Mortgage Underwriting News from Theresa Furzland
Friday, April 13, 2012 - 7:57pm
My son and I have recently been having a recurring conversation regarding the benefits and down sides of technology. He is a music/computer science major and I find it interesting how it is a natural inclination for him to combine these two subjects.
He asked me today “What was it like before computers?” I at first thought he was being a Smart A but he was genuinely curious. The inquiry has...
Friday, February 17, 2012 - 8:28pm
The Consumer Finance Protection Bureau (CFPB) has been busy. The Bureau was created by congress and officially started business in July 2011.
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They have set up a very user friendly website with spots for feedback from consumers and industry professionals.
In relation to the mortgage industry, the CFPB has proposed streamlining...
Friday, November 18, 2011 - 8:19pm
Are you aware that there is a zero down program available? And no, it isn’t VA.
The USDA offers the Rural Housing Loan Program that is available to mid and low income persons in rural area. They accomplish this through two programs, the direct program for low income housing options and the guaranteed program which offers home owners Conventional, FHA and VA financing options through many lenders...
Friday, November 4, 2011 - 7:35pm
In light of the Interagency Review that was released in April of this year, I have been spending a large amount of my time lately researching the foreclosure examination process and refreshing my knowledge of the regulations and laws that we in the mortgage industry live and breathe every day. I am doing this in preparation to teach the Mortgage U Certified Foreclosure Examiner course and as I...
Friday, July 8, 2011 - 4:28pm
Our company, LendSmart Mortgage, is currently undergoing a software change that will allow us to be virtually paperless. I am of course an old dog, but in this business you have to be used to learning new tricks on a daily basis so I’m not really flustered. There are many wonderful things about this system but I also have some worries.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org...
Friday, June 24, 2011 - 5:23pm
Our company, LendSmart Mortgage, is currently undergoing a software change that will allow us to be virtually paperless. I am of course an old dog, but in this business you have to be used to learning new tricks on a daily basis so I’m not really flustered. There are many wonderful things about this system but I also have some worries.
My main concern is not that the process really hasn’t saved...
Monday, June 13, 2011 - 3:40am
I sat down at my computer tonight and thought I’d see how many acronyms I could rattle off the top of my head. Here is my 10 minute effort: (and if you know what they all stand for – you’ve been in this business too long!)
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RESPA TILA GFE GSE FACTA FNMA FHLMC FHA VA USDA RD CD REO DOM LTV CLTV HCLTV DTI VOE VOM VOR VOD W2 1099 4506 URAR...
Monday, June 6, 2011 - 12:18pm
I’ve been writing about the different perspectives of the mortgage industry and it has really been an interesting mental activity for me.
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Not only did I get the opportunity to appreciate the wide variety of experience I have had the fortune to acquire over the years, it also makes me feel old.
Not only did it make me realize how many...
Friday, May 27, 2011 - 9:34am
The recent mess with the foreclosure paperwork (or lack thereof) can serve as a reminder to all of us about the importance of due diligence and complete and accurate loan files and not to let automation make us complacent.
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The word of the day is data integrity. While many want to point blame at the Mers system for the confusion and lack...
Friday, May 20, 2011 - 2:55pm
Yes, I’m still receiving the rare refinance inquiry from my loyal past clients and referrals. These calls generally start like this – Hi Theresa, I’ve been seeing ads everywhere that interest rates are at record lows and I should refinance my mortgage now...or...I got a phone call saying I could get a great refinance deal and it won’t cost me anything and will lower my rate as low as 3.5%....
Tuesday, May 17, 2011 - 10:17am
You have to admit that a person needs to be just a little bit crazy to survive in this business, and lately it seems that it is even more of a pre requisite. I think that the argument could be made that any of us that remain should be subjected to a brain scan.
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This has always been an industry that requires a unique personality to...
Monday, May 9, 2011 - 8:16am
This week I’m looking through my originator eyes. I tend to think of myself more as a Mortgage Loan Advisor than a Loan Officer. As I have already mentioned, probably more than once, I never set out to be a loan originator and I am the first to admit that I am not a “salesman”. I do love this part of the process however and for one reason. The people that I get to work with. The same trait...
Friday, April 29, 2011 - 11:53am
We are a forward looking people, and so I’ve recently asked if we can predict what the mortgage industry is going to look like a year from now. With the multitude of changes we have endured and have yet to look forward to, can we even make a guess? Is there any reason to be optimistic?
Just since the start of 2011 we have adjusted to the revised TILA, new LO compensation rules and another FHA...
Tuesday, April 26, 2011 - 7:27am
I really thought this would be the easiest of these views to write, and as I get down to it I realize that it is actually the hardest. Maybe this is because it is really impossible for me to separate myself from my lifetime in this business. I have been a mortgage professional longer than I’ve been a homeowner.
Maybe it is because I talk to so many home owners and perspective homeowners every...
Friday, April 15, 2011 - 12:23pm
We have all become so accustomed to rapid changes in the past few years that it seems to be the one constant we can rely on. Is all this change really good? I’m sure you are like me and have done your fair share of grumbling about this or that and how it is making our lives miserable and more difficult. I recently had an underwriter comment about the upcoming Uniform Data changes on appraisals...
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