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Technology Consultants

Do you need technology assistance? Call these firms.
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For online listing info for the Buyer's Guide, Call Steve at 866-752-7966 or send an email to steven.gallego@sourcemedia.com

Loan Programs FHA Plans to Put a Cap on Origination Fees By Brian Collins WASHINGTON-The Federal Housing Administration soon will officially cut its ties with mortgage brokers as it moves to a system where table funders are responsible for all third-party loans. For originators, the change will mean more paperwork and oversight responsibilities which carry certain headaches. But now mortgage bankers - and brokers - are facing a new concern: the possibility that FHA will cap origination fees on the loans it guarantees. HUD deputy assistant secretary Vicki Bott told a broker gathering in Washington that the agency is indeed considering a cap. In particular, HUD is looking at using the newly implemented good-faith estimate disclosure as a way to corral origination fees. (All origination fees, including yield-spread premiums, are in Block No. 1 of the GFE.) Read more...

Making the Sale Save Money: Reexamine Your Office Rent By Brad Finkelstein There have been plenty of stories in the media about the cash flow crunch facing many small businesses today. Many business owners have been making cutbacks looking to get by. But according to one online community for small business owners, there is one place that needs to be examined in the effort to save money. That is the commercial real estate lease (or leases) for your office(s). In my view, this is something where your skills and knowledge as a mortgage broker should give you an edge. Executives at PartnerUp cite National Association of Realtor reports noting commercial real estate vacancy rates expected to be above 20% this year. Furthermore, the company points out, rents are down 44% since the peak of the market, making it a good time now to renegotiate or renew your lease. Read more...

What We're Hearing Daily

The Federal Housing Administration wants to raise the minimum net worth requirement for its lenders to $2.5 million within three years, an idea that doesn't warm the hearts of small correspondent lenders. However, we're told that at least one large wholesale/correspondent lender thinks the minimum should be hiked to $3 million (for the first year) and $4.5 million by 2012. If this happens a correspondent that is light on capital would be forced to find another source of funding, merge, or close their doors...

See Paul's weekly column here.

News Headlines

Survey Results

Last week's question was "Has your company had a net increase in the number of employees in the past 90 days?" We had a big jump in positive responses when compared to last quarter, with five times as many people saying yes they now have more employees than last time: 25%, compared to 5% three months ago. While this is still far from a majority it is perhaps an encouraging sign. Tune in again in three months time to see if these employment numbers continue to rally.

This week's question is "Has your company spent more than $5,000 on technology in the past 90 days?" As always, we'd love to hear what you think. Be sure to give us your input by clicking on the survey form on the left-hand side.

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