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
LendingTree has announced the launch of its first-ever iPhone App, the Mortgage RateFinder, now available at the Apple Store. This free application allows a user to get up-to-the-minute loan offers without any personal information being shared. Mortgage Ratefinder App is extremely user friendly. You simply enter information about the loan you would like. The App then performs a quick search of participating lenders and instantly provides users with customized loan offers. Users can choose to receive up to 30 different offers!Read more
Happy New Year! I hope each of you had a great holiday. As an industry we can begin the New Year with optimism for continued economic recovery and a more stable housing finance system.
As I mentioned in the last edition, there continues to be change coming from FHA, and I want to reiterate how much we appreciate your partnership as you work to implement these changes.Read more
On Jan. 25, the Nationwide Mortgage Licensing System & Registry (NMLS) is scheduled to launch a consumer focused Web site, NMLS Consumer Access, which will make information available about mortgage loan originators. NMLS Consumer Access is being launched to bring greater transparency to the mortgage industry and to comply with provisions of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).
The following information in a registered loan originator's NMLS record will be made available through NMLS Consumer Access:Read more
Jim Hodson is the chief executive officer and founder of Bethel, Conn.-based Countdown To Buy, a next generation online real estate marketplace offering a fair and effective way to buy and sell properties. On Dec. 8, 2009, the company launched its Web site that allows qualified home buyers to purchase foreclosed properties in a very efficient and transparent manner.Read more
The Obama Administration has released the latest monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes, for the first time, the number of modifications that have transitioned from the trial to permanent phase, as well as a break-out of the 15 metropolitan areas with the highest program activity. With more than 728,000 modifications under way across the country, the program is on track to meet its goals over the next several years.Read more
The American Land Title Association (ALTA) has announced its support for a bi-partisan bill introduced in the U.S. House of Representatives by U.S. Reps. Melissa Bean (D-IL) and Shelley Moore Capito (R-WV) that would bring greater transparency to the mortgage lending process by allowing borrowers more time to review their closing documents. The Borrowers’ Right to Inspect Closing Documents Act of 2009 would require borrowers receive their closing documents at least three business days before their scheduled closing.Read more
The Obama Administration has released the next monthly report for the Making Home Affordable (MHA) loan modification program. As part of an ongoing commitment to transparency, the report includes for the first time state-specific trial modification numbers. With more than 650,000 modifications under way across the country, the program is on track to meet its goals over the next several years.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
The Mortgage Bankers Association (MBA) has adopted a model sale and servicing agreement it anticipates will become the standard form for industry participants to use voluntarily for whole loan purchases and sales made with an eye toward potential securitization. The agreement was adopted by MBA's Residential Board of Governors (RESBOG) as an MBA supported best practice. Read more