Comments for MortgageOrb

Comment on Garrett Mays: For AMCs, Constant Change is the Biggest Challenge by Gene Shklover

Gene Shklover — Sat, 27 Jun 2020 21:28:30 +0000

Great article, Garrett! I did enjoy it

Comment on Third-Party Data Now Critical For Mortgage Lenders’ Technology Initiatives by Jonathon trot

Jonathon trot — Tue, 12 May 2020 12:13:28 +0000

Your blog provided us with important information to work with. Great efforts share, thanks for sharing such type of information.

Comment on To Combat Rising Origination Costs, Lenders Should Focus on Valuation by Michael Geis

Michael Geis — Thu, 07 May 2020 13:10:53 +0000

Great Article. Very Accurate. I recently refinanced. It took over a month. Thousands in closing costs. Appraisal fee $400.00. Appraisal took a week from the time the appraiser called to to make the appointment to the time it was delivered to the bank. I’m glad this is cleared that up so I totally see why the appraisal is the bottleneck and the costly part of the process.

Comment on To Combat Rising Origination Costs, Lenders Should Focus on Valuation by Don Rump

Don Rump — Wed, 06 May 2020 16:20:23 +0000

Of course someone from the tech side would have the biased one sided opine that their industry can make everything better. What a joke! Do you have any idea why the appraiser came into existence in the first place? The complexities of the appraisal problem? The games that are played by brokers, lenders, home owners that are thwarted by appraisers? The misinformation that exists by omission, intentional placement, or incompetence is overwhelming in any given appraisal and never could a computer generated system replicate these factors. DO you know how many times a home sf is massively different than that on tax or MLS? Upgrades or updates are not as stated. Get illow working first, then come and talk to the industry about unneeded appraiser costs. Otherwise, just use a Zestimate. It’s Zomething different.

Comment on To Combat Rising Origination Costs, Lenders Should Focus on Valuation by Dallas Scott Wilke

Dallas Scott Wilke — Wed, 06 May 2020 04:57:12 +0000

What about FHA/HUD/USDA Guidelines that Appraisers are trained to see if there are violations of that REALTORs and agents don’t know about and then FHA loans originate on properties that shouldn’t have been done.

Having the appraiser there in person is the only way to ensure that an unbiased and accurate opinion of the value is achieved. Agents and REALTORs are going to want that property to sell because they get commission off of it, so they will be motivated to show the good and not the bad. The appraiser, while they may want the deal to close on a personal level for the parties involved, have no monetary incentive for the deal to close, thus can actually be impartial.

Another problem with Hybrid Appraisals and other partials is that some lenders will hire someone from a different state who is not familiar with the market area. The market in Sacramento is different than in St. Louis and only appraisers who are familiar with the market are qualified.

Comment on To Combat Rising Origination Costs, Lenders Should Focus on Valuation by Robert S. Abbott

Robert S. Abbott — Wed, 06 May 2020 02:32:40 +0000

Any bottlenecks in the appraisal process are the results of the appraisal management model. Appraisal can be conducted in 1-3 days in most cases … no longer than it would take to hire a non-appraise to measure/photograph the dwelling under a bifurcated model. The AMC’s take days … sometimes weeks to assign an appraisal. It takes 1-3 days for an AMC to award the job after I bid it and routinely bid the same appraisal job for two different AMC’s, while they hunt for the lowest possible fee. Recently, on a complicated job I had asked for fee increase on, it took 2 WEEKS for them to approve it. The AMC model was part of Dodd-Frank after the 2008 crash. But has been retired. So there really is no need for it anymore. They just add fees and delays to the process…. and aren’t even required anymore!

Comment on Wyoming Town To Be Auctioned In April by Bill Amore

Bill Amore — Wed, 12 Feb 2020 19:30:49 +0000

Wow. I really don’t remember this town as I bicycled from Chicago to San Francisco in 1974. I do remember that it was mostly down hill from Cheyenne to Laramie. Most of the towns and cities in Wyoming were about 100 to 125 miles apart and I remember this being one of my easiest days between cities. I called it a day at 60 miles. Interestingly enough, when I traveled west and located some of the smaller towns on the map as a location for and night’s stay, I found nothing. I do remember finding something between Laramie and Cheyenne, however, so the store may have been there at that particular time. Salt Lake to Wendover was a bear. The only stop then was Knolls. A family was also parked just off Highway 80 shooting off fireworks. They had some ice cold water for me in their Winnebago camper. Great memories. I’d love to buy that town today if it was still available.

Comment on Notaries Can Now E-Notarize Documents Remotely in Florida and Idaho by David Malcom

David Malcom — Wed, 08 Jan 2020 06:28:09 +0000

I’ve been an e-notary for a couple years now in my state, and I can truly say this is definitely the future. There are also other providers, but I love being an e-notary on the DocVerify system.

