170 pages of documents to lower your interest with the lender that you're already with.  This industry has lost its mind. 

JP Morgan's Two Billion Dollar Loss

Chase CEO Jamie Dixon admits to a "flawed, complex, poorly reviewed, poorly executed and poorly monitored" trading strategy that lost 2 billion dollars.  What's truly frightening is that the losses were a result of derivatives trading.  If that sounds familiar, it should.  Derivatives trading is what triggered massive financial losses and wiped banks off the planet during this financial crisis.  Are we doomed to repeat past failures?

Huntington Bank Joining With Meijer To Add 100 Branches

Huntington Bank is continuing its aggressive growth in Michigan.  Last month, Huntington acquired 15 Fidelity Bank branches in Michigan.  And today, Huntington announced plans to open branches in all 100 Meijer stores, more than doubling their current offices.  The full service branches will be open 7 days a week, with the first 20 slated to open this year.  Huntington implemented a similar plan in its home state of Ohio, opening more than 100 branches in Giant Eagle supermarkets.

Does Notary Direct Value Your Servcies?

Some of you may have received the following email today from Notary Direct:

I want to thank you for your continued support in assuring the success of Notary Direct. We value your services...blah blah blah. Unfortunately, with the economic turmoil faced by all (wait, I thought the economy was recovering?), we have been forced to cut our costs (again?) to our clients in order to remain competitive (cheap).  Although the majority of us felt the crunch back in 2007-08 ( they likely cut fees back then too), we continued to pay our notaries premium amounts to conduct each of our closings (actually, already on the low scale in the industry). Unfortunately, we are no longer able to do so (our model of hiring cheap notaries isn't working) and have been forced (choose) to implement a pay cap (so we can hire even cheaper notaries) for services rendered for all local closings within your area. 

Effective April 15^th, 2012- Fee Table:

Single Set of Loan Documents (Over Night): $50.00

Single Set of Loan Documents (Email): $70.00
  
Now I have to ask, why would any signing agent work for these kind of fees?  Do you understand the value of your time?  Do you understand the overhead for things like your computer, printers, copy machine, fax, phone line, cell phone, car payment, car maintenance, gas, paper, toner, pens, advertisement and marketing, certifications, listing fees, utilities, etc., etc., etc.?  

Let me remind you of something.  You are not a commodity.  The lowest fee does not win.  You are a service.  And if you're good at what you do, you are a valuable service.  Only you can decide what your fee should be.  But please...remember your worth.     

Electronic Loan Documents To Borrowers

I've seen more than one notary signing agent boast that instead of printing copies of the loan documents for the borrowers, they provide the borrowers with an electronic copy (disk or zip drive) instead.  They do this WITHOUT permission from the lender or title company.  Well, at least one title company is saying "no way."

 When receiving closing documents electronically from ServiceLink, you must print and provide a paper copy to the borrower at settlement, no exceptions.  Providing electronic copies of documents is not permitted under any circumstances.

Manipulating The LIBOR - Is This Slipping Under The Radar?

The Justice Departments for the U.S., U.K., Japan, and Canada are currently investigating whether the world's largest banks conspired to manipulate the LIBOR index.  The LIBOR (London Interbank Offered Rate) is the index used by many lenders to determine the interest rate of their adjustable rate mortgages.  Maybe this isn't big news yet because it's just in an inquiry stage, but this has the potential to be a powder keg.  Controlling the LIBOR rate would be the ultimate in insider trading.  Banks and traders could potential make millions (billions?) by knowing the direction of the LIBOR in advance.  Stay tuned, this could get ugly. 

You Know What Isn't Short About A Short Sale? The Process.

If you've ever closed a loan for a short sale, you've probably heard the stories from the parties involved.  A process that took from six months to a year, endless delays, re-verification, etc...  In an attempt to speed up the process, three Senators have proposed a bill aimed at shortening the short sale timeline.  The bill, called the Prompt Notification of Short Sale Act, requires a written response from a lender within 75 days after the buyer's request.  The lender’s response must "specify acceptance, rejection, a counter offer, need for extension, and an estimation for when a decision will be reached."  the bill also proposes a $1000 penalty if the Act is violated.