strongman: (November 22, 2010 6:21am)

Will someone give me three specific benefits (to the consumer)by taking FHA out of HUD? Thanks

Swarm The Banks: (November 20, 2010 4:49am)

If we wanted to add feedback to your Saturday Quickie, there is no place to do so, is that correct?

Valueboy: (November 19, 2010 1:59pm)

Moving FHA out of HUD is a great idea. But, be cautious. If my history is correct, FNMA was originally established as a quasi-goverment agency to be a secondary resell market for FHA loans. It got so good at that it wanted to move into the conventional loan market, but had to be taken off the federal books to do so. Once it was off the federal books it (FNMA) grew into the 800 pound gorilla it is today. So, moving FHA out of HUD would be a first step toward privatizing it, but lets make sure it doesn't become another gorilla. We need more channels of competition, not less.

Valuequestor: (November 19, 2010 1:48pm)

Of Course...Go after execs of the Failed Institutions. Don't bother the fellas at the Big 4 that caused it and would have failed if they didn't take OUR money, gladly handed over by the government. Cry HAVOC and let loose the dogs of war......one election cycle is not enough!

loannetter: (November 19, 2010 12:48pm)

The level of distress among loan officers is not unlike the general public's. Task One is building up the energy to take positive action and follow through in spite of less than stellar financials. I have just committed to an overhaul of of my marketing campaign -- assuming I WILL be in business in the New Year and able to meet the needs of my clients. Thanks for all your great ideas and encourgement to keep our chins up!

Divedude: (November 19, 2010 11:42am)

11/18/2010 Washington - The federal government has opened criminal investigations into approximately 50 executives and directors of U.S. banks that have collapsed during the financial crisis. I wonder where these guys work now. Among the big four no doubt.

PAUL WILLINGHAM: (November 19, 2010 10:33am)

While I agree that severing the relationship between FHA and HUS makes sense, I doubt that is possible. Thatwould be like removing a matasasized tumor from the spine. They are too interlinked and moreover, there is no motivation at a government level to simplify. Quite the contray is true. Our government, it's employees and leaders want a very complicated, circuitous system that assure their control and power. I know I sound like an anarchist, but the fact is until we tear down the enormous federal infrastructure and shed ourselves of the perisitical governmant and polictal system we have. We are forever doomed to this kind of draconian, despotic involvement in our lives. Wow. I'm probaly on a watch list now. Finally, i applaud your gifts to the despondent Loan Originator. I will however say that, for me, origination is not the issue. The issue is closing. Getting the loan through this amzing system with as little grief and frustration for all as possible.

Billy in AZ: (November 19, 2010 10:24am)

OK... so let me say again... i'm not gonna tell you about "Thinking Positive"... you definately need to, but that's not what I was responding to... if a mortgage professional is struggeling, then we as a community should offer advice on how to turn things arround... FHA refi's, realtor leads, social networking, BNI groups etc... this is how you start generating income NOW!! (should a less than 2 year mortgage rookie be telling a seasoned pro how to generate business??) As far as April and Future compensation... That's nearly 6 months away... I can't control what is "Going" to happen in the future, but I can control what I am doing now... and that's originating loans... every indurstry professional has made comments that somehow, some way, the whosale lenders will figuare a way to compensate originators for loans... what ever happens, happens... I can't control it.. but for right now i'm writing loans... how about you??

Bryan/MortgageFinanceGroup: (November 19, 2010 10:12am)

I fell off your daily e-mail list; what up with that?

Danielle: (November 19, 2010 10:03am)

Billy in AZ: Again, this is not a positive/negative thinking issue. A lot of people make it that way and leave us with no answers. That's my point. It is a reality issue. There is legislation that will take effect in April 2011 - 5 months - that will affect your income. I did the math on the typical purchase I have here in Louisiana, and it cut my pay in half. No matter how many leads I get and loans I close, we are still discussing a cut in pay for the work we currently do. And as recent history has shown us, the paperwork to get to that closing table will only increase as investors get more conservative and the government decides we need more disclosures. So, thriving now or not, what are you going to do about the compensation cut in April? Keep in mind, although you may fight, as with the HVCC, you may not win a reversal of the Frank-Dodd mess. Now what? Please give concrete, substantial details of your plan if you will soon be working like you are for half the pay in April.

