?The four basis premises of writing: clarity, brevity, simplicity, and humanity.? ~ William Zinsser ?? This week the Consumer Finance Protection Bureau released two samples of its proposed combination Good Faith Estimate (GFE) and Truth in Lending Disclosure (TIL). I must say that I?m surprised and impressed. Each of the two page samples are huge …
?For every problem there is a solution which is simple, clean, and wrong.? ~ H. L. Mencken Banks and other mortgage investors are still struggling with the effects of a bad business model. A model where more than ten percent of the people they were lending money to are not paying them back. For some …
?To simplify complications is the first essential of success? ~ George Earle Buckle The Good Faith Estimate (GFE) mandated fourteen months ago is in my opinion creating more and not less uncertainty for consumers. The GFE just doesn?t tell them what they want to know. The form tells them what the lender is going to …
We?re not looking at cute metrics anymore. ~ Safa Rashtchy What?s your favorite indicator of where the market it going? Each month I publish a variety of Monroe County statistics hoping to lend perspective to our local real estate and mortgage finance markets. Mortgage and deed recordings, transfers, foreclosures started and finished just to name …
This is not the end. It is not even the beginning of the end. But it is perhaps, the end of the beginning. ~ Winston Churchill There are encouraging signs for the Monroe County real estate and mortgage finance markets. Commercial loans showed signs of life in December. Residential sales in the higher price ranges …
“We’ll take the best ones, test them on consumers, and then soon be able to unveil a new, easy-to-understand, federal disclosure form,” ~Treasury Secretary Timothy Geithner speaking about combining the TILA and GFE forms ? I?ve suggested here on occasion that Compliance Officer might be the hot career track in mortgage finance. This past year …
“I would tell you that we?re probably there,?we are probably tighter than we need to be.? ~ William Emerson, CEO Quicken Loans, Inc. In case you haven?t noticed, the purchase market is quite soft. July through October deed recordings were down a whopping twenty-nine percent compared to the same four months in 2009. (757 to …
?Lots of folks confuse bad management with destiny.? ~Kin Hubbard Is anyone really surprised by the latest foreclosure revelations that thousands of affidavits submitted to hundreds of courts in support of thousands of foreclosures were prepared with something less than careful attention to detail? Not to worry, though. As soon as the bank stock analysts …
?Brevity and conciseness are the parents of correction.? ~ Hosea Ballou In keeping with this month?s theme, I offer for your consideration the following two images. The first, from a 1994 closing; and the second from a file we closed this week. Names have been changed or omitted to protect the guilty. Feel free to …
?Laughter and tears are both responses to frustration and exhaustion. I myself prefer to laugh, since there is less cleaning up to do afterward.? ~ Kurt Vonnegut Last month I suggested here that due to the refinance boom the number of recorded mortgages in our market was headed towards 2004-2005 levels. My prediction was based …
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