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

qtrhrse: (January 25, 2010 4:33pm)

Please....let's also force the banks and correspondent lenders to disclose the ysp or srp to borrowers. It is just not fair lending practice to the borrower. They can't compare apples to apples.

brian tbws: (January 23, 2010 4:36pm)

follow me on facebook at facebook/tbwsbrian

brian tbws: (January 23, 2010 4:11pm)

Bummed. Sorry about that. Thanks for pointing out the problem though. We'll get it fixed for next time. Send a comment... it will come directly to me.... with your contact info.

Bummed: (January 22, 2010 3:19pm)

Kinda bummed that there was no link or directions on the usual show site to know where to go to see the Live show but I did get an email link AFTER the show asking for comments. Will it be posted anywhere?

T00_cute: (January 22, 2010 2:49pm)

The show was great very informative. I like the way no question is skirted. need you facebook page link pretty please!

CornerstoneKathy: (January 22, 2010 2:20pm)

Oh Man I am so bummed that I missed the show today!!! I wish that there was a way to watch a replay of it..

BT: (January 22, 2010 1:50pm)

Try http://www.thinkbigworksmall.com/live_shows/view/4

Adam Smith: (January 22, 2010 11:11am)

How do I get to the call in show?

TJ: (January 22, 2010 10:32am)

I'm having the same problem. Any advice?

Looking for Friday Live: (January 22, 2010 10:27am)

Is there another link for the Live show today? I thought it was on now??

brian tbws: (January 21, 2010 8:52pm)

thanks man we try.

Robby850(this is a must read guys) : (January 21, 2010 8:18pm)

Why is it that the only all of a sudden everyone is so concerned about the health of an insurance fund. AIG gets BILLIONS but the FHA insurance fund cant run in the red until the dust settles? Eliminate the increase and lets just set up a GOVT insurance fund. Fannie and Freddie should charge .25 up front on every loan to pitch in. They are govt subsidies anyway. lets solve the true problem. Why are FHA loans under such scrutiny?? didnt the same level of govt create HOPE FHASECURE and every other terrible idea that promotes non payment. Every other commerical on the radio is telling people NOT to pay their bills. In fact I called my bank in hopes of getting my ARM(which is adjusting to 3% next month) into a fixed. They told me that only applications with a 60+ day late are being modified. HA. The faster the govt can get their hands out the better we will be.

Friendly: (January 21, 2010 7:34pm)

TBWS, you guys are good at what you do, keep it up!!!

getreal: (January 21, 2010 6:19pm)

Who voted for Obama and his cronies??

BIG AL: (January 21, 2010 4:47pm)

HR-4173 PULLED IT OUT OF THE BILL, REGARDING APPRAISAL, Sorry its backwards, Start with bottom blog then the top blog. Any one else want it to get passed?

BIG AL: (January 21, 2010 4:44pm)

(B) subject to State or Federal laws that make it unlawful for a mortgage loan originator to make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property, except that nothing in this section shall prohibit a person with an interest in a real estate transaction from asking an appraiser to— (i) consider additional, appropriate property information; (ii) provide further detail, substantiation, or explanation for the appraiser’s value conclusion; or (iii) correct errors in the appraisal report; and shall include a requirement that lenders and their agents compensate appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. (c) SUNSET.—Effective on the date the appraisal independence requirements are promulgated pursuant to subsection (a), the Home Valuation Cod

BIG AL: (January 21, 2010 4:43pm)

HR 4173 must go thru to get our business back SEC. 4312. APPRAISAL INDEPENDENCE REQUIREMENTS. (a) PROMULGATION OF NEW REQUIREMENTS.—The Director shall lead a Negotiated Rulemaking Committee under the Federal Advisory Committee Act and the Negotiated Rulemaking Act to promulgate appraisal independence requirements for residential loan purposes, and such Committee shall promulgate such requirements not later than the end of the 60-day period beginning on the date of the enactment of this title. (b) CERTAIN REGULATION REQUIREMENTS.—Regulations promulgated by the Negotiated Rulemaking Committee under this section—(1) shall not prohibit lenders, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation from accepting any appraisal report completed by an appraiser selected,retained, or compensated in any manner by a mortgage loan originator— (A) licensed or registered in accordance with section 1501 et seq. of the SAFE Mortgage Licensing Act of 2008; and

Ellen: (January 21, 2010 3:44pm)

Thanks Frank!! I downloaded the interview from Unplugged and I'll listen to it on my iPod tomorrow during my manicure. Looks like a great site; I might even subscribe!

Frank Garay: (January 21, 2010 2:03pm)

Real Estate Unplugged is going to open up the interview for us in a few mins....

Frank Garay: (January 21, 2010 1:26pm)

You'll get an email for the live show tomorrow. Sorry about the real estate unplugged issue guys. The owner called me, I told him I'd call him back, but his number goes straight to a voice mail that's full. Will keep you posted.

mtgmamma: (January 21, 2010 1:18pm)

How do we sign up for the meeting tomorow?

Tobby: (January 21, 2010 12:58pm)

Several of the big banks are providing the worksheets. Thier armies of attornies seem to agree that it is OK. Just make sure there is no reference to a GFE on the worksheet. Also, get a signed acknowledgement from the borrower that they got the GFE and booklet. Not required, but will CYA.