Billy in AZ: (November 19, 2010 9:48am)

WOW!! OasisLinda and Dunit.. someone needs a happy pill.. I am no supper hero or mortgage monster machine, but i'm here in Phoenix, also one of the hardest hit foreclosure area's in the country, and with not even 2 years into this business, i'm making it happen... (Thank you Jesus)... so rather then me telling you how to "Think Positive" ... howabout getting with your local title company and getting lists for FHA borrowers in your area.. this is accounted for over half my income... Cragis list posting daily also works to get leads... then there's the " Go And Meet Realtors Face to Face".. Facebook, twitter, linkedin etc... from what I hear it aint like the ole days.. busness aint gonna just walk in the door... you got to go get it.... and "Say Goodby To That STINKIN THINKING!!!

johnfrels: (November 19, 2010 9:33am)

So for the longest time everyone was saying the BROKER is dead....now all of a sudden all these wholesalers are calling me up saying that being a CORRESPONDENT at a NET BRANCH is going to be horrible and that Brokering is back again...WHAT'S UP? Do I stick with the net branch? Or do I go back to what I used to do?

LANCELOT: (November 19, 2010 9:18am)

By the way the lack of inventory here in Vegas is becoming scarce and because of the old truth of supply and demand it is working because of the Banks slowing down the foreclosure process due to a so called audit. I guess it's not all that bad because it will stabilize the market somewhat, but it will prolong the overall correction.

LANCELOT: (November 19, 2010 9:08am)

Actually it's HUD that needs to me privatized not FHA. God only knows what the Goverment uses the MIP Insurance for. It sure ain't for insuring the investor in the event of a foreclosure. Well, maybe it is, but how much of it actually gets used for that? Maybe it was HUD that shot Kennedy.

OasisLinda: (November 19, 2010 9:08am)

Dear Dunit: I fully agree with you. For a few bad apples and the corrupt executives at the Big 4, we as mortgage brokers are suffering the most! I've been in the business for ten years and with all the whoopla and new requirements, as well as having lost my mortgage business, lost my home to short sale due to lack of income to pay for it, I feel "DONE WITH THE MORTGAGE BUSINESS" as well. I don't even have enough money to pay Florida $275 application fee and move on to taking the new testing, which would be another $200! What a wonderful world of FREE ENTERPRISE we once had in this country. Now what do we have? OasisLinda Florida... one of the hardest hit states for foreclosures....

CVBroker: (November 19, 2010 8:57am)

Trying to stay optimistic is a dying state of mind. My optimism started to sputter when HVCC went into effect after 'this will never happen' mentalities and our inaction because of it saw our businesses change forever. Andrew Cuomo, our nemesis, is granted a most powerful position after crushing hundreds of thousands of careers and homeowners dreams. We all fought hard after the horse had left the barn - to no avail. This lesson should teach us to not stand back and believe that the last nail is poised to be hammered into our coffins. Fight - Fight - Fight! We need specifics on how to accomplish any voice at all. Letters are answered with form letters that point out how corrupt our business is and how Washington is doing their best to 'clean it up'. I will NOT go work for a bank but every loan is taking longer and longer to process. More and more insurmountable obstacles placed by scared correspondents are making the possibilities of referrals non-existent. Overwhelming...

dunit: (November 19, 2010 8:36am)

Worked as a broker 15 yrs got recruited by a 2 big to fail. Thought for a minute, wow I must be good,income decline gave me shell shock. Stayed 4 yrs then went to a corspondant shop with broker ops. Brokering to another to big to fail ... sucked! License costs and time outragous. It's not Apr 2011 yet and my income below 1994 level. I'm done! Almost impossible to put a nice loan pack together for past troubled borrower. Soon LO's will be an admin job and the big 4 in charge of ALL. Good luck to those of you with the heart and desire to stay in mortgage biz. No more loan apps from me thinking I'll write a book.

mdeery: (November 19, 2010 7:59am)

kkric or KKK whateever your name is, quit with your end of the world crap. Mortgage brokering is not going away. The wholesalers as we speak are decipehring compensation plans that will be viable to the mortgage brokeing model. I thought that HVCC, TILA, GFE 2010 was supposed to be the end of the mortgage brokering world too..did not happen! Happy selling

danfitz: (November 19, 2010 7:41am)

Frank: iPhone spell correct! sorry to hear...i will hunt them down for you guys!

frankgaray: (November 19, 2010 7:35am)

Oops.. I meant "on there".

