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Anonymous: (November 27, 2009 6:20pm)

This video is unwisely sending out MISinformation. HUD is not postponing implementation. They are just saying that they likely won't fine anyone for the first 120 days.

Someone who knows better than these guys: (November 18, 2009 11:45am)

HUD ANNOUNCES RESTRAINT IN RESPA ENFORCEMENT FOR FIRST FOUR MONTHS OF NEW RULE Aimed at mortgage professionals making good faith effort to comply with new requirements WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced that for the first four months of 2010, the staff of the Mortgagee Review Board (MRB) will exercise restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act (RESPA), due to take full effect on January 1. The MRB instructed its staff to exercise such restraint in considering an action against FHA-approved lenders who have demonstrated that they are making a good faith effort to comply with RESPA's new requirements. In addition, HUD is asking other federal and relevant state enforcement agencies to exercise the same 120-day restraint in enforcement for non-FHA originators and other settlement service providers who demonstrate the good faith effort to implement RESPA's new rules. In determining whether a mortgagee has made a good faith effort, MRB staff will consider whether the mortgagee has relied on the new RESPA rule and other written guidance issued by the Department, and the extent to which the mortgagee has made sufficient investment and commitment in technology, training, and quality control designed to comply with the new rule. "We will work with those who are making an honest effort to work with us as we implement these important new consumer protections," said HUD Secretary Shaun Donovan. "While we will not delay implementation of RESPA's new requirements, we are sensitive to the concerns of the industry as it integrates these new rules into their day-to-day business practices."

Broker Knowledge Group: (November 18, 2009 11:21am)

UGH, please bring some evidence for your statement that we can use the new or old GFE. Everything HUD has released says the will NOT delay implementation... just enforcement.... and not even really solid on that. Also, states still have authority to enforce even if HUD doesn't. You gotta be accurate on this stuff because LO's are getting crazy confused by this video!!!

Whiskey Tango Foxtrot: (November 17, 2009 8:21pm)

Real men use pink laptops.

Will Appraise For Food: (November 17, 2009 8:02pm)

Are the times you are posting for tomorrow PST or EST??? You guys are going to kick ass...I wish I was there with you. I am thrilled we as a industry have you guys in our corner. Thank you for all your efforts!

Socal Appraisal Gal: (November 17, 2009 7:49pm)

Thanks bunches for your efforts...and as for your comments yesterday that Frank Stevens fha Hud will not be lowering fees well today I got an email from an appraiser that per CA office of real estate appraisers that was fined for numberous USPAP violations and not a FHA approved. This appraiser offered me an FHA appraisal in San Diego for a $190.00 fee...give me a break and shame on those who would accept this. Remember you are the professional and deserve to be paid what you are worth. Does anyone remember when there was fha set fee... during the past 20 years it was never as low as $190.00 over the past 20 years...so how is this Frank Stevens going to stop this?

Bono Vox: (November 17, 2009 5:20pm)

OMG! KatieFan - you've now seen her laptop!! I know you have that pic pinned to your wall!

App: (November 17, 2009 5:00pm)

It's about 8 pm there now. I hope you guys are all set up with a place to stay and have met your contacts. NY forecast for tomorrow : Wednesday...Sunny. Highs in the mid 50s. East winds 5 to 10 mph. Looks like the weather is on your side. We're with you in spirit, guys. Where's that applause smiley??

Starving Appraiser: (November 17, 2009 3:51pm)

Great news GUYS, best of luck, I'll be with ya in spirit. I'm guessing these are eastern times you mention. SHELTER ISLAND - it's always been my understanding state licensed can only appraiser up to, but not to include, $1mil properties ... just my 2 cents on that.

NCPete: (November 17, 2009 2:53pm)

Was anyone else completely distracted by Brian's PINK computer? Ya think he took it from one of his daughters on the way out the door this am?

Mavazz: (November 17, 2009 2:16pm)

Well, guys, good luck!! Hey, you'll find out if Cuomo really intended to help the consumers with HVCC...or if he is owned by the big banks and couldn't care less about 50 cases of petitions. Guess which one I believe?

