HUD Proposes New Sexual Orientation Rule - 01.24.11
  • No Polls for this Video
Rate this Program
Nuke 'em Until They Glow and Shoot them In the Dark: (January 25, 2011 1:44pm)
Brian's Right. I am actively Hostile towards Builders and their in-house lenders. Normally when I get a hold of a borrower I show them how the in house lender is screwing them over. So much fun!
Don Pedro: (January 24, 2011 4:39pm)
Divedude: you must have no idea how bad the appraisal situation is for the lender and borrower. More than half the time we get poor quality and low values with little recourse. I'm happy for you that you get your kicks playing tattle tale.
GODLIKE: (January 24, 2011 3:41pm)
The Gay Thing is just one way to get some media coverage and show have they're proactive, looking out for the consumer and Changing things. SPIN CITY!
iam 2520: (January 24, 2011 2:40pm)
Saw that the Gay rainbow only showed up on Franks's side... Brian's disqualified for that growth on his face.
Cleo: (January 24, 2011 12:58pm)
What a ridiculous item for HUD to be worried about. The lenders don't care if your male, female, gay, straight or whatever. This is more trumped up baloney to legislate more overbearing rules. How are they to know anyway? There's no checkbox and many times the loan officer never even meets the client in person - it's all done over the phone, mail, email & fax. More politics with our business. I'm sick of it. Job security for HUD - trump up another discrimination category. I think they should look into discrimination against the self employed. Now there's a real problem.
Divedude: (January 24, 2011 12:54pm)
Joecolorado: I just had an appraisal inspection today for an AMC where the homeowner told me that he was instructed by the lender to tell me what he needed for a value to make the deal work. I don't do much with this AMC due to ridiculus fees and intend to mention this somewhere in the report as a disclosure. This should be fun!!
AbleRonny: (January 24, 2011 12:52pm)
Speaking of old books, I suggest 1984 by George Orwell, too. As for same sex with similar sexual preferences as borrowers, I have found that they are often more stable and a better risk, too. What do I care with whom they sleep? None of my business!
Rob in AZ: (January 24, 2011 10:13am)
Really? How stupid would you have to be to turn someone away because s/he is gay? DUH. If so--you deserve to lose out on their business.
joecolorado: (January 24, 2011 9:51am)
have been blackballed by NOVO the amc for Amerisave because I wouldn't comply with what they demanded(original appraisal was too old,update could have been a quality/condition problem)for the price they offered and subsequently threatened me in a phone conversation with a soup nazi temperament of "NO MORE WORK FOR YOU". When I complained to the State authorities,about the threat,their answer was just as bad...they cannot help me in any way as there is no complaint process in place......so much for independent unbiased unpressured appraisal practice.
5pence: (January 24, 2011 9:38am)
That "Crush Short Sales" picture reminds me of banksters and their amc's hold on appraisers and everyone that has to deal with them.
corvin: (January 24, 2011 9:35am)
Concerning the FED……….. We may want to reassess our position relative to the recently enacted total giveaway and submission to the power of the international banker set………… Please read in its entirety: DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT at http://docs.house.gov/rules/finserv/111_hr4173_finsrvcr.pdf it’s only a 2319 pages of power grab by the Fed. Golden Rule He who has the gold makes the rules. For a proper perspective of who the FED is and why we should dissolve this massive fraud on America, please read “The Web of Debt” by Ellen Hodgson Brown J.D. and No….. I don’t have any connection to the author nor the publisher ……………. Thanks!
Bono Vox: (January 24, 2011 9:15am)
T-bone, you make me thankful for what I have. Thanks for the perspective. In a high end resort town, it sounds like you're in need of happy, secure, wealthy clients looking for a ski home. I've heard local buyers are tough because they take off 4 months a year to ski.
DPQ: (January 24, 2011 9:08am)
Thanks Utah, For those that don't know; "Atlas Shrugged" was written 53 years ago and sold 500,000 copies in 2010. That is more than Hilary Clinton's and President Obama's book sold. It is taking the country by a quiet storm. A wake up to to what is happening in out world today. Some people say it has changed their lives. I hope more people read this and wake up.
carefree jackie: (January 24, 2011 9:00am)
I actually used to watch Shirley Temple, and still watch Southpark. You guys rock. Perfect.
