Friday, August 28, 2015
Sunday, January 22, 2012
HUD RESPA Questions and Answers.
No matter what type of employment you have in the mortgage business - a loan officer, a branch manager, a mortgage processor a little know document published by HUD in April 2010 is a must read for any mortgage professional interested in navigating the complex GFE disclosure rules.
The document answers a lot of questions that come up in every day origination and disclosure.
How should you disclose seller paid items?
How should you disclose a no cost loan?
How to re-disclose a rate lock?
When does a LO have to provide a list of providers?
What happens if the LO does not provide a list of providers?
How does the section of the GFE correspond to the HUD-1?
The answers might surprise you.
Here is link to the full Q&A RESPA document published by HUD.
HUD RESPA Q&A
I hope you find this information useful - If you would like information about a branch opportunity please visit my website http://www.netoriginator.com
How should you disclose seller paid items?
How should you disclose a no cost loan?
How to re-disclose a rate lock?
When does a LO have to provide a list of providers?
What happens if the LO does not provide a list of providers?
How does the section of the GFE correspond to the HUD-1?
The answers might surprise you.
Here is link to the full Q&A RESPA document published by HUD.
HUD RESPA Q&A
I hope you find this information useful - If you would like information about a branch opportunity please visit my website http://www.netoriginator.com
Thursday, July 1, 2010
Net Branch best business model for mortgage professionals
Why is a net branch the best business model for most mortgage professionals?
One of the reasons is that current and pending legislation is making it harder for small independent mortgage shops to survive.
As our mortgage lending environment continues to change more mortgage lending professionals are switching to the net branch business model because of the ability become part of a much larger company and still have the flexibility manage their day as an entrepreneur.
New net worth requirements from HUD, higher E&O costs and requirements, higher employee costs, fewer loan programs, and fewer investors all make running a small independent shop more difficult and being part of a national company offering net branch opportunity more attractive.
The non origination costs for an independent mortgage office can be a huge drain on their budget.
By non origination costs I mean anything that is not directly related to generating business. Compliance, payroll, accounting, licensing, equipment, office space, etc. Its a long list of tasks and responsibilities.
Joining a larger company is a cost effective way to leverage these costs. If the owner / manager handles all of these responsibilities they are taking time and energy away from loan production. Being part of a larger company that has a system in place for handling these administrative tasks frees up the managers time to focus on income producing - business development activities.
If you would like to know more about our net branch partner program visit our Frequently Asked Questions page.
One of the reasons is that current and pending legislation is making it harder for small independent mortgage shops to survive.
As our mortgage lending environment continues to change more mortgage lending professionals are switching to the net branch business model because of the ability become part of a much larger company and still have the flexibility manage their day as an entrepreneur.
New net worth requirements from HUD, higher E&O costs and requirements, higher employee costs, fewer loan programs, and fewer investors all make running a small independent shop more difficult and being part of a national company offering net branch opportunity more attractive.
The non origination costs for an independent mortgage office can be a huge drain on their budget.
By non origination costs I mean anything that is not directly related to generating business. Compliance, payroll, accounting, licensing, equipment, office space, etc. Its a long list of tasks and responsibilities.
Joining a larger company is a cost effective way to leverage these costs. If the owner / manager handles all of these responsibilities they are taking time and energy away from loan production. Being part of a larger company that has a system in place for handling these administrative tasks frees up the managers time to focus on income producing - business development activities.
If you would like to know more about our net branch partner program visit our Frequently Asked Questions page.
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