App: (November 17, 2009 2:01pm)

Beautiful - nice job guys! It's all coming together! : brian tbws: (November 17, 2009 1:08pm) We just hooked up with Marc Savit the immediate ex president of NAMB and a champ of our HVCC movement. So for tomorrow we have 10 to 11 Fox Biz, at 130 we have cnbc showing up at Cuomo's office (Come down!!!! 120 Broadway) for the delivery of 50 cases of YOUR hvcc sigs. This should be a pretty good push guys. If you can randez vous give me a call at 707-330-1272

SimpleSolution: (November 17, 2009 1:47pm)

GODLIKE-I agree...It blows my mind when I see what some of these old tract homes have sold for even in today's market....

GODLIKE: (November 17, 2009 1:44pm)

SIMPLE SOLUTION thereupon you've hit upon the root of Cali's problem unbridled and unsupported runaway inflation. "Homes in CA are very expensive. It is common to come accross tract homes in the million dollar range"

SimpleSolution: (November 17, 2009 1:42pm)

Shelter Island Capital SD-To answer your question. Yes so long as the loan amount is not over a million. If the loan is over a million they can not do the appraisal with out a licensed AR appraiser....Homes in CA are very expensive. It is common to come accross tract homes in the million dollar range....

GODLIKE: (November 17, 2009 1:42pm)

Gosh, I hope the battery on your laptop doesn't run down at the wrong time! It seems everytime I take a trip and the 'puter, it runs out of juice just when I need it the most.

Clulessdad: (November 17, 2009 1:41pm)

Frank/Brian-thx for all you do. The times you list are Eastern times, correct?

GaryP: (November 17, 2009 1:21pm)

See below about implementation and "restrained enforcement. “We will work with those who are making an honest effort to work with us as we implement these important new consumer protections,” said HUD Secretary Shaun Donovan. “While we will not delay implementation of RESPA’s new requirements, we are sensitive to the concerns of the industry as it integrates these new rules into their day-to-day business practices.”

Lender: (November 17, 2009 1:18pm)

I just had a deal killed for the most rediculous reason. The buyer has 20% down, 800 scores, buying a condo. The condo project has 10 units, 6 are owner occupied, 2 are for sale, but the other 2 are rented out by the builder/developer. Since the developer has rental units in his own complex the deal is over with altogether, kaput! It's an FHA and FNMA guideline. No builders/developers can have rental units in their own complex. How does this stimulate the economy. What is the problem with a builder renting out units that are unsold. If he kicks the renters out we can close the deal. I can't even believe this one.

Valuequestor: (November 17, 2009 1:13pm)

Hey Shelter Island......ALApprazer has it right, but....and there always seems to be a butt. If the home is real high end, complex due to location or size. Is your licensed appraiser qualified to do the assignment. Probably not without getting help and disclosing their lack of expertise to the client up front. If the home is typical for the area with lots of comps and the LTV is low low low, then its probably ok. Don't help the appraiser violate USPAP.

brian tbws: (November 17, 2009 1:08pm)

We just hooked up with Marc Savit the immediate ex president of NAMB and a champ of our HVCC movement. So for tomorrow we have 10 to 11 Fox Biz, at 130 we have cnbc showing up at Cuomo's office (Come down!!!! 120 Broadway) for the delivery of 50 cases of YOUR hvcc sigs. This should be a pretty good push guys. If you can randez vous give me a call at 707-330-1272

Valuequestor: (November 17, 2009 1:02pm)

Go Get'em Boys! Hiyo Brian & Frank!

Frank@TBWS: (November 17, 2009 12:52pm)

We will be at Cuomo's office at about 1:15pm tomorrow. The petition signatures will be delivered at about 1:30pm. What we really need for support is a small mix. First of all a few consumers that got hosed by HVCC would be great. Then a few from each industry, appraisers, loan officers and realtors. To help us move the boxes of signatures into his office. We have a confirmation that CNBC will be there to cover it. PLEASE, if you come keep it very civil. We don't have a demonstration permit, so too many people is NOT a good idea for our collective cause. We meet with someone from his office at 2pm... I doubt it will be him personally. Thanks everyone, we REALLY appreciate you guys. His office is at 120 Broadway, NY NY.