Comment on Rate of Defects in Mortgage Applications Continued to Fall in October by Property Preservation processor

Property Preservation processor — Thu, 05 Dec 2019 07:19:21 +0000

Hey there, this is great news for us, I think the rates are very high so this is very helpful for us today. Thanks for sharing this news with us. Property Preservation Work Order Processing Services

Comment on How Does The Dodd-Frank Act Impact The Appraisal Process? by Roger Willis

Roger Willis — Wed, 04 Dec 2019 22:35:32 +0000

what happens if there’s no appraiser close enough to where I live to do the appraisal? We live in a somewhat rural area, but not too far from several larger cities in Upstate NY

Comment on Fitch: E-Mortgage Adoption Slowed by Several Obstacles by Tim M. Anderson

Tim M. Anderson — Wed, 13 Nov 2019 11:41:42 +0000

There simply is a lot of false and misleading information here.

Comment on Hybrid Valuation: A Viable Alternative To Traditional Appraisals by Bifurcate This

Bifurcate This — Mon, 21 Oct 2019 20:01:09 +0000

Bifurcated appraisals? Let the next mortgage meltdown begin. Why wouldn’t I choose to use my license to certify property data provided by an off-duty Uber Eats driver. Or even from a real estate broker who thinks ANSI is the name of prospective buyer. What potential conflict of interest could ever arise from broker involvement? I also have a broker’s license and most brokers are clueless on correctly measuring a house by the full and true standards. Loan originators, they of the brilliant no-doc loans, have come up with yet another hair-brained scheme. Fannie Mae, they of massive bankruptcy, knows no better.

Comment on Rising Home Prices Have Significantly Impacted Affordability For African Americans by Lora Steffen

Lora Steffen — Wed, 16 Oct 2019 18:58:01 +0000

I am not an African American, but buying a home is out of reach for myself as well. I am a single income household, life is expensive enough as it is, I just truly don’t understand why housing should cost 50% or more of ones monthly net income for 30 years.

Comment on Pete Butler: The Lesser Known Benefits of Working with the Right BPO Partner by Russel Sandlin

Russel Sandlin — Thu, 10 Oct 2019 06:34:36 +0000

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Comment on Lower Mortgage Rates Helped Boost Home Affordability in September by Lora Steffen

Lora Steffen — Tue, 08 Oct 2019 15:35:50 +0000

When you say “Falling mortgage rates helped boost home affordability”, I have to disagree. When a house payment costs 50% or more of net income for 30 years, that’s not affordable.

Comment on ATTOM: Foreclosure Starts Ticked Up in August by joe

joe — Mon, 23 Sep 2019 15:19:25 +0000

The information from ATTOM is WRONG!! for New Jersey – there’s a lot more foreclosures than reported – this has been going on for months, ATTOM – recheck your data. Pull the sheriff sale reports they’re in the thousands for NJ.
Including the Home values that you report are way off ! As an example – you show homes in Ocean County in the upper $300- 400K in reality, half of them are either abandoned, foreclosed or in the lower in the $100’s. ?

Comment on What’s The Net Tangible Benefit Test? by K Robinson

K Robinson — Thu, 22 Aug 2019 23:29:51 +0000

In reply to chris taylor. If the rule is 0.5 percentage points below current rate, why would it be ok to do 0.25 percent? The lender credit would only help with fee recoupment but the loan still wouldn't meet the percentage point reduction required.

Comment on myCUmortgage Launches Its Own Servicing Operation by Mark Myers

Mark Myers — Thu, 22 Aug 2019 21:58:11 +0000

Hey Patrick Barnard “Mislansky noted that most credit union members don’t expect their mortgages to be serviced by a third party”. i do agree with your point and for resolving this nice step taken by you. this is mark myers works in the same field (Mortgage) in Dayton Ohio having the lowest mortgage rates in all over city.

Comment on CitiMortgage Shaking Up Its Technology by Sudeep

Sudeep — Wed, 21 Aug 2019 21:30:56 +0000

Did this integration between Citi and LoanFX happen?

Comment on What’s The Net Tangible Benefit Test? by chris taylor

chris taylor — Mon, 19 Aug 2019 21:08:05 +0000

Can Net Tangible benefit rules hold borrowers from re-financing if the rate drop is small but there is a net lender credt (credit higher than fees). I would like to take a 0.25 reduced rate loan with a 2,500 net credit. I get a 0.25% lower rate and 2,500 additional credit (applied to escrow funding). Bank is saying I need to get at least 05% because of the net economic benefit rules.