TBWS - Video Marketing and Mortgage News Designed for Mortgage and Real Estate Sales

babydahl: (December 17, 2009 12:44pm)

got a video idea for you. the day in the life of a borrower trying to get a home loan. Start with the new GFE, having to get an HVCC appraisal, experiencing value cut, then still being subject to a desk review that could further cut value, MDIA wait periods that then cause a lock extension to be required, which then triggers another MDIA wait period for redisclosure. Now borrower short sale approval expired so they have to wait another week for short sale extension, etc etc.and another lock extension cost? You can film each step, then speed it all up into a condensed "true experience" from the borrower's perspective of what a living nightmare all the regulations in place "for the benefit of the borrower" really is.

No Spin; Just the Facts: (December 16, 2009 10:36am)

Hey V-- Congrats on your 200 closings this year. Shame on you for blasting mortgage brokerages as if the antics you describe were only from mortgage brokerages. This has always been and will always be an issue of loan originators regardless of mortgage broker, mortgage banker or bank. This is the equivalent of saying that all Realtors are unethical for holding pocket listings, not disclosing who they represent upfront, allowing consumers into houses without Realtor present, Realtors stripping out foreclosed homes, etc... Please take deep breath and think before spewing such unqualified accusations.

No Spin: Just the Facts: (December 16, 2009 10:20am)

MortgageBrokerGal--- You are being too simple in your discussions. Borrower is paying 1% point/origination with a 1% YSP. With new GFE, consumer using a broker will no longer have an origination fee listed in "You pay..." and thus consumers will lose their tax deduction for that amount that is now listed in Our Origination Charge. Maybe you can read the FTC & FRB studies that have shown the listing of a YSP causes borrowers to choose higher cost loans of a mortgage banker not listing SRP, which most certainly is the same item to a borrower as a YSP. The at close post close is a game created by HUD on Nov 12, 1992 in its first attempts to eliminate broker competition for bank originators. Everything HUD has down has always been useless to consumers and beneficial to banks. Since 1992, HUD is certainly anti-consumer & anti-mortgage broker. Love to see evidence otherwise.

Source 1 Dan: (December 15, 2009 10:45am)

Calyx point just increased my renewal fees 300%. Wow! Are they insane! If you have muliple seats with calyx you might want to give them a call and check on your renewal.

brian tbws: (December 14, 2009 5:07pm)

Hi jumpandjam ~ I'm not sure I get what your saying. If its a swipe at Shirmeyer your just misguided and ill informed. I've been following this guy closely and he's amazingly accurate. Try Rate alert for yourself. No other rate alert type program has anyone on par with Shirmeyer. If your talking about Jeremy... the guys knocking down 15 to 25 loans per month. If you're not originating on his level you may want to hear him out.

jumpandjam: (December 14, 2009 4:56pm)

You should both be horsewhipped for that swami crap from shifty eyes in the middle of the program

providentclass: (December 14, 2009 3:18pm)

Urgent- If you are a Mortgage Broker, Client, and or Appraiser that has experienced any kind of abuse from Provident Funding especially if they not or will not underwrite your loans because not locked, removed a file that was not locked for that reason, terminated your account and told you they would only complete locked loans even though you had registered files, and or played a part in your opinion of value as an appraiser whether it was through conditions, phone call, and or knocking your down on their Tier system for appraisers. Please contact us right away at [email protected]. Thank You

ILL Appraiser: (December 14, 2009 2:53pm)

Ancient-Did you send a copy of the lousy appraisal to your state review board? And Valuequestor-where do we get more info?

joecolorado: (December 14, 2009 2:50pm)

Valuequestor-who can we call to get more info on this PAC?

Valuequestor: (December 14, 2009 1:30pm)

I just returned from the Appraisal Summit conference in Las Vegas. Some interesting stuff was mixed in with the same old same old but the highlight (imho) was the talks during lunch and on the last day about the need for a PAC for appraisers. The grass roots organization so many of us have talked about on this site. There is a new group in Texas called the ATA (Assoc. of Texas Appraisers) Several of these fine appraisers had enough and got together to start fighting back. The same is happening in Nevada and Arizona. There is no affiliation with any other groups at this time. The move is for a NATIONAL PAC with the goal of retaining a Lobbyist in Wash.DC. The organizations in Nevada and Texas have had some impact already at the state level. It CAN and IS being done. I will provide more information as it becomes available. I can tell you that many of the movers & shakers that presented at this Summit are seriously involved. Our Purpose is to get heard in DC.