Atlanta LO: (November 17, 2009 12:37pm)

Maybe we can get brother Chris Cuomo to interview Brian and Frank on Good Morning America! That would make Thanksgiving at the ”Cuomo” house very interesting.

LI Appraiser: (November 17, 2009 12:29pm)

Also guys, Findsolutions is somewhat correct as Cuomo in our State known to be a VINDICTIVE XXX. Be careful in whaat is said to this guy or for that matter his staff as they are known to be of the same caliber.

LI Appraiser: (November 17, 2009 12:24pm)

Guys, I REALLY REALLY need your schedule for Wednesday, I am trying to set up my own schedule for Manhattan properties.

KT: (November 17, 2009 12:21pm)

I LOVE the butterfly laptop!!! Did you steal that from your kid!! Very Cute!!!

ALApprazer: (November 17, 2009 12:15pm)

Shelter Island - Yes. It is not the value that has the trhershold at a million. It is the loan amount that cannot be over a million for an AL

Visitor: (November 17, 2009 12:00pm)

Please post some kind of itinerary so we can be present and lend support. Some of us are travelling from far away and want to make this trip to NY time/cost effective. Thanks.

Long Island Appraiser: (November 17, 2009 11:56am)

Hey Guys.....how about some details concerning tomorrow, some of us Appraisers would like to be there showing support?

Gmoney: (November 17, 2009 11:37am)

Nice pink lap top. Looks like Frank got a nice San Fran hair cut. MAkes me wonder about you two.

Nevin: (November 17, 2009 11:17am)

Hi It's Nevin with FPF in North Carolina. Need help? I could catch a puddle jumper to NY and be there in a few hours.

Shelter Island Capital SD: (November 17, 2009 11:13am)

appraisers license in Ca. question if an appraiser's license is an "AL" license can they appraise a home valued over $1,000,000 on a refinance?

idaho l.o.: (November 17, 2009 11:11am)

love the pink butterfly lap top!!!

Lynn B: (November 17, 2009 11:00am)

Good luck with Mr. Cuomo in New York, Frank and Brian. Thanks for going there on our behalf and that of many Americans, i.e., current and prospective home buyers.

App: (November 17, 2009 10:40am)

You bloggers are getting ridiculous. Actually hit someone? Figuratively, duh - look it up. But if it actually came down to it, I think Brian could take him. Cuomo's persona is all puffed up with self-importance so it should be easy to deflate lol. Like all bullies, cowards when it comes down to it. JMHO. Go Frank and Brian!! Kick some figurative butt!!

HTMS Lender in B'ham: (November 17, 2009 10:37am)

Tobby is right! Here is the link to the actual HUD announcement http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2009/HUDNo.09-215

findingsolutions: (November 17, 2009 10:29am)

Is not Mr. Cuomo the attorney general of NY? Doesn't that make him the top law enforcement officer in NY state? I wouldn't touch him if I were going to his office. You might go to jail for a very long time. I forgot the right wingers always turn to voilence if they can't get their way. Hopefully Brain and Frank have more common sense than 90 percent of the people who participate in this blog. Keep your hands and feet to yourself, your mother should of taught you that when you were 2 years old. Common sense and workable solutions should be the approach to end HVCC.

Cece BC: (November 17, 2009 10:19am)

IM YOUR BIGGEST FAN!!!!! :) You guys rocked The Daily. Cant wait to hear your exciting stories when you get back to work. Good luck out there. Your doing awesome!!

App: (November 17, 2009 10:15am)

Cluelessdad - getting Rep Miller with us is a great contribution. Nice going! He is totally on our side in calling the HVCC illegal, and he has serious clout. 118k signatures against the HVCC will definitely help his/our stance on matters.

Joey Sampaga: (November 17, 2009 10:12am)

Hey Frank & Brian! Thank you so much for being the voice of ALL Loan Officers in the Nation! We can't ask for better representatives. Go out there and kick some butt! You both will be in our thoughts and prayers here in AZ!