JUSTFRANK101: (November 19, 2010 7:34am)

Thanks Gentlemen, good show. Thank you for reminding us generosity within the profession is always rewarded in return with something positive. Standing up to help that woman is a right on thing I hope you let us know how she is doing periodically. Two Thumbs Up today! An appraiser smiles

frankgaray: (November 19, 2010 7:34am)

Danfitz - Nope. The restaurant told us they gave it to someone that was in our group. We suspect it was a couple of suits that didn't like us very much. It's all good, what goes around comes around. The real bummer is we had such cool stuff on their from the battle field that we'll never get back. Hey, it was our fault, we left it behind. Just gives a reason to get back to Gettysburg!

frankgaray: (November 19, 2010 7:00am)

Ezradams - We have a great tip just for you on one of next weeks shows. Of course we want all of our fellow real estate industry work force to have a fair shake in all this. We also want all of us to become skilled salespeople. Stay tuned... thanks for the comment.

Fred Glick: (November 19, 2010 6:56am)

FHA lowered the up front mortgage premium. Most people finance it and don't feel it in qualifying. How stupid was that. Simple math. That's why they will continue to lose money and make it harder for people to qualify because of the higher monthly. Dumb. Did i say Dumb?

Gabecaplan: (November 19, 2010 6:21am)

Great story about the professional cab driver enhancing his expected service by adding information for his passengers. The driver went to great efforts to re-invent his service and he was able to capture your attention enough to promote him. But you did not promote his name or company? Referrals work better when others can identify and locate the person being referred.

Danielle: (November 19, 2010 6:11am)

kkric: I agree. However, marketing is moot if April brings the end of the compensation. Perhaps (being optimisitic for second) it doesn't. Either way, this would be a good focus for Frank and Brian, since a large portion of their audience - mortgage professionals and real estate agents, thus appraisers and title companies - will be hugely affected by it. The numbers of mortgage professionals leaving the industry is a great concern to the real estate agents who will still have to deal with buyers. Frank and Brian do great work on keeping up with Capitol Hill's mess, but this is a biggie, and it affects all of us. I'd like them to use their resources to address this issue in the Daily reports.

getabackbone: (November 19, 2010 6:08am)

Every week someone ask me "do you recommend that I stop paying on my unsaleable home because I owe so much more than it is worth". I give the same answer ever time. "Would you find a way to make the payments if it was worth twice what you owe". That generally ends the discussion.

kkric: (November 19, 2010 5:49am)

Danielle: The April FDIC rules, if and when they go into effect, will end the mortgage brokerage business. This is just the final part of the big 4 banks driving everyone out of business. They control the FDIC and Treasury that adopted the rule to put mortgage brokers out of business. First they got rid of Wall Street from the mortgage business. Now they will get rid of us. AND, we can't just go to work at a big bank as an LO. The new rules essentially require the banks to pay LO's slave labor rates. So, now all consumers will get treated to the $10/hr teller saying "here, fill out this application" and then shipping the application to Timbuktu for processing and denial of the loan. What do you think this will do to housing prices?

danfitz: (November 19, 2010 5:24am)

Thanks guys for coming to the PA MBA Conference in Gettysburg! I have always heard good things about you through word of mouth...it is finally great to see you live. Did you get your Camera?