Ancient Appraiser: (December 14, 2009 12:53pm)

Notice Provident is in the group. We placed a loan through Provident a little over 45 days ago, and after the assignment of an novice appraiser from approximately 80 miles distant, from the property; and two weeks of underwriting they have decided to order another appraisal. Don't blame them on that part as being a past appraiser, for twenty eight years, I can tell you, under no uncertain terms, the report sucked with a big "S"! Now they have placed a time limitation on my lender or they will close the file. So once again the HVCC has reared it's ugly head and ticked off a buyer, seller, two realtors, a processor, mortgage broker and the lender - - but the AMC made their money !

candace: (December 14, 2009 12:17pm)

the problem i have with the new GFE is that it has 'seller costs' on there that i then have to 'credit' from 'someone' to buyer to negate it. and, worst of all, the new GFE doesn't show down paymenet, etc so buyer actually has NO idea how much $$ it will COST him to buy this home. Yeah, that'll be helpful.

Bono Vox: (December 14, 2009 12:15pm)

Lender, Jeremy just wants everyone to get along. He young and well meaning. In other words, I agree with you. C - no one can live on 1% minus split, minus taxes?? LOL - welcome to the age of Big Banks! That's all we've ever made. Just finished my Reg X/RESPA class. Nightmare. But just wait, the bill that just passed the House is worse! I'm going to go close some loans,then help Lender track down Jeremy. Keep the faith, brothers and sisters. We'll come through. I'm selling my experience and knowledge, that local ops means more control, and the big bank brand means stability.

mrtgman: (December 14, 2009 11:33am)

Twomintsinone. I can help you out in VA and MD. [email protected]

PO in Ohio: (December 14, 2009 11:26am)

Mrcleanj - I have no problem telling what it will cost to any client. What I dont like is that if a 5% rate pays me 2 in YSP, and if you go to a Bank and they are offering the same 5% rate, do you think they are making more than the 2 in SRP? You betcha. Where is that disclosed to the consumer? Now who is pulling the wool? Put everyone on the same playig field. I'v spent 17 years building my company and I'm real tired of being blamed.

mrcleanj: (December 14, 2009 11:18am)

Professional Mortgage Brokers that have been up front in explaining what a "No Cost" loan is, should have no problem with the the new GFE and HUD. The ones that suffer will be the ones that have been "pulling the wool over the eyes" of the uninformed consumer. I don't see why it is a bad thing to have a consumer that is fully aware of what choices are available and makes a choice that is based on the actual cost of doing a loan.

twomintsinone: (December 14, 2009 11:11am)

Hi-I need to find a LO in Maryland and or Virginia for some friends of mine who are being relocated. Anyone on this site there -or- know someone who who be a great fit for the task? Please let me know. Thanks-

PO in Ohio: (December 14, 2009 11:01am)

Mtg Broker Gal - Understand , but that is not a no cost loan. Love the Barney and friends comment but I think you are providing too much credit.

MortgageBrokerGal: (December 14, 2009 10:57am)

PO in Ohio: You need to take another class in RESPA and the GFE. What you put on Line 1 is your fee plus all the other stuff. What you put on one of the Line 2's is what you credit to the borrower. What you put on Line 3 is what the borrower has to bring to closing. I do not disagree that the new GFE sucks, and the borrower will understand it less than what we use now, but until Barney and Friends figure it out, we have to work with it. You will still make your money. Just have to work within the new constraints.