Utah Mortgage&Real Estate Guy: (January 24, 2011 8:55am)
DPQ; great reference and GREAT book. For those of you that READ. Atlas Shrugged should be a must read for this economic and lending environment.
Utah Mortgage&Real Estate Guy: (January 24, 2011 8:54am)
DPQ; great reference and GREAT book. For those of you that READ. Atlas Shrugged should be a must read for this economic and lending environment.
GODLIKE: (January 24, 2011 8:54am)
Provident is anything BUT the best Conforming Lender out there! With their tiered pricing and the requirement to close X number of loans per month, and super picky underwriting they are the most difficult lender to close with. Been a Prov. customer for decades now and hate them with a passion. You can count on unbelievable conditions that were added many times just so an UW could move it off her desk so they could preserve their Xhour UW claims. As far as appraisals go, well Suntrust looks awfully danged attractive next to them.
CalifornialoansbyBryan: (January 24, 2011 8:53am)
Tbone- I feel you. It is tough out there, but you need to get a couple good lenders that you can count on and talk to the UW's that make the decisions. Not the reps who have no idea what is going on. Frank and Brian referred me to United Wholesale Mortgage and they have been a Breath of Fresh Air. They are different than the other lenders, and actually try to close loans. They don't take tough loans like your speaking of, that is the negative. I can't find anyone that will do make sense loans these days. Everyone goes by the DU and then has 20 overlays, but i guess that is just where the industry has gone. I still broker and close 5-7 loans each month myself, and UWM is the one closing 3-4 of them ( the clean ones)The rest, i try to jam thru AFR or sometimes Flagstar if i get the right UW.
Utah Mortgage&Real Estate Guy: (January 24, 2011 8:50am)
DAGGONE: I agree (as I am sure that all US Tax Payers will agree) that we should not pay for Fannie/Freddie Legal bills. However, you should know, that it is currently legal for ANY corporation to SUE the US Government, for whatever reason thier attorney's on retainer can think of. 99.9% of these lawsuits are thrown out of court, but here is the RUB: 94% of ALL LEGAL FEES (inlcuding the legal fees of the Complainant) are paid by the US GOVERNMENT and therefore paid by the US TAXPAYER. The US TAX Payer has spent more on LEGAL fees defending the US Government from corporate lawsuits then what has been spent on the WAR in Iraq and Afghanistan combined since 2001. Fannie and Freddie getting their legal bills paid for is the size of an aspirin pill in a continental snow storm. John McCain sponsored a bill to OUTLAW this practice right before his presidential campaign in 2008. There was an enormous amount of resistence for this bill. It never even got to a vote.
DPQ: (January 24, 2011 8:50am)
The government interference in the mortgage business sounds like "Atlas Shrugged" by Ayn Rand. Very enlightening book (novel) on what is happening. This book was written 53 years ago.
Utah Mortgage&Real Estate Guy: (January 24, 2011 8:37am)
Fledermaus: Provident is and will be for a very long time, the best Conforming Lender for solid borrowers. Use them more often and you will get use to thier underwriting tendencies and requests. Appraisers are GAURANTEED to call to schedule appointment in less than 24 hours. Underwriting for purchases 2 to 4 hours, refi's- 24 hours. Their guidelines are right on their website, straight forward, not hiding anything. If you have something that doesn't meat their internal overlays (which there aren't very many), use Stearns or Security National. Have heard good things about Seirra Pacific, but have never used them.
Evil Genius: (January 24, 2011 8:33am)
Consumer confidence? Homebuilder Confidence index or however you referred to it? The Jets were confident going in to their game yesterday. What'd that get 'em? Still Losers. Confidence is an emotion. Human emotion can bring down the house! Rumors, like the first rumor that Lehman was going broke in '08 completely turned the tide on our whole industry. Even though true about Lehman, once the emotions hit, we were done. You all should know about the Long Term Capital Management fiasc, with mathematicians and Nobel Prize recipients using their Black Scholes Midas Formula to bet a $Trillion. They lost when human emotions took over. The one risk they could not formulate was emotion. Confidence is an emotion. Can't calculate it. It turns on a dime. Amazing story: Black Scholes watch here: http://realestatemarbles.com/newgeneration/must-see-video-links/
madmex: (January 24, 2011 8:32am)
Don't you think the realtors and brokers get paid enough....
