“Friends, Americans, mortgage professionals, lend me your ears … I come to bury InterBay, not to praise them. The evil that men do lives after them. The good is oft interred with their bones, so let it be with InterBay … we have been told that InterBay was ambitious: If it were so, it was a grievous fault …”Read more

There’s a new sheriff in town. It’s about time and none too soon! These folks mean business! The U.S. Department of Housing & Urban Development (HUD) is determined to move forward with strong actions to reduce defaults and claims that are dragging down the Federal Housing Administration (FHA) mortgage insurance program. Guided by the firm resolve of its new HUD Secretary, Shaun Donovan, and FHA Commissioner, David H. Stevens, new ways and means are being implemented to put FHA’s future on a much stronger foundation.Read more

According to their company overview, Google's mission is “To organize the world's information and make it universally accessible and useful.”

With a commitment to provide its users with the most relevant search results in the shortest amount of time, Google's new Mortgage Rate Quote Comparison Ad Campaign appears to be well-positioned (pun intended) in light of the new Good Faith Estimate (GFE), encouraging borrowers to shop interest rates.Read more

National Mortgage Professional Magazine recently had an opportunity to chat with David H. Stevens, Assistant Secretary for Housing at the U.S. Department of Housing & Urban Development (HUD), and 27th Commissioner of the Federal Housing Administration (FHA).Read more

Mortgage fraud continues to increase, despite the numerous news articles and media attention that bring to light the many schemes designed to take advantage of mortgage processes. National banking, financial and mortgage trade associations invariably include, in their annual events, specific topics for fraud detection and mitigation strategies. Individual state legislatures are taking action in an attempt to stabilize internal economic factors; including property values.Read more

While the overall Interthinx Mortgage Fraud Risk Index remains elevated but unchanged from the previous quarter’s value of 145 (n = 100), it is worth noting the reversal in a number of trends that have persisted over the last year or longer. It is not yet possible to determine whether these reversals represent normal fluctuations in fraud risk or herald a fundamental shift in long term trends.Read more

In the beginning, there were 50 lenders chosen by lottery in a pilot program. The U.S. Department of Housing & Urban Development (HUD) authorized each lender to make just 50 Home Equity Conversion Mortgages (HECMs), a novel home equity loan without monthly repayment obligations.Read more

When anyone starts talking about accounting, most people cover their ears and run away. Many would prefer to have a root canal than to learn about financial controls. I’m a CPA, but also a musician and would personally prefer to write about drum sets than accounting. It is an undeniably dull topic, but proper accounting for any business is immensely important. So why learn accounting? Aside from the ability to know if your business is making money, learning accounting can protect your company from the growing threat of corporate theft.Read more

During my 37 years in the mortgage lending industry, I have seen many economic swings that have stimulated both dramatic increases and decreases in mortgage lending volume. I live in Albuquerque, N.M., and our volume of purchase money lending opportunities in 2008 were only 35 percent of what they were at our peak in 2006.Read more

In 2008, the U.S. Department of Housing & Urban Development (HUD) issued both technical and substantive amendments to the rule that implements the Real Estate Settlement Procedures Act (RESPA).¹ The technical changes took effect on Jan. 16, 2009 and substantive changes have taken effect on Jan. 1, 2010. Last month, I provided a brief analysis of the new Good Faith Estimate (GFE).² In this article, I will offer some procedural guidance that incorporates several substantive changes that took effect on Jan.Read more