PO in Ohio: (December 14, 2009 10:52am)

Mtg Broker Gal - I do understand all of his YSP. You do not understand how the new GFE works. ALL ysp has to go to the borrower. In order to do a no cost loan, the adjusted origination has to be zero. You can make it zero but there is no income for the Broker. The Banks and Bankers do get SRP and they knwo exactly how much that is - just like we do. The BS about them getting it paid outside of closing is also BS. All I want is a level playing field. I have complained and talked to my US Congressmsn and Senators - as much as you are allowed to through their aides. I write them weekly and even provided solutions - all of which you know falls on deaf ears. This does not relieve my pent up frustrations is make it worse. People needs to see the truth and that will never get out there as it is all censored - is the US now a cold war Russia? At one time we were able to think for ourselves and not have to have the govt in our pockets. THis "new" gfe idea is bad, real bad.

providentclass: (December 14, 2009 10:26am)

Urgent- If you are a Mortgage Broker, Client, and or Appraiser that has experienced any kind of abuse from Provident Funding especially if they did not or will not underwrite your loans because they were not locked, removed a file that was not locked for that reason, terminated your account and told you they would only complete locked loans even though you had registered files, and or played a part in your opinion of value as an appraiser whether it was through conditions, phone call, and or knocking your tier down on their tier system for appraisers. Please contact us right away at [email protected]. Thank You

MortgageBrokerGal: (December 14, 2009 10:25am)

PS in Ohio: Yes, you can do a no cost loan for a buyer. You just have to figure it out! Put your fees in box 1, credit the same amount in one of the boxes in sec 2. What's so hard about that? You're still going to be charging a higher rate to accomplish it. As far as YSP to banks and mortgage bankers, they do not receive it. Banks and mortgage bankers to participate in SRP, but that is done outside of closing. As brokers, we haven't been able to receive SRP for 5 or 6 years. Maybe instead of being a broker, since you can't figure all of this out, you should go to work for a bank or mortgage banker. I agree with you on FHA appraisal assignments, but it's not going to happen unless HUD sets up new departments to handle that, like VA. It used to be like that several years ago. The point I am trying to make is, work with the system while trying to fix all the problems. Bitching on this site will only allow you to rid yourself of all the pent up angst.

PO in Ohio: (December 14, 2009 10:09am)

Mtg Broker Gal - What kills me is that banks and bankers can still make YSP. Why are Brokers held to different rules? If Brokers have to give back YSP, then so should auto dealers, Banks on thier mtg loans and I want a rebate fromthe grocery store for their incredible increase in the cost of food. Mtg Brokers should be able to make YSP so that we can offer no cost loans. Having to give back YSP does not allow us to do No Cost Loans and get paid. on HVCC - FHA should just go back to the old way - get a case number and FHA assigns the appraiser (VA does this). THis will remove the AMC and the cash inflow to the BANKS WHO OWN THEM.

Lender: (December 14, 2009 10:06am)

What the hell was Jeremy talking about. If you put him on again I will kill myself. Who needs a moron telling me to "Lead people out of trouble." Tell that kid to go shine some more shoes and shut the hell up.

Miller 1: (December 14, 2009 9:59am)

Several have mentioned the new FHA mortgage letter about ordering appraisals but no response is clear. Will Hud allow mortgage brokers order appraisals after jan 1 if so How?

MortgageBrokerGal: (December 14, 2009 9:57am)

I read all of your comments, and wonder if any of you actually understand what is going on in the mortgage business. First of all, FHA allowing us to charge a loan fee higher than 1% is a good thing, since YSP will have to be credited to the borrower. Your loans will be done the same, you just can't increase their rate to profit from those high yield spreads any more. Get over it! If you can't make a living on a 2% loan fee, go do something else! HVCC will not affect your ability to transfer the FHA case number to a different lender. It only affects your ability to name the appraiser. While using AMC's to order our FHA appraisals does suck, I believe we just need to keep working on getting that code repealed. But remember, if a bank or mortgage banker wants to continue to use their AMC's even if HVCC goes away, as brokers, we are stuck with it. Those with the money make the rules. As far as NMLS licensing and the SAFE Act are concerned, why don't you know about it?

Joey: (December 14, 2009 9:50am)

The Lender I work for has shot down the last 3 Appraisals that I have ordered thru their HVCC of choice. Now that is a problem imo. They know its crappy and now I am having to charge the Borrowers for a Field Review. That is pathetic.