Daggone: (January 24, 2011 8:17am)
JDaniel - you hit the nail on the head! SunTrust is not using fee panel appraisers in KY. They are using JVI - who has the bottom of the barrel lined up to do appraisals. Huge difference! With JVI I'm knocking on the door of 100% of the deals going down. And let me point out I am seasoned at what I do, I know my market well, I even spent 5 yrs as a Realtor. I work with seasoned Realtors, the problem is not with me or my loans - all A paper, most with substantial down payments or equity. If you don't have appraisal problems I think SunTrust would be a good lender. In KY they are not.
5pence: (January 24, 2011 8:17am)
They are using OUR money to defend these crooks against the fraud we know they committed and should be punished for. The America justice system has become a sick joke on the taxpayers.
5pence: (January 24, 2011 8:17am)
They are using OUR money to defend these crooks against the fraud we know they committed and should be punished for. The America justice system has become a sick joke on the taxpayers.
GODLIKE: (January 24, 2011 8:16am)
Texas Suntrust gives us more than our fair share of appraisal issues as well. Although we have been able to prove one of their appraisers incompetent and get another appraisal. Unfortunately it too a 15 page 40 pic rebuttal and about 3 weeks we couldn't afford to lose.
5pence: (January 24, 2011 8:16am)
They are using OUR money to defend these crooks against the fraud we know they committed and should be punished for. The America justice has become a sick joke on the taxpayers.
5pence: (January 24, 2011 8:13am)
Mortgage Giants Leave Legal Bills to the Taxpayers By GRETCHEN MORGENSON. Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and their regulator produced an accounting at the request of Congress. The bulk of those expenditures — $132 million — went to defend Fannie Mae and its officials in various securities suits and government investigations into accounting irregularities that occurred years before the subprime lending crisis erupted. The legal payments show no sign of abating. Documents reviewed by The New York Times indicate that taxpayers have paid $24.2 million to law firms defending three of Fannie’s former top executives: Franklin D. Raines, its former CEO; Timothy Howard, its former CFO; and Leanne Spencer, the former controller.
GODLIKE: (January 24, 2011 7:23am)
As far as December goes, I tried and tried to use the "downtime" of December to get all my year end paperwork wrapped up and get things set up for the new year, but I couldn't - the phone rang off the hook!! I haven't had this many calls in 5 years! With the tougher underwriting guidelines I had to tell a lot more people NO than previously so this won't be another 2005, but so far this year is shaping up to be much better than 2009 or 2010. I know that's not really saying much, but I am extremely hopeful for this year!
JDaniel: (January 24, 2011 7:19am)
RE: Suntrust. That's funny Daggonne. I am an appraiser in the DC area and Suntrust is a premier client to work for. They maintain their own panel thru Appraisal Port and pay appraisers full fee. I pay $10 per case pocessing fee which is OK by me. Underwriting requirements are funneled back and forth thru AP and all works very well and in compliance with HVCC, USPAP et al. As a result, I give them top priority, processing most cases in 3-5 days and any underwriting requirements immediately. Appraisers in my area are all dying to get on their list. I assume they have a competitive advantage over other lenders dealing with incompetent AMCs. The appraisal underwriting is a little demanding but reasonable in todays climate. By the way, 80-90% of my appraisals appear to sail thru to closing without the need for revision or comment. Why is this not the industry model, at least in most urban areas?
GODLIKE: (January 24, 2011 7:18am)
Barbara - same sex married couple? I didn't think that was legal except in 2 states.
Appraiser Micro: (January 24, 2011 7:16am)
Nice. I'm confident the market will continue to respond to increasingly reduced earning capacity of potential buyers.
cmoser: (January 24, 2011 7:12am)
T Bone: I also feel your pain. I had a solid pipeline going into December, but picked up very little in November or December and still scrambling for anything to fund in February. I tried to convince myself it was the Holidays and generally a slow time. Many hours have been spent seeking out new business but not much happening. Sometimes an open forum to "rant" helps to know I'm not alone.
