NOVEMBER 11 CREDIT SCORING SEMINAR

What is that mysterious score on your client's credit report? How does it affect the loan package and options available to your client? In just four hours this concise FAMB course will help you understand the credit scoring process while analyzing various repositories scoring and lender's credit scoring guidelines.

JACKIE FREE SPEAKS AT NOVEMBER 11 CHAPTER MEETING

Jackie Free was a mortgage broker in South Florida who thought she was doing what "everyone else does". But she was convicted for mortgage fraud. Find out why. Jackie is speaking at our November 11 Chapter Meeting at the Bahia Shrine. This is sure to be a well attended meeting, so get your reservation in if you want to have a seat!

HUD RELEASES PREDATORY LENDING BROCHURE

For better or for worse, HUD is sounding off again on Predatory Lending. Their new brochure identifies some activities that have frequently been identified as "predatory" such as stripping equity with repeated refinances or lending without regard to repayment ability. However, some of the activities mentioned in the brochure are more clearly "loan fraud" and would hurt lenders more than borrowers, such as lying about income, expenses, and cash available for down payment.

And some things mentioned are neither loan fraud nor predatory lending. The brochure suggests that predatory lending is to "pressure borrowers to accept higher risk loans such as balloon loans, interest-only payments and steep prepayment penalties." This brochure is yet another example of the difference between a basic understanding of the mortgage process and HUD's ideas about what we do.

MEMBERSHIP

Help us to increase our membership and boost participation in upcoming events! If you or someone you know would like to become a member of the Central Florida Chapter, click here.

QUESTIONS?

For questions, suggestions, or comments regarding the Central Florida Chapter of FAMB or this newsletter, please email Kelly Guldi at newsletter@FAMBCentralFlorida.com.