LET'S FORM OUR OWN UNION (M.O.P.U.): (January 21, 2010 12:57pm)

We should form a UNION. We could call it MOPU (Mortgage Originators & Processors Union). I mean, even mechanics have their own union. Just think of what would happen to the financial markets if we went out on "strike" for even a day. Total economic collapse.....you know, the worst parts of the bible. They'd HAVE to listen to us then! UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION

Frank Garay: (January 21, 2010 12:55pm)

Real Estate Unplugged - Sorry guys.. I could access it yesterday, but not today. The owner of RE-Unplugged just called me so let me see what I can do!

mtggirl: (January 21, 2010 12:51pm)

frank and brian how about organizing a march on dc to take back our industry

No points, No problem: (January 21, 2010 12:48pm)

Mark, mtggirl, everybody: Here's the biggest piece of chilling news all day, check it out: http://www.cnn.com/2010/POLITICS/01/21/campaign.finance.ruling/index.html?hpt=T2 So, basically, the Supreme Ct. has just given constitutional approval to corporations to line politicians' pockets freely, and use that money for elections. Note Obama's quote: "The Supreme Court has given a green light to a new stampede of special interest money in our politics," Obama said. "It is a major victory for big oil, Wall Street banks, health insurance companies and the other powerful interests that marshal their power every day in Washington to drown out the voices of everyday Americans." This was something even McCain spoke against. As the article referenced below in this blog (marketwatch letter to Obama), this thing is bigger than any human being can control. A march may REALLY be the only thing to save us, at this point.

themortgageman@charter.net: (January 21, 2010 12:47pm)

We should form a UNION. We could call it MOPU (Mortgage Originators & Processors Union). I mean, even mechanics have their own union. Just think of what would happen to the financial markets if we went out on "strike" for even a day. Total economic collapse.....you know, the worst parts of the bible. They'd HAVE to listen to us then! UNION UNION UNION UNION UNION UNION UNION UNION UNION UNION

Jersey Girl: (January 21, 2010 12:45pm)

Frank & Brian...we need a visit from Mabel. Where has she been???? :)

mtggirl: (January 21, 2010 12:36pm)

how can we get this organized? maybe thru frank

mtggirl: (January 21, 2010 12:33pm)

i am ready asap. i have no closings going on at this time....we need more peeps

Mark: (January 21, 2010 12:28pm)

Mtggirl - when do we march? I'm ready now.

mtggirl: (January 21, 2010 12:25pm)

mark, you are right

Mark: (January 21, 2010 12:20pm)

Banks have always had too much control. They are trying to creat a monopoly and we are letting it happen. I think it is time to secede from the Union.

mtggirl: (January 21, 2010 12:12pm)

we need to get together and try to make a difference if we want to have to look for a job. it is unconstitutional what is going on. the big banks control all whats happening it seems and they are the ones that caused most of the problems in the first place. We aren't making any money because we are commissioned, but we aren't part of the unemployment figure either.. i have joined the tea parties, got involved on my local level in government, but maybe we need a class action suit filed by buyers, brokers, real estate persons to stop this crap. it will hurt us, screw borrowers everywhere.

Gmoney: (January 21, 2010 12:12pm)

Nor Cal, They already tried that 6 years ago. It fail. It would become a monopoly the Government would not allow according to them. NAR has a rather powerful lobby that helps them out.

mtggirl: (January 21, 2010 12:06pm)

yes norcal, where is the banks regulations. we have them stating you can't do this or that unless you have a license, but banks seem to be up the politicians behind and have no regs.

Mark: (January 21, 2010 12:05pm)

mtggirl - excellent idea. March on Washington and tear it up.

Mark: (January 21, 2010 12:04pm)

BOA had best start getting their new staff licensed. Again - another reason for a class action suit - discrimination, restraint of trade, unfair business practices. We do not have a democracy anymore.

mtggirl: (January 21, 2010 12:03pm)

i like the credit union idea, i have done loans for 35 + yrs and made a living and loved the business. no one has come back to haunt me because of the closing numbers because they were quoted within 100., but now this gfe opens the door for GARBAGE and fraud...who is making these up... anyway... and BA has no service whatsoever and that is true about never letting a bank clerk do your loan.... holy cow.. what is becoming of our industry. How can we take it back. i have loved it and hate it now.... but i will be a statistic soon if we can't close some loans and make a buck. There are a lot of us, can't we get the million loan officer/broker and appraiser march on DC.?

Nor Cal Mortgage Broker: (January 21, 2010 11:59am)

Everyone, including REALTORS and mid-size bankers should be very very afraid of the big banks (BofA, Wells, Chase, Citi) and the collusion with the politicians. The big banks lobby politicians and contribute big bucks so the politicians regulate us out of existence. Rates and fees go up for loans. Who is the biggest seller of real estate right now - hmm, those same 4 big banks. If the banks want to eliminate commissioned, educated originators and just have bank tellers collecting W-2s, then why not have the same bank tellers fill out the purchase contracts? And conduct the escrows?