Cincy Kid: (January 24, 2011 7:07am)
T Bone...(and all) excuse the shamless plug, but I think I can help you get more loans done with less stress. Please reach out to me so we can discuss in more detail at: [email protected] I am a national wholesale AE for a regional retail bank out of the Midwest that has a 36 state national wholesale presence... but not lending in CA, AZ and NV - sorry guys. We offer Fannie and Freddie product, industry leading JUMBO pricing and "we follow the AUS findings!" Top Ten Wholesaler that is growing and comitted to the wholesale chanel. And my biggest niche -- we offer both DU Refi Plus and Freddie Open Access to 125% LTV. Let me know how I can help you in your markets!
Daggone: (January 24, 2011 6:32am)
Check out the NY Times article today - Mortage Giants Leave Legal Bills to the Taxpayers - but not on a full stomach or you may want to hurl! I would love to see everyone in America read this article and stop buying homes or refinancing. Just step out of the market until some sanity returns. The crooks at Fannie were there when it was not a government supported enterprise. They do not deserve taxpayer $$ to pick up their legal bills. Taxpayers may not care that brokers and appraisers have been screwed over, but they do care about their tax dollars being wasted.
Daggone: (January 24, 2011 6:21am)
TBone - I feel your pain. I had a great December lined up and closed none of it. A couple of deals rolled January, until the JVI (AMC) appointed appraisers screwed up the deals. One took over 6 weeks to get an appraisal, the other (purchase)came in at least $35,000 low. Both were SunTrust deals. SunTrust used to be my fav and got the bulk of my business. I can tell you in KY they have no qualified appraisers with the two AMC's they've decided to use (what they term as they best. Some comments from owners "appraiser was so nasty looking the seller did not want to let them in" or "sounded high when they called to make the appointment" or "went on the appointment, but refused to turn in a report". I would not recommend SunTrust in the KY market. If you are entertaining using them in a different market, you should take a real wait and see approach.
Noel Cookman: (January 24, 2011 6:03am)
Of course - lender's don't care about the "sexual orientation" (a contrived term from the late 20th century) of those who pay their loans back. Why would they? Homeowners care who their neighbors are and to a slightly lesser degree the home-sellers (existing and new homes). Why wouldn't they? We can put all sorts of perjoratives on those evil, prejudiced, bigoted, narrow-minded, waskly people who don't want their children raised next to a drag queen, a gay couple or a confused transgender she/him/it (the "it" is for when they are in the middle of the transformation - don't laugh, it's a real problem . . . as in what bathrooms they will use in a public office building or, in the case of a church setting whether they will attend the "Ladies Retreat" or the "Men's Breakaway") - and it's a better word than the one we get from simply combing "she," "him" and "it." I'm not sure we are willing to tell homeowners they must be as blind as lenders are when it comes to choosing neighbors.
barbara: (January 24, 2011 5:58am)
Has anybody had a same-sex married couple try to use a 100% VA loan yet? I think that will be THE test
fledermaus: (January 24, 2011 5:28am)
Nice Posts T Bone. Enjoyed reading them and your perspective is right on. Glad to know I'm not the only one saying 'WTF?' at least 5 times daily with the catch 22's. Meanwhile, I'm thinking of dancing with the devil and sending a loan to Provident because of the great pricing, to make up for lean times... I'm now at the TX branch, and... worried I'll get conditioned to death so the $700+ I'm saving vs next best wont buy enough Tums and Grecian formula to make it worth it. Who do you guys like for best pricing on solid borrowers for conforming? Hang in there-
Skip: (January 24, 2011 5:17am)
WRITE THEM, CALL THEM, EMAIL THEM, GO VISIT THEM...your congressman and senators won't vote your views, inact legislation, or deact legislation if THEY are left to voting THEIR own views. WE THE PEOPLE must make our views heard, seen, and adopted...WRITE THEM, CALL THEM, EMAIL THEM, GO VISIT THEM... The result of APATHY is ABDUCATION! There is no alternative. YOUR wants, YOUR needs, it all boils down to action. TBWS
Zfloat: (January 24, 2011 5:16am)
HUD's latest proposal is evidence that Barney Frank is still behind the scenes and pushing for more "back door" deals for special groups just like he did with the CRA loans. Doesn't anyone have any guts anymore. We need to wipe them all out of office and put real men and real women in charge not these pantywaisted sissy boys.
doitright: (January 24, 2011 4:03am)
No mention as to a major retraction from prior statements check the NMLS web site and only do business with those LO's? The system is out of whack , let everyone know , PS a major Newspaper is soon to break a story on it so be first !
