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Mortgage Industry Leaders Call for National Standards
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Mortgage Industry Leaders Call for National Standards
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Mortgage Industry Leaders Call for National Standards

December 24 2010 (Chris Moore)
mortgage-signing-image
In a letter addressed to the Obama Administrations top financial leaders, fifty-two of the mortgage industry’s top executives are calling for the development of national standards in the originating, selling and servicing of mortgage loans.

The letter, which included the names as such industry heavyweights as Marten Mayer of the Brookings Institution, Allan Mendelowitz, former Chairman of the Federal Housing Finance Board, and Harold Simon of the National Housing Institute, cited a number of reasons for the development of servicing standards, including the robo-signing crisis, delays in the loan modification process and illegal foreclosure proceedings.

“Problems of this magnitude are a threat not only to the economic recovery, but to the safety and soundness of all insured depository institutions,” said the letter. “Servicing standards need not be overly complex, but they must address the misaligned incentives and ‘tranche warfare’ issues that have bedeviled mortgage servicing throughout this crisis.”

The letter was sent directly to the leaders of the Federal Reserve Board (Ben S. Bernanke), the Federal Deposit Insurance Corporation (Sheila Bair); the U.S. Department of the Treasury (Timothy Geithner); Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA); Mary L. Schapiro, chairman of the Securities & Exchange Commission (SEC); and John Walsh, acting Comptroller of the Currency.

To protect borrowers and investors alike, the letters originator’s recommended the following standards that lenders and servicers should be required to do:

– Credit monthly loan payments promptly and correct any misapplication of such funds in a timely manner.

– Engage in loan modifications, including reductions in the payment amount and principal balance, consistent with state law, to address reasonably foreseeable default when a homeowner can make a reasonable payment and it is economically feasible to do so. When existing or future loans are more than 90+ days delinquent, federal regulations should mandate that the credit be assigned to a special servicer.

– Prohibit the commingling of homeowners’ monthly mortgage payments with servicers assets except for the time necessary to clear the payments received, but generally not more than two (2) business days.

– Be accountable for lost paperwork on loan modifications and/or for failing to suspend the foreclosure process when a homeowner is actively engaged in the loan modification process.

– Create incentivized compensation structures tied to effectiveness in managing the long-run performance risk of the assets in a securitization.

– Mitigate losses on residential mortgages by taking appropriate action to maximize the net present value of the mortgages for the benefit of all investors in a securitization rather than the benefit of any particular class of investors.

– Make servicer advances to a securitization vehicle a required reporting item. Prohibit the servicer from advancing delinquent payments of principal and interest by mortgagors for more than three (3) payment periods unless financing or reimbursement facilities to fund or reimburse the primary servicers are available.

– Disclose any ownership interest of the servicer or any affiliate of the servicer in other whole loans secured by the same real property that secures a loan included in a given pool of mortgages used in a securitization.

– Eliminate the regulatory incentives that motivate banks to keep troubled portfolio loans in “limbo,” without permanent modification or remediation, merely because the bank is successful in obtaining a marginal payment that avoids classifying a loan as non-accrual.

– Establish a pre-defined process to address any subordinate lien owned by the servicer or any affiliate of the servicer, if the first mortgage is seriously delinquent (i.e., 90 days or more past due) to eliminate any potential conflicts of interest.

– Attest annually in writing under penalty of a fine or legal action.

Tags: mortgage industry leaders, federal reserve, treasury, loan modification, foreclosure, mortgage loans, mortgage lenders, mortgage servicers, mortgage originators

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 24 2010 (Chris Moore)
mortgage-signing-image
In a letter addressed to the Obama Administrations top financial leaders, fifty-two of the mortgage industry’s top executives are calling for the development of national standards in the originating, selling and servicing of mortgage loans.

The letter, which included the names as such industry heavyweights as Marten Mayer of the Brookings Institution, Allan Mendelowitz, former Chairman of the Federal Housing Finance Board, and Harold Simon of the National Housing Institute, cited a number of reasons for the development of servicing standards, including the robo-signing crisis, delays in the loan modification process and illegal foreclosure proceedings.

“Problems of this magnitude are a threat not only to the economic recovery, but to the safety and soundness of all insured depository institutions,” said the letter. “Servicing standards need not be overly complex, but they must address the misaligned incentives and ‘tranche warfare’ issues that have bedeviled mortgage servicing throughout this crisis.”

The letter was sent directly to the leaders of the Federal Reserve Board (Ben S. Bernanke), the Federal Deposit Insurance Corporation (Sheila Bair); the U.S. Department of the Treasury (Timothy Geithner); Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA); Mary L. Schapiro, chairman of the Securities & Exchange Commission (SEC); and John Walsh, acting Comptroller of the Currency.

To protect borrowers and investors alike, the letters originator’s recommended the following standards that lenders and servicers should be required to do:

– Credit monthly loan payments promptly and correct any misapplication of such funds in a timely manner.

– Engage in loan modifications, including reductions in the payment amount and principal balance, consistent with state law, to address reasonably foreseeable default when a homeowner can make a reasonable payment and it is economically feasible to do so. When existing or future loans are more than 90+ days delinquent, federal regulations should mandate that the credit be assigned to a special servicer.

