Loan Servicing Debacle: Berliner Gets Blunt

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Apr 5, 2011 10:46AM Loan Servicing Debacle: Berliner Gets Blunt This column originally appeared in the April 2011 issue of Asset Securitization Report (www.sourcemedia.com) titled "The Servicing Mess and Mortgage Lending". The outcome of the negotiations between servicers, the group of state Attorneys General and the fledgling Consumer Financial Protection Bureau (CFPB) is extremely important to the future of housing and mortgage lending. The initial documents and press reports, unfortunately, are not encouraging. The proposed Settlement Terms released by the... Apr 5, 2011 4:23PM L.O. Compensation Reform Update: Waiting on Court Orders Just in case you've missed any of these developments or just needed a refresher, here is the latest on originator compensation reform. On Friday, April 1st, the US Court of Appeals granted a stay on Fed's LO Compensation rule. This delayed the implementation of the rule until the Court was given time to hear additional responses from the Fed and NAMB/NAIHP. Here is an excerpt from the court order: "Upon consideration of the emergency motion for expedited relief and the emergency motion to stay implementation... Mortgage Rates: More Drifting in Wrong Direction March Housing Scorecard Reflects Stagnant Marketplace MBS RECAP: Out at Session Lows. Reprices Reported DeMarco Debates GSE Reform Approaches Risk Manager to Run FHA Once Stevens Steps Aside ORIGINATOR COMPENSATION: STILL IN THE FIGHT View: Front Page | Headline Viewer Micro News 3:48 PM: Court Ruling Pending for LO Comp 3:34 PM: Absence of Scheduled Data Opens Door to Volatility Tomorrow 2:31 PM: Fed's Kocherlakota: Housing's Reliance on Government Isn't Sound Strategy 2:15 PM: Tepid Post-FOMC Rally Meets Familiar Resistance 1:34 PM: FDIC Fee Roils Repo Lending Market 12:54 PM: Reprices for the Worse Reported 12:50 PM: Mortgage servicers have done poor job -Geithner 10:03 AM: ISM Non-Manufacturing at 57.3 vs 59.7 Previously »View All Micro News Around the Web Real Estate News: Housing Bubble Continues to Haunt Fed How Many Borrowers Qualify for New 'Safe' Mortgage Rules? Centerpiece: Renting vs. Owning – Potential Benefits on Both Sides for Working Families Should Distress Sales Be Used as Comparables? REALTORS® Urge Congress to Approach GSE Reform Slowly After Delays, Five States Start Unemployed Loan Program »View More Around the Web Video News Sector Sort: Home Builders Realty Check: Commercial Space Why the Budget Hullaballoo? »View More Video News Today's Comments "Understood Bill. Again principal reduction is the only reasonably quick way to regain equilibrium in outstanding mortgage balances and home values. I think..." "From the FED Response, "It is certainly the case that the public interest favors allowing the Rule to take effect to put a stop to practices that..." "@DanTheMortgageMan: Yes, I heard many companies are not allow borrower paid option. I guess your salary has to be fixed (like $3000/mo) too. Broker has..." »View More Comments Today's Q&A "Is real estate tax Paid "in advance" or for the past..." "I have excellent credit rating/score/history but low income,..." "I stopped paying my mortgage for 9 months but it has been a year..." »View More Q&A Today's Forum Discussions "This is not an April fools joke!! HUGE 2 WEEK PRICING SPECIAL ON MULTI UNIT PROPERTIES NATIONWIDE <a href="http://www.hardmoneyman.com">hard..." "for a two person family whats the income limit on a usda loan" "RE:: short sales, will it go through if home is rented?" »View  Forum Discussions jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.88 0.03 15YR 4.15 0.03 FHA30YR 4.75 0.04 Jumbo30YR 5.64 0.04 5/1ARM 3.53 0.03 MBS Quotes FNMA 3.5 93-19 -0-21 FNMA 4.0 97-31 -0-15 FNMA 4.5 101-14 -0-10 FNMA 5.0 104-10 -0-08 Treasuries 2 YR 0.8216 0.0556 3 YR 1.2988 0.0788 5 YR 2.2716 0.0796 7 YR 2.9260 0.0680 10 YR 3.4869 0.0619 30 YR 4.5075 0.0265 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Homeownership -0.60% Home Vacancy 8.00% Housing Starts -5.11% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

