Mortgage Loans

7/19/2023

California Probate

Probate settles a deceased person's estate in California. It's required if the estate is worth more than $184,500. Probate typically occurs when the deceased person died without a will, but it can also occur if the deceased person had a will but owned real property that is subject to probate. So Dad didn't put the house deed in a Living Trust and there is equity in the home and other checking, and savings accounts. Gather up all the paperwork. Start checking the mail for mortgage bills, insurance bills, bank statements and other papers you need to compile.
The probate process