Question: Our company recently commenced requiring prefunding quality control (QC) audits which requires substantial manpower. I have heard conflicting views on whether prefunding quality control audits are required by Fannie Mae and/or HUD. Can you clarify the prefunding requirement for me?Click to continue
In the world of credit repair, there is so much conflicting information that it confuses consumers. Consumers look to mortgage professionals for help and guidance when it comes cleaning up their credit. So, in order to help clear up some confusion, here are five facts and fallacies about credit repair.
1. Can only time change the information on a credit report?Click to continue
Question: May I deliver an appraisal and other valuations to the applicant(s) via e-mail, thereby reducing the waiting period required prior to closing?
Answer: In order to provide an answer to this question, many issues need to be discussed.
By now, everyone in the mortgage industry should be aware of the new ECOA Valuations Rule which applies to all applications received on or after Jan. 18, 2014. Click to continue
The Federal Financial Institutions Examination Council (FFIEC), this past December, published a 19-page document detailing practices related to social media. In it, the FFIEC states “the use of social media by a financial institution to attract and interact with customers can impact a financial institution's risk profile. The increased risks can include the risk of harm to consumers, compliance and legal risk, operational risk, and reputation risk.Click to continue
Whether you’re new to real estate or a battle-hardened professional, you likely know that there’s an opportunity to make money working with distressed properties. If you have the skills and/or nerve to take on these kind of properties, you may be able to turn a profit in this sector as an investor, agent, appraiser, lender, or through some other angle.Click to continue
We typically hear about the big four laying off workers by the thousands. It’s not unusual to see Wells Fargo kicking a bunch of the staffers of their mortgage department to the curb. JPMorgan? No big deal, they’ll just cut 13,000 jobs by 2015.Click to continue
I have approached the Consumer Financial Protection Bureau (CFPB) a few times over the course of my joiurnalism career. Whether that’s been for a comment, clarification, a potential interview with an official or otherwise, the Bureau has consistently stonewalled me. Frustrated, I cited the CFPB’s so-called plan to make their actions and operations more transparent to the public.Click to continue
Question: Recently, our firm came under a “phishing attack.” Our IT people fixed the problem, but we really don’t know what happens in a phishing attack. Can you explain it in layman’s terms? Also, How can we prevent this kind of cyber attack?Click to continue
Every once in a while, an organization comes along, an organization that sets trends, remains ahead of the curve and sets a bar by which all others strive to attain. This month, we take a look at a sampling of these organizations, organizations that we have deemed “Visionary” for their inspiration to always strive to improve and go above and beyond to assist their clients, but ones that have successfully navigated an ever-changing mortgage industry marketplace. We present to you the following movers and shakers in the industry and the leaders behind them.Click to continue
Question: We need to know the difference between business purpose and consumer purpose loans. How do we distinguish between them and can you give us a few examples? Also, is a non-owner occupied rental property or an owner-occupied rental property considered business purpose?
Answer: There are at least five primary factors that must be considered in order to determine business purpose from consumer purpose. In general, these are:Click to continue