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Wells Fargo to Cut Jobs in Wholesale Lending
Two sources are reporting that Wells Fargo is going to cut jobs in their Irvine CA wholesale lending operations center. How many wholesale lenders are left for brokers? Brokers and correspondent lenders, how are you doing out there? »
Will Real Estate Agents Embrace a Loan Originator with Fiduciary Duties?
I’m beginning to wonder. I’ve always put the clients best interest first…it’s just something I naturally have to do in order to be able to sleep at night. There has been a time or two when a real estate agent has told me that my job is solely to provide mortgages and... »
I went to a mortgage whore, he said my life’s a bore
Dear Jillayne, I have two residential loans that have been referred to me, one from a mortgage broker in Colorado and another from a credit union. Both LOs have already taken the loan application, gathered all the supporting documents, and sent the loans through the lender’s automated underwriting system. The credit union is unable... »
Proposed RESPA Reform
When I read the news on HUD’s proposed reform of the Real Estate Settlement and Procedures Act (RESPA) I was skeptical. Cathy from Sequim challenged me to read the 96-page federal register document so we could all figure out what’s going on. I am here to tell you that there is one... »
Washington State Legislative Alert: SB 6381 and SB 6452
Two Senate bills have been introduced into the state legislature this session. The first bill, SB 6381 (link opens a 2 page PDF) will change the state’s Mortgage Broker Practices Act to require that mortgage brokers owe fiduciary duties to consumers. In order to make fiduciary duties meaningful, they must be extended to include the loan... »
Winds of Change; The Rise and Fall of the Subprime Market
This is part one of a series of blog articles on the subprime mortgage market correction. In today’s article, I will briefly sketch the rise and fall of subprime loan products and their relation to predatory lending practices within a capitalist system. When I first entered the industry in 1985, Conventional loans were the cream... »
To Catch a Predator
Syndicated Columnist Kenneth Harney will report in his column tomorrow morning that the new chairman of the House Financial Services Committee, U.S. Representative Barney Frank, a Democrat from Massachusetts, has made it clear that his top priority will be enacting nationwide mortgage lending standards to protect consumers from predatory lending. I was recently asked by... »
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