Archive for the 'Mortgage Banker News' Category

Latest Housing Scorecard shows continued affordability in U.S. market

July 21st, 2010

Written by Frost Mortgage

The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have jointly released the second edition of the Administration’s Housing Scorecard showing that, thanks in part to interest rates continuing at all-time lows, home affordability in the U.S. remains near the most attractive levels in 10 years. In addition, for the first time, the report now tracks the impact of HUD’s Neighborhood Stabilization Program (NSP), which has spurred local investment and is beginning to make affordably-priced homes available to consumers. The Housing Scorecard is the Administration’s comprehensive report on the nation’s housing market.

http://nationalmortgageprofessional.com

Discussion: No Comments »

Great news for FHA lenders from Congress

June 29th, 2010

Written by Frost Mortgage

Federal Housing Administration (FHA) lenders will be exempted from new “risk retention” rules, which is great news for companies who issue loans insured by the government.

National Mortgage News reports that

[t]he legislation finalized by the conference committee late last week would require originators to retain at least 5% of the credit risk in loans they securitize unless the assets meet a “qualified mortgage” test. All loans backed by the FHA, the Department of Veterans Affairs or the Rural Housing Service will automatically meet that test.

This is a complex time to be in the FHA-backed mortgage business, but the opportunities are huge for those who are eager to learn to succeed as branch partners or loan officers.

Frost Mortgage has been a leader in FHA lending since 1991. If you’re looking to step up, take a look at our mortgage partner offering–we think you’ll find it’s the best in the business.

Discussion: No Comments »

Greg Frost Sr.: Learn to succeed

June 28th, 2010

Written by Greg Frost

The great breakthroughs in your life will come when you realize that you can learn anything you need to learn to accomplish any goal that you set for yourself.  This means that there are no limits on what you can be, on what you can have, or on what you can accomplish.

Goals are nothing more than dreams, to which you have attached a time limit.  Set your goal and then seek out all information that you can to learn all that you can about your chosen endeavor.  Then you will be ready to go out and achieve it.

Start by finding out all you can about what the most successful people in your arena did to become successful. Do what they did, over and over again, and you will eventually enjoy the same results.  Emulate the best and you will become one of them.

I was noted as the 1^st Billion Dollar mortgage originator back in 2000.  I had been originating since 1985.  I built my business in a full doc business environment before FICO scores, AUS systems, slim doc, no doc, fast and easy, stated income etc.  My personal origination expertise was gained originating the same products that we are all originating today.  I was able to distinguish myself, in my market, by putting a recognizable face on the word “service”.  I did this by succinctly defining my service with daily, weekly, monthly and quarterly activities that my clients (Realtor Referral Partners) and our mutual business (Borrowers) could readily recognize and appreciate.  This strategy will work for you today.

Do you feel challenged by your current environment?  Are you struggling with your business model?  Are you concerned that you will not be able to function in this new era of massive regulation changes and their inherent risk?  Are you struggling with redirecting your sales and marketing efforts to a more productive opportunity pool?

I am President of a production Division of Primary Residential Mortgage, Inc.  In addition, I am their VP of National Training.  I think that I am uniquely qualified to offer you a dynamically profitable business model along with market tested production mentoring, the combination of which should give you every advantage.

Go to www.frostmortgage.com and let’s get acquainted.

Discussion: No Comments »

#Albuquerque among MSAs removed from “distressed” list

June 22nd, 2010

Written by Frost Mortgage

Good news for the Duke City: Albuquerque is one of 105 metropolitan statistical areas (MSAs) to be taken off the PMI Distressed Markets List.

As MortgageDaily.com reports (subscription required), the change is part of a spate of positive news:

“Mortgage insurance companies are easing guidelines, increasing loan amounts and eliminating declining market status for many metropolitan areas. The relaxed standards are emerging as the sector is seeing improved conditions.”

Other areas removed from the list included Chicago, Los Angeles, New York City, Boston, Seattle and Washington, D.C.

The Federal Reserve Bank of San Francisco describes Private Mortgage Insurance (PMI) as “extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home’s value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.”

Here at Frost, we’re happy to see positive changes in the market that will make it easier for qualified buyers to access this invaluable resource.

If you are looking for a home loan for your next life move, please call us today and let us help you.

Discussion: No Comments »

FHA loans: Net worth timeline, new monthly scorecard

June 22nd, 2010

Written by Frost Mortgage

The Federal Housing Administration (FHA) has been busy recently.

We’ve written before about a move to raise the minimum net worth worth requirements for loan originators. The FHA recently set out a timeline for implementation (MortgageDaily.com; subscription required). Among the requirements is a $1 million net worth for all new FHA applicants, with at least 20 percent being liquid. The timeline was announced in a mortgagee letter.

The new requirements are likely to shake up portions of the mortgage industry, making it all the more important to look for evidence of stability in your potential lending partner (such as Frost Mortgage’s “Full Eagle” status). If you have any questions, please feel free to contact one of our loan officers today–we’ll be happy to talk with you about our qualifications and the depth of our resources.

Meanwhile, the U.S. Department of Housing and Urban Development (HUD) and the Treasury Department have announced that they’ll be distributing a monthly “scorecard” on the national housing market, including updates on FHA programs. This should be a good resource for those of us who follow the industry closely and should help  us and our branch partners continue to provide you better service and useful products.

