Archive for the ‘mortgage laws’ Category

Are Mortgage MSA’s on the way to extinction?

Wells Fargo and Prospect have announced that they are exiting all MSA agreements.  The CFPB has levied major fines to mortgage companies for MSA activity with little guidance to go with the financial fines. Mortgage companies have to see this as a strong indicator that the risk is getting to high to continue participating in these type of agreements. […]

FHA Mortgage Net Branch Notice

Important – FHA Mortgage Net Branch Notice – Important The deadline is upon us for the increase in the upfront mortgage insurance for FHA loans.  All net branch manager, loan officers, processors and independent owners need to be aware of this information. From HUD: Lenders are reminded that effective for FHA loans for which the […]

North Carolina law tougher on mortgage branches, originators and lenders

A new law is going into effect soon in North Carolina that will eliminate more originators, mortgage branches and companies in that state. Very soon if you do not have a credit score of 600 or higher, your out! The net worth for a broker now will $25,000 and require audited financials. The education requirements […]