Smash: (December 14, 2009 8:37am)

Frank- Am I too late to learn from your marketing webinar you had offered a few months ago? Please let me know if you are still offering that and how to sign up. THANKS!!!

Park City Mortgage Guy: (December 14, 2009 8:30am)

V: In my years of experience YOU REALTORS are usually the problem. I told my group of Realtors to do their best to give me at least 30 and preferably 45 days for closings in the current unsettled market so no one is disappointed. The Real Estate Broker told me later that I was not getting business from them because they were sending them to mortgage guys who said they could close in 2 weeks! YOU CAN'T HANDLE THE TRUTH. Then you blame US! Pull your head out and get professional.

providentclass: (December 14, 2009 8:30am)

Urgent- If you are a Mortgage Broker, Client, and or Appraiser that has experienced any kind of abuse from Provident Funding especially if they not or will not underwrite your loans because not locked, removed a file that was not locked for that reason, terminated your account and told you they would only complete locked loans even though you had registered files, and or played a part in your opinion of value as an appraiser whether it was through conditions, phone call, and or knocking your down on their Tier system for appraisers. Please contact us right away at [email protected]. Thank You

Wondering out LOUD: (December 14, 2009 8:20am)

So wait a minute? We have to pay 40 bucks just to learn about the new requirements? I thought that the National Licensing did not go into effect until April?

Park City Mortgage Guy: (December 14, 2009 8:18am)

Godlike: I have been on both sides (currently choose to be a broker but WAS a banker). Brokers DON'T BUY ANYTHING. Do you write a check out of your account to fund the loan? Bankers DO. and THEN they try to sell it in the secondary market. Sometimes the borrower quits his job the day after the loan funds and the banker ends up owning a loan he can't sell or must sell at a 20 pt+ LOSS. Do you have to cough up 20 pts if this happens? Listen, I'm a broker and I obviously think brokers pay an important role and I KNOW I always get my clients a better deal than they get at the bank - but please keep your facts straight about the way both operate. The new GFE is pretty bad because it boldly misrepresents what a broker ACTUALLY gets - by=ut this is unfortunately what happens when your competitor has more money to influence government officials than we do. I am apalled at the lack of participation by Brokers in NAMB - it is a dramatic difference from the HUGE participation by bankers in MBAA.

joecolorado: (December 14, 2009 8:17am)

PO- the appraisal institute did NOT hide under a rock...the AI and the ASA PROMOTED hvcc.I reiterate...these national appraisal orgs do not care about ANYONE outside their associations. They are in effect making sure that they get their 30 pieces of silver from their members and the rest of the appraisers have to join AI or ASA for some protection or get lost in the shuffle. Nitty would be so proud.The end result is appraisers will be forced to join AI or ASA to get work through banks or will be left out in the cold.

bmac: (December 14, 2009 8:11am)

V--- please write the offer and sit back and let the real professionals get the actual work done. What do you really do in the process-- 6% commission for what? We do all the work! We get the financing! We deal with the customer's qualifying factors! I am sorry that your end of the transaction is so simple that you cannot wrap your mind around the fact that our end has challenges. Your end could be done with a simple computer program (it amazes me it hasn't happened yet). Your welcome for your 200 homes.

PO in ohio: (December 14, 2009 8:11am)

to V - wow, I would have to say the same thing about Realtors and even more. Realtors lie lie lie. To find an honest one is rare. I'm a Mortgag Broker and have been in business for 17 years. My estimates are within $100 on every closing and none of our fees change from day one. Promisses - we make one - we work our butts off to get you a loan. It may take longer but you have our full attention. Maybe a REALTOR should give up some of their 7% fee at the closing instead of the REALTOR telling the borrower that the Mortgage Broker, who is making maybe 2%, can give up their income in order to cover the REALTORS government document fee, Admin fee or closing documents storage fee. TAlk about a rip off - REALTORS need to look in the mirror

Whiplash: (December 14, 2009 8:09am)

As of Jan 1 there is no longer a 1% origination fee cap. HUD does not have a cap any longer. Look at it! You have to be able to charge more so that you can credit back all your yield and still make a decent profit. NEW GFE is still terrible!

