Monday, May 6, 2013

More or Less Trust in Loan Officers?

Mortgage news has been buzzing recently with tales of distrust: The US Government vs Bank of America, the US Government vs Wells Fargo, the US Government to pass mortgage reforms through the house, Obama appoints new Mortgage-Finance Regulator. These headlines have been sending the wrong messages to the population, should they trust the mortgage market, why is there so much reform happening NOW, are these reforms in the best interest of the people or another ploy to get mortgages into the hands of buyers who are likely to default? How can you as a loan officer be trusted when the headlines are sending messages of distrust to buyers? My Rate Mailer is a service designed to gain your clients trust. Our personalized mailer is the perfect online mortgage marketing tool, used to send your rates out as frequently as desired, opening the lines of communication and establishing trust with your buyers. Your clients want to be informed and feel as though they are being given the attention they deserve and require. During these times of uncertainty,My Rate Mailer gives clients a peace of mind knowing they are being informed about the best loan rates at the most crucial of times.

Mortgage settlement violations persist in California, group says

NEW YORK -- Violations of a landmark mortgage settlement alleged by New York's attorney general are also widespread in California, a housing advocacy group says.

“Banks aren’t doing what they’re supposed to be doing to help people stay in their homes,” said Kevin Stein, associate director of the California Reinvestment Coalition, a San Francisco-based group that lobbies for low-income Californians. 

New York Atty. Gen. Eric Schneiderman announced Monday he planned to sue Wells Fargo and Bank of America for "flagrantly" violating terms of last year's $25 billion National Mortgage Settlement.

The enforcement action would mark the first time a state's attorney general has cracked the whip on any of the five servicers that signed the settlement. In addition to BofA and Wells Fargo, JPMorgan Chase & Co., Citigroup Inc. and Ally Financial Inc. were parties to the agreement.

The settlement put in place 304 standards for mortgage servicing aimed at helping smooth the process by which homeowners can get modifications to their mortgages and prevent foreclosures.

The standards prohibit so-called "dual tracking," the practice of foreclosing even while homeowners seek a loan modification. The standards require each customer to get a single point of contact, and also mandate timelines for responses to customers seeking assistance. “There's a lot of frustration that we don’t see compliance with the agreement and we don’t see better outcomes for homeowners who are trying to stay in their homes and for communities that are trying to stabilize," Stein said Monday.

Last  month, the California Reinvestment Coalition released a survey of housing counselors and lawyers that found mortgage servicers were not living up to terms of the settlement.

(news article originally posted on LA Times.)

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