“Some days your the pidgon, and some days your the statue”

« The Calvary is coming! | Main | Pidgins continued… »

“Some days your the pidgon, and some days your the statue”

By Capt. Krusty | February 17, 2010

WOW, we took a year off (last post, 1 year minus 2 days). During that time we were busy… trying to stay busy…Survival… we were looking for new “income steams”, and adjusting to market and regualtion changes. Our team tossed 50 balls into the air to see which ones would stay up., and the fall-out has been a real eye-opener.
It been BPO’s (Broker Price Opinion), REO’s (Real Estate Owned-foreclosures),loan Modifications, Short Sales, floating mortgage limit parameters, moritoriums, HVCC (Home Valuation Code of Conduct- appraisals), and the GFE (Federal Good Faith
Estimate) debacle.

Just crossing over into 2010… and our state (California) tosses the Mortgage Broker into the arena and turns their back on us (SB 36-requiring a Federal endorcement for all individuals with a DRE lic. that orginate mortgages).Of course, Banks (who don’t require any licensing) and CFL holders are exempt from the Federal tag. So in addition to maintaining a DRE lic. the “Mortgage Originator” has to have, E&O insurance, the cost of the Fed.background check, finger printing , a credit report (yup,that’s right- you need to have good credit…in able to write loans, according to the Fed’s), the actual cost of the Federal endorcement….AND if your Broker of record is a member of a Real Estate Board, you also have to maintain board membership (2009 law!). With that annual financial load, you need Bail-out funds just to get the pilot lit!

So, maybe I don’t want to concentrate on loans this year…….. but , that’s not the end of the story…let take a look at the actual Real Estate market…oh, by the way….where did all those foreclosures go???
…next time

Bookmark It