From the category archives:

Mortgage Contract

How to Buy a Mortgage (and not lose your mind)

December 9, 2008

I have decided that the phrase “shopping mortgage rates” is an oxymoron. There is no such thing. A mortgage rate is a mortgage rate is a mortgage rate. What you are actually shopping is truth. I will skip the dishonest mortgage broker rant here and cut to the chase.
How to Buy [...]

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Flat Fee Mortgage – can it rescue the Mortgage Broker Industry?

January 21, 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 have believed [...]

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Mortgage Contract on the way?

January 18, 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 [...]

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The Mortgage Reform and Anti-Predatory Lending Act of 2007

November 3, 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 federal [...]

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Feds propose a Mortgage Contract

March 28, 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 [...]

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Mortgage Contract – Coming Soon?

February 1, 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 contract would [...]

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