mortgage bankers of florida: New rules issued over PACE program - 03/14/19 11:38 AM
The Consumer Financial Protection Financial Bureau (CFPB) plans to create new rules for the Property Assessed Clean Energy program (PACE), which will allow selected homeowners to obtain financing to better their home’s energy efficiency.
Programs like PACE will enable energy financing to gain a higher priority status over typical home mortgages, all borrowers will be able to repay their loans as part of their property tax bill.
The PACE “Advance Notice of Proposed Rule-making” will act as an “Ability-to-Repay” that would emulate the current mortgage lending system, requiring lenders to make a “good faith” determination on the borrowers capacity for repaying before making … (0 comments)

mortgage bankers of florida: What is a Third Party Originator or TPO? - 02/02/11 01:22 AM
Do you know what a Third Party Originator is?  The new name for Mortgage Brokers…
The “Mortgage Broker Business” and “Correspondent Lender” Licenses are now EXTINCT!  Some will get upset at what I just said, but it’s the truth.  In FHA’s eyes if you are not a LENDER then you are a Third Party Originator or TPO. 
 
TPOs have no control of the process because the lender now has full liability for the actions of the TPO.  I am not saying that the Mortgage Broker Business is completely gone, but this is only for FHA.  But what else is … (0 comments)

mortgage bankers of florida: Blogging is like earning compound interest over time! - 12/23/10 05:28 AM
Blogging is like a monetary investment that gains compound interest!  While radio, TV, and print is the type of marketing that is more like simple interest because there is typically only a 1 time gain.
What do I mean by this?  When you blog or add info to the internet via social media or any other form, you are leaving a digital signature that will last for many years to come. 
Typically, radio, TV, and/or print media are a call to action that gets a response immediately.  If not, then the consumer will usually forget or lose your info.  A … (2 comments)

mortgage bankers of florida: Mortgage Bankers of Florida, a Licensed Mortgage Lender - 12/21/10 06:55 AM
Mortgage Bankers of Florida is a Full Mortgage Lender.  A few years back I was between mortgage companies when I received a call from someone by the name of Michael “Mike” Camus.  He is the owner of MCM Holdings, a Wholesale Mortgage Lender dba Mortgage Bankers of Florida, and was trying to recruit me to work for him.  I wasn’t interested because I had just committed to another company, but we kept in touch over the next couple of years.
Mike invited me yet again to join his office in June 2008 and made me an offer to get leads, which … (0 comments)