Danielle: (November 19, 2010 5:11am)

FHA removed from HUD - awesome thought, since they are consistently using that money here in Louisiana for the low-income housing projects! ON ANOTHER NOTE - we are close to the end of the year, and many LO's, including myself, are letting their license go after many years in the industry. After the Fed's are doubling our paperwork to get to the end of a loan and now cutting our pay in April, many of us see a systematic plan to get rid of LO's. Since the April 2011 commission cut is greatly affecting who will be renewing now, perhaps you guys should spend more time on that issue. This will affect your audience size, and I think that's worth some time. The 'just stay positive' attitude is great and hopefully our new reps in Washington will help reverse it, but if the strategy for dealing with the commission cut is to not talk about it, I think some will be highly disappointed at the stepping around of the pink elephant. Please take some time on this issue for those that will remain.

Old School Mortgage Banker: (November 19, 2010 4:49am)

Let's start by acknowleding and honoring our own Frank Garay as one of those has served! Thank you Frank! We already know that FHA stands for "Forget Housing Altogether" so why not pull them out of HUD. I like the idea, but doubt Government can the logic of this and do it! Nice gesture for Sharon....you guys ROCK! TGIF

Old School Mortgage Banker: (November 19, 2010 4:48am)

Let's start by acknowleding and honoring our own Frank Garay as one of those has served! Thank you Frank! We already know that FHA stands for "Forget Housing Altogether" so why not pull them out of HUD. I like the idea, but doubt Government can the logic of this and do it! Nice gesture for Sharon....you guys ROCK! TGIF

GaryP: (November 19, 2010 3:51am)

If HUD would stop pulling money out of the FHA reserve fund, there wouldn't be a problem and the recent hikes in FHA annual MI would not have been necessary. Why isn't HUD funded like other agencies, through the budget where their it would see the light of day? So much for the "transparency" that we were promised. I watched the FHA commish's testimony before the Housing committee on CPAN when he discussed the need for increasing their funding capability. Not once in that hearing was the fact that HUD is pulling money out of that fund to pay for their other programs mentioned. What was explained was that it was all about the increased default rate on FHA mortgages. Sure, that's true, but certainly not the entire story. Let's face it, those other programs are basically support for low income housing, i.e. government support, just like food stamps. That's the basis of my earlier comment about why this is a hidden tax on homeowners.

GaryP: (November 19, 2010 3:37am)

I have made the comment here several times in the past that a big part of the FHA funding problem is that HUD is siphoning off money to fund their other programs. Apparently, you have figured this out as well. This is just another form of transfer of wealth from homeowners to renters in programs like Section 8. In other words, FHA MI is a hidden tax. Every time I see HUD announce another new program, I am left shaking my head in disgust. These programs are not being funded through Congress, but rather HUD is funding them through money from the MI they collect from our borrowers. I recently saw that FHA is now up to 38% of loan volume (2010 YTD). You would think that the income from the increased volume of new, "good" loans would eventually offset the losses from the smaller volume of old, lower quality FHA loans. Obviously, based on the further decline in the MI fund (0.75% at the end of FY 2009), this is not happening. Something else must be going on here.

Ezradams: (November 19, 2010 2:50am)

Frank, Brian, My Friday letter to you: Where has your commitment to appraisers been lately? I remember those HVCC petition days (and our visit to Cuomo's office). How about some of those rowdy discussions from the past that got appraisers in a major huff in the "discussions below?" Why are you aligning yourselves with United Wholesale Mortgage? They use an AMC instead of going directly to appraisers? Are you, Brian and Frank, still committed to appraisers getting a fair shake or has the almighty dollar gotten in the way? Sincerely yours, Dan (can we still be friends?) Drelich, American Guild of Appraisers

tampahomes: (November 19, 2010 2:48am)

Great show today guys! VERY nice of you to help someone in need, by giving her the MMA products AND HOLDING HER ACCOUNTABLE (that's key!). Maybe you should raffle one off weekly or monthly to your viewers and then have them do a quick video snippet of their results. THANKS for posting on youtube, blackberry lovers will digg this and it will only gain you guys more exposure! Have a great thanksgiving! Katrina

george: (November 19, 2010 12:54am)

Where will we put FHA out of HUD? Another GSE? What do you have in mind, Guys? More infor would help us better answer. What did Montgomery say about where we put FHA?