January 21st, 2008
How to Clean Up the Mortgage Broker Mess:
There are a 2 simple yet powerful changes that need to take place for Mortgage Brokers to stay relevant as Congress seeks to take action against the mortgage broker industry.
Flat Fee Mortgage Compensation Model
Loan Contract
1. Flat Fee Mortgage -removing the agency problem in the mortgage business
I […]
Filed under: Flat Fee Mortgage, Mortgage Contract, Mortgage Marketing | Comments Off
January 18th, 2008
In a follow-up to our prediction in February 2007 -
http://mortgageblog.com/mortgage-contract/mortgage-contract-coming-soon/
Mortgage Contract in the works?
With the house democrats voting 100% in favor of HR 3915 Mortgage Reform and Anti-Predatory Lending Act of 2007 - it appears that a national mortgage contract is going to be adopted for consumers that wish to take out a […]
Filed under: Mortgage Contract, Sub-prime Meltdown | Comments Off
November 3rd, 2007
The Mortgage Reform and Anti-Predatory Lending Act of 2007
Sec. 101. Definitions.
Establishes definitions for various terms, including: “mortgage originator,” “qualified nationwide registration regime,” “qualifying state licensing law,” “residential mortgage loan,” and “securitizer.”
Sec. 102. Residential mortgage loan origination.
Provides that all mortgage originators (including mortgage brokers and depository institutions that originate mortgages) will be subject to a […]
Filed under: Legal, Mortgage Contract | No Comments
March 28th, 2007
Mortgage Contract in the works?
In testimony on Capitol Hill yesterday the idea of creating a 1 page disclosure document signed by both the borrower and the loan originator was proposed by Alex J. Pollock, Resident Fellow, American Enterprise Institute.
From an article on BrokerNewswire
To educate borrowers, Pollock introduced the idea of a one-page disclosure […]
Filed under: Mortgage Contract | No Comments
February 1st, 2007
Mortgage fraud, predatory lending and bad conduct by mortgage originators remains a hot topic amongst politicians, regulators, consumer watchdogs and the media. It would appear that the ultimate conclusion is the requirement of a legal mortgage agreement, a mortgage contract or loan contract, signed by both the borrower and the lender.
This mortgage […]
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