin"... I'm confused.

ChinHitter: (November 12, 2009 8:55am)

Kathy - you must be off your meds to be so sensitive. The headlines states: BofA Takes it on the Chin Chin as in part of the face, as being hit by a fist on the chin. Good Grief!! Get a clue woman!!!

kathy: (November 12, 2009 8:51am)

B of A blaming the Chin? The Chin? I can believe that I saw this headline from you. What a racist remark. How about 2 redneck making disrespectful comments?

Al Gore invented the Internet!: (November 12, 2009 8:43am)

It is the 40th Anniversary of the internet too. Thank you Al Gore for inventing it!

SwampRat9: (November 12, 2009 8:43am)

Aurora is famous/infamous for offering high-risk mortgages, but they didn't MAKE thier borrowers accept their loan terms. It should be up to them as to how they want to try to work themselves out of these bad loans. I would like to see them offer loan mods, but I really don't see how GREED comes into play at this point. They're just trying to clean out a large portofolio of non-performing loans. How they do it should be their business, not the Feds!

Fight HVCC: (November 12, 2009 8:42am)

HVCC Road Trip? When?

jim the drummer: (November 12, 2009 8:37am)

true no double bass drum on the kit, but surely a double pedal...and I believe but not sure that was Motley Crue drum solo

Give me a break: (November 12, 2009 8:31am)

Risk v Reward - go back to simple Econ 101. Calling banks greedy? Give me a break. Bet you are against a "Free Market!" Bet you think these customers were unable to read. Why is it called a "Promissory Note?"

TBWS Research and Development: (November 12, 2009 8:30am)

Animal uses a double-pedal on his bass drum in order to get the double-bass effect. He needed to switch to teflon-coated drum heads in order to decrease the friction which previously lead to the pyrotechnics shown in the video.

OvechkinGreat8: (November 12, 2009 8:20am)

What band and CD did the drum solo some from?

Loan Tired: (November 12, 2009 8:19am)

I have a real estate and originators license. I have more experience in originating and real estate license is still valid, but dormant. I am currently originating and have little taste left for its ingredients. I contemplate a career change to the real estate side. Does anybody have any opinion I can feed off of regarding that? What's it like out there?

Beau in AZ: (November 12, 2009 8:18am)

Just for the record, Dr Teeth's set does not have a double base.....

Greedy Banks Suck: (November 12, 2009 8:16am)

GREED GREED GREED If you wrote a loan and took a profit from doing so you should modify the loan. WHY? Why did the govt even have to step in and MAKE these lenders do mods? GREED!! Aurora wrote BAD low loans that should have not been done in the first place. Take ownership and mod the loan. If the mod goes bad you foreclose anyway and lose tons of meny why not mod it first for no more cost than is involved you greedy sob's! DON'T SIDE WITH GREEDY BANKS ON THIS ISSUE!

MortgageBrokerGal: (November 12, 2009 8:06am)

IMPORTANT: I cannot believe you are reading The Huffington Post!

Step up to the plate and fix the issue BANKS created: (November 12, 2009 8:01am)

Aurora needs to step up and do some HAMPS. GREED GREED GREED If you profited from doing originating the loan you should modify it. BANKS ARE FULL OF GREED. And you guys side with Aurora your part of the problem as well and should be ashamed of yourself it makes me sick.

**IMPORTANT**: (November 12, 2009 7:59am)

Why wasn't Barney Frank arrested when he was at a freinds house who was being raided for growing and selling pot. Typically, you couldn't tell me that he didn't know what was going on, but it is Barney Frank, and he is clueless. http://www.huffingtonpost.com/2009/11/07/barney-frank-was-present_n_349648.html

Nathan NM: (November 12, 2009 7:55am)

Thanks for the great updates guy's!!! We need people out there fighting the good fight espicially in the lending arena!!

Seriously Speaking: (November 12, 2009 7:48am)

Here is what most people fail to look at. In good times did a lender/servicer come to a borrower and say " wow you just received a large amount of appreciation and we want some of it"? I dont think so. With that being said, why is it OK now for many to think they can jump on the "free money" bandwagon and expect a modification in the terms THEY signed for and AGREED to?? Props to all Vets and THANK YOU for your commitment, service and loyalty to our country and our freedoms "which some are trying to give away right now". Love the blog when its productive and agree totally on your attitude will determine your direction!!

D: (November 12, 2009 7:44am)

James Bond - please post a link to this info

Rob in AZ: (November 12, 2009 7:41am)

Frank: thank you for your service. You guys are right about MBSs no longer being as valuable--it is happening already... This is why the Federal Reserve buys Billions in MBSs each week in an effort to prevent rates from rising... Eventually though the "Little Ducth Boy" Federal Reserve will run out of fingers and the whole dike will come crashing in to drown us all.

