hvcc: State of Denial - The Death of Lending
- 12/09/09 03:00 AM
Now that the banks have sucked the money out of our economy and then our government they are now hell bent on holding on to it. It's no secret in the mortgage business that lenders are doing everything they can NOT to lend. I'm not talking about making risky loans. I'm talking about preventing qualified, responsible people from buying a home. Even when loan applications meet every federal lending guideline the wholesale lenders apply restrictive "credit overlays" to deny mortgage loan applications. Furthermore, it appears that experienced underwriting specialists have been replaced with less costly processors who have no (0 comments)
hvcc: HVCC: Big Banks Play Government Like a Fiddle…AGAIN
- 07/20/09 04:35 AM
Year-after-year the largest lenders in the country push for regulations to stack the deck against hometown mortgage companies. Usually the tactics take the form of sweeping Real Estate Settlement and Procedures Act (RESPA) reforms that are disguised as consumer protection rules but apply only to mortgage brokers while loan originators for lenders remain unchecked and legally unlicensed. The latest cash cow for the Big Banks at the expense of consumers, mortgage brokers and residential property appraisers is the new Home Valuation Code of Conduct (HVCC) policy. How could something that sounds so righteous be so unjust? While it is important (1 comments)