Based upon all I read we're in a tail spin nationally, rates soaring beyond 4 year highs with no end in sight, property values down 30%+ in many areas, fraud cases several hundred percentage points higher than ever before ... doom and gloom in article after article out there, all year long this year - but I know you've heard from many sources this is a 'cyclical' industry, and from my own experience I can absolutely tell you that's completely true.

It was pretty much good-times and easy-street much of the past several years what with loans generally falling from the sky into your laps, fat commissions for everybody, hyper-inflated property values so customer qualifications were simpler, and all with historically low rates; those days are now well behind us, and the immediate future looks a lot more forbidding for many. If you're among that group, you're correct, the pendulum is swinging back the other way today.

But, there's good news ahead. Brighter days are on the horizon. The good times (lowering rates) will return during the Summer of 2010, and property values will again start to climb beginning around Jan 2012 ... so it ain't all bad news .... and those are the next cycle's dates for your calendar scheduling - so cheer up! CLICK HERE to tell us your views on our Discussion Board











States Eyeing Products, Fed Proposal
State regulators are working on underwriting guidance for interest-only and payment-option mortgages and they are soliciting comments on a federal proposal from state-licensed mortgage lenders and brokers. The Conference of State Bank Supervisors and American Association of Residential Mortgage Regulators support the proposed federal guidance on nontraditional mortgage products and CSBS and AARMR are developing guidance for state non-bank licensees, Chuck Cross of the Washington Department of Financial Institutions told a Federal Reserve Board hearing. (Mr. Cross is the department's director of consumer services). The Fed is holding public hearings on abusive lending practices, nontraditional mortgage products, and the need for better consumer disclosures. "We agree with the proposed guidance that lenders who choose to underwrite nontraditional products with less stringent income and asset verification requirements must be governed by policy guidance," Mr. Cross said at the June 16 hearing in San Francisco. Federal banking regulators are expected to issue final guidance later this summer. The Washington state regulator also said the current Truth-in-Lending Act disclosure system "does not work" and it only protects lenders who "accurately complete the forms."

Looks to me like somebody's starting to come out from under the Ether. CLICK HERE and give us your two cents on our Discussion Board




NAMB Updates Ethics Code, Best Practices
The National Association of Mortgage Brokers has updated both its Code of Ethics and Best Business Practices statement to condemn the use of pressure tactics between mortgage brokers and other service providers. At a news conference June 24 during the NAMB's annual convention in Philadelphia, NAMB past president Joe Falk said "we abhor" any effort to influence another professional because it ends up hurting the consumer. But pressure goes both ways, and mortgage brokers should not be pressured "to lower our standards," he continued. While mortgage brokers should not pressure another provider, they still have a duty to their customers to correct problems, Mr. Falk said, including the right to review an appraisal and point out any errors and to help clean up any problems with the title. Mr. Falk is currently the chairman of the NAMB's Legislative Committee.
CLICK HERE and Tell us what You Think on our Discussion Board

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'Emerging Mortgage Banker 101' is the latest to roll off our production line of CD Lessons, titled Secrets of the Mortgage Industry™ . Take a moment and look over our growing selection; they cover many central issues. All ya gotta do is Click Here. We've got a Money Back Guarantee!

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Our E-Mail Answers Program might be just what you need. If you can't call our Hotline, and you don't need all the horsepower of one of our Mentors right now, but still need some help off and on - then this program is for you. Click Here and check it out.

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Federal regulators have revised the Uniform Standards of Professional Appraisal Practice that banking institutions are required to follow in commercial and residential real estate transactions. The 2006 revisions place "greater emphasis on the appraiser's process of problem identification and development of an appropriate scope of work," the regulators say in a joint announcement. The 2006 USPAP also provides a set of minimum standards for all appraisal, appraisal review, and appraisal consulting assignments for the first time. "This simplifies understanding of the development process," according to the regulators. While the 2006 USPAP revisions go into effect July 1, regulators insist that appraisers can easily make the adjustment. "The Scope of Work Rule has no requirements that were not in USPAP before," they note in the announcement. "It's a matter of emphasis." In related news, the Appraisal Institute has released a new practice guide on using the Small Residential Income Property Appraisal Report that is required by Fannie Mae and Freddie Mac. CLICK IT to discuss this item on our Board





In The News
Surging Defaults in West Linked to Risky Loans
Foreclosure activity is surging in several Western housing markets, partly as a result of "high-risk mortgages," according to ForeclosureS.com, a Fair Oaks, Calif.-based investment advisory firm and publisher of foreclosure information. The company said Los Angeles County reported over 14,000 notices of default as of June 22, with over 700 properties that have gone to foreclosure. Foreclosure activity is also rising sharply in Denver and Phoenix, according to Alexis McGee, president of ForeclosureS.com. "Interest-only loans and so-called option adjustable-rate mortgages with very low initial rates and high negative amortization are financial time bombs," Mr. McGee said. "When these loans reset to full amortization and market rates, the payment shock to homeowners is severe." CLICK IT and tell us what this means to you






HIGHLIGHT: Our Master Seminar
We still have a handful of seats left! Discover strategies to a long and successful career, a free flowing far ranging conversation, so come with your questions and be ready to participate! We promise this is not another of those same old seminars that are merely a bunch of motivational talk and marketing gimmicks, with no real-world tools to help you understand this business better, close more loans, and make more money.

In addition to a complimentary breakfast & lunch, as a Special Bonus at our July 15th Master Seminar we will have all of our Educational & training CD Lessons available during the lunch break for sale @ only $50 each, take a moment and review the three (3) pages of CD Lessons we have right now, and make a list of those you might want to pick up during the break - also you will get your choice of any (2) of them free due to your attendance, so pick out those 2 free ones you want also!

CLICK HERE to learn more and RSVP before we run out of seats - we keep the attendance small so you can be sure your questions, comments and concerns will be heard.