Hammer: (January 21, 2010 11:47am)

@NorCal Broker - 1) the new GFE is far from a piece of crap. 2) Not only will HUD trample your freedoms, they will rape your soul 3) There is absolutely no reason to give out ANOTHER form to the borrower to go over payment and what they bring to the table needed - does ANYONE read the 1003?!!!! Don't they call that Section V and Section VII? (I used the Roman Numerals like they do on the 1003 application so as not to confuse anyone <grin>)

Ellen: (January 21, 2010 11:43am)

Real Estate Unplugged has a note up that we can't view the page because we're not members. Nice Plug for Unplugged but I guess they don't want us !!

Ellen: (January 21, 2010 11:43am)

Real Estate Unplugged has a note up that we can't view the page because we're not members. Nice Plug for Unplugged but I guess they don't want us !!

Hammer: (January 21, 2010 11:43am)

So Those-That-Are-"Too-Big-Too-Fail" are going to cut the income of the retail LOs..........MAN is it a great time to be a broker!!!

Nor Cal Mortgage Broker: (January 21, 2010 11:42am)

HUD will crack down if I give my borrowers a worksheet? Did someone revoke my First Amendment right to freedom of speech? I'm issuing the new piece of crap GFE properly according to HUDs rules, so if I want to send my clients a thank you note, a cartoon, a photo of my dog or a worksheet that is none of HUD's damned business. My worksheets clearly state that it is a reference to assist them in estimating cash to close and the amount they will have to write the check for each month, and that it is not a good faith estimate. The key for all of us is to be honest and ethical with all our clients and they will return the favor. In order for any agency to get dirt on any of us, first they need a disgruntled client. If you don't have any, then how will HUD ever find out you sent anyone a worksheet, as it won't be part of the file submitted to any lender? If HUD wants to trample my freedom of expression: bring it!

Mark: (January 21, 2010 11:09am)

Has anybody heard anything about Chase and Quantrix? They appear to be cleaning up or out their pipeline.

No points No problem: (January 21, 2010 11:01am)

OK, that didn't work. Never does when they won't even pick up the phone. Jeez, I wonder why? Oh, bc of the strictest lending rules in history, coupled with the highest unemployment rate in history. Hmmm, maybe I'll work on that book name, like DAG said..."McCall Me?" or "McHelp! There's no McBusiness left!"

loanwizard: (January 21, 2010 10:52am)

I managed Countrywide branches for eight years and as a result have a number of friends still employed with BofA. Spoke with one on Tuesday and she confirmed the no overage or YSP. It's true

T00_Cute: (January 21, 2010 10:47am)

BofA is eliminating YSP.. which Loan officers (aka account executives)need to boost there income as we were only allowed to charge maximum 1% origination fee. Buy eliminating any extra monies the "account executives" can make they will be forced to quit as you can not support your family on just 1% this will then allow them to use bank employees,the same employees already at the bank's asking if you want to open CD's or checking accounts , They are already paying them min. wage. They will take your w-2's and pay-stubs and submit them to a centralized processing center (already done). BofA will make more money on each loan. The reason it does not work right now is because the bank employees do not know enough about loans. They are just glorified paper pushers. I would never leave my loan up to a bank clerk.

No points No problem: (January 21, 2010 10:42am)

Hey Dag: Glad I could make you laugh, we all need a good one!!!! If I can lighten at least one person's day, I've made a positive change in this world. Who knows, you could go out there and do something today to somehow change that one person who could be the person to run into Frank in the airport and trip him into someone with swine flu, right? ;) You never know. Stay positive, because this world isn't always affected in a logical way, much to the chagrin of the "plotters". Think laterally, and use your voice to at least be a smart version of that pimply guy on the Simpsons. ;) Gonna go use that approach and get someone off the fence! Have a cynically happy, but completely inspired day! (cue the clip in Star Wars at the end where the X-wings are hitting the canyon, "Stay on target...stay on target..." ;)

DAG: (January 21, 2010 10:27am)

No points no problem & So Cal, I've got it! You guys just write a book! Maybe it's me, but loving your sense of humor. I needed a laugh.

DAG: (January 21, 2010 10:22am)

real appraiser - I hope Obama reads that article!

No points No problem: (January 21, 2010 10:22am)

SoCal "I'll take that to go" :)GOODSTUFF! "I'll take that Jumbo, to go! Oh, I qualify for a free termite inspection, cool!" (meanwhile, behind the scenes, termite inspections aren't necessary in that area :) Customer: "Sure, I'll sign anything, since I can just say I didn't understand it! Now where's my damn happy meal?" McBanker: "Now don't forget to send in your tax credit to get your $8,000.00 tax credit, it'll take 7 mos to process(ie post-foreclosure)." McBanker adds it tohis pipeline, gets paid, bank gets to make more$, customer gets a freehouse for 6 months, everybody's happy, right? joecolorado: You're right, they want to speed the process up, cut costs, get rid of all knowledgable parties & replace us with that pimply teen guy onthe Simpsons & pay minimum wage for data entry. Big business rules the world! Fighting politicians is like blaming Ronald McDonald when u get a bad cheeseburger, neither run the company! Hit BANKS in the pocket, Obamas right on that! Take $ back

kim: (January 21, 2010 10:19am)

the follow up meeting on hvcc was yesterday in cuomo' offices yesterday - can you give us an update on that meeting

DAG: (January 21, 2010 10:15am)

gheinze - I keep seeing that credit union idea, but don't we need $$$ to start a credit union?

real appraiser: (January 21, 2010 10:02am)

READ FULL ARTICLE AT http://www.marketwatch.com/story/10-reasons-why-obama-is-failing-investors-2010-01-19

GODLIKE: (January 21, 2010 10:01am)

DOES ANYONE HAVE A SURE FIRE METHOD OF DOING A VA ON THE NEW GFE? How do we show that the Buyer isn't paying the prohibited costs? The only thing I can figure out is a statement from the Seller listing out the fees he's paying for the buyer, but how do you show that on the GFE?

gheinze: (January 21, 2010 10:00am)

Why don't the brokers combine and set up a credit union?

