| The Mortgageland Journal™
| Insights, Opinions & Commentary
| | December 1st 2008 - 63rd Edition |
| | Time For an Attitude Adjustment |  Peek over your shoulder just a little and answer me this; how well did that greed-filled “me first” mind-set work out for everybody you knew this past decade?
Our philosophy at Secret! University is different than most industry teaching/educational facilities. We'll help you focus on the over arching concept of 'doing the right thing' for your customers as you operate - regardless of more immediate short-term $$$$ you can earn by working with your own checkbook balance interests first; you'll last longer with our approach and actually enjoy your career! You do know we're Number One with Google for mortgage industry education, don't you? So ... think maybe we're right!
What’s a “me first” attitude look like? You can spot it inside various industry discussion boards, with less than ethical questions like: Who still does SIVA @ Max LTV’s? Which wholesaler pays the most YSP out there these days? Or, what wholesale lender doesn't submit a 4506-T?
It’s NOT all about how much money can you make off your customer’s loan needs! The sooner the originators out there, get that fact through their heads, the better for all of us.
Statement of FHFA Director Lockhart on Federal Reserve Action
“The Federal Reserve Board’s announcement that it will purchase debt of the Federal Home Loan Banks, Fannie Mae and Freddie Mac as well as the mortgage-backed securities (MBS) issued by Fannie Mae, Freddie Mac and Ginnie Mae is a very positive step. This $600 billion program should be a major boost to the mortgage and housing markets. By providing more liquidity to the market FHFA expects these actions to help reduce the large interest rate spreads between mortgages and Treasuries, resulting in lower mortgage rates over time, assisting homeowners and home purchasers.”
Lowest Mortgage Rates Since 1958!
I've been closely watching Treasury Secretary Hank Paulson blunder around Washington, pulling and pushing all the levers he could get his hands on, turning this and that switch off or on, as they've been focusing on how to fix the mess we're all in here in America.
 Well, it looks like he stumbled over something that's worked rather nicely! OK than, everybody out there in Mortgageland raise your hand if you've ever seen 30 year fixed comforming rates like these! ... so ... it's time Get to Work ... anybody can guide conforming customers into today's rates!
Employers: In a climate like I suspect you're about to enter (where probably most conforming customers in the Country will want a re-fi tomorrow). DON'T be foolish and pay big commissions for this simple 'customer service' function - it's NOT SALES! Taking a 1003 and collecting a full doc package from a new customer, you can teach a green/newbie processors to do in about an hour, or Let Us Do It For You!
For all you 'rate sellers' this gift from the heavens comes at just the right time to save many in our industry - you need to please re-read the first article above - and this time, work smart ... put the customer's interest's first.
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| | | TARP & January 20th | From what I see so far, CHANGE YOU CAN COUNT ON actually means change-out one group of 'Inside the Beltway' people, for another. On the one hand, I sorta like that since Washington insiders will be necessary for the new Administration to get things done quickly, if we were gonna get a bunch of inexperienced amateurs full of HOPE, but not experienced in how to get thing done in Washington, as promised in the Presidential campaign, it might have been a disaster. It's starting to look like our new President Elect is a lot smarter than that afterall, good. So ... here’s my point:
In spite of Hanks new ABS purchase plan direction he told us about right before Thanksgiving (I still say he's got A.D.D.), I am very upset that Treasury Secretary Paulson has totally avoided buying up those TOXIC Troubled Residential Mortgage Assets - as he promised us Americans and Congress he would, and thereby immediately making a market for new securitizations, and the 180 turnaround in Housing that would naturally follow. I truly wish he understood the residential mortgage industry as many of us do; based on his results, it's sad but he obviously does not.
With that 'mark' there would be an exact 'market' so we could all get back to work. Dropping the Mark to Market FASB accounting rule would put us all back in the terrible position we were in before that rule was enacted; did you forget your history on this? Congress seems like maybe they have -- I haven't!
I am hopeful, the new group of Obama insiders will ‘Hit The Ground Sprinting’ and spend the rest of the TARP money, for what TARP was originally designed to do … resulting in saving our industry that’s swirling the drain as we speak!
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