The NMP Blog
A Message From Florida Association of Mortgage Professionals President Kimber White, CRMSSubmitted by Kimber White on April 10, 2018As we approach the end of our first quarter in 2018, we all are probably thinking “where has the time gone”? For those of us actively involved in FAMP, let me share with you where our time and efforts have been these last three months. Our Pop-Up events have and our continuing to be very successful in our chapters. One of our 2018 goals this year was to “Pop-Up” in areas of our chapters that... Read More |
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A Quick Guide to Getting a Mortgage Broker License in CaliforniaSubmitted by Vic Lance on March 30, 2018Becoming a mortgage broker in California can seem confusing at first. The state offers three different types of broker licenses, issued by different agencies, and having different licensing requirements. There is the finance lender license (CFL) and the residential mortgage lender license (CRML) both of which are issued by the California Department of Business Oversight (DBO). There is also the... Read More |
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News From NAMB: March 26, 2018Submitted by Valerie Saunders on March 26, 2018United Wholesale (Advertisement)Introducing Jumbo 90% LTV With No M.I. When it comes to Jumbo loans, 20% down is a lot to ask. Now you don’t have to. With Jumbo 90% LTV with no M.I. from UWM, your Jumbo clients with a 720+ FICO can now opt for a lower down payment or increase their buying power. Eligible for primary homes with a 30-year fixed rate and a maximum DTI of 43%. Ready to... Read More |
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News From NAMB: March 16, 2018Submitted by Valerie Saunders on March 16, 2018United Wholesale (Advertisement)UWM just rolled out an exclusive program to help more borrowers fit into conventional financing. Conventional High Balance Nationwide allows borrowers to get into a conventional loan ranging from $453,100-$679,650, even if their property is located outside of the counties that are eligible under Fannie Mae and Freddie Mac high balance locations—instead of... Read More |
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News From NAMB: March 8, 2018Submitted by Valerie Saunders on March 08, 2018United Wholesale (Advertisement) Virtual E-Closing With UWM UWM has made it possible for borrowers in 16 states to close from anywhere, anytime completely online with their Virtual E-Closing, including electronically signing the mortgage and promissory note. All that’s needed is a computer or mobile device with access to Wi-Fi. Virtual E-Closing offers borrowers convenience and... Read More |
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News From NAMB: March 5, 2018Submitted by John Councilman on March 05, 2018Top Story: Trigger Lead Battle Heats Up NAMB has asked Congress to ban trigger leads unless they are fed to an entity that is servicing the loan. The proposal has caught the attention of the trade media and now nationally syndicated columnist Ken Harney is writing about it. His article shows a link where a mortgage company claims to they recorded a highly misleading telemarketer apparently... Read More |
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News From NAMB: February 22, 2018Submitted by John Councilman on February 22, 2018Top Story: NAMB Pushing for Ban on Trigger Leads The big three credit bureaus sell your name when you apply for a mortgage. These leads are called Trigger Leads. Many of us have experienced our borrowers getting calls in mid-application from someone trying to steal the borrower. I personally have heard callers using a trigger lead saying things like, “This is _____ and I need to talk to you... Read More |
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News From NAMB: February 19, 2018Submitted by John Councilman on February 20, 2018Top Story: Ginnie Mae Threatens 9 Big Lenders with Program Expulsion It appears some Ginnie Mae lenders have an unusually high rate of churn, especially on loans they originated or that are in their own servicing portfolio. Some claim they purposely gave borrowers higher rates with the intent to refinance them several times in short order. The result has been disastrous for Ginnie Mae. After a... Read More |
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News From NAMB: February 8, 2018Submitted by John Councilman on February 08, 2018Top Story: Quicken Knocks Wells Fargo Out as Top Retail Lender Wells Fargo has held the top spot as the nation’s largest retail mortgage lender for many years. In 2014, upstart Quicken, started by billionaire Dan Gilbert, had only half the retail production of Wells. But, the gap slowly narrowed and now Quicken has taken the top spot in the 4th quarter of 2017 according to Inside Mortgage... Read More |
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News From NAMB: February 1, 2018Submitted by John Councilman on February 01, 2018Top Story: Appeals Court Rules CFPB is Constitutional The full Federal Appeals Court ruled 7-3 to overturn the 2016 decision that declared the CFPB’s single, irremovable director structure is unconstitutional. The suit, brought as part of PHH v. CFPB, threw out the fines against PHH saying the CFPB’s legal interpretations were incorrect and wrongly applied retroactively. But, the court ruled in... Read More |