GODLIKE: (January 21, 2010 9:59am)

How do you cook a frog? You put him in cold water and gradually turn up the heat. Why? Cause if you put him in hot water he'll jump out. It looks as if they turned the heat up in the water too soon and now all us frogs are trying to jump out. The Great Obam has realized that if he doesn't get his Consumer Protection Agency in place while he can still control the votes.

SoCalApprs2: (January 21, 2010 9:59am)

If I can't get work, if I have nothing to appraise, might as well blog till my fingers can't type. Sitting here,staring at my Certified License. All yes, the hours to get to that level. The old days of finally being able to run my own business. My first marketing Flier. My First Check for my first appraisal. All here in my office. What good is it now? Thank you HVCC. You really have made my life so much simpler. Oh, there goes the phone again. "Hello? oh hi Mr. debt collector, oh yes, I should be able to make a payment sometime between now and when I file for BK.

real appraiser: (January 21, 2010 9:59am)

5pence, go further back, this article was in MSN. "Remember, democracy never lasts long. It soon wastes, exhausts and murders itself. There never was a democracy yet that did not commit suicide." John Adams, a great American president, made that famous prediction at the beginning of our great nation. Our time is up, says Scottish historian Alexander Tytler, recently quoted by economist Marc Faber: "The average lifespan of the world's greatest civilizations has been 200 years." Then "once a society becomes successful, it becomes arrogant, righteous, overconfident, corrupt and decadent . . . overspends . . . (engages in) costly wars . . . wealth inequity and social tensions increase and (it) enters a secular decline."We're on suicide watch, acting out the final scenes Adams predicted for democracy, as Wall Street murders capitalism. And yet, paradoxically, when a democracy commits suicide, it also kills off the very capitalism that made it powerful.see msn "how obama is failing investor

joecolorado: (January 21, 2010 9:57am)

No points No problem-The banks have ALWAYS wanted to have the process speeded up.having a store in a mall where a borrower could buy a mortgage quickly.The process taking no more that 1 hour with the aid of computers, title, lawyers, surveyors,property inspectors and appraisers databases being accessible at the store point with the computer analysing data to dictate whether the risk is acceptable for that particular borrower to buy or refi that particular property.Cost to the bank is minimal, speed is paramount,return is great (over a 30yr period),borrower gets the house,everyone is happy. We slow the process down.Thats why we are considered costly and now "expendable"by the banks.Cuomo,Franks etc.etc.are paid by the banks and are paid to agree to what the banks require of them,otherwise no more money for them.I say hit the politicians in the pocket and watch for the ramifications,it'll be like rats leaving a sinking ship.

5pence: (January 21, 2010 9:56am)

NAR is a Guild and powerful. Appraisers should be joining the Guild. $150 is not much and they're doing more for us than any of the so-called institutions that have the name appraisal in their titles. A union won't work for self employed individuals, a Guild can. It's affliated with the AFL/CIO and has their lawyers at their disposal. I wish all appraisers would join. Even Obama is pro-Unions and Guilds, he knows their power. I'm just getting angrier and angrier thinking about things lol, I need to go work. Frank and Brian, what happened with your NAMB guy and Cuomo? Are they willing to go for the homeowner being the client? My guess is not. Cuomo has too many big banksters he's sucking up to. When he runs for Governor of NY, we should all boycott very publicly in NY. He doesn't deserve that honor and if he can steal our jobs and careers, we can steal his.

SoCalApprs2: (January 21, 2010 9:52am)

Welcome to McDonald's Mortgage of America, can I get you some HELOC with that 1st? How about a free termite inspection & a pacifier? Lets super size it with an AVM appraisal. What size loan do you want? Of course we can offer 3% down for you! Just use your ATM card, and we got ya completely covered. Is this for here (30 yr fixed) or to Go (Neg Am Loan). Don't worry, we have a senior burger flipper (hard money lender) who is a real good cook. We got your back Mr & Mrs. Consumer America!! No points, No problem, you got me on a role.........had to laugh at your blog!!

real appraiser: (January 21, 2010 9:49am)

clulessdad: Don't you remeber when banks wanted to compete with realtors selling homes a few years ago and NAR stopped them cold, since then I believe they have tried to get in the back door, first, appraisers, then brokers then back to realtors once they have divided us up. No proof, just my opinion

DAG: (January 21, 2010 9:45am)

5pence, you are correct. There is an ever widening gap between the elite and the poor. When we see a bank exec walking away "fired" with millions after screwing this all up while the rest of us are struggling to make a house payment on time because of them, it is plain wrong. By the way, WHAT THE HECK DO YOU DO WITH A SALARY OF 40 MILLION A YEAR? How much money can one person spend in a year? We are fast becoming simply rich and poor, at this rate, there will be no middle class. Whoever said Obama needs to dump the finance gurus of the Bush admin, AMEN! I hope Massachusetts is a wake up call.

