The Federal Reserve's April survey of bank-employed senior loan officers isn't exactly surpising: more than 90% of those who responded made basically no change over the last three months in their credit standards for prime home borrowers, who have relatively high credit scores and well-documented financial statements. For nontraditional res
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How hard is it to pass the MLO exams?
Here’s a cool post by Paul Muolo at Origination News that will interest everybody going through our course. In particular, check out the Comments and read what other people have said about the exams.
I'm interested in your views:
What do you think about the way the tests ask questions a
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As mortgage originators we all know the name LIBOR, and that it is a commonly used financial index. We all should know it means the London Inter Bank Offering Rate. But have you ever considered what the LIBOR does, or how it works?
In today’s high tech world, would you be surprised that the LIBOR is calculated partly by guessing?
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This article caught my eye... the author, Leif Boyd, is senior vice president of production for American Pacific Mortgage. Now, I don't know Mr. Boyd personally, but it's as if he'd read my mind. If there were any tips I'd want to share with folks new to the mortgage origination business, these five would certainly be among them:
"As new hire
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The 203(k): More than a rehab loanThe FHA’s 203(k) loan program allows potential homebuyers to locate a great home with an exceptional price in a desirable neighborhood… then select their own upgrades as well as what may actually need to be repaired. This opportunity makes the FHA 203(k) one of the most important loan programs avai
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If you like statistics, this week’s (March 21, 2012) Mortgage Bankers Association Weekly Mortgage Applications Survey Report has some neat ones.73.4% of applications were for refinancing, and only 5.6% of all applications were for ARMs.Average loan size for purchases went up slightly to $225,463. In the Pacific region however, purchases
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In February 2012 the Consumer Financial Protection Bureau (CFPB) formed a Small Business Review Panel to integrate the mortgage disclosure forms that borrowers receive when applying for and closing a loan.For more than thirty-five years, two federal laws “TILA,” and “RESPA” have required lenders and settlement agents to give
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