Home Mortgage Guide

For this blog, I thought I would include a couple of client testimonials that I have received recently. I think they give you a good idea of how I work and what you can expect when you hire me to be your realtor.
â??I am writing to thank you for your expeditious and conscientious assistance during our search for a suitable home for my dad in Laguna Woods. Your professionalism and extensive knowledge of the community made the entire process efficient, informative and truly enjoyable. I was very impressed, as I sat in the backseat (literally) and watched …
Read Rest of Client Testimonials

It used to be that, when it came to big city life, a loft was strictly the domain of the struggling artist crowd. Back then, these large and airy converted-warehouse spaces were the most economical way for a painter or sculptor (or anyone else) to have enough room to combine both their work and living spaces - and creature comforts and aesthetics were not the main concern, to say the least. Nowadays, however, many downtown lofts or similar-style housing areas that exist in large cities are created from the ground up, with all the luxuries and conveniences that you would …
Read Rest of Loft Living Offers A Modern Lifestyle For Downtown Residents

 
To Our Clients, Colleagues and Friends,

We get asked from time to time by new and established warehouse lenders to conduct a review of their warehouse lending programs. Usually, it’s not for any major problem or crisis; typically we’re simply asked to review the program and make suggestions for improvements, to offer advice on industry best practices, and to find what potholes might be lurking.  We use our comprehensive checklists to look at the warehouse lender’s credit policies and procedures; operational processes …
Read Rest of The Garrett, Watts Report (September 2, 2010)

MORTGAGE COMPLIANCE

On July 15, 2010, HUD issued a notice seeking comment on three initiatives that HUD proposed would contribute to the restoration of the Mutual Mortgage Insurance Fund (MMIF) capital reserve account. We provided a brief outline and a copy of that issuance in our Compliance Update, FHA: Proposes to Revise Underwriting Guidelines (7/16/10).
Today, September 3, 2010, HUD announced that it has completed its review and considered public comments. The issuance does not cover all three initiatives, but is limited to …
Read Rest of FHA: New Credit Score and LTV Guidelines

If there is one thing that an investor will never let any originator off the buyback hook for, it’s fraud. Not only that, but the penalties can go far beyond merely buying back the loan, and saying’ “My bad.” Just in the last few days, Laura-Jean Arvelo and Ronald O’Malley, a New Jersey mortgage broker and former head of the Bergen County …
Read Rest of Sep. 3, 2010: Comments in favor of flips; Fraud is never ok; Originator capacity increasing? Employment trivia as rates head higher

Post off-topic ideas, links and Craigslist finds here
Read Rest of Bits Bucket For September 3, 2010

COMMENTARY

By Jonathan Foxx
Jonathan Foxx, former Chief Compliance Officer of two publicly traded financial institutions, is the President and Managing Director of Lenders Compliance Group, the first full-service, mortgage risk management firm in the country.
On Monday, September 6, 2010, we will celebrate Labor Day.
It is a time for reflection. Gone are the tolerance for a child labor workforce, 12-16 hour days, sweat shops, low and subsistence wages, employment discrimination, dangerous working conditions, management retaliation against employees, willingness to accept unequal pay for equal …
Read Rest of Labor Day – 2010 in the Mortgage Industry

Many people do not wish to think about what will happen when they get older. But, it is a fact of life. If you wish to live long and enjoy it, you will age. Around the world, countries are establishing many ways to help their aging populations, and there are as many plans as there are countries. For you alone, your best bet to plan for your own aged care is to plan for it in advance.
Too many times, people arrive at nursing care facilities after an unexpected debilitating illness with no plans set in place for their care. For …
Read Rest of Why Your Best Action For Aged Care Is To Plan Ahead

Post off-topic ideas, links and Craigslist finds here
Read Rest of Bits Bucket For September 2, 2010

 
Rates continue to trend lower, helped yesterday by the release of the FOMC meeting’s minutes which alluded to the possibility of the Fed reinvesting in MBS’s. (But heck, as one trader told me, low mortgage rates are helping agency-qualified borrowers, not others in the economy like renters who can’t qualify, not those that don’t have jobs or those that simply pay cash …
Read Rest of No-appraisal loans; Pennsylvania gives compensation opinion; Impact of lower rates; JPM’s buybacks; Commercial rebound?