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Informed Consent Process

This UW link provides a brief explanation of the informed consent process in medicine.  Is it possible to use these elements to build an informed consent process for the practice of mortgage lending?
From the UW: 
What are the elements of full informed consent?
the nature of the decision/procedure
reasonable alternatives to the proposed intervention
the relevant risks, benefits, and uncertainties related […]

19Oct2008 | mf | 4 comments | Continued

From CR: Fraud in the 2008 Vintage

From Calculated Risk:

If you haven’t yet had a chance to read this article by John Gittelsohn in the Orange County Register about a real estate sale that was financed by Wells Fargo in January of this year, please do so now. And if you were, like most people, working on the assumption that lenders and […]

16Sep2008 | mf | 4 comments | Continued

Loan Modification Fees: Is it Justifiable for a Fiduciary to Charge for a Free Service?

Mortgage brokers and loan originators have become curious in learning about loan modifications. When I ask why, they say that they’re hearing there’s good money to be made doing loan mods.  What? Wait a second. I thought loan modifications were done by the lender for free.
More and more spam is popping up in my spam bin targeted at LOs and […]

3Sep2008 | mf | 14 comments | Continued

FHA Training Resources

I’ve been fielding many calls this summer asking for ideas on how to train staff on originating FHA loans.  Here’s my advice:
If you’re newly approved by FHA, your very best option is to take the class taught by HUD called “FHA Lender Training.” These classes are typically three full days: Day 1 Processing, Day 2 […]

31Jul2008 | mf | 0 comments | Continued

S.A.F.E. Mortgage Licensing Act

Today I’m following the passage of bill HR 3221, the Foreclosure Prevention Act of 2008. I believe from this point, it will go back to the House for their approval of the Senate’s revisions. There are a lot of provisions inside the bill, but this one caught my eye:
Inside is a provision for the S.A.F.E. […]

10Jul2008 | mf | 0 comments | Continued

Indymac Wholesale

ML Implode is reporting that there’s an announcement forthcoming tomorrow morning about the fate of Indymac Wholesale and it doesn’t sound good.
Surely no one reading this blog will be surprised but it does eliminate a player in the wholesale lending game.

7Jul2008 | mf | 0 comments | Continued

Are Mortgage Loan Originators Professionals?

When I ask the question “Are loan originators professionals?” to a group of loan originator students in ethics classes, almost everyone says “yes.”  Anyone can do their job in a professional manner (adjective,) but not everyone is a Professional (noun.) Is your barista at Starbucks or the person who bags your groceries a professional? If […]

13Jun2008 | mf | 28 comments | Continued

Interesting insight on defaults of downpayment assistance program loans from the recent FHA training

I attended an FHA training this week sponsored by the Washington Mortgage Lenders Association. There were about 100 people in the training. A large percentage of the audience was not from the greater Seattle area. People had come from as far away as eastern Washington, Idaho, Montana, Oregon, California, New Mexico, and even Guam. […]

7Jun2008 | mf | 2 comments | Continued

Hello world!

Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!

23Apr2008 | mf | 1 comment | Continued