More Regs, Fannie's LQI-Loan Quality Initiative! - 05/30/10 08:25 AM
And you thought it was time for the investors to lighten up a bit.
So wrong, young Jedi.
Here's the biggie, as I see it.
we will need a new credit report with all inquires checked at the CTC (clear to close) stage of the loan.
So if you thought preapproval letters were weak/useless before, what do you think now? The tri-merged credit report which I initially pulled may no longer be the basis on which your clients credit is evaluated. The new credit report will be used for the purpose of checking;
new purchases/inquires
derogatory information
balance changes
late payments in … (2 comments)

Part Time Realtors/Mortgage lenders-How well do you serve your clients & do they know upfront? - 05/09/10 07:37 AM
Last first.
If you are a part time Realtor/Lender
Do you disclose this to your clients upfront?
Should you have to?
Like it or not there will be times, possibly crucial times in a transaction, when you are just
"not available"
It may sound cruel to put it this way, but you are at the job of which you have chosen to spend most of your day, for whatever reason.
Did you discuss this with your client "up front" and explain to them how you can "effectively" deal with this situation.
If you didn't , personally I think you should … (13 comments)

Working in Mortgage Fraud Land, what does it mean to my clients? what should it mean? - 05/05/10 10:21 AM
Okay, as I mentioned before Florida was ranked #1 in regards to mortgage fraud, certainly nothing to be proud of. Oh ya,
New York was #2, but they try harder?
What does this mean for our clients?
First a little history.
When I arrived in Florida in 1992 I used to receive rate sheets which would advertise 5% downpayments. That was a big deal back then. There would be a disclaimer on the bottom which would state 10% downpayment required in Dade and Broward County. Why? riskier loans, more fraud. Freddie Mac had a strong investigative presence there.
What does that mean?
… (6 comments)

 


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