Posts Tagged ‘YSP’

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The New World of Loan Officer Compensation

April 7th, 2011

It’s a whole new world when it comes to loan officer compensation and the Fed Rule. But it’s time to get back to selling real estate and doing mortgages. The HUD Score Card shows that NOW is the time to buy and affordability has never been better. Get all your real estate news and mortgage news here with Frank Garay and Brian Stevens at www.TBWSDailyShow.com.

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Posted in Mortgage Industry, News, Real Estate Industry, TBWS, Think Big Work Small

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Judge Rules in Favor of Federal Reserve on Loan Officer Compensation Part 2

March 31st, 2011

The Judge reviewing the lawsuit(s) filed by NAMB and NAIHP has ruled in favor of the Federal Reserve. Based on our review of the ruling it would appear that the judge never intended to rule in favor of the associations. So the Fed Rule is going forward and the consumer is going to pay the price. Now along with common sense competition has been tossed out the window. Get all your real estate news and mortgage news with Frank Garay & Brian Stevens at www.TBWSDailyShow.com and here on www.RealEstateMarbles.com with the TBWS B-Side.

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Posted in Mortgage Industry, News, Real Estate Industry, TBWS, Think Big Work Small

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Federal Reserve Study Flawed. 13% of All U.S. Homes Vacant

March 29th, 2011

The Federal Reserve conducted a study where they essentially pretended to be a mortgage broker, and acted how they thought a mortgage broker would act in order to fabricate the results they were looking for. 13% of all U.S. homes lie vacant. Get all of your real estate news and mortgage news with Frank Garay & Brian Stevens here at the TBWS Daily Show.

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Looking Back at 2009

January 21st, 2010
  1. The $8000 first time home buyer tax credit that didn’t have to be paid back is introduced.
  2. Foreclosures declined but short sales were on the rise.
  3. Stated income loans went away, making it difficult for self-employed income borrowers to get a new mortgage.
  4. New mortgage guidelines tightened up.
  5. Large investors (unless they are cash buyers) got bumped out of the market.
  6. Resurgence of the small/first-time investor.
  7. Resurgence of the USDA 100% financing mortgage for rural areas.
  8. The Government injected lots of capital into the mortgage backed securities keeping interest rates low.
  9. The Government injects billions into the banks in the form of the TARP (Troubled Asset Relief Program) with the intent to modify existing mortgages.  The banks modify only a very small percentage of these mortgages.
  10. Fannie Mae and Freddie Mac introduce the DU Refinance + and the Home Access Programs designed for home owners to refinance who initially had 20% equity when they first got their mortgage and have seen their home values decline.  Program is a moderate success.
  11. Rates went up and rates went down.
  12. The Home Valuation Code of Conduct (HVCC) is introduced in May.  Appraisals must now be ordered through Appraisal Management Companies (AMCs). Many reports indicate this system is very flawed and has lead to higher costs to the borrower in obtaining a new mortgage.
  13. The Mortgage Disclosure Improvement Act (MDIA) is introduced in August.  It gives borrowers more information upfront before any money can be collected, but adds costly time to the mortgage process.
  14. The Government extended the $8000 First Time Home Buyer Tax Credit to June ’10 and added a $6500 repeat home buyer tax credit.  Experts say there will not be any more extensions.

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Posted in Know Your Mortgage, Mortgage Industry, News, Real Estate Industry, Understanding Your Mortgage

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Looking Forward to 2010

January 21st, 2010
  1. Good Faith Estimate (GFE) 2010 is introduced January 1, 2010.  Six items now required before the loan originator can provide you with a GFE: Name, Property address, Estimated Property Value, Loan Amount, Income, and Social Security Number (Credit Report). Fees locked for 10 business days from issuance of GFE.  Designed to protect the consumer from an increase in fees and encourage comparing options.  Most likely, will lead to less comparing since a GFE can’t be issued until the loan originator can pull credit.
  2. Legislation on the table to repeal HVCC.
  3. Federal Reserve Board debating over Yield Spread Premium (YSP).  In the past, YSP was a credit that had been paid to the loan originator by the lender.  GFE 2010 changes YSP from a loan originator credit to a borrower credit.
  4. HUD to suspend the 90 day anti-flipping rule for one year starting February 1, 2010.  Existing rule prevents a home owner from selling a home that they have owned for less than 90 days.  Lenders still have to approve this new rule.

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Posted in Know Your Mortgage, Mortgage Industry, News, Real Estate Industry, Understanding Your Mortgage

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