As demand for mortgages increase, many lenders are finding that they are unable to fund loans or are extremely slow in funding as their warehouse lines are shrinking or disappearing altogether. This means that as the economy struggles to recover, homeowners that have the biggest need to refinance are finding their loans are not funding or are funding significantly later than they had expected. These funding delays can mean increased » » »

MGIC has discontinued contract underwriting of uninsured loans. Moving forward and citing market conditions, they have announced that June 1st and beyond they will no longer contract underwrite loans in our Underwriting Service Centers that do not have Mortgage Insurance.

Effective June 1, 2009 MGIC will no longer accept uninsured business in our Underwriting Service Centers. Our Underwriting Service Centers will be available to underwrite your Contract-with-MI and MI-only loans. MGIC’s » » »

The times they are a changin’. Flagstar sent out a memo today documenting their expectations for pair offs. In other words, if you lock a loan and it closes elsewhere, expect to receive a bill from Flagstar. Some Flagstar clients are reporting $400 invoices per pair off. Loan fallout is yet another pressure banks are experiencing in these interesting times.

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To: All Flagstar Bank Wholesale Lending Customers
From: Wholesale Lending
Subject: Best Efforts » » »

This is a guest post written by Clarion Mortgage CEO, David Marr. David is nice enough to allow us to re-print internal emails and commentary that he sends out to Clarion LO’s and management. Company specific and proprietary information have been removed.

Clarion CEO, David Marr

The question has come up many times “Is the brokerage business going to survive?”

I recently had factors explained to me that moves my answer away from just » » »

This is a guest post written by Clarion Mortgage CEO, David Marr. David is nice enough to allow us to re-print internal emails and commentary that he sends out to Clarion LO’s and management. Company specific and proprietary information have been removed.

February 6, 2009

All,

After making it successfully through the valley of the shadow of death where we controlled our fears of evil and despair, upon arriving at the garden of milk » » »

Summary of Manager’s Amendment to

H.R. 3915

Title I (Mortgage Origination)

Subtitle A.  Licensing System for Residential Mortgage Loan Originators.

* This subtitle is from Rep. Bachus’ bill (HR 3012) and provides for licensing and registration of individual mortgage brokers and registration of bank employees that originate mortgages, as well as the establishment of a Nationwide Mortgage Licensing System and Registry (NMLSR).

Applicants for State license and registration will furnish certain information to the NMLSR, » » »

LEGISLATIVE ALERT
From NAMB Government Affairs

On Tuesday, the House Financial Services Committee (“HFSC”) debated, marked-up, and voted 45-19 to approve the Mortgage Reform and Anti-Predatory Lending Act of 2007 (“HR 3915”).  This vote clears the way for HR 3915 to move to the floor of the U.S. House of Representatives for further debate and a vote of the full House, which is expected to occur as early as next week.

The amended » » »

Dear NAMB Member,

Success! YSP PRESERVED. Today, the U.S. House of Representatives passed the final version of H.R. 3915, the “Mortgage Reform and Anti-Predatory Lending Act of 2007″ on a vote of 291 to 127. This bill includes three important provisions that offer effective consumer protection without favoring any market competitor:

Amendment in the Nature of a Substitute to

The Mortgage Reform and Anti-Predatory Lending Act of 2007 (H.R. 3915)

TITLE I-MORTGAGE ORIGINATION

Subtitle A - Licensing System for Residential Mortgage Loan Originators

Sec. 101.  Purposes and methods for establishing a mortgage licensing system and registry.

Sets forth objectives for a Nationwide Mortgage Licensing System and Registry (NMLSR) for the residential mortgage industry to be established by the States through the Conference of State Bank Supervisors » » »

110TH CONGRESS 1ST SESSION

H. R. 3915

To amend the Truth in Lending Act to reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators, to provide certain minimum standards for consumer mortgage loans, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

OCTOBER 22, 2007 Mr. MILLER of North Carolina (for himself, Mr. WATT, Mr. FRANK of Massa­chusetts, Ms. WATERS, Mrs. MALONEY » » »