Mortgage Regulation
Reality Check – Are mortgage brokers the root cause of the housing crisis?
July 13, 2010 by jberman · 2 Comments
Much of the blame for the Subprime Housing Crisis has been disproportionately directed at Mortgage Brokers. As a mortgage broker/originator since 1993 and a member of a group that many blame for the housing crisis, my views are biased and probably a tad defensive. However, blaming mortgage brokers for the foreclosure problem is like blaming [...]
The HVCC Virus Spreads to FHA
September 18, 2009 by jberman · Leave a Comment
Our good friends at IMMAAG reported today that FHA has enacted a similar appraisal management process to the much maligned & ill-conceived HVCC regulation that has added layers of complexity and cost to conventional (FNMA, FHLMC) mortgage financing. Excerpts from IMMAAG’s most recent alert: It is no secret that IMMAAG has opposed HVCC since the [...]
Colorado Division of Real Estate establishes rule clarification to comply with S.A.F.E.
September 16, 2009 by jberman · Leave a Comment
The Colorado Division of Real Estate is getting it’s regulations in shape for the S.A.F.E. Mortgage Licensing Act (passed in 2008). One of the requirements of the S.A.F.E. Act is an annual renewal process for mortgage originators. Currently, Colorado has a three year renewal process, so the Division proposed a License Cycle Transition Process to [...]
Bad for Consumers: The Mortgage Improvement & Regulation ACT of 2009 (MIRA)
April 6, 2009 by jberman · Leave a Comment
Just when you thought that nothing more could be done to add to the confusion, noise, and attacks on the independent mortgage lender/brokers along comes the Mortgage Bankers Association offering of draft legislation veiled in the promise of national standards to protect consumers. Unfortunately, it appears that the real purpose is the MBA’s continuing effort to support additional controls [...]
About Time! HUD Introduces Risk-Based Premiums for FHA Loans
July 16, 2008 by jberman · Leave a Comment
A new risk-based premium program for FHA loans went into effect July 14, 2008. Until two days ago, FHA loans, which are government backed programs, charged all borrowers the same regardless of credit score or loan to value. The one size fits all plan is gone. Here are the changes that consumers need to know. [...]
