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Articles In This Issue...

Whatís your business story?

An elevator speech does not cut it any more. Your unique selling proposition (USP) is so yesterday. Everyone is rattling off features and benefits to anyone who will listen. Instead, consider creating success stories for each product or service that you provide as a mortgage lender. Read 5 ways to create your own business story.

- By Karen Deis
 
 

What You Need to Know About Divorce, Fair Lending and the CFPB



Written By:Tammy Butler, Editor, MortgageCurrentcy.com. Subscribe keep informed of the compliance rules.


Iíve heard many originators say that they are not concerned if they get mystery shopped because they treat everyone the same. However, even the most experienced originators and underwriters sometimes miss the nuances that can unknowingly cause them grief. Knowledge is Power, and it can not only save you some deals but also save your license.

As many of you know, making lending decisions based on Marital Status is prohibited under ECOA. When most mortgage professionals hear that, they immediately believe that they would never do that! After all, if you can do the loan, letís do it. The issue may be that you donít understand the guidelines completely or apply them incorrectly because they change frequently. As a result, another lender may do the loan, costing you not only a loan but a referral source. And to top it all off, you may have an ECOA violation on your hands if the borrower complains.

Loan originators and processors need to thoroughly understand what is and is not acceptable to underwriting based on the current guidelines, and give the right advice to those applying for a loan. This prevents a client from being ďdiscouragedĒ from applying based on a misunderstanding about agency requirements. This is one of the reasons we put out so many charts and checklists to keep you updated!

Underwriters are also expected to follow the underwriting procedures set forth by their company and follow fair lending rules. With respect to fair lending, they must also consistently apply the same conditions to similar circumstances. Where the disconnect occurs is when underwriters take it upon themselves to formulate assumptions about a person based on what they believe to be true, versus what is stated as the facts of the file. Now Iím sure many of you will state that you have to watch out for fraud and buybacks, and I will not disagree with that, but a careful balance of how you condition a file must occur so that you do not step over the ECOA violation line.

It may be short of impossible to share every example of what the regulators see in their examinations on a regular basis, but here is one example from a recent exam.

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Done-4-You Client Articles Ė October/November 2017

Here are three articles to send to past clients, family, friends and even prospects you are working with right now. Email, use as a blog or print and send snail mail. Try ProAssistMarketing.com for an easy way to email hundreds of articles like this on a regular basis.

- By Karen Deis

Client Newsletter - Aug/Sept 2017

Client Newsletter - June/July 2017

 
Articles In Previous Issue...
    How to Recover From a Social Media Disaster
    Client Articles Done4U - Oct/Nov 2017
    Loan Officers Share Most Embarrassing Mortgage Stories