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mortgage lending: Loan Officer Good Client Service - Just Courtesy and Care - 05/15/09 12:41 PM
Top on the list of customer complaints about loan originators is "Returning Phone Calls." Yes, it is still apparently a customer service problem iin our industry.
One of our loan officers at , Sandy Houston, told me today that she had a received a call from a new client a few days ago. The customer had called another company and asked about an FHA loan. Evidently the loan officer went straight to the application, but never called back.
She later called the manager, who promised to call her back the next day. No call back.
She called Sandy, two days ago.
Sandy did not … (4 comments)
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mortgage lending: Bank failures, mortgage lending - another one bites the dust - 08/23/08 09:45 PM
Another bank failure was reported today. Again the FDIC was prepared with a buyer and acted swiftly to be ready to reopen on Monday.
The bank that failed this time is Columbian Bank and Trust Company out of Topeka, Kansas. The failed bank's assets will be taken over by Citizens Bank and Trust . This is the 9th bank to fail this year, and the 2nd bank to fail in Kansas.
Losses in residential real estate lending were cited as the cause for the bank's failure to maintain adequate capital reserves.
This new bank failure takes place as the Federal Reserve is holding its annual … (29 comments)
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mortgage lending: Mortgage Reform Anti-Predatory Lending - more federal legislation coming - 08/21/08 06:27 AM
New legislation is coming through the House Financial Services Committee as additional response to the housing crisis and to the increase in foreclosures. The bill targets mortgage brokers and yield spread premiums.
The Mortgage Reform and Anti-Predatory Lending Act of 2007, HR3915, attempts to put into law prohibitions against doing a loan that is not in the borrower's best interest, requirements for minimum loan repayments, restrictions on refinancing that require a tangible net benefit.
It also establishes a distinction between mortgage brokers and depository institutions. Additional licensing requirements are put forward for mortgage brokers and broker compensation from lenders (yield spread premiums) … (6 comments)
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mortgage lending: Real estate market trends - prices move with number of qualified buyers - 08/16/08 08:30 PM
The real estate market has changed fundamentally over the past several months, culminating in the recent landmark federal legislation - the housing law and the Federal Reserve predatory lending policies. At one time, I made the statement that anyone could buy a home as long as everyone involved was willing to make necessary concessions.
These concessions might include a seller second, seller paid closing costs, higher interest rate, and sometimes waiting for a few months.
The statement that anyone could buy a home was based on loan programs that had lowered credit requirements, documentation requirements, and equity requirements.
The larger economic impact of … (7 comments)
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mortgage lending: FannieMae, FreddieMac, Federal Reserve - Mortgage lending changes coming? - 07/14/08 04:45 PM
Three separate events had significant impact on mortgage markets last week. The Home Protection bill is being debated. IndyMac Bank announced it was closing it wholesale operations. Then on Friday the bank was taken over by federal regulators. Finally Fannie Mae and Freddie Mae stock values dropped by nearly 50% amid concerns over the two companies ability to maintain their capitalization requirements necessary to meet their obligations.
It was quite a week.
Sunday the Treasury Department announced that the Federal Reserve and the Treasury department would step in with measures that would ease short term capital requirements.
•1. The Federal Reserve opened … (2 comments)
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mortgage lending: 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 lending: I do good service - 06/15/08 03:30 PM
A friend of mine once insisted on relating to me what a good person that this other some one is. My unspoken thought ( I think it was unspoken??) was "who are you trying to convince that this person is good, me or yourself."
If that person were actually good, then I would know it and would not need to be told. At least that was my perspective on the subject.
I often suggest to my staff that in their marketing or in their sales calls/presentations/etc. that they try to avoid saying something that is, for all practical purposes, like saying "I do good … (1 comments)
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Richard Smith FHA VA Rural Development in TN GA
Chattanooga,
TN
More about me…
Address: 1961 Northpoint Blvd, Suite 110, Chattanooga, TN, 37343
Office Phone: (423) 280-0345
Cell Phone: (423) 280-0345
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NMLS ID: 184479; GA – 28928; TN – 40161;
1961 Northpoint Blvd., Suite 110, Chattanooga, TN 37343,
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