Mortgage Talking Points

A provision in the National Licensing Law and Registry required a “consumer” link so they can check to make sure a mortgage company, loan officer, etc are licensed (or had their license revoked).  The website has just been launched and here’s the link:

http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch

Check it out and see if you have been listed yet .

Okay rodeo fans. Anybody else besides me freaking out about the announcement made yesterday by Flagstar? If you are a correspondent lender like me and have been studying the HVCC to devise proper company compliance procedures for ordering your appraisals this will have you beating your head against the wall. Here’s what they are saying:

• Effective for loans purchased after 2/27/09
• All 2-4 unit properties (conventional and government) must have appraisals done by one of their approved Appraisal Management Companies (AMC’s).

ARE YOU KIDDING ME!!!

HVCC allows correspondent lenders to order their own appraisal (within guidelines).

HVCC states that government loans are exempt.

Is this the sign of what’s to come? The investors have decided to lump us all together, brokers and correspondent lenders, and disregard the HVCC guidelines and write their own rules?

Also the revised HVCC allows them to have ownership in the AMC’s they make us use. So they are not only going to disregard that, as a correspondent lender, I have a huge financial stake in every file, hence my motivation to avoid fraud AND they may make money on the side doing it. GIVE ME A BREAK!

Just a warning for all of you lenders out there scrambling to create procedures and organize personnel to be ready for the May 1 deadline:

IT MAY BE A WASTE OF OUR TIME!

We’ll keep you posted. Tracey Rumsey