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Author Message
Topic: QM
FairwayMortgage

Replies: 1
Views: 18418

PostForum: Mortgage Lender Implode-O-Meter   Posted: Sat Jan 26, 2013 5:31 pm   Subject: Re: QM
What's everyones view out there on the new QM policy sent out by the CFPB today and how it will affect Wholesale lending?

As brokers, we've been following these new rules since January 1, 2010, so ...
Topic: Who is still doing full 203ks
FairwayMortgage

Replies: 9
Views: 15635

PostForum: Mortgage Lender Implode-O-Meter   Posted: Fri Jan 20, 2012 10:12 pm   Subject: Re: Who is still doing full 203ks
I'm doing them with two small mortgage bankers in NY who sell to M&T and do them with Presidents First (Presidents First has a $100k miniumum loan amount).
Topic: Lender paid/Consumer Paid
FairwayMortgage

Replies: 9
Views: 14530

PostForum: Mortgage Lender Implode-O-Meter   Posted: Fri May 20, 2011 5:26 pm   Subject: Re: Lender paid/Consumer Paid
It does stink that a consumer paid loan will have a higher APR than lender paid. However, I rarely come across an APR shopper. Most clients, even veteran home owners, don't even know what APR is. Wit ...
Topic: Mortgage call Reports
FairwayMortgage

Replies: 9
Views: 11611

PostForum: Mortgage Lender Implode-O-Meter   Posted: Mon May 09, 2011 5:15 pm   Subject: Re: Mortgage call Reports
Faiway, question for you......you said the shaded areas are the only ones that need to be completed. I am a NY broker as well. I was told by NMLS that if we did any Fannie or Freddie loans that the ...
Topic: Mortgage call Reports
FairwayMortgage

Replies: 9
Views: 11611

PostForum: Mortgage Lender Implode-O-Meter   Posted: Fri May 06, 2011 5:49 pm   Subject: Re: Mortgage call Reports
So the financial report is not due every quarter? As a broker we only submit financials once a year? Thanks for the help.

The NMLS Mortgage Call Report (MCR) is due every quarter. This is now in ...
Topic: Mortgage call Reports
FairwayMortgage

Replies: 9
Views: 11611

PostForum: Mortgage Lender Implode-O-Meter   Posted: Fri May 06, 2011 2:13 pm   Subject: Re: Mortgage call Reports
I just completed my NMLS Call Report for NY on Wednesday. The only sections applicable for a broker are the ones shaded below.

http://i53.tinypic.com/2h5qv86.jpg
Topic: New NMLS Quarterly Reports
FairwayMortgage

Replies: 9
Views: 13097

PostForum: Mortgage Lender Implode-O-Meter   Posted: Fri May 06, 2011 12:06 pm   Subject: Re: New NMLS Quarterly Reports
According to Florida Law...

Effective 10/1/2010, Section 494.001(21), F.S. defines a mortgage loan application as the submission of a borrower's financial information in anticipation of a credit de ...
Topic: Seller's concessions towards CC under new comp plan.
FairwayMortgage

Replies: 6
Views: 7557

PostForum: Mortgage Lender Implode-O-Meter   Posted: Fri Apr 15, 2011 5:28 pm   Subject: Re: Seller's concessions towards CC under new comp plan.
my understanding is you're fine - the $3750 YSP pays for 3rd party expenses only - the seller concession pays for the remainder of the 3rd party costs and your fee.

SNETS..that's what I thought. Th ...
Topic: Seller's concessions towards CC under new comp plan.
FairwayMortgage

Replies: 6
Views: 7557

PostForum: Mortgage Lender Implode-O-Meter   Posted: Thu Apr 14, 2011 6:44 pm   Subject: Re: Seller's concessions towards CC under new comp plan.
your origination cannot be covered in sellers concession. Only third party costs.

One of my lenders said it could. A brokers origination fee could be paid by the borrower or the seller.

So in m ...
Topic: Seller's concessions towards CC under new comp plan.
FairwayMortgage

Replies: 6
Views: 7557

PostForum: Mortgage Lender Implode-O-Meter   Posted: Thu Apr 14, 2011 5:43 pm   Subject: Seller's concessions towards CC under new comp plan.
I'm a little confused on this issue. Here is an average loan size example.

Borrower paid transaction
$250,000 loan amount (80% LTV)
$10,000 in third party expenses (appraisal, title, recording, ...
 

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