April 21st, 2011
Tucson Mortgage Brokers and Mortgage Brokers everywhere have been scrambling to set up Compliant Compensation Plans to meet new guidelines established by new Regulation Z requirements implemented on April1, 2011. The two biggest problems have been the lack of ability to pay Individual Loan Officers who are employees of the Broker on Consumer Paid Transactions. The other is the lack of ability for the Broker to adjust Borrower Costs either up or down after the GFE is issued, through the use of Broker Credits. Not only are these to items extremely prohibitive to conducting business, they are unfair and unprecedented.
April 13th, 2011
Author: R. Smith
Various Government Agencies,from the Board of Governors of The Federal Reserve to the Director of FHFA, have been holding Press Conferences recently to announce stricter Underwriting Guidelines for Residential Mortgages. The majority of the rules and new laws are trying to get into compliance with the Frank/Dodd Act, the legislation that was created by two of the the most powerful, highly educated and financially saavy Members of Congress,Chris Dodd and Barney Frank. I could write a book on these two, and hopefully someday, someone will, because they truly are a fascinating story.
April 9th, 2011
What does Tucson Real Estate and Tucson Mortgages have to do with Economic History?Economic History in the United States has proven to repeat itself over and over again, always yielding the same results. If you watch CNBC or spend your time reading Stock Analysts Reports, you will find that they are always right, half of the time.
April 6th, 2011
Courtesy of Tucson Rates and Real Estate
Featured Author: Doron Jampolsky- The Credit Clinic
Did you know that it is possible to have completely destroyed credit restored and or fixed in as little as 2 weeks? I have personally witnessed this on more than just one miraculous occasion. Of course I would never sit here and tell you that you should expect results like this as that is certainly not typical. However, what I do feel comfortable in telling you is typical or at least common is to see as much as 40% – 50% of the derogatory items deleted within the first 45 – 60 days alone – Assuming of course that you are dealing with “true” professionals.
April 5th, 2011
Tucson Mortgage and Tucson Real Estate Business just got tougher. Regulation Z and Loan Officer Compensation has been affected by a Federal Judge Ruling today, April5,2011.I would like to start this article off with a direct quote from the Feds Response filed yesterday: “It is certainly the case that the public interest favors allowing the Rule to take effect to put a stop to practices that the Board has found to be “unfair.” As the Board found, the current system causes “consumers [to] suffer substantial injury by incurring greater costs for mortgage credit than they would otherwise be required to pay.” 75 Fed. Reg. at 58515. Each day that the Rule’s effective date is postponed is another day consumers will suffer this harm, and their injury, too, is irreparable.”