Frank Garay: (November 12, 2009 7:34am)

I graduated in June of 1980 and was in boot camp in July. Six years service, 2 years of training and 2 years on fast attack nuclear submarines and 2 years in the surface fleet on a repair tender in Hawaii. It was the best thing I did coming out of high school. When I got out in 86 I went into the lending business and had been there ever since till my recent switch to real estate. I really wish my son (who's 21 now) would consider it. I think the benefits of military service to a young person are extremely valuable.

GODLIKE: (November 12, 2009 7:17am)

Hmmm should a company be forced into a govt program or should they have the right to choose - sounds like the Healthcare issue can be resolved in this same lawsuit.

Denvergirl: (November 12, 2009 7:16am)

Frank you are right on!! As a REALTOR :) (and in any sales field) you must keep working your leads and ignore the idiot naysayers. I am having my best year yet. Gitomer's book rocks and so do you.

Bond, James: (November 12, 2009 7:13am)

BREAKING NEWS on CNN.Com Federal Housing Administration, its finances ravaged by mortgage meltdown, says reserve fund has dropped well below legal minimum.

TC: (November 12, 2009 7:11am)

Thank our Troops and Veterans http://www.townchest.com/thank-vets.txt.htm They deserve it.

Chief: (November 12, 2009 7:08am)

Thanks for the service Frank! I was a Chief in the Navy as well and have been in this industry since I retired in 97. It's a lot more fun than the Navy, wouldn't you agree?? I am also in Green Bay "Wis (can) sin" where the folks from 1st Rate come from. They made the spotlight with the FHA issue. Violating the 3rd party origination rules will be a thing of the past pretty quick, but I am glad to see HUD went out and REALLY enforced something! I wouldn't have cared who or what it was, I am just glad they did something!!

Starving Appraiser: (November 12, 2009 7:05am)

CALL TO APPRAISERS!!! Some apprsrs here vrfd AMC rqrmnt of software that allows AMCs to remove apprsrs signature & alter the report. I NEED NAMES OF THESE AMCs. As of 01/01/2010, state law will prohibit this practice. State Apprsr Licensing Board is requesting names & addresses of AMCs for the purposes of registration & regulation. If you can give me the name, I'll find the addresses. I agree w/the idea of eliminating the AMCs, but until that can be accomplished, I intend to do everything in my power to ensure they are subject to regulation. State law will make it difficult for AMCs to continue some of the practices that are harming our industry, the software prohibitation, responsibility for payment, review requirements, just to name a few. I NEED YOUR HELP!!! I'm submitting a list of AMCs that R soliciting here. And KUDos to the 4 states (AR, UT, CA, & NV, I think) that have enacted regltn & regstrn laws for AMCs!!! If U R N 1 of these states, contact your local board for details.

MortgageBrokerGal: (November 12, 2009 6:46am)

If Aurora took bailout monies, in any shape or form, they should participate in HAMP, otherwise they should do what is best for their servicing portfolio. They offered some very risky loan programs, and it appears the chickens have now come home to roost.

Starving Appraiser: (November 12, 2009 6:45am)

RE:post from yesterday - THANKS JOE C, I'm w/you in that I haven't pd much attn either, but now is the time for me to take whatever action I can, hence my request which I am re-posting next. AND YESTERDAY, from yesterday's post, YES you can view prev videos, they are to the right of the screen and go back several days and are worth viewing and sometimes re-viewing.

Rob Aubrey: (November 12, 2009 6:43am)

My favorite on lead generation nay sayers is, I tried once it didn't work

Rufus: (November 12, 2009 6:32am)

Wow... crickets chirping out here today.. where is everyone?

Anonymous: (November 12, 2009 6:26am)

You guys rock! Keep it up!

Happy Realtor: (November 12, 2009 5:45am)

Requiring any industry to handle their business after the fact of contracting for services is getting a little too much up the public wazoo. What I see needing to happen is that there needs to be a model for these loan modifications and short sales. From there, the servicers can subscribe to programs A,C,D, G etc. At least everyone would know what the options are, what the requirements are etc. The incompetence is overwhelming- I just had a loan mod turned down because the paperwork (which was there three days before this decision) supposedly was not turned in on time. In speaking with the servicing dept. I was told the mediator's "get a little trigger happy" and it was a mistake. Unfortunately as well there is no accountability or written communication from these company to document any of their decisions or changes.

takebackdc: (November 12, 2009 5:22am)

Guys - thanks for your gift every morning. You have the right focus and we appreciate your consistency. Stay the course.

Flynn: (November 12, 2009 5:19am)

if it is backed by fannie or freddie, they should have to modify under the government program, aurora generally services Alt A loans....so it is up to them

MIAppraiser: (November 12, 2009 5:18am)

Where is the blog? I can't see it.

REAL Rural REAL-TOR: (November 12, 2009 4:22am)

I think lenders should be able to pick and choose who they offer the programs too ESPECIALLY if the program is not a good fit for the customer. If the customer cannot appropriately prove hardship then why should they get our TAX dollars because they are UPSIDE DOWN on their property like the rest of our country?