DeMarco Debates GSE Reform Approaches

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Apr 4, 2011 2:14PM DeMarco Debates GSE Reform Approaches The House Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises held the first of what will probably be a large number of hearings on legislative proposals to overhaul the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. The hearing came one day after the Subcommittee Chairman Scott Garrett (R-NJ) accounced eight bills intended to reform the GSEs. Garrett said the eight bills are merely the first of multiple rounds of Republican sponsored legislation... Apr 1, 2011 3:58PM ORIGINATOR COMPENSATION: STILL IN THE FIGHT Most Americans are unfamiliar with the Administrative Procedures Act (APA), yet it reaches each of us through an assortment of rules that eventually lead to what some might consider red tape. Some believe the APA is heavy-handed and will tell you the federal government uses it much too often to circumvent the will of Congress. That comment is for a later discussion. The crux of the Act spells out the process by which agencies promulgate rules and regulations, among other responsibilities. While there... Risk Manager to Run FHA Once Stevens Steps Aside Mortgage Rates: Once Again Storing Energy The Week Ahead: Fed Speak, FOMC Minutes, More Fed Speak Non-Bank Institutions Expand Mortgage Lending Operations; Who Implemented Comp Rules and Who Didn't?; Investor Bulletins L.O. Comp Rules Delayed Five Days. Not a Cruel Joke! Employment Report: Improving Labor Market Lacks Wage Growth View: Front Page | Headline Viewer Micro News 3:40 PM: Day Two of "The Lockhart Week" Also Includes Some Data! 3:30 PM: Fed's Evans Questions Inflation Without Wage Growth 3:08 PM: Mortgage paperwork mess: Next housing shock? 3:03 PM: Treasury Projects Reaching Debt Limit by 5/16/11 2:50 PM: Slight Reprice Risk Creeps in as MBS are Near Lows 2:03 PM: Global recovery fragile, uneven - IMF chief 9:07 AM: Fed's Lockhart says recession has altered consumers 4:00 PM: Originator Compensation: Still in the Fight »View All Micro News Around the Web 5 States Get Foreclosure Aid for Unemployed Builder Takes Different Approach, Starts Renting Housing and Government: 'Troubling Dip' or Double Dip? Entire State Puts Homes on 'Clearance' Sale The Path for Housing GSEs and its Impact on Corporate Cash Investors Freddie Mac, Capital Markets Cooperative Renew Strategic Alliance »View More Around the Web Video News Numbers Game Bernanke and the Street Realty Check: Homebuyer Traffic Slows »View More Video News Today's Comments "Anyone see the 60 minutes piece on the MBS debacle? Great news for loan officers, realtors…. jeez anyone related to the housing market!" "This has been the standard for the last decade and your complaint has been raised for the last decade. If it has not changed yet (with all of the recent..." "Mr. Montgomery: I wonder if the Office Of Advocacy perhaps missed the need for reforming the RESPA GFE box 2, page 2 of the current version of the Good..." »View More Comments Today's Q&A "Is real estate tax Paid "in advance" or for the past..." "I have excellent credit rating/score/history but low income,..." "I stopped paying my mortgage for 9 months but it has been a year..." »View More Q&A Today's Forum Discussions "for a two person family whats the income limit on a usda loan" "RE:: short sales, will it go through if home is rented?" "Regardless of your business model, MCC is your Full Service Compliance resource for Licensing, Quality Control and other compliance matters. Mortgage Compliance..." »View  Forum Discussions jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.85 -0.01 15YR 4.12 -0.02 FHA30YR 4.71 -0.03 Jumbo30YR 5.60 -0.01 5/1ARM 3.50 -0.01 MBS Quotes FNMA 3.5 94-06 0-03 FNMA 4.0 98-13 0-03 FNMA 4.5 101-24 0-02 FNMA 5.0 104-17 0-00 Treasuries 2 YR 0.7659 -0.0361 3 YR 1.2255 -0.0595 5 YR 2.1934 -0.0486 7 YR 2.8601 -0.0399 10 YR 3.4272 -0.0228 30 YR 4.4852 -0.0028 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Homeownership -0.60% Home Vacancy 8.00% Housing Starts -5.11% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031

