mortgages: NAMB Criticizes Licensing Initiative - 01/18/07 03:08 PM
A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is "fatally flawed," according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators is deficient because it focuses … (8 comments)
mortgages: Credit Scoring - Part IV: Credit Remediation - 01/13/07 11:38 AM
If you have clients in need of credit remediation, and especially if you live in an area where this is an overall problem within the population, you should seek to align yourself with a credible referral source for credit repair. While government web sites will suggest that self-help may be the … (1 comments)
mortgages: A Word on Solicitations! - Rant - 01/12/07 06:10 PM
<begin rant> I have been a member of Active Rain for 7 days now; in these 7 days I receive 1-2 e-mails a day from commercial lenders, hard money guys and a host of other idiots trying to get me to use/buy their product or service. Some of these folks are AR … (11 comments)
mortgages: Credit Scoring - Part III: Dealing with Challenges - 01/12/07 01:05 PM
Typically, a person with a bad credit score is in this position because they lack structure in their life. There are, of course, cases where unplanned health or employment complications are to blame, but for the most part, these are individuals who lack the discipline to pay their bills on time … (4 comments)
mortgages: Credit Scoring - Part II: The Five Factors of Credit Scoring - 01/11/07 10:16 PM
There are five factors that comprise the credit score. They are listed below in order of importance, just as an underwriter would look at the score: Payment History: 35% impact. Paying debt on time and in full has apositive impact. Late payments, judgments and charge-offs have a negative impact. Missing a high … (1 comments)
mortgages: Credit Scoring - Part I: Good Credit Translates into Lower Rates for the Consumer - 01/11/07 06:45 PM
In the 1960s, Fair Isaac Corporation started working on a system lenders could use to evaluate the likelihood of receiving repayment on loans. Prior to that, it was really a matter of trusting an individual to be a "man of his word," so to speak. Fair Isaac sought to take human … (0 comments)
mortgages: The Federal Reserve and Mortgage Rates - 01/10/07 07:08 PM
Understanding What Causes Interest Rate Movement Consumers are often misled when it comes to the subject of the Federal Reserve and how it affects mortgage interest rates. Often the media is the culprit causing the confusion. In the last few years, the Fed has taken action that caused mortgage interest rates to … (1 comments)
mortgages: Credit Tips That Will Score Lower Interest Rates - 01/08/07 03:04 PM
A good credit score translates into lower interest rates for home-shopping borrowers. In a mortgage lender's eyes, the higher your score is, the less risk you are, and the more likely it is you will pay off your debt. For this reason, borrowers with lower scores usually end up paying higher … (0 comments)
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A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is "fatally flawed," according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators is deficient because it focuses … (8 comments)