If you’re in the market for a loan, now is a great time thanks to low interest rates, and if you’re considering making a move up in the business, it’s a great time for that as well–Frost Mortgage has one of the best programs in the mortgage industry, and we’ve got the resources to thrive even in an environment like this one.

Discussion: No Comments »

Greg Frost Sr.: Training industry leaders, planning for the future

June 21st, 2010

Written by Greg Frost

Things are always cooking here at Frost Mortgage, and last week was no exception. I wanted to share a couple of experiences in particular that I’m excited about.

Last week, I was the guest speaker at the Casa Latino National Franchisee meeting held in Orlando, Florida. We shared current mortgage industry information and conducted my Productivity Sales Training based on the 6 Scientific Principals of Ethical Influence.

This week I am in the airport and on the way to meet with the Primary Residential Mortgage, Inc. executive team for a 2-day Master Mind conference in Salt Lake City on Monday and Tuesday. Strategizing for continued industry leadership is the meeting goal, which includes design work on a new 580 FICO score FHA product that will be originated and serviced by Primary. I believe that a manually underwritten, common sense FHA product, without the severe FICO score overlays that are currently being imposed by the big Banks, is essential to simulating mortgage production and home sales. During the first 65 of the 77 years FHA has been in existence there was no FICO score a and no automated underwriting. Loans were manually underwritten to the FHA credit manual, and still should be.

Coming weeks are no less packed. What’s on your agenda?

Discussion: No Comments »

Money Market Recap & Forecast from the Daily Communicator: June 21, 2010

June 21st, 2010

Written by Frost Mortgage

Last week was mixed for U.S. Treasuries. A combination of friendly economic reports, lingering questions about the global economy and mixed messages regarding Spain’s financial situation kept buying in government debt steady to strong.
But there were a few bumps. On Monday a big rise in the euro took its toll on Treasuries.

On Tuesday the NY Empire State index of June manufacturing conditions rose to 19.57 from 19.11, but analysts expected 20. Separately, the sentiment survey of residential homebuilders in June fell to 17 from 22 — the lowest since March. These reports should have helped Treasuries, but a massive rally on Wall Street due to the increase in the euro left Treasuries in the dust.

Treasuries turned it around on Wednesday. It began with a huge drop in May housing starts. They fell 10% to an annual rate of 593,000 units from 659,000, and building permits slipped 5.9% from April.

If you’re interested in reading the entire report, published every day and packed with valuable information you can use in your business from mortgage industry leader Greg Frost, please visit The Daily Communicator: http://www.thedailycommunicator.com/

Discussion: No Comments »

More light at the end of the tunnel

June 16th, 2010

Written by Frost Mortgage

It has been a long, hard slog, but we’re seeing increased confidence that the worst may be over. This week, for instance, Reuters reported, “A strong global economic recovery is under way, and is unlikely to be thrown off course by European debt woes or the improbable event of the bursting of an asset bubble in China, a top Federal Reserve official said on Monday.” That followed earlier remarks from Federal Reserve Chairman Ben Bernanke, who said European debt would probably only impact the U.S. economy in a “modest” way.

Another report this week found that “U.S. home prices were trending up in 155 out of 384 metro areas” thanks to “optimism that a sustainable economic recovery is underway.” And as our President, Greg Frost Sr., noted recently, “Over time, home prices across all states have risen at average annual appreciation rates ranging from the high 3’s to over 7.5%.”

We never recommend trying to “time the market.” It’s just too unpredictable for that. Instead, we have to look at sound financial practices with a long-term view in mind. We’re glad to see signs that the national mood is returning to normal.

Discussion: No Comments »

Money Market Recap & Forecast from the Daily Communicator

June 14th, 2010

Written by Frost Mortgage

Although there was little economic news to influence traders early in the week, the benchmark 10-year note started out strong. The continued decline of the euro pushed stock prices down on concerns about its effect on the global economy. The rush to the safe haven of U.S. Treasuries continued.

The 10-year yield, which moves inversely to price, closed at 3.15% and stayed in that area until Thursday.

Wednesday’s Fed beige book release showed signs of economic improvement in the nation’s 12 federal districts, which provoked light selling. But the report stated that economic growth was mild, slowed by the Gulf oil spill and the economic situation in Europe.

Treasuries were hit Thursday. First-time jobless claims for the week ended June 5 fell by 3,000 to 459,000, and the four-week average rose to 463,000.

If you’re interested in reading the entire report, published every day and packed with valuable information you can use in your business from mortgage industry leader Greg Frost, please visit The Daily Communicator: http://www.thedailycommunicator.com/

Discussion: No Comments »

Loan officer candidates — a smart bunch

June 9th, 2010

Written by Frost Mortgage

Roughly 71% of loan officers pass the national test to become qualified mortgage professionals the first time they take the exam, according to new figures released by the Nationwide Mortgage Licensing System. The state (first-time) pass rate is even better: 78%, according to NMLS. The results reflect tests administered between July 30 of last year and April 30, 2009.

via National Mortgage News – mortgage industry news | mortgage information | commercial real estate.

Loan officers are in general a pretty sharp group of people. They’re highly motivated, driven to succeed, and almost always multitalented. And so, it’s no surprise that so many are achieving their licensing on the first go-round.

In any business, though, the testing is continuous, and a professional is always in training for the next level, whether that’s an official certification or just a step up in his or her capacity or skills.

If you’re looking to make that next step, we’re looking for you. We seek out top performers who will appreciate the unparalleled mortgage platform we can provide, please get in touch with us today. We think you’ll be glad you did.

Discussion: No Comments »