LoanGirl: (January 21, 2010 9:42am)

What is considered a normal seller charge, the Owners Title Policy in AZ and CA, should have no effect on Seller paid Buyer closing costs.

5pence: (January 21, 2010 9:39am)

It seems like in the 70's and 80's people really didn't want to get 2nd mortgages. My guess is not enough people were indebted to the big banksters so they created mortgage loans that no one could refuse. Now everyone is in debt to the banks and will be for generations. ARgggg!! Where's my bailout!!! Our future now is watching an ever widening gap between the elite and us commoners where commoners are the slaves of the future. Man, 1984, Orwell was more prophetic than I thought. Saw a show the other night where the police can tap into any video camera anywhere. Face recognition software and we'll be being watched 24/7 to make sure we don't band together to fight the elite. We've really got to make a change, this is getting intolerable imo. The banksters are stealing everyone blind and the government doesn't seem to care - they're actually supporting it! WTF!!

DAG: (January 21, 2010 9:31am)

MortgageFamilyMan - You nailed it. Many of us thought we were making a very smart career choice and I do believe those of us left are the cream of the crop. We need to make sure America knows who we are and what has happened to us. I wonder how far Marc Savitt's Nat'l Assoc of Independent Housing Professionals will go to be of a big help to us. This sounds like a step in the right direction.

KING of simpleton: (January 21, 2010 9:29am)

To Mayor of Simpleton..... retail loan officers at large banks get a retail rate sheet that tells them what they are supposed to quote the customers. Since they don't get paid much at that price, they are told that they can charge a little more or give a higher rate and receive what the bank calls "overage" and most retail LO's do this to make a living. It actually makes sense that B of A is pulling this back. In my market place, you get the professional, on the streets B of A guys that charge a premium and they have to compete with the B of A call center which does not and they will tell their clients that they get what they pay for and it is true. The pros are going to leave in droves unless they are being fed loans by the corporate tapeworm.

5pence: (January 21, 2010 9:28am)

Using fear to transfer power to the elite and stealing our rights in the process. It started with Bush. Iraq and then the bailouts. I feel sorry for Obama that he inherited this mess but he was voted in because the public wanted change. They're not getting it. Turbo-Tax Geithner and Bubble Ben came straight from the Bush regime and they're still using fear to take from us. 100 terrorists in Afghan are world hundreds of billions? All they're doing is creating more terrorists to insure the military has something to do for years to come. Fkrs. I'm pissed. No Fear ! Get rid of the taxpayer leeching bums.

No points No problem: (January 21, 2010 9:27am)

joecolorado/mtgfamman We're talking about a HUGE coverup here by banks on brokers & appraisers. See the movie JFK. Even tho there was NO WAY it could have been 3 shots that killed JFK, the Warren Commission ruled that to be EXACTLY the case, & people believe it, bc they don't investigate forthemselves. In our industry, it's always going to be everyone BUT banks that's bad & gets their pay cut. Main Street is in slavery to a corporate master. YSP is the magic bullet, there is NO WAY it could have caused the mess perpetrated by bond rating companies & banks on foreign investors, FORCING governmental control on our industry. You'd better believe realtors are next. Don't forget about property inspection companies, too, welcome to McDonald's Mortgage of America, can I get you some HELOC with that 1st? How about a free termite inspection & a pacifier? We'll always be overrun by those greedier than us if we don't educate ourselves,& fight back.

5pence: (January 21, 2010 9:19am)

HVCC Dead - sunset means the HVCC's day is over. It appears he wants this CFPA (consumer protection agency) in place as soon as possible.

Look In the Mirror: (January 21, 2010 9:17am)

It would be nice if you could chose USDA or FHA, but USDA limits income and location. Also, if seller concessions are limited to 3%, you can also increase the rate to give them more YSP to help pay closing costs. And maybe realtors will be able to get sellers to pay for inspections and home warranties.

5pence: (January 21, 2010 9:16am)

Obama described it as a economic crisis that turned into a financial crisis. WRONG, it's a moral crisis and the cause of this crisis are in the halls of power in Washington supporting moral depravity at the banks. Too big to fail banksters/crooks. Vote them all out. Time to churn the government back to of the people, by the people and for the people. This Kleptocracy has got to go and so does this brave new world mandate of government of the elite, by the elite and for the elite. On a personal note, Congressman Ron Paul is the ONLY one that makes sense. It's like the worlds gone crazy. IMO it's gone crazy because of "things that need to be done right now or we'll be in danger!" like the Iraq war and the bailouts. Using fear to tranfer power to the elite. Criminal. This is not the America I grew up in.

HVCC DEAD OR NOT: (January 21, 2010 9:10am)

5pence: Are you syaing OBAMA wants to keep HVCC or Can it? I am not familar with your term. SUNSET IT.