ORIGINATOR COMPENSATION: STILL IN THE FIGHT

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Apr 1, 2011 3:58PM ORIGINATOR COMPENSATION: STILL IN THE FIGHT Most Americans are unfamiliar with the Administrative Procedures Act (APA), yet it reaches each of us through an assortment of rules that eventually lead to what some might consider red tape. Some believe the APA is heavy-handed and will tell you the federal government uses it much too often to circumvent the will of Congress. That comment is for a later discussion. The crux of the Act spells out the process by which agencies promulgate rules and regulations, among other responsibilities. While there... Apr 1, 2011 10:19AM Employment Report: Improving Labor Market Lacks Wage Growth The Bureau of Labor Statistics has released the March 2011 Employment Situation Report . From the Release... Nonfarm payroll employment increased by 216,000 in March, and the unemployment rate was little changed at 8.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, leisure and hospitality, and mining. Employment in manufacturing continued to trend up. Here's the nitty-gritty from Reuters... RTRS-U.S. MARCH NONFARM... L.O. Comp Rules Delayed Five Days. Not a Cruel Joke! Reg Z Violations Easily Enforced Under SAFE Act; Comp Plan Recruiting Rush; Shadow Invetory Issue How Did the Employment Report Impact Mortgage Rates? MBA Expresses "Profound Concern" Over Risk Retention Proposals Republicans Dive Head First into GSE Reform with Eight New Bills Case-Shiller: Home Price Double-Dip Materializing View: Front Page | Headline Viewer Micro News 4:00 PM: Originator Compensation: Still in the Fight 3:53 PM: Much Less Data Overall and no Treasury Auctions in the Week Ahead 2:55 PM: Gains Continue Into After Hours. Cue The Reprice Trickle 1:39 PM: Volume and Volatilty Wane Leaving Bonds Mostly Unchanged 11:00 AM: Fed's Dudley Brings Balance to Recent Hawkishness 10:34 AM: US econ growth gauge rose in latest week- ECRI 10:32 AM: Fed's Fisher - wage pressures may be building 10:08 AM: Fed's Dudley: Jobs growth likely to gather pace »View All Micro News Around the Web Women's Earnings Are Stagnating Economists React: Upside Potential for Jobs Is 'Tangible' Eight Years to Get Back to Full Employment? Rowhouse Rehab: Fencing In the Contractor Spending Cuts Will Cripple Jobs Recovery When Will China Overtake America? »View More Around the Web Video News March Jobs Report Real Read on Real Estate Harris Says Easing Lending Standard Is Boost to Hiring »View More Video News Today's Comments "Great Question! To be rid of the mortgage broker and wholesale divisions quite simply. Frank, by beat I refer to the fact that big banks have the lobbyists..." "There are serious disclosure issues with Lender Paid Compensation effects on Box 2 of the good faith estimate. The credit or "charge" for interest..." "Yes Jason--old comp is intact at most wholesalers today. There are serious disclosure issues with Lender Paid Compensation effects on Box 2 of the good..." »View More Comments Today's Q&A "How do i send extra payment to morgage towards principle only..." "If my agent is selling my home and showing me my new home how..." "What is the quickest and easiest way to transfer complete ownership..." »View More Q&A Today's Forum Discussions "Right now I am an LO at a broker shop. I haven't seen the final plan from my broker yet but with what I have been reading.... it seems like even with..." "BRIDGE LOAN PROGRAM NO UPFRONT FEE!!! This loan program is intended to provide a fast and efficient solution in the event you have one of the following..." "Does anyone have any information on their new/upcoming comp changes. Preferably information for LO's from the big banks. Educated guesses are welcome..." »View  Forum Discussions jeffer90576 -view profile -edit profile Subscription Level: Non-Premium Manage Account Market Data Mortgage Rates 30YR 4.86 -0.03 15YR 4.14 -0.03 FHA30YR 4.74 -0.03 Jumbo30YR 5.61 -0.02 5/1ARM 3.51 -0.01 MBS Quotes FNMA 3.5 94-03 0-06 FNMA 4.0 98-10 0-04 FNMA 4.5 101-22 0-03 FNMA 5.0 104-17 0-03 Treasuries 2 YR 0.8016 -0.0314 3 YR 1.2825 -0.0295 5 YR 2.2433 -0.0287 7 YR 2.8998 -0.0242 10 YR 3.4478 -0.0202 30 YR 4.4880 -0.0220 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. Homeownership -0.60% Home Vacancy 8.00% Housing Starts -5.11% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2011 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031