Blog

06/03/2014

Bank vs Non Bank Loan Officers Licensing from Rob Christman’s 8Feb Newsletter

“I am still wondering what the thought process is with the CFPB’s lack of enforcement requiring Loan Officers with bank owned mortgage companies becoming licensed. As a regional manager, I have interviewed LO candidates who failed their test or background checks for licensing and then they walk down the street to a bank owned lender and go to work. So how does working for a bank lender make an LO a better qualified LO? But the more important question I have for the leaders of bank owned mortgage companies; if your bank is committed to providing the best trained loan officers in the mortgage business why doesn’t your bank require your LOs to pass the licensing test, and the same background requirements that each state requires to become licensed? Why does a government agency have to mandate or make it a regulation for a bank lender to require LO testing if they truly want to provide their customers with the most ethical, knowledgeable and best trained loan offers? All Realtors have to be licensed and all appraisers have to be licensed, so what is the thinking with excluding loan officer with depository lenders? The issues that brought about Dodd Frank and the CFPB were not restricted to just non depository lenders; the bank lenders were right in the middle of it too. I think we all want a level playing field and the goal should be to provide the most ethical and knowledgeable loan officer so our consumers are protected! The CFPB is supposed to be all about protecting the consumer; not protecting the banks.” [Editor’s note: banks, and bank employees, have their own set of rules, background checks, testing, and so on. And they will often argue that their standards are higher than a mortgage banks. But you do bring up a great point, and Dave Stevens, in a speech two days ago, mentioned that reconciling business-specific LO discrepancies is on the MBA’s agenda for 2014. So stay tuned!] Steve Lanier Senior Loan Officer Southwest Funding Mtg Ph : (504) 908-3380 Fax: (504) 613-6382

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Simple Explanation of Latest Rules: Qualified Mortgage and Ability to Repay

05/02/2014

How to Explain QM & ATR to Your Clients                               Written By: Bridget McGee, Real Estate Mortgage Broker with CrossCountry Mortgage, Inc. 410-960-2061 NMLS 196068 I have recently been asked by both clients and real estate agents about Qualified Mortgage, The Ability to Repay, and the all-important question:  How is this going to affect me

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HOW TO REDUCE CLOSING COSTS ON YOUR MORTGAGE

14/10/2013

When you take out a mortgage, whether it’s for a purchase or a refinance, you must pay closing costs, which can vary considerably. There are fees that must be paid to the lender, along with optional ones, such as mortgage discount points, and fees that must be paid to third parties, such as title/escrow and

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UNSURE WHETHER TO REFINANCE?

18/06/2013

Changing rates have made things confusing for a lot of us. Would it be worth refinancing to get a better rate? That depends on a number of factors, and I’d be happy to meet with you to review your individual circumstances, but in the meantime I came across a great chart to give you an

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Where to Get a Mortgage: Small Banks, Major Lenders, Credit Unions

29/04/2013

When the big guys get backed up, they have a tendency to raise their price, to slow down volume. And that gives other lenders an opportunity, because the consumer thinks, ‘Why would I pay an extra $100 a month?’”It sends a clear message. In order to get the best deal, and to increase the chances

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NEW CFPB COMPLAINT REPORT SHOWS MORTGAGE BROKERS ARE THE BEST ORIGINATOR

08/04/2013

APRIL 3, 2013—The National Association of Mortgage Brokers (NAMB) has come out in support of the Consumer Financial Protection Bureau’s (CFPB) release of the Consumer Complaint Database, a public database of federal consumer financial complaints, containing more than 90,000 individual complaints on financial products and services. One of NAMB’s core beliefs is the protection of

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The Greatest Transfer Of Wealth Ever

05/11/2012

Here’s an interesting take on the economy: “A vast number of people think that what we’ve been through during the last four years is just another episode in the economic crises history of the United States.  They believe a president has the power to continue the trend or reverse it.  So they put their faith

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What Folks are saying about Steve

Blog Testimonial

My husband and I signed a “Bond for Deed” on our dream home, and had a two year deadline for financing it.

Our loan was such a challenge because of the “Bond for Deed” and we ran into every obstacle imaginable.

Steve was by our side every step of the way and was extremely knowledgeable and caring.

Steve was with us to the very end and had the pleasure of handing us the key to our dream home.

Blog Testimonial Author

Liza & Joseph Brown

Disclaimer

Southwest Funding LP (NMLS 32139) is an Equal Housing Lender. This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All Right Reserved. Steve Lanier NMLS 94837