5pence: (January 21, 2010 9:05am)

Obama just spoke & it looks like he wants to enact HR 4173 as soon as possible. That would include sunset the HVCC. Brian-What happened with your NAMB guy meeting Cuomo? Thing is, banksters love money more than anything else & for most, morality be damned in it's pursuit. They're inbred crooks & I wish those in power would see it like it is. Likeable crooks, but still crooks. They have hordes of lawyers looking for ways around the law so they can continue stealing & supporting their GROSS enormity. They love money more than their higher power. That is what they do. Skirting the law & stealing when they can is their character & that is the character they reward with huge bonuses. A big example of their lack of a moral directive in their pursuit of money is the huge lobbying they've done with taxpayer money to thwart common good sense & safe business practice. They're crooks to the bone, they can't help it. It's up to us to help them from themselves. Break them up. Too corrupt to exist.

???????????????: (January 21, 2010 9:03am)

Mortgagefamilyman: The next time you talk to a LO that was bragging about how much they made on the backend. Thank them. The next time you talk to a LO that was bragging about getting a borrower into a loan that they could not afford, Thank them. It could go on and on. It is like A FEW GOOD MEN; The Marines, They were suppose to look out for the weak. We were not suppose to be greedy and some were. Although I completely disagree with the way they are handling the problem, They are trying to solve it. they may Kill us in the mean time, but they believe that we are the problem. Not the regulations that caused the over selling of the loans in the first place. The system was not broke they caused the problem and they will now fix it. HUM

Mayor of Simpleton: (January 21, 2010 9:02am)

Can someone explain the BofA thing? i.e. so you are saying that originators at BofA (and maybe Wells) will no be able to make money on a loan? Elaborate please for us simpletons

TabascoJack (OH): (January 21, 2010 9:02am)

We use a fee worksheet to show borrower the expected charges. Hud states that 6 pieced of information need to be collected to be considered an application. Our legal has made that 8. Property type , and type of occupancy is added. Unless we have all this information it is not considered an application, necessitating an application. Please , anyone share with me if this is out of compliance. We are only working with their rules.

joecolorado: (January 21, 2010 8:58am)

MortgageFamilyMan-sorry to tell you but this thing already has blown up with us being the collateral damage.The banks have made sure that they are not to blame for the deficiencies in the system which THEY created by pointing accusatory fingers and their whipping boys in the fed positions have added fuel to the fire by ratifying their sponsors' accusations by agreeing with them.The AI and ASA have also jumped on the bandwagon and promoted their agendas which in effect eliminate non Association appraisers from the appraisal industry and the Realtors right now are pretty much safe due to the influence of NAR,but for how long?NAR has the funds currently,but banks print their own money,so Realtors are next in line.We all make money off the banks transaction and THEY dont like that,they want all of the pie.Capitalism in action at its very finest. However the worm will eventually turn.

SF Big Dawg: (January 21, 2010 8:43am)

Loan Ranger you hit the nail on the head!!!! It is just a matter of time before the dust settles and then some bank or wall street firm is going to come out with a stated income loan to test the waters with congress. If it passes and gets ANY kind of traction (which it will) then the whole game will change. Have we gotten any word this week about Cuomo's office meeting with Mark?

MortgageFamilyMan: (January 21, 2010 8:42am)

This is really starting to get scary. Make you changes, fix your problems, but for gods sake, don't wipe out thousands and thousands of families revenue streams...........I feel bad for the people in the Appraisal business already, but I felt that it was temporary and would correct itself at some point. How many of us are there that started this job as a single person and then started a family and made this a career ? I've now got 4 children from 12 years to 18 months. If this thing blows up what do I tell them ?

Rural Ohio: (January 21, 2010 8:38am)

The 3% seller concession limit will kill deals here in north central Ohio. Unfortunately, my averages loan sizes have dipped to $75k. 3% doesn't get you very far! Instead of draining what little savings, this people have, reduce the upfront expenses and require seasoned reserves. Rainy day funds are much more likely to prevent default when someone gets laid off for a short period or gets sick or hurt.

Remnar Soady: (January 21, 2010 8:37am)

Just wanted to know if the Jimmers Chevy Shook A doodoo

clulessdad: (January 21, 2010 8:32am)

How long will it be that big banks will sell their own real estate? After all, they own almost all of it now. Realtors are next.

TheJimmers: (January 21, 2010 8:23am)

Godlike, If its normal and customary that the seller pays the owners policy in your area it is not included in your 3% seller credit. You place the fee on the GFE by itself and call it normal and customary.

JM: (January 21, 2010 8:14am)

BofA did cut off loan officers being allowed to receive overage but they allow overage to be taken if it is used to cover closing costs for the buyer. BofA will still do "no cost" loans.

USDA versus FHA: (January 21, 2010 8:09am)

Well it looks like USDA will get all the loans!!!!

LoanRanger: (January 21, 2010 8:05am)

How would the Feds think that a GFE that does not even have PITI nor cash to close nor represent real costs as it includes seller title policy (over 1% in Texas) could in any way shape or form be beneficial to the consumer! I don't know one buyer capable of untangling that ridiculous form. We could have just locked fees using the old GFE and be on down the road!

GODLIKE: (January 21, 2010 8:01am)

Call me crazy, but I think seller's contributions and limited out of pocket funds from the buyers make for weaker loans so I have no problem with limiting seller's contributions to 3%. There are TONS of people out there with money to get into a home. I think that if a buyer can't save the down payment and closing costs then maybe they really can't afford a new home. I rarely see a loan with the seller paying 6% anyway so I don't think it would affect me very much.