EWS3: (November 17, 2009 10:07am)

Coming to NY to kick Cuomo in the nuts?? Good call! Do it soon, He will be Govenor of NY and you'll go up the river for a long time...

Frank: (November 17, 2009 9:52am)

JoeKool.. call me at 707-695-6313. Thanks!

FnBfan: (November 17, 2009 9:45am)

Love that you guys are wearing your bracelets, but I have to agree...the laptop is a bit much. The Daily from the road kicks ass.

Tobby: (November 17, 2009 9:44am)

CAlled Hud office in Atlanta. Twice. First call stated you must start using new GFE, and we will overlook minor mistakes that would not have been a mistake on the old form. Second call. You may use the old GFE as long as your software provider is in the process of updating. You must make every effort to include all the documentation that would be on the new GFE. Go figure. I usually take two weeks off in January anyway. ;)

Razor Boy: (November 17, 2009 9:32am)

..hhmm... well that makes sense seeings how they're in San Fran.

Austinguy: (November 17, 2009 9:28am)

Razor Boy, the bracelets match the laptop with the pink butterfly.

Razor Boy: (November 17, 2009 9:25am)

What I wanna know is... what's up with the fairy-pink bracelets you guys are wearing?

Joekool: (November 17, 2009 8:59am)

Brian and Frank - My office is in midtown if you need a base of operations.

nancyv: (November 17, 2009 8:29am)

Good luck and don't get star struck.

Clulessdad: (November 17, 2009 8:29am)

Frank/Brian-I just received an email from Gary Miller's office that the rep for Gary Miller who works with the CFSC can meet with you on Friday. What is your cell number and I can give you details?

Happy: (November 17, 2009 8:25am)

I second smackin Cuomo in the nuts and please tell him by reversing HVCC it is showing he is at least half intelligent than totally incompetent. Thanks for all your hard work and putting your money and your time where your mouth is.

TheFyouSay: (November 17, 2009 8:17am)

Nice butterfly laptop :)

brian tbws: (November 17, 2009 8:09am)

The old GFE is better understood by your lenders and has a more usable threshold. The new GFE is gonna come with some growing pains. As I said though, make sure you and your lender are on the same page

brian tbws: (November 17, 2009 8:05am)

Thats not my laptop! Mine has a skull with a dagger going through it and a menacing snake wrapped around the blade. By the way it matches the tattoo on my arm. It's Katie's & Frank brought it. I have a little not book.... with said tough picture on it.

ALApprazer: (November 17, 2009 8:05am)

Good Luck. Thanks for all your hard work for all of us. Be Blessed

App: (November 17, 2009 8:03am)

Great Frank, thanks for the update - we're behind you 100%

Frank@TBWS: (November 17, 2009 7:59am)

Guys. Since some lenders will adopt the new GFE more slowly, just be sure you know what lender is honoring what GFE. If there is a little grace with respect to enforcement, you can be sure that some will still be on the old GFE. So... be sure to know what GFE is being used by what lender. We have had great deals die at submission because we used the new GFE early and the lender wasn't set up for it. JUST BE CAREFUL COME JAN 1. We are in Manhattan right now. We will post more info on the blog updating you on our status. Talk to you soon.

App: (November 17, 2009 7:57am)

I'm amazed how clear the video and audio were - nice job guys. I'm basically posting so I can get e-mail updates. Could you get a picture of Cuomo's face when you unload 50 cases of signatures calling him an arsehole and right before you kick him in the nuts? Thanks - much appreciated ;^) . The pink butterfly laptop really brings out the color in your eyes :^)

Anchor guy: (November 17, 2009 7:38am)

The answers we received on many of our questions were “we still don’t know at the state level. We have asked HUD for clarification, but have not been answered.” When we asked how we were supposed to proceed, we were told that we would have to use it per the law, and probably the files would have to be re-disclosed multiple times during the underwrite phase. I am not opposed to change, but it seems that the ducks are not in a row yet, given multiple states have different laws regarding closing and escrow.

