Loan Officers (LOs) frequently have issues collecting and entering applicant information on their electronic systems, which results in a denial of the loan. These issues occur when customers don't want to provide the information. At all costs, LOs seek to avoid a loan denial. As a result, LOs often develop strategies to...
Showing posts with label Mortgage Industry. Show all posts
Showing posts with label Mortgage Industry. Show all posts
Wednesday, June 19, 2019
Tuesday, May 26, 2015
26
May
The Making Home
Affordable Program (MHA), has been formally extended 1 year, through December
31, 2016, by Supplemental
Directive 15-04. The program has been
widely successful in providing affordable alternatives to foreclosure for millions
of homeowners nationwide, and the extension through 2016 will provide relief to
the...
Wednesday, April 22, 2015
22
Apr
The Federal Government’s Consumer Financial Protection
Bureau (CFPB) recently released a Home
Loan Toolkit, a step-by-step guide through the mortgage purchase process,
for consumer use. This is a must use tool for real estate professionals to
create realistic expectations for their clients and customers.
This...
Tuesday, December 09, 2014
Do you feel that you are a victim of a mortgage modification scam?
According to the Attorney General: "Thousands of New Yorkers are scammed by companies who take advantage of homeowners in distress."
To combat these scams, the Attorney General established AGScamHelp.com, which offers "free, qualified...
Wednesday, October 22, 2014
On October 21, 2014 the New York State Department of Financial Services sent correspondence to Ocwen's General Counsel raising issue "with Ocwen's systems and processes".
The issue presented by NYS DFS deals squarely with Ocwen engaging in bad faith negotiations to modify mortgages.
Borrowers in New York should...
22
Oct
This revised tool is used by "servicers participating in HAMP as a tool for deciding whether to modify a troubled mortgage that is eligible for subsidies under the program".
A main thrust of this new version of the NPV tool is for non-owner-occupied properties.
Additionally, investor incentives for successful modifications...
Monday, March 31, 2014
The Senate is currently formulating its bipartisan
plan to overhaul Fannie
Mae
and Freddie Mac
in the Committee
on Banking, Housing, and Urban Affairs. Chairman Tim Johnson
(D-SD) and Ranking Member Mike
Crapo (R-ID) have been working together to craft
legislation that shifts the mortgage market to the private sector...
Tuesday, March 04, 2014
To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here.
This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comp...
Wednesday, February 26, 2014
Due to the housing bubble burst in
2008, the federal government took ownership of the mortgage giants, Fannie Mae and Freddie Mac, and bailed them out of
financial ruin. Not only did this bailout cost $187.5 billion in taxpayer
dollars, but it also took years for Fannie Mae and Freddie Mac to recover from their
monumental...
Friday, January 31, 2014
31
Jan
In his state
of the union speech on January 28, 2014, Obama asked Congress to focus on
mortgage finance reform in the upcoming year. He stated, “Since the most
important investment many families make is their home, send me legislation that
protects taxpayers from footing the bill for a housing crisis ever again and
keeps...
Wednesday, January 22, 2014
Have you applied for a loan modification and felt that your
servicer did not properly review you for HAMP
and other Making
Home Affordable programs? Perhaps your servicer lost your documents or failed
to provide you with the proper update on your file? Well, what are you waiting
for? Escalate your case today and demand...
Wednesday, January 08, 2014
The time has come! Supplemental
Directive 13-09 to the Making
Homes Affordable handbook will take effect in two days on January 10, 2014.
As discussed in a previous entry,
this Supplemental
Directive makes the loss mitigation process easier, clearer, and more
efficient. It is an alignment with the final Consumer...
Tuesday, January 07, 2014
07
Jan
According to the Consumer Financial Protection Bureau, the new form, "The Closing Disclosure form replaces the current form used to close a loan, the HUD-1, which was designed by HUD under RESPA. It also replaces the revised Truth in Lending disclosure designed by the Board under TILA."
Consumers must receive this form...
Thursday, December 26, 2013
The Consumer
Financial Protection Bureau (CFPB) and 49 states have signed a proposed court
order requiring Ocwen to spend $2.1
billion on loan modification programs and relief to victims of foreclosure.
Ocwen is the largest non-bank mortgage
servicer in the United States. It was alleged by CFPB that...
Thursday, December 12, 2013
12
Dec
A whole new
world of getting a mortgage is coming in the beginning of 2014. You should get
familiar now!!!
To remind
you, in the years before 2008, financial institutions were subject to little
regulation in the United States. Many lenders did not even bother to verify
income or debt before handing over adjustable-rate...
12
Dec
The
Mortgage Forgiveness Debt Relief Act of 2007 has provided relief to thousands
of borrowers who have completed short sales or obtained loan modifications with
mortgage principal reductions. Before this law was enacted, any forgiven mortgage
debt was taxable by the government. For example, if a lender reduced a
borrower’s...
Sunday, November 10, 2013
10
Nov
Learn if a mortgage is good for you, your clients &/or customers.
Housing counselors provide advice on buying a home, renting, defaults, foreclosures, and credit issues.
In NY, 2 nationally approved housing counselors are:
National Federation of Community Development Credit Unions
National Urban League
However,...
Wednesday, October 16, 2013
Do you know someone who purposely defaulted on his mortgage
even though he had the ability to pay it? Perhaps this person did not want to
waste his hard-earned income on mortgage payments but instead saved up for a
cruise to the Bahamas. Or maybe this person owed more than he originally paid
for the home and did not want...
Tuesday, September 17, 2013
17
Sep
Incident to the Consumer Financial Protection Bureau's (CFPB) new mortgage rules, the Ability-to-Repay Rules, the CFPB also has created rules for delinquency notices, follow-up information for loss-mitigation, and forbearance plans. Its imperative that foreclosure defense counsel familiarize themselves with these rules...
17
Sep
To access the new Handbook for MHA, inclusive of HAMP and HAFA, click here.
This Handbook is the rules for banks / servicers to modify mortgages, so pay careful attention to detail and make sure that they comp...