???????????: (January 21, 2010 7:59am)

Themortgageman: I agree. How can you inflate the value of a home. 1. Appraisals are gone over and checked with AVMs reveiwers and ect. 2. If the value is there.(it appraises) did you really inflate the value or did the seller just get less in profit.

New GFE Hater: (January 21, 2010 7:40am)

NEW FHA 3% GFE QUESTION: Here in AZ our contracts state that the sellers have to provide an Owners Title Policy; so this is a SELLERS cost. The new GFE shows it as a buyer's cost with a seller credit. Is that now considered an automatic seller concession and taken away from the new 3% the buyer can ask for? I haven't found any underwriting department that can give a definitive answer. Anyone KNOW this?

CornerstoneKathy: (January 21, 2010 7:32am)

Godlike..after the Mass. elections I think Dems will be running scared to prove they are for us Main Street folk. Fastest way to break open the housing market is to bust out the loans again..Instead of making some crazy loans though I am for FHA stepping into the investment property financing ring..maybe with a 10% down 3% seller credit?? I sure could sell some foreclosures fast that way!

themortgageman@charter.net: (January 21, 2010 7:29am)

The reduction for Fha from 6% seller concession to 3% will have a DEVASTATING EFFECT on low to moderate home sales. I originate in rural America where home prices are lower. Many of my loans are under $100,000. On homes under $100,000 this closing costs & prepaids well exceed 3%. Doesn't the Fha understand that these days, it is next to impossible to inflate a home's value? Afterall, the appraisal is scrutinized with a "fine tooth comb" by underwriting. Maybe they should instead place a rule that a home may not sell at more than it's list price if the seller is paying more than 3% in concessions. I predict this move will further hurt home sales. ISN'T FHA THERE FOR AFFORDABLE HOMES!!!

brian tbws: (January 21, 2010 7:16am)

thats a great point jet1775

??????????: (January 21, 2010 7:15am)

GODLIKE: I know I am going to use both. One that will explain everything and the new GFE. I would welcome HUD to explain to me that more disclosure and explaination is BAD.

Frank Garay: (January 21, 2010 7:13am)

Mortgagee letter 10-02 just hit. MIP goes into effect April 5th, 2010. Mortgagee letter 10-03 just hit. Tightening DE underwriting authority to default rates. No word on down payment or seller credit yet.

GODLIKE: (January 21, 2010 7:07am)

I have revamped my old personal GFE which has the Breakdown of Costs along with a lot of explanations of MI, when the Seller can pay closing costs, etc. and I have been using this to go along with the GFE (actually usually prior to application). This has been well received since it gives the buyers the info they want. Are you saying that we won't be able to use things like this anymore or is it that some people have got a form they are trying to use INSTEAD OF the new GFE?

GODLIKE: (January 21, 2010 7:04am)

OK so are these FHA changes proposed or a done deal? If they are a done deal when do they hit?

GODLIKE: (January 21, 2010 7:03am)

CORNERSTONE KATHY I've always been convinced that come spring or summer 2010 we'd have a surge in business just cause it's primin' the pump for the Nov. elections. IIRC some of the good stuff (at least on paper) of the spending bill is set to begin just prior to the election - what a coincidence!

???????: (January 21, 2010 7:00am)

Jfranch: In the nature of what Frank/Brian reported from HUD. They want to make sure that the price is not inflated to make up fpr the credit. I would say that the crediting of the rebate should not count.

Phillipian: (January 21, 2010 6:59am)

Jillberg, yes BOA is eliminating "overage" to retail banking loan officers - same as Wells Fargo. I have been on Retail end and now on Broker end. "Overage" is the retail equivalent to "YSP" in broker world - they are not the same but similiar...

CornerstoneKathy: (January 21, 2010 6:47am)

OK my thoughts..now that Obama has pretty much raised the ceiling and said Fannie can go into as much debt as possible because we got them covered..I think that come the spring just in time for all of the elections the mortgage flood gate is gonna open wide up and they will loosen up on these restrictions and we will be back in business..for awhile..lets see huh..

Money Man: (January 21, 2010 6:37am)

I used to work at GMAC/DiTech and they did something where we used to be allowed to make "overage" and then we could not any more. This had nothing to do with YSP and was just a way to make sure that there was no way for the LO to give someone who was not shopping a higher rate to make more money for the LO and someone else with the same credit and loan type a better rate thus opening GMAC up to potential red lining lawsuit.

GED: (January 21, 2010 6:26am)

since it's obvious that the banks won't pass the savings on to customers, isn't doing away with YSP just another money grab by banks, akin to jacking fees on every account they service? Don't these places realize that if you pay LO's like bank tellers, customers will never get good service

Jillburg: (January 21, 2010 6:22am)

I have seen the BOFA compensation plan. They are paid BPS on volume. So the YSP is really not an issue in this case.

Jer1775: (January 21, 2010 6:09am)

You guys like many failed to mention that these are proposed changes. We should be using this window to get buyers off the fence.

Frank Garay: (January 21, 2010 6:08am)

JFranch28 - No it doesn't. I believe it's separate. Bloggers, tell me if I'm wrong. Thanks!

FL Appraiser: (January 21, 2010 5:53am)

Marine One - So tell me how you feel about appraiser selection process. Are you informed regarding the appraisal profession or do you choose your appraiser on how much value they can get you. Just askin. The way I see it, the mess we are in now is mainly because your profession is under educated on ours.

