Rich Sweum's Blog

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Mortgage and Lending - 1st Security Bank - NMLS #115765
Residential Mortgage Musings Real Estate Industry News
RECENT BLOG POSTS
Richard Sweum : We are the Government, and we're here to help! God bless 'em, folks with the "intent" of helping.  But, I would say that anytime the government shows up to help, we have a fair amount of skepticism.  All too often, the "help" has ended up hurting.  The efforts to protect people, s...
09/09/2013
Richard Sweum : QM (qualified mortgage) Points-and-fees caps! Wow! We are really diving into the deep end the the pool now... QM (qualified mortgage)...the category that all securitized mortgages with the agencies will be striving to fit into the category of, just had its entry portal's size cut ...
08/19/2013
Richard Sweum : ATR  a new acronym that every lender will know well! ATR... not to be confused with ATM, ATV, or APR... ATR is the new mortgage industry rocking acronym that every lender will know very well by January 1, 2014 when the new QM (qualified mortgage) rules go into effect.  DTI (debt t...
08/19/2013
Richard Sweum : Government aims to improve financial literacy..really? Anytime the Government "aims to improve" anything...we should be concerned.  When making application for a home loan, conventional financing, there are over 35 pages of disclosures, on a FHA loan, 40, and on a VA loan 45...add...
08/07/2013
Richard Sweum:  Loan Officer Compensation-- no way around the rules! When the Loan Officer Compensation rules changed in 2010...it was a good thing, and it was a bad thing.   In the 9 months prior to the rules issued by the Federal Reserve Board and the Dodd Frank Act going in to effect...you saw...
07/26/2013
  Richard Sweum:  New Construction Plats with "Preferred Lenders" So...the CFPB (consumer finance protection Bureau) has been showing that it is interested not just in "finance" but also all things related to finance, a far off the beaten path as RESPA Section 8 violations-- kickbacks.  This is a...
07/26/2013
Richard Sweum:  Off Topic Vent...My Summer Vacation is Boring! OK...my mind has been too consumed with all matters of mortgage, real estate and business minutia.  Granting myself 10 minutes to vent on an "off topic" is "This Summer vacation is boring!"  Ok, a little vent.  When I was growing up, ...
07/17/2013
Richard Sweum:  why financing is more expensive...4 letters... CFPB I'm not 100% against the creation or the actions of the the CFPB, the Consumer Finance Protection Bureau, but as with any governmental agency empowered with rule making authority and enforcement...it has the tendency to try to so...
07/09/2013
Richard Sweum:  Builders with "Preferred Lenders"  beware of the CFPB! We all know the scenario:  Buyers get pre-approved for a $300k purchase and they have just enough to put for a downpayment, but are going to need the seller to constribute some duckets for closing costs.  They find a new const...
07/05/2013
Richard Sweum : Limited Denials of Participation...stay off the list! When the real estate market get's hot and folks are looking for anyway to secure financing to buy a home before prices go up further, the plow starts moving closer to the cotton, ethics become flexible, wording in pre-approval ...
07/03/2013
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Richard Sweum

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