Estimator54: (December 14, 2009 8:07am)

V...been a realtor and now an appraiser...some realtors set unrealistic closing dates...they think if they put a date on a contract everybody will jump through hoops to make their promise happen....quick closings dont happen now days....the fat cats broke the market...you are dealing with the problems for your one purchase...we deal with this everyday with many homewoners...the rules for underwriting a loan changes almost hourly...underwriters are frustrated, lenders are frustrated, brokers are frustrated, processors are frustrated, appraisers are frustrated...we dont know what the rules and/or requirements are going to be on a daily basis..We make our living dealing with these changes...our lives/livihood depends on getting these loans closed. Disgusted does not even begin to describe our feelings. Read and try to understand what we are all saying...and put the blame where it belongs!!!!!!! People who didnt pay their bills and fat cats that ran with the money made on these bad loans

loaner55: (December 14, 2009 8:07am)

V....you are obviously a Realtor and indicitive of the stupidity and lack of ethics that surround the industry. You can think that Mortgage Brokers are all you say but I can tell you from the experience of being on both sides of this business that you are one of the problems. If you think that the Bankers are the answer then you are sadly mistaken. There are not too many Bankers that could do what we do. Banks have created 2 sets of rules, one for retail and one for wholesale, and that is reality. All you are worried about is closing your freakin deal without reguard to what is best for your clients. I have been put up against dozens of bank deals and kicked their asses every single time. So go crawl back behing your shiny little Realtor pin and hope your clients don't figure you out. Jerk !

MortgageAngel: (December 14, 2009 8:06am)

For the record, IndyMac did do one permanent loan modification signed, sealed and delivered October 2008. The homeowner initated and negotiated the modification herself. Belle Ave. Buena Park, CA. I wonder why they didn't count it.

Estimator54: (December 14, 2009 7:59am)

does this mean HVCC's are out and we can go back to the way we were. does that effect the new FHA status for ordering appraisals

SIMPLETON: (December 14, 2009 7:58am)

@ V. I don't know where you are, but in Texas, mortgage brokers are subjected to far more scrutiny and licensing that as of yet is not required by those that work for mortgage bankers. It sounds as though you are fairly successful closing 200 transactions. Perhaps you need to find someone that will actually tell the truth and set proper expectations at the beginning. The problem I have many times is that realtors have set up expectations for borrowers that are not realistic in today's world. They also do not ensure their clients are working with a loan officer early enough in the process to make the deadline to begin with.

V: (December 14, 2009 7:52am)

MORTGAGE BROKERS HAVE BECOME LIKE USED CAR DEALERS, DONT TRUST A WORD ANY OF YOU SAY, DONT WANT THE PROMISE WANT THE REALITY NOT AFRAID OF IT, DONT PROMISE ME... THE REALTOR ...OR THE BUYER..A DATE THAT YOU CANNOT MEET OR TELL ME WE HAVE A BUYER THAT IS QUALIFIED AND A DAY AFTER SUPPOSED TO CLOSE THAT THE DEAL IS DEAD YOU ARE FOOLING WITH PEOPLES LIVES, TIME AND MONEY, IM DISGUSTED WITH MORTGAGE BROKERS, PROCESSORS, ETC. NEED TO BE LISCENSED AND PART OF THE CONTRACT AND HELD LIABLE FOR THE MONEY PEOPLE PUT OUT WITH YOUR WORD "PRE APPROVED" ANOTHER WORD FOR THIS PROCESS IS "BULL...." SOLD AND CLOSED OVER 200 HOMES LAST YEAR EVERY DEAL WAS LIKE PULLING TEETH AND I UNDERSTAND THAT THE UNDERWRITING PROCESS HAS CHANGED DAY TO DAY, BUT THE GOVERMENT GAVE OUT MONEY TO HELP, I HAVENT SEEN IT IN ANY SECTOR MAYBE THE FAT CATS HAVE...WHAT A JOKE

PO in Ohio: (December 14, 2009 7:48am)

I am involved and I do write and communicate with My State Congressman and Senators. HVCC was crap from the start but nobody listened and the Appraisal Institute hid under a rock. WE all know that Brokers are not allowed to earn YSP and have for quite some time. Shouldn't this have been the main focus and then HVCC? Is anybody going to help get a suit started against the Govt/HUD for restraint of tade, discrimination? Am I the only one worried?

