Mortgage fraud regulation change with teeth – NMP Skip to main content

Mortgage fraud regulation change with teeth

National Mortgage Professional
Aug 20, 2008

Procrastination means higher pricingJeff Barrprocrastination, refinance, poor credit, bankruptcy I have been a loan officer for many years. Currently, I have a desk drawer full of prospects with poor credit, no money and little motivation to refinance or purchase a home. They do not realize that procrastination is their worst nightmare. As the prospect continues to mull over the idea of a new home or refinance, the bills stack up and his credit deteriorates. More importantly, the rates continue to go up. Here are some suggestions to get the prospect to stop procrastinating: •Every sales manager or owner should reinforce the urgency of making the sale. Look for the buying signals and go for some kind of close. •Advise the client that he must help himself, but that you are there to assist him. •Stress to him that you are his partner in the deal and that you will deliver him a decent and fair product. •He must strongly accept your advice and stay loyal to you and your efforts. •If it is a credit matter, you will advise him and direct him to the necessary resources to rectify the matter. •The customer must expect a reasonable time to correct the problem, such as in the case of a credit report. The pressure is on him to supply the credit agencies with the data needed. Credit agencies generally work at their own speed. •Bankruptcy papers, divorce decrees and collection letters are the responsibilities of the customer. It is easier for the clients to ascertain these items. •Verifying the accuracy of information must be completed by the applicant, with assistance of the loan officer, in a timely fashion. They are racing against the clock to beat further rate increases. •The salespeople need to continue to watch the market conditions. Their commission could be riding on it. •Take a pulse of the prospect or client. Sometimes you have to fold him instead of hold him. Miracles do not always happen. As the Board of Governors of the Federal Reserve System continues to raise interest rates and the economy remains very volatile, the consumer must plan ahead for short- and medium-term changes to the financial posture of this global economy. It is a goal to put almost everyone in a home. Some borrowers cannot help themselves. We are working for the same goal. Emphasize that this is a partnership to help the client, if he helps himself. But still, procrastination does mean higher prices. Jeff Barr is a competent toastmaster and speaker in Louisville, Ky., an adjunct professor of communications at the University of Louisville and a mortgage loan officer. He can be reached at (502) 777-9555 or e-mail at [email protected]
Published
Aug 20, 2008
Markets Anxious As Fed Opens 2-Day Meeting

Investors, mortgage brokers & bankers await latest policy statement on fighting inflation

Regulation and Compliance
Jan 25, 2022
Ginnie Mae Streamlines FHA Advanced Loan Modification program

Documentation changes eliminate requirements for recordation and title insurance.

Regulation and Compliance
Jan 24, 2022
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022