JFranch28: (January 21, 2010 5:52am)

With the new GFE 2010, does the YSP credit given back to the borrower count towards the seller's closing cost contributions on purchases?

68 camaro: (January 21, 2010 5:51am)

I work for Bank of America. It is true, we are no longer allowed to charge overage. It is also true that we have only been allowed to charge a max of .5%. It was mentioned in the video that the borrower cannot decide to get the overage to pay his fees and this is false. The borrower can still choose a higher rate if he wants the bank to cover his fees.

Just sayin': (January 21, 2010 5:26am)

I am not too concerned with larger banks getting rid of YSP. Typically, the banks pays its LOs bps on overall volume and not per loan. As for lobbying to eliminate it from the wholesale channel, the banks still make an incredulous amount of money from its wholesalers due to stricter overlays. So, until profits wane, I do not see the wholesale channel disappearing.

REORealtor1: (January 21, 2010 5:20am)

More silliness from the suits!! Take away the 6% buyer credits and they just removed the ability of 40-60% of first time buyers to purchase their first home because that is the percentage of FHA contracts I see where the buyers MUST have the full 6%. First time buyers are high risk. Period. Maybe they need to start adding work insurance on the product, or, hey, try educating people about budgeting their money BEFORE giving them $100k. Let's just increase taxes and fees a little more so no one can afford to save and all the fat suits can keep padding their bank accounts.

ej: (January 21, 2010 5:19am)

the demise of mortgage loan originators? then what would that do to all the new revenue stream to be created by the states for the licensing of MLO's as well as all the trainers and testing centers? will this be the next big loss of employment sector? or will this revenue producing sector be protected by the people who stand to profit from the licensing procedure? I admit to loloking around for another revenue producing stream.

ej: (January 21, 2010 5:16am)

The new GFE is driving my clients crazy. I seriously am considering just sending the old form for rate shoppers then disclosing the new form at application. HUD changes will have an impact. Of course I had no luck with the few lenders left doing scores at 580 anyway so what diffeerence will the score really make?

Jason's the name brokering mtg.'s is my game: (January 21, 2010 5:15am)

Dear TD Hawk, Just wait until all the brokers and Commissioned L/O's are taken out of the market and see what your service is like and how many botched closings there are. Im sorry but knowledge and service will carry the "good broker" through this mess were in. Hang on guys as the market tightens and the weak get sqeezed out the strong will survive and prosper!

Nancy: (January 21, 2010 4:41am)

HUD actually wanted to up the MIP to 2.25% and have it not financed, so we will see where this goes, and instead of upping the credit score for everyone at least they gave us the 580 non existent people, was hoping for 4% seller paids but it was probably a trade off for the credit score thing....Thank you NAMB! Watch out for the new GFE to be reworked by the govies....gotta watch TBWS to find out.

mrsanfran: (January 21, 2010 4:24am)

Last year they picked off us appraisers and this year they are coming after the mortgage brokers. The lending industry is dead. We are all going to be working for peanuts if we choose to stay in this corporate run business.

Marine One: (January 21, 2010 4:18am)

The BOA thing is a non-issue, as it is really not apples to apples. Retail LOs are paid specific bps. As far as I have seen overages were almost non-existant anyway, and were limited to .50 bps. The real issue should be to educate buyers to pick their loan officer based on trust and experience rather than rate. If a borrower truly knew the value of a knowledgible/skilled loan officer with excelent/efficient fulfillment and process, they would gladly pay an extra 50bps for it. As far as brokers, I think YSP is on its way out. Its not fair but I think you are living on borrowed time. By the way, the new GFE is so worthless when trying to give the borrower an accurate expectation for closing, you really have to have a worksheet. Why shouldnt the initial disclosure look almost exactly like the HUD Settlement Statement? The people at HUD are worse then worthless! The new GFE proves they have no professional knowledge of our business in practice.

TD Hawk: (January 21, 2010 3:46am)

I'm afraid the days are numbered for all mortgage originators. Mortgages are now commoditized more than ever since so many "exotic" products and programs have been nixed. (You have more choices at a hotdog stand.) The government is all over compensation and regs that will make the offerings even more vanilla. And it's no secret given the tight profit margins (the overall profit pie) of doing mortgages, that lenders would love to cut the originators' compensation piece of the pie whether it be a broker or LO. I used to work at B of A. They "encouraged" tele-mortgage and banking center (clerk) mortgage sales as far back as a decade ago. The overall health of the big banks is very much still in question (see B of A's earnings this past week?)and they'll look to cut costs across all channels so mortgage is a natural. Being devil's advocate here, if lenders want to squeeze more profit, then the originator has to go. You don't need a "consultant" to peddle a 30-yr FRM

The Julster: (January 21, 2010 2:49am)

Peter Parker - Do you watch How I met your mother? But ummm... (drinking game)

The Julster: (January 21, 2010 2:46am)

It is 2:37 AM, Did you guys just finish your show???? Maybe we should be looking in your office for the yellow stains on the walls. Go to bed tweakers. J/K XOXO - Julie

Peter Parker: (January 21, 2010 2:42am)

Looking forward to Friday's live show. I'll have to call just to give Cronin a hard time. We should figure out a way to turn your interview into a drinking game. Every time he mentions "blog" or "user generated content" he should take a shot.