Lookin4AWayOut: (December 14, 2009 7:48am)

These are the times that try men's souls... or... in times like these it helps to remember there have always been "times like these" ...or... Today is the tomorrow you worried about yesterday.

C: (December 14, 2009 7:46am)

Brokers WILL be extinct if YSP is no longer available. No one can live on 1% of $100k purchase price minus your split and your taxes. There is nothing left. So, we will all be stuck going to the big banks only. No more consumer choice which is what HVCC is doing anyway. You can't move your appraisal so you are stuck with the bank that did your appraisal. What the heck is that!! A monopoly the government is supporting.

BROKERS: CALL YOUR SENATORS NOW: (December 14, 2009 7:44am)

Friday afternoon, the US House of Representatives passed HR 4173 which contained the HVCC amendment. A summary of this amendment is summarized as follows: “shall not prohibit lenders…from accepting any appraisal report selected, retained or compensated in any manor by a loan originator” “HVCC shall have no force or effect” -to be in force no more than 60 days after enactment- Congratulations, this is great news for all of us in the industry (accept maybe AMC’s). It also proves that the efforts we are all individually making in our day to day lives are working. Collectively we can fix our problems with this system. It will not happen without participation. Will you participate?

neappraiser: (December 14, 2009 7:42am)

national dept is 11.4trillion....how is 4tril greater?

Chuck: (December 14, 2009 7:41am)

What? no comment on HUD adopting a similar process to HVCC coming January 1st? I thought you guys would be all over this one

ATTENTION BROKERS: (December 14, 2009 7:38am)

The HVCC is still the BIGGEST issue for mortgage brokers. It is designed (by big banks) to put brokers out of business, and make appraisers slaves to the AMCs. Get crackin' on fighting the HVCC!!! Call your senator to support the Miller Amendment to the Consumer Financial Protection Act that just passed in the House of Representatives. There won't be a YSP issue once brokers are extinct!

Feelingthepainandneedtochangemymind : (December 14, 2009 7:38am)

Unfortunatley, They do not look at us as retailers. We are brokers. We are suppose to find the best deal for the client and not look to raise the rate to make a living. They do not want to see that in most cases, the broker's rate is less then the bank's rate. The banks should have to report their backend profits. They know how much they are making (wholesale rate sheet). It is another way for the government to repay the bank for the banks's donations. What ever happen to shopping around. I do it you do it but I guess the government thinks no one can.

M: (December 14, 2009 7:35am)

Saxon now has Ocwen Loan Servicing involved. I have tried to get a loan modification application to download, fax, or respond in writing. Nothing so far. Just a link and an answering machine.

PO in Ohio: (December 14, 2009 7:34am)

Elvis - I am part of NAMB. I still do not see any movement in getting the YSP repealed

Elvis in Houston: (December 14, 2009 7:26am)

To PO in Ohio. Why don't you get involved with NAMB. They have been and are currently fighting the YSP issue. If it was not for NAMB, you would have been out of business years ago.

GODLIKE: (December 14, 2009 7:02am)

If Brokers are the devil then so is WalMart. They also buy at wholesale and sell at retail apparently unfairly profiting from the consumer.

PO in Ohio: (December 14, 2009 6:46am)

Brokers have been made the scapegoat and we have done nothing to get that turned. We need to be able to make YSP in order to stay in business and I don't see any movement to get that corrected.

Bob: (December 14, 2009 6:33am)

perhaps you need to check the balances on your internal volume on your computer, as it sounds like one is overriding the voices. Bob

Randolph: (December 14, 2009 6:19am)

So, what do you guys have to say about the continued 'decline' in Broker originated Loans? Sucks if you ask me....

Frank Garay: (December 14, 2009 6:14am)

sounds perfect to me... not sure what you mean.

j: (December 14, 2009 4:08am)

hey guys, your volume is off, can't hear you and background music way too high