lending: FEDERAL RESERVE BANS YIELD SPREAD PREMIUMS - 08/18/10 05:31 AM
 
The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.
Today, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (commonly referred to as a "yield spread premium"). Under the final rule, however, a loan originator may not receive compensation that is based … (3 comments)

lending: The things that cross your mind when you can't sleep - 07/22/10 04:28 AM
Well I couldn't sleep last night. As is often the case I was thinking about business just before turning in for the night and as a result tossed and turned for hours.  But they were not totally unproductive hours.  I was able to compile a list of related industries that have been severely affected by the housing meltdown, none of which, to my knowledge, have been afforded a bail out by the Federal Government.  So, I thought I would share my list.
Accountants Builders Carpenters Electricians Furniture Stores Groundskeepers Housekeepers Inspectors Lawyers Kitchen remodelers Lighting companies Maids Pest companies Real Estate … (5 comments)

lending: H.R. 4229-BORROWERS RIGHT TO INSPECT CLOSING DOCUMENTS ACT OF 2009 - 07/13/10 08:04 AM
 I know this bill has been floating along for a while now and I have meant to comment on it.  I generally agree with this proposal and hope that it sees passage
H.R. 4229-Borrowers' Right to Inspect Closing Documents Act of 2009.  
This bill was introduced in the house in December 2009 and has been assigned to the Committee on Financial Services.   The focus of this bill is to enable the borrowers to review their entire closing package three days prior to closing.  The bill would make it the responsibility of the lender to provide the closing package to the title agent no less … (2 comments)