14 May 10 Lead Planet Reports Significant Increase in Home Refinance Leads
Finding a homeowner who qualifies for a refinance is ten times more difficult than it was just 3 years ago. According to Bryan Dornan, the Lead Planet founder, “Mortgage marketing has been difficult in 2010 for loan companies that focus solely on refinancing, because mortgage underwriting and lending guidelines have tightened to a very uncomfortable level.” A spokesman for the Lead Planet said Purchase lead volumes rose 5.75% even though nationally home loan applications had come to a screeching halt. Lead Planet announced that their refinance lead totals rose almost 20% last week. See the original article online > Lead Planet Reports Big Jump in Mortgage Refinance Lead Volumes
Tags: Lead Planet
31 Aug 09 Closing Cost Rules and Mortgage Disclosure Changes Confusing
Mortgage lenders, bankers and loan officers are never excited about changes to RESPA or Reg Z. Essentially, expanding and adding new rules for home loan disclosure and mortgage settlement practices is a growing concern for mortgage professionals nationally.
According to a July industry survey by Wolters Kluwer Financial Services, the new disclosure and mortgage settlement rules are a big worry for compliance officers. Sixty percent said Truth-in-Lending compliance was a top concern; 58 percent also expressed anxiety with RESPA. “There are so many different mortgage regulations that are changing in the next 18 months or so, it’s kind of an overwhelming task,” said James Barber, the chairman and chief executive at the $1.4 billion-asset Acacia Federal Savings Bank in Falls Church, Vrginia.
Just a month ago, amendments to the Federal Reserve’s Regulation Z went into effect to enforce speedy cost disclosures for consumers. This coming January, banks are bracing for the compliance deadline for related Real Estate Settlement Procedures Act (RESPA) changes, finalized last year by the Department of Housing and Urban Development to help consumers shop around for mortgage terms with easy-to-understand, good-faith estimates and limits on pre-closing fees.
For community bankers ramping up for more mortgage origination activity, working under these new rules is already proving to be a cumbersome exercise. RESPA and Reg Z (the Fed’s Truth-in-Lending Act regulations) are forcing banks into costly upgrades of originations systems to accommodate compliance needs-processes, which many larger banks already have in place. Banks also must refocus their business-line and customer-service activities to meet with the inherent delays and confusion as part of new disclosure procedures. “We are handing our customers a letter at the time of the application spelling this out,” said Tom Myers, executive vice president and chief lending officer at the $1.5 billion-asset Monroe Bank & Trust in Michigan. “In the past, if you were expecting to close this loan in 35 to 40 days, it’s now 60 days.”
The most immediate impact on these bankers has been the TIL rules, which were enacted by the 2008 Mortgage Disclosure Improvement Act. Mortgage lenders must now wait at least seven days after an early good-faith estimate disclosure before closing on a loan. If the APR at close varies by more than .125 percent from the early disclosure, a “re-disclosure,” or new good-faith-estimate, is then required-which restarts the clock on the pre-close waiting period. That includes actions by consumers who decide at closing to buy down points or change terms themselves. “The customer can’t make a change at the last minute,” without delaying the close, said Monroe’s Pat Williams. “If he wanted a $100,000 mortgage and now wants $102,000, he has to go back and have a seven-day waiting period.”
The major RESPA changes included a new standardized good-faith-estimate form that gives more transparency on fees, settlement procedures and closing costs. But critics say consumers could potentially be perplexed by dual TIL and RESPA forms, since both estimates are derived from different numbers. RESPA calculates from the actual loan rates, while Reg Z is based from the annual percentage rate. “One relates to interest rates and one relates to fees,” said Rod Alba, the senior regulatory counsel with the American Bankers Association. Both the ABA and the Mortgage Bankers Association are seeking a delay in the implementation of RESPA regulations until the two agencies can match up disclosure rules. The ABA “is not saying pull back the rule,” said Alba. “We’re saying delay the rule so you can work out the kinks with your sister agency.” — Article was written by Glen Fest who is an executive editor of US Banker.
17 Aug 09 Lead Planet Offers Email Marketing to Mortgage Companies
Lead Planet Systems here has released Lead Gen09, which includes an option to purchase e-mail marketing tailored to advertise specific loan programs that mortgage lenders and brokers offer. The mortgage lead generation company said Lead Gen09 is the mortgage industry’s technology solution prospect and borrower marketing. It is common for loan companies to contact a lead who is interested but for whatever reason never materializes into a new submission or funding.
The looks to add their email marketing system to their internet mortgage lead system that aggregates mortgage lead from search engines like Bing, Google and Yahoo. Read the original Mortgage Marketing Post > Lead Planet Announces New Email Marketing
Tags: brokers, email marketing, Lead Gen09, Lead Planet, lenders, mortgage companies, mortgage leads
14 Aug 09 Successful Loan Officer Recruiting with Mortgage Brokers Network
Mortgage brokers Network understands loan origination, recruitment and lead generation. As an industry leader in recruiting for the banks and net branches, Mortgage Brokers Network provides the largest network of loan officers and active net branches in the country. MBN helps mortgage professionals locate the lender or bank that best suits their needs and financial goals.
* FHA, VA, Reverse, Conventional Lenders
* Mortgage Lead Generation
* Loan Officer Recruiting for Banks and Mortgage Companies
* Net Branch Specialists
Visit MBN online at http://mortgagebrokersnetwork.com or call them at 815 -230-9867 to get more information. Read the original MLV Article online > Mortgage Brokers Network for Leads and Recruiting
Tags: loan officer recruiting, Mortgage Brokers Network, net branches
