Observations on My Afternoon in New York City – Posted by Larry Doyle – I spent yesterday afternoon in New York City meeting with a variety of people. Without violating any confidences, there were a number of common themes that came from all my conversations. The [...]

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MORTGAGE COMPLIANCE Licensing Obligations for Individuals Acting as In-House Underwriters The Office of Financial Regulation (OFR) has changed its licensing requirements: earlier this year the OFR passed a mandate that mortgage processors and underwriters must become licensed as loan originators. This requirement has been reversed, because "underwriters did not clearly [...]

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To Our Clients, Colleagues and Friends,

How long does a bank have left to live after it receives a Prompt Corrective Action letter?  If you look at Los Padres Bank, they consented to a PCA letter on July 27th (they were told to raise capital), and they got seized this past Friday.  That was 24 days. [...]

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One aspect of mortgage banking that can sometimes confuse those on the origination side is what investors like, or don’t like, about a lien or mortgage. One basic question is, “Who wants to pay 102 or 104 (a 2 or 4 point premium) for a loan that pays off in 3 months?” It was reported [...]

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