The Top Myths and Misconceptions in the Appraisal Process Dispelled for Clients | The Niche Report

The Top Myths and Misconceptions in the Appraisal Process Dispelled for Clients | The Niche Report

As a mortgage broker, chances are you are intimately knowledgeable about the Appraisal Independence Requirement AIR as part of sound underwriting for financial institutions. And though you may be familiar with the provisions for gaining information to safely loan on a property, be careful not to take for granted that buyers are aware of the legislation or the purpose and process of the appraisal overall.

Read the full article via The Top Myths and Misconceptions in the Appraisal Process Dispelled for Clients | The Niche Report.

GA Update – The Qualified Mortgage is Here!

GA Update – The Qualified Mortgage is Here!

Breaking News – Government Affairs Update

via GA Update – The Qualified Mortgage is Here!.

  • The CFPB released over 1,300 pages of documents today including the 804 page Qualified Mortgage Rule, also known as the Ability to Repay. Read the CFPB rule here.
  • In short, the QM will abolish loans with “risky features” such as no doc loans and pay-option ARMs as will as implement a max 43% back end ratio for non-GSE, non-FHA, non-VA, non-USDA loans at this time.
  • The QM also includes a cap on “points and fees” of 3% which will include LO compensation and affiliated fees.
  • The Rule is effective January 10, 2014.
  • The CFPB is seeking comment on how exactly the LO compensation piece will work. NAMB looks forward to working with the CFPB to work on the details.
  • NAMB officially is requesting the CFPB to convene a SBREFA Panel to specifically discuss the impact the rule will have on not only small business mortgage professionals, but the consumers they serve. Read the NAMB Press Release.
  • Copy of NAMB’s testimony to the House Financial Services Committee from July which spells out the concerns with the 3% cap on points and fees can be found here.
  • Bottom Line: Don’t Panic!…yet. Your Government Affairs team at NAMB is already hard at work. We represented mortgage professionals at the CFPB hearing in Balimore today and are already working with other trade associations to determine the best course of action with the new rules. Stay tuned and support those thaty support you!

 

  • 2013 NAMB Legislative and Regulatory Conference will be March 10, 11, 12 in Washington, D.C.. This is a “must attend” event. Last year, 10,000 Realtors attended NAR’s Lobby Day. We would love to see if we can get 1,000 mortgage professionals there to help us lobby on Capital Hill. Join us as we rally to fight for consumers, small business and mortgage professionals everywhere. Stay tuned for more details!!!

NAMB Government Affairs Committee meeting this week. If you would like to volunteer and participate with your GA Team, please let me know at jhudson@pnlending.com

Now, give us your feedback, ask us your questions, and share your commentary. Please email us at governmentaffairs@namb.org.

 

 

We need your participation and support…get involved today. NAMB is a non-profit trade association made up of volunteers that are passionate about the preservation and promotion of consumer choice, small business, and the well-being of ALL mortgage industry professionals. We have been fighting for the mortgage industry since 1973….Join us in our efforts. Support YOUR Industry, Fight Back, Join NAMB Here 

   

 

 

  SUPPORT NAMBPAC – As we vigorously fight for you in Washington, we do need help supporting those legislators that support us – please visit NAMBPAC to learn more! 

 

 

  

 

Please pass this message along to your referral sources and let them know how they can help. Protect Our Industry – Forward This Message

John H. P. Hudson

2012 NAMB Government Affairs Chair

 

Premier Nationwide Lending 

1202 W. Bitters Rd., Bldg 1, Ste. 1205

San Antonio, TX 78216

817-247-4766-Mobile

210-428-6379-Fax

jhudson@pnlending.com

 

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National Mortgage News – QM Rule Might Make Life Hard for Affiliated Service Providers – Daily Briefing Article

National Mortgage News – QM Rule Might Make Life Hard for Affiliated Service Providers – Daily Briefing Article

by Brian Collins

Mortgage companies that own title companies are worried that the qualified mortgage rule the Consumer Financial Protection Bureau is slated to unveil Thursday will penalize the use of affiliated service providers.

Read the full article via National Mortgage News – QM Rule Might Make Life Hard for Affiliated Service Providers – Daily Briefing Article.

NAMB Gov’t Affairs Update – YouTube

NAMB Gov’t Affairs Update – YouTube

Published on Jan 6, 2013

4 items in the update –

1) The NAMB Government Affairs team has met with the CFPB last week. We will be working with them very closely this year the rules are finalized.

2) Please reach out to your congressman and introdce yourself as a constituent and voter…..and an expert on hosing related issues.

3) Fiscal Cliff agreement helped housing. Mortgage debt forgiven in shortsales is still tax deductible and mortgage insurance is still tax deductible for qualified borrowers.

4) Save the date!!!! March 10, 11, 12 – Join us in DC for the 2013 NAMB Legislative and Regulatory Conference. Join us as we lobby on Capital Hill to help fight for the housing and mortgage industry.

Email us with any qestions at governmentaffairs@namb.org.

Sincerely,

John

via NAMB Gov’t Affairs Update – YouTube.

National Mortgage News – Will Qualified Mortgage Rules Drag On as Long as RESPA? – What We’re Hearing Article

National Mortgage News – Will Qualified Mortgage Rules Drag On as Long as RESPA? – What We’re Hearing Article

by Bonnie Sinnock

WE’RE HEARING…that while the qualified mortgage definition is approaching a deadline this month, there are some in the securitized market worried about the rulemaking dragging on.

Read more via National Mortgage News – Will Qualified Mortgage Rules Drag On as Long as RESPA? – What We’re Hearing Article.