T Bone: (January 24, 2011 3:29am)
There was a time when this was an interesting discussion from a lot of persepective, but in 2011, we all know what this. Its where the action is! It is the bane of Republicans, Fortune 500 Builders, existing home sellers and big rental companies alike. I have been a mortgage broker for 10 yrs and if you think any one can compete with brand new, green built, government subsidized projects in the choicest locations, you're dreaming! Not only that, this is what all the new hip kids want! This is where their friends are! So, without walking you thru my UW process, with its local agencies and forms and adding to your head aches, a local underwriter with their own funds to fund a loan is essential to getting these properties done. That is what is difficult about being a mortgage broker these days.
T Bone: (January 24, 2011 3:21am)
Purchase Business. While this may seem like it should be a new rant, I will include it under todays rant as a means to let you know, again, how tough it is. Puthcase business in my mind falls into 2 basic categories, Opportunity/moving up the food chain or Roof Over the Head. The major markets are seeing some move up as existing home buyers essentially dump their existing home as they see an opportunity to buy an even nicer home for less. This market essentially exists in large population centers. I live/work in a mountain resort town in Colorado. I have not seen any of this at all. All of the existing homeowners that I have worked with are grateful for what they have and are still "circling the wagons" financially. The Roof Over the Head buyer is non speculative, usually appreciative and can be a customer for life. Now, this market for me is almost all Affordable Housing.
T Bone: (January 24, 2011 3:10am)
This is the meat of the broker/lender relationship. You might say its always been this way, but now we beg to stay open. New relationships are just not practical. Sierra Pacific, United Wholesale Mortgage and other pass thrus don't have the money or firepower to get tough loans bought by Fannie, Freddie, FHA and USDA. Sorry guys, we all want easy lay-up loans, but they just don't exist anymore. More marketing to find better loans has diminishgin returns as their are people connected to all the loans that can't get done. For me to close 30 loans a month, I can honestly say that I would have to have about 300 actual denials. Local underwriting is an important component to this equation along with the trust that long time independent brokers have built up with their lenders. I could go on, but imagine if Frank and Brian had to have the inner city tough loans underwritten by an underwriter in Long Island, NY, they would close maybe 10% of what they are doing right now.
T Bone: (January 24, 2011 2:59am)
As an aside, I have done a little ruminating on how Jeremy what's his name closes 30 loans a month. I had put in an open ended question on who is running these mortgage broker houses that are getting these loans done and how they are doing it, only to realize that there are probably no new lender relationships being set up. So, unlike the days of old, who ever Jeremy is sending his loans to gets all his loans. While the is common practice, it is important to note that it is being done b/c it is almost impossible to get a new lender relationship setup with a lender that has their own money (non pass thru) so that we all keep doing/not doing the same kinds of loans. Also, just so you know, these New Broker Applications, aside from being increasing difficult to complete are fraught with the Catch 22 of "If I take my eye off the ball of sending the 1, 2 or 3 lenders that I'm set up with their minimum requirement of loans, they will drop me."
T Bone: (January 24, 2011 2:51am)
Rant 1 My first rant will be on how tough it is being a mortgage broker. I haven't closed a loan in I don't know when. I work 10 hrs a day banging my head against the wall trying to meet guidelines and catch 22's that are almost impossible. Getting set up with new lenders is like brain surgery. I have always dreaded filling out the New Broker Applications, but have gotten used to it. None of the Big 4 banks, where my loans end up anyway, have wholesale channels. I would consider going Correspondent, say with Chase who I have contact info for, but my local Savings Bank will not give me a line of credit to fund the loans between now and when Chase buys them. My best option seems to being going with what I call "Super Regionals" like Suntrust, M&T, BB&T. They have their own money and if I sense that they are going to want to grow and become the next Chase then I think that their wholesale channels will stay open. They will stay open because they will not want to turn away any busines.