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mortgage brokers: FHA Down Payment Assistance - a meeting with Senator Lamar Alexander's representative - 08/22/08 01:03 PM
The 10 year old access to seller funded down payment assistance for FHA home purchases will end on October 1. This ban was part of the massive and hastily enacted Housing and Recovery Act of 2008. The bill was touted as foreclosure relief and market stabilization in the form of support for the struggling Fannie Mae and FreddieMac. The bill included so much more and the ban on DPA was part of the extras.
A new bill to reinstate down payment assistance, as well as tiered FHA mortgage insurance premiums which were also stopped in the foreclosure relief bill, was introduced soon after the Housing act … (13 comments)
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mortgage brokers: Support Mortgage Broker Associations - Originators consider joining and becoming certified - 07/10/08 04:58 PM
A recent post, by Ed Nailor, complained about the work of National Association of Mortgage Brokers, that there is not enough being done in support of the industry. He made the point that he would not join the association because they were not doing enough to help our industry.
There were several comments made to encourage him to join and to become active. I could not agree more that he and other mortgage originators need to step up and participate.
Ed's point that the mortgage industry needs strong support to defend its place in providing access to home ownership to a great many … (2 comments)
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mortgage brokers: Mortgage lending consumer ethics, How do you choose an ethical loan officer? - 06/22/08 07:43 AM
As always Jeff Belonger brings up pertinent, challenging and informative topics. He also generally goes straight to the public, meaning his posts are open for the world to see. I really like that.
He posted this http://www.activerain.com/blogsview/555729/It-s-not-the , which violates the AR "Keywords-in-the-first-4-words of the title" rule, but Jeff is doing alright without those nice little tricks.
The topic is ethics in mortgage originators, but probably could be applied also to real estate agents, appraisers, title companies, ... .
Jeff's post asks consumers when they shop for a loan, what criteria do they use? The biggest name?
Jeff's point is "No … (16 comments)
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mortgage brokers: TN Mortgage Originator Reform Act signed last week - 06/08/08 12:34 PM
Last week, Governor Phil Bredesen signed into law the new Mortgage Originator Reform bill. This legislation mandates continuing education for all persons who originate mortgage loans in the state. It is really the second step taken to enhancing professionalism in mortgage industry in Tennessee.
Prior to the institution of originator registration, three years ago, there were only minimal requirements to become a mortgage professional. The requirements primarily were to post a bond.There were no educational requirements.
State licensing has helped, but I think that the education requirement is an even bigger step.
It still remains to be seen how the new … (5 comments)
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Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
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