Anchor Guy: (November 17, 2009 7:37am)

I must respectfully disagree with MortgageBrokerGal. On Friday 11/13, I attended a training seminar with the Department of Consumer Affairs in South Carolina, the government agency in this state in charge of licensing mortgage professionals. Even the state officials were unsure about many items of the new GFE and how it would be applied. One specific was that our state is an attorney/insurance preference state, and also requires a lawyer to close loans. Due to that, there are many fields on the new GFE with cannot be completed 100% accurate at the time of the GFE signing, since fees would not be known (title insurance, attorney misc fees, fees that will appear on the seller side of the HUD, if you float, not knowing which lender and lender fees will ultimately be accurate, etc.) and there being no tolerance for changes in fees after the GFE is signed. One does not get that “warm fuzzy” feeling when the your state regulatory agency gives the “deer-in-the-headlight” look when asked

Atlanta LO: (November 17, 2009 7:37am)

Highlights from HUD announcement – WASHINGTON - The U.S. Department of Housing and Urban Development (HUD) today announced that for the first four months of 2010, the staff of the Mortgagee Review Board (MRB) will exercise restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act (RESPA), due to take full effect on January 1. "We will work with those who are making an honest effort to work with us as we implement these important new consumer protections," said HUD Secretary Shaun Donovan. "While we will not delay implementation of RESPA's new requirements, we are sensitive to the concerns of the industry as it integrates these new rules into their day-to-day business practices." To me it says “use it Jan 1 - but we won’t beat you over the head if you make errors in a Good Faith attempt to comply for 120 days”.

MortgageAngel: (November 17, 2009 7:29am)

:)

MortgageAngel: (November 17, 2009 7:28am)

This is so cool!

light & tight: (November 17, 2009 7:15am)

wow... where can I pick up one of thos awesome butterfly computers???? I will be looking a little closer at Brian in the future episodes, if ya know what I mean...hm..hm..hm... :-)

MortgageBrokerGal: (November 17, 2009 7:14am)

I do not believe that avoiding the use of the new GFE at 1/1/10 would be a good thing for any right-minded broker or lender. We have had more than enough time to get ready for this, and most loan processing/closing systems have been geared up for it for months. We have had plenty of time to be educated to use it (no matter how stupid it is) so, IMO, just do it. As a broker, I cannot name one of the lenders I use that is not ready for this.

GODLIKE: (November 17, 2009 7:11am)

Everything worked perfectly on my Mac, but then everything always works perfectly on my Mac. It's only my PC that requires an inordinate amount of my time. Goooood luck guys!

Rob in AZ: (November 17, 2009 7:01am)

2 Items: (1) MBS Purchase by the Fed is now scheduled to continue till March 2010; no additional extension of this program is (currently) expected. (2) I was on a NAMB conference call yesterday & they informed us HUD only recommends not prosecuting to the fullest extent of the law those who do not properly make the GFE switch on 1/1/10. Doesn't mean we don't have to do it--just that they'll likely slap smaller fines on us for the "adjustment period"

AZ Linda: (November 17, 2009 6:58am)

the new GFE goes hand in hand with the new HUD1 that title companies are (will be) using. One will not work without the other. You must check with your title company to see what form they will be using...if they are using the new one, so must you!

AZ Linda: (November 17, 2009 6:56am)

Pretty Pink Computer Brian...I am impressed at your exquisite taste

Old l/o: (November 17, 2009 6:50am)

Go Forth with every confidence Gentlemen! Strongly advise This petition is only the tip of the iceburg! Say it to them after eating GARLIC.

Old l/o: (November 17, 2009 6:50am)

Go Forth with every confidence Gentlemen! Strongly advise This petition is only the tip of the iceburg! Say it to them after eating GARLIC.

New GFE Sucks: (November 17, 2009 6:46am)

Mortgage Girl and DA: I do not beleive you are correct on that issue of having to use the NEw GFE. We had a meeting on Friday, and we were told hat we do NOT have to use the new GFE. We are a Mortgage Banker. Our Compliance Dept confirmed that, and our U/W manager alos confirmed that as well. The U/W manager was told that by HUD, as she attends the monthly HUD meeting. I think that some Lenders may have a credit overlay and force you to use it, but if you are the Lender yourself, I beleive you can follow the HUD rules to an exactt "T".

