This article is co-authored by Tim Watson & Barry MillerRead more

The Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Office of Thrift Supervision (OTS), and the Federal Deposit Insurance Corporation (FDIC) have issued final guidance to ensure that incentive compensation arrangements at financial organizations take into account risk and are consistent with safe and sound practices. The guidance was originally proposed by the Federal Reserve last year. The OCC, OTS, and FDIC are joining in issuing the final version.Read more

Today, the United States Senate will vote on an amendment offered by Sens. Jeff Merkley (D-OR) and Amy Klobuchar (D-MN) to S. 3217, the “Restoring American Financial Stability Act of 2010,” that, if passed, will put the mortgage broker out of business.Read more

Independent mortgage bankers and subsidiaries made an average profit of $890 on each loan they originated in the fourth quarter of 2009, down from $902 per loan in the third quarter of 2009, but up from $296 in the fourth quarter of 2008, according to the Mortgage Bankers Association (MBA).Read more

There are all types of direct relationships: Personal-business-client-lender-etc., in the lending world. But, there are also relationships built within a larger framework of our industry and beyond the scope of your daily connections. Let’s consider the relationship between the residential and commercial mortgage broker. This relationship may take us out of our norms and into a temporary, or even an evolving, association that may lead to a long-term alliance.Read more

Independent mortgage bankers and subsidiaries made an average profit of $902 on each loan they originated in the third quarter of 2009, according to a study by the Mortgage Bankers Association (MBA). This profit marks a decrease from the second quarter of 2009 when profits averaged $1,358 per loan, according to the MBA's most recent Quarterly Mortgage Bankers Performance Report. This report measures the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.Read more

The U.S. House of Representatives will take up HR 4173 within days. The measure provides for the long awaited reform of Wall Street and creates the Consumer Financial Protection Agency (CFPA). The legislative team of the National Association of Mortgage Brokers (NAMB) worked hard in protecting the ability of consumers, at their option, to finance agreed upon mortgage broker compensation in their mortgage rate thereby preserving a long-standing important option for consumers. Such language was included in the manager's amendment to the bill.Read more

The North Carolina Office of the Commissioner of Banks (NCCOB) announced that it is proposing mortgage rules to help reduce foreclosures, to improve consumer protection and the functioning of the mortgage market, and to implement the SAFE Act. The NCCOB continues to have significant concerns that homeowners too often face foreclosure when alternative solutions exist that would benefit both the homeowner and the mortgage company or investor. NCCOB proposes rules that would:Read more