Have you read the Q&A that HUD published on RESPA? Most people in the mortgage industry seem to have missed this must read document. Seller Paid Items, Denial, Change of Circumstance, Important Dates, Escrow Account Information, Loan Summary, among other topics. The document answers questions like; Can items be listed as POC on the GFE? [...]

Many Net Branch Companies will close their doors! HUD has just release the final rules on the required net worth requirements for mortgage  lenders to keep their HUD approval. If your net branch company is currently a HUD approved lender the new HUD rule will increase the minimum net worth by 4 times. The old [...]

The title for this post should be “Are the people at  HUD out of their fracking minds?” HUD has extended the deadline for correspondent lenders (mortgage brokers) to provided their audited financials. The big problem is that the extension period is useless. It’s a 30 day extension. Since HUD has a proposed rule change in [...]

More about the big changes for mortgage net branch managers in 2010. There is now a new 4 page GFE (Good Faith Estimate) and new disclosure rules to go with it. The new GFE has you disclosing the figures several different way to (in theory) help the borrower better understand the transaction. The initial fees [...]

Credit Repair and Loan Modification – Good or Bad For Net Branch Loan Officers? I have noticed that there are several “side businesses” trying to recruit loan officers. By “side businesses” I mean companies that offer services like credit repair or loan modification. My in-box is full of offers and I see recruiting ads everywhere. [...]