Danny Currie - Northern Virginia: (November 17, 2009 6:45am)

Great job and thank you for all your hard work. For the rest of you, don't forget to follow them on facebook "Stop Cuomo" Keep pushing!

Sandy: (November 17, 2009 6:39am)

Keep going guys.

Fed Up LO : (November 17, 2009 6:26am)

Great show! Short sweet and to the point, go remote more often!!

PrimeTime: (November 17, 2009 6:20am)

Audio was fine, even if they did delay it, might as well start working with it.

JohnTheHeckler: (November 17, 2009 6:17am)

Brian, Didn't they sell mens laptop covers where you got that?

Upstate NY Appraiser: (November 17, 2009 5:56am)

Sounds good here guys. Keep up the good work. When delivering a heavy box full of signatures, you might want to "accidentally" drop one on Mr. Cuomo.

Mortgage Girl: (November 17, 2009 5:51am)

DA is correct. You must start using the new GFE effective Jan 1, 2010 but HUD has delayed the enforcement of the new reg. for 4 months to give lenders/title companies/Realtors, etc. time to get it right. You can NOT choose to not use it.

Icanhear: (November 17, 2009 5:28am)

Sound was great on my computer.

Money Mark: (November 17, 2009 5:25am)

Is the Fed going to continue buying mortgage backed securities and until when? The just spent $800BN on what exactly?

Just sayin': (November 17, 2009 5:21am)

Thanks for the effort, boys. Kick Cuomo in hits nuts for me...just sayin'.

Jan: (November 17, 2009 5:16am)

I know this information is extremely important - it is too bad that we cannot hear it. The animation is great though!

Scottsdale Lender: (November 17, 2009 5:11am)

Is that a PINK BUTTEFLY on the back of Brian's laptop???? Very Pretty!!! They are in San Francisco....

Matt: (November 17, 2009 4:56am)

If according to the HUD announcement they are requiring us (Brokers)to use the new disclosures, where pray tell will thy be receiving the old disclosures from during this 120 day grace period? I use the term grace very loosely here :-)

MortgageBrokerGal: (November 17, 2009 4:32am)

DA - Link worked just fine for me. You are definitely right - and as a broker I will begin to provide the new GFE as soon as necessary. You never want to put yourself or your client in jeopardy when dealing with a new ruling.

Big Mac: (November 17, 2009 4:31am)

DA's link works. If you can't connect try call the author of Friday's press release. Here ya go: HUD No. 09-215 Brian Sullivan (202) 708-0685

RedWing GUY: (November 17, 2009 4:29am)

Audio worked great for me guys. So "the feed" should be just fine -- fyi. HOPE YOU ALL CAN RECIEVE IT -- GREAT POSITIVE NEWS TO TAKE OUT THE DOOR THIS MORNING!!!

Bono Vox: (November 17, 2009 4:25am)

I didn't hear a word you said. I couldn't get passed the pink butterfly laptop cover. PLEASE, PLEASE tell me it belongs to Katie.

RedWing GUY: (November 17, 2009 4:17am)

DA - copy and paste did not work on your link. I will have to start at HUD.COM and search unless somebody has any other means to check this out.

RedWing GUY: (November 17, 2009 4:12am)

I will have to look into DA's claim but we surely have something POSITVE to start our day with!! THANK YOU GUYS FOR THE EARLY MORNING UPDATE!!

Mens Room in SF: (November 17, 2009 3:25am)

Guys try the mens bathrooms for a good time in SF

DA: (November 17, 2009 2:47am)

Guys- HUD delayed the ENFORCEMENT for 120 days to companies making a good faith effort. They are also asking the other agencies to do the same. They did NOT give lenders the choice to delay using the new GFE. Bad advice to state that you can just pick and choose which lender to work with based on the version of the GFE that they use. They are all going to need to use the new one. http://portal.hud.gov/portal/page/portal/HUD/press/press_releases_media_advisories/2009/HUDNo.09-215