CFPB Aims Sights at Real Estate Offices

Well it’s here.  There is a class action lawsuit for $11.2 million against a large real estate company for RESPA violations. NAR can’t really do anything about this one.  Long & Foster Real Estate is on the short end of the stick with regards to a huge RESPA lawsuit.  They’re …

Another Chase Banker Dies

There absolutely has to be something going on at Chase right now as yet another executive takes his life by jumping 30 stories to his death. Last week we reported that high level investment execs have been killing themselves.  Two of those guys were from Chase and now yet another …

Bitcoin Allowed by Real Estate Firm

Manhattan Real Estate Firm, Bond New York, is now accepting Bitcoin as a means of payment when buying a home. What is Bitcoin?  Have you ever heard of it?  Well it’s money.  It’s money that has no regulation that’s virtually on-line.  Bitcoin is really taking off and it’s no surprise …

Success is Easy as Performing a Quadruple Bypass

Success is Easy as Performing a Quadruple Bypass.  All you have to do is apply yourself. As we approach the beginning of the new year we are leaning more toward motivational, or inspirational thoughts on the show.  Don’t worry though, if anything catastrophic occurs in the industry we’ll let you …

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CFPB Publicly Posting Unverified Consumer Complaints!

July 23, 2014 CFPB 18 Comments

Why is it that the CFPB assumes that if something is bad for lenders it’s good for consumers.  Now they are going to publicly post unverified consumer complaints.

Before we get started I have to bring this up.  We have a Boomerang Prospecting webinar tomorrow at 10am pacific time.  Yesterday someone posted this about Boomerang Prospecting:  “Boomerang prospecting….. per their website, $320 a month to call just 100 prospects?? PT Barnum would be proud, although I’m sure there will be a discount at the end of the webinar…”  So here is how I will reply.  “No there is no discount and yes it’s $320 a month to call 100 of your past clients.  That’s like paying someone $320 to call 5 of your past clients every single work day, then when they find someone who wants to start some new business with you or send you a referral, they send you the information and the recording of the conversation.  Then after all 100 were called they send you a full report showing you everything that was done, your results and the disposition of every single call.  Our alpha testing showed about 5% of the people who were called wanted to have a conversation with the loan officer and of those 5 it resulted in about 2 deals.  Now of course it’s much better for you to personally call 5 of your past clients a day, but if you’re not doing this then $320 is a pretty darn good deal to ensure that it’s getting done, fully documented and fully compliant with all laws including Do Not Call laws.  So, no discounts and yes $320 a month for 100 contacts.  It’s a damn good way to get a couple new deals a month, or….. you can continue to not call your past clients at all.  Either way is cool with us.”  CLICK HERE to register for tomorrows webinar.

angry-typingNow on to the show.  Can you believe that the CFPB is going to encourage consumers to freely post negative complaints about lenders on their public government website completely unverified?  Seriously?  That means anybody who’s got an axe to grind can go in there and say things that are NOT true (completely unverified) and throw you and/or your company under the bus.  Sure there are some valid complaints to be made, but shouldn’t those be vetted first?  Geez, want to hurt your competition?  Just make us some fake user information and post negative stuff about them, it’s not verified so there ya go!  Anyone can say anything about anyone.  It’s like the wild wild west on their site and people can freely start gun-slingning whatever complaints they want.  Not fair.  This is malicious and slanderous.  But who can we complain too?  Oh yeah, nobody.  Thanks Barny, thanks Chris, that’s really helpful for everyone.  Hope you’re proud of the monster you’ve created.

Let us know your thoughts below and have a great day!

Frank and Brian

$1 Billion in Rental Backed Securities Sold in May?

July 22, 2014 Big Banks, CFPB, RBS 10 Comments

Can you believe that in May of this year there were $1 Billion in Rental Backed Securities sold?

Before we get started there are two things to look at.  First, you’ve got LoanTek who is your one and only provider of on-line lead generation and tracking from soup to nuts!  In fact they are tracking over 60% purchase right now so for more information CLICK HERE.  Then, we’ve partnered with a kick butt company to form Boomerang Prospecting.  Essentially they become you’re own personal little call center doing the part of your business you know you should do but you don’t – call your past clients and referral partners!  We have a webinar this Thursday to show you all about it!  CLICK HERE to register for it.

RentalBackedSecuritiesNow down to some bees wax.  A billion in Rental Backed Securities.  Wow… and that’s from just one company.  Who knows how much more has been made.  So what’s the deal with this anyway.  Is it good?  Is it bad?  Does it encourage investors to pull out of mortgage backed securities and go into the rental market?  Guess it depends on the ROI right?  At the end of the day investors will go where the returns are.  There’s still a lot of foreclosure inventory within the banking system, but the question is where will it go?  Will it become sold off and packaged and rental properties or will potential homeowners be able to make a run at them?  With the banks feeling bullied right now by the CFPB and FHFA why would they mess with it?  Maybe it’s easier for them to just pile them up and hand them off to RBS guys.  That’s the question.  What are your thoughts?

Have a great day!

Frank and Brian

Big Banks Use Power Play on FHFA and CFPB

July 21, 2014 Big Banks, CFPB 12 Comments

Big banks are pulling back on lending.  Looks like a strong power play against the CFPB and the FHFA to us.

Before we get started we wanted to remind you about MGIC’s self-employed income calculator.  It’s so easy and it helps you make sure you’re accurate in your calculations.  So don’t mess it up again!  To get started with it CLICK HERE!

Lender Power PlayNow on to the show.  Basically the CFPB and the FHFA have come out and said they don’t really like the small to mid-size bankers doing too much direct business with FHA and the GSE’s because they don’t have as much oversight on them.  So they’re considering limiting what these lenders can fund which would  mean less lending from these companies forcing the big banks to take on more of the load.  Well, the big banks are thinking… I don’t think so… See we’re getting sued too much and we’re buying all these loans back for minor issues that really aren’t fair, so, why do them?  Hmmm…. sounds like a bit or a power play to us.  What do you think?

Let us know your thoughts below!

Frank and Brian.

Chase Calls it Quits

We knew it would happen.  Keep suing these lenders over and over again and pretty soon they just won’t lend anymore.

Before we get started.  If you’ve got those people that are in that in between place, you know, those 3 to 5 years you have to wait to help someone that had a short sale or foreclosure.  Well there’s a great program out there that can help them.  It’s the Mortgage Alternative Program.  To learn more about it – CLICK HERE.

Jamie DimonWell, it’s happening.  Lenders are going to start pulling out of lending.  Not entirely, but they’re going to start lending only to the super qualified.  Lawsuit after lawsuit and the increasing inability to foreclose on a borrower in default are getting to be just too much.  The lenders are all to blame even though many of the people who got foreclosed on during the crisis were the recipients of Seadoo’s, Quad runners, toy haulers, 2nd homes and other such big toys.  Yet they are the victims of evil lenders that forced them to cash in on their equity to buy all those toys and 2nd homes.  Okay so they’re to blame and they’ve been sued for it.  Yes sued for it, again and again and again and again.  At some point it makes lending mortgage money to a home buyer just not worth it.  That’s how Chase feels anyway.  They’re cutting back and if you think about it, you can’t really blame them.  Well, maybe we’re wrong.  So if you think we’re right or wrong, let us know in the comments below.

With that you all have a great weekend and we’ll see you Monday.

Frank and Brian

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