COMMENTARY

By Jonathan Foxx
Jonathan Foxx, former Chief Compliance Officer of two publicly traded financial institutions, is the President and Managing Director of Lenders Compliance Group, the first full-service, mortgage risk management firm in the country.
On Monday, September 6, 2010, we will celebrate Labor Day.
It is a time for reflection. Gone are the tolerance for [...]

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Rates continue to trend lower, helped yesterday by the release of the FOMC meeting’s minutes which alluded to the possibility of the Fed reinvesting in MBS’s. (But heck, as one trader told me, low mortgage rates are helping agency-qualified borrowers, not others in the economy like renters who can’t qualify, not those that [...]

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MORTGAGE COMPLIANCE

According to news reports circulated since August 27, 2010, the HECM Saver is on the way! Sources are alleging a conference call with Vicky Bott, HUD’s Deputy Assistant Secretary, in which she supposedly announced plans to implement a new variant of the Home Equity Conversion Mortgage, referred to as the "HECM Saver," that [...]

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I was talking to a correspondent rep yesterday, and he said, "I just got the best question from a client. The client (not a mortgage banker or broker) asked, "Hey, we have a borrower that up until now has been using a social security number that was ‘not issued by the Social Security [...]

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