JB Group Weekly Tweet Recap for 2011-01-23

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Posted on in General

JB Group Weekly Tweet Recap for 2011-01-23

GSEs, HUD Exploring Updated Loan Servicer Compensation Models http://ow.ly/1aVq7r # Building Permits Jump 16.7% in December. Asterisk Noted in Data http://ow.ly/1aWqv6 # Housing Update: Lower lows. http://fb.me/t2AhVZ8u # Colorado Board of Mortgage Originators to Inactivate LO’s not NMLS approved by January 31, 2011 – http://ow.ly/3HvTG # Existing Home Sales Up. Distressed Sales Pressure Prices Lower http://ow.ly/1aXt8I # Adjustable Balance Mortgages: Shared Risk Reduces Strategic Defaults http://ow.ly/1aYsNW #

by jberman
Posted on in Mortgage Regulation

Colorado Board of Mortgage Originators to Inactivate LO’s not NMLS approved by January 31, 2011

Within a few weeks we should get updated figures on the number of licensed mortgage originators in Colorado.  This notice from the Colorado Division of Real Estate showed up in my inbox a few days ago and indicates that by January 31st, we will have an updated data set on how many mortgage originators are left in business: In the December 15, 2010 meeting of the Board of Mortgage Loan Originators, it was decided that all active licenses issued through the Colorado Division of Real Estate will be INACTIVATED on January 31, 2011 for all individuals that do not maintain an approved and active registration through the NMLS. On … Colorado Board of Mortgage Originators Colorado has traditionally been friendly to business interests. As it relates to mortgage regulation, Colorado was one of the last in the union to accept any type of regulation. Notably, the mortgage industry was effective at keeping government out. The problem was that a housing environment […]

by jberman
Posted on in General

JB Group Weekly Tweet Recap for 2011-01-16

Does the Mortgage Industry Rely Too Heavily on Credit Scoring Models? http://ow.ly/1aOnm9 # Wild Wild West Housing Market: Are Ghost Towns Making a Comeback? http://ow.ly/1aPk3W # Loan Officer Compensation: Overtime Pay or No Overtime Pay? – The Mortgage Bankers Association has filed suit in fed… http://ow.ly/1aQhUv # Foreclosure Filings Hit Record Number of Properties in 2010 – One in every 45 U.S. housing units was the subject of … http://ow.ly/1aRgrG # The # of wholesale lenders still accepting current loan level pricing diminishes daily. Deadline 1/31. Advice: Costs going up, lock soon. # The Role of Affordable Housing in Stimulating Job Creation and Economic Development http://ow.ly/1aSd8A #

by jberman
Posted on in General

JB Group Weekly Tweet Recap for 2011-01-09

Private Residential Construction Spending Up Slightly in November http://ow.ly/1aIfkF # [mortgage peeps] NMLS Call Reports on your radar yet? Welcome to the new world of lending. # Loan Buyback Saga Far From Over. Blame Cannot Be Localized – Of course news that Bank of America had settled GSE rep… http://ow.ly/1aJavP # **Warning, Boring Mortgage Chatter** My initial take on the NMLS Call Report. http://fb.me/K1eO1zx6 # Loan Applications: Stale Demand Seen Around Holiday Season – The Mortgage Bankers Association (MBA) today released i… http://ow.ly/1aK6Np # Land-Backed Securities: Time to Bulldoze Excess Housing Inventory? http://ow.ly/1aL6Cb # WSJ: "Mortgage Rules Delayed In Regulator Spat" – The Dodd- Frank Bill has laid out a pathway for future operations … http://ow.ly/1aM5Zl #

by jberman
Posted on in Mortgage Regulation

Is the Mortgage Industry Ready for the NMLS Call Report?

Welcome to the new world of lending. As the industry is trying to catch it’s breath from the December 31st, 2010 deadline for registration & testing, the next bureaucratic landmine is already waiting to further confuse & occupy the licensed originator community. The NMLS has created the NMLS Call Report, which requires companies to produce production data from any mortgage activity by any mortgage licensee working for the company, every 90 days. Additional financial reporting requirements are incumbent upon larger lending institutions. Keep in mind, federal and state chartered banks have no compliance obligation to NMLS. Take a look at a few of the field IDs that NMLS asks for in the report. Every lead and application generated by any licensed originator must be measured, every 90 days. Inquiries amongst my colleagues suggests that few are aware of the NMLS Call Report and fewer still have systems in place that are capable of tracking and reporting all of the information […]

by jberman
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