– Prohibit the commingling of homeowners’ monthly mortgage payments with servicers assets except for the time necessary to clear the payments received, but generally not more than two (2) business days.

– Be accountable for lost paperwork on loan modifications and/or for failing to suspend the foreclosure process when a homeowner is actively engaged in the loan modification process.

– Create incentivized compensation structures tied to effectiveness in managing the long-run performance risk of the assets in a securitization.

– Mitigate losses on residential mortgages by taking appropriate action to maximize the net present value of the mortgages for the benefit of all investors in a securitization rather than the benefit of any particular class of investors.

– Make servicer advances to a securitization vehicle a required reporting item. Prohibit the servicer from advancing delinquent payments of principal and interest by mortgagors for more than three (3) payment periods unless financing or reimbursement facilities to fund or reimburse the primary servicers are available.

– Disclose any ownership interest of the servicer or any affiliate of the servicer in other whole loans secured by the same real property that secures a loan included in a given pool of mortgages used in a securitization.

– Eliminate the regulatory incentives that motivate banks to keep troubled portfolio loans in “limbo,” without permanent modification or remediation, merely because the bank is successful in obtaining a marginal payment that avoids classifying a loan as non-accrual.

– Establish a pre-defined process to address any subordinate lien owned by the servicer or any affiliate of the servicer, if the first mortgage is seriously delinquent (i.e., 90 days or more past due) to eliminate any potential conflicts of interest.

– Attest annually in writing under penalty of a fine or legal action.

Tags: mortgage industry leaders, federal reserve, treasury, loan modification, foreclosure, mortgage loans, mortgage lenders, mortgage servicers, mortgage originators

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

December 24 2010 (Chris Moore)
mortgage-signing-image
In a letter addressed to the Obama Administrations top financial leaders, fifty-two of the mortgage industry’s top executives are calling for the development of national standards in the originating, selling and servicing of mortgage loans.

The letter, which included the names as such industry heavyweights as Marten Mayer of the Brookings Institution, Allan Mendelowitz, former Chairman of the Federal Housing Finance Board, and Harold Simon of the National Housing Institute, cited a number of reasons for the development of servicing standards, including the robo-signing crisis, delays in the loan modification process and illegal foreclosure proceedings.

“Problems of this magnitude are a threat not only to the economic recovery, but to the safety and soundness of all insured depository institutions,” said the letter. “Servicing standards need not be overly complex, but they must address the misaligned incentives and ‘tranche warfare’ issues that have bedeviled mortgage servicing throughout this crisis.”

The letter was sent directly to the leaders of the Federal Reserve Board (Ben S. Bernanke), the Federal Deposit Insurance Corporation (Sheila Bair); the U.S. Department of the Treasury (Timothy Geithner); Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA); Mary L. Schapiro, chairman of the Securities & Exchange Commission (SEC); and John Walsh, acting Comptroller of the Currency.

To protect borrowers and investors alike, the letters originator’s recommended the following standards that lenders and servicers should be required to do:

– Credit monthly loan payments promptly and correct any misapplication of such funds in a timely manner.

– Engage in loan modifications, including reductions in the payment amount and principal balance, consistent with state law, to address reasonably foreseeable default when a homeowner can make a reasonable payment and it is economically feasible to do so. When existing or future loans are more than 90+ days delinquent, federal regulations should mandate that the credit be assigned to a special servicer.

– Prohibit the commingling of homeowners’ monthly mortgage payments with servicers assets except for the time necessary to clear the payments received, but generally not more than two (2) business days.

– Be accountable for lost paperwork on loan modifications and/or for failing to suspend the foreclosure process when a homeowner is actively engaged in the loan modification process.

– Create incentivized compensation structures tied to effectiveness in managing the long-run performance risk of the assets in a securitization.

– Mitigate losses on residential mortgages by taking appropriate action to maximize the net present value of the mortgages for the benefit of all investors in a securitization rather than the benefit of any particular class of investors.

– Make servicer advances to a securitization vehicle a required reporting item. Prohibit the servicer from advancing delinquent payments of principal and interest by mortgagors for more than three (3) payment periods unless financing or reimbursement facilities to fund or reimburse the primary servicers are available.

– Disclose any ownership interest of the servicer or any affiliate of the servicer in other whole loans secured by the same real property that secures a loan included in a given pool of mortgages used in a securitization.

– Eliminate the regulatory incentives that motivate banks to keep troubled portfolio loans in “limbo,” without permanent modification or remediation, merely because the bank is successful in obtaining a marginal payment that avoids classifying a loan as non-accrual.

– Establish a pre-defined process to address any subordinate lien owned by the servicer or any affiliate of the servicer, if the first mortgage is seriously delinquent (i.e., 90 days or more past due) to eliminate any potential conflicts of interest.

– Attest annually in writing under penalty of a fine or legal action.

Tags: mortgage industry leaders, federal reserve, treasury, loan modification, foreclosure, mortgage loans, mortgage lenders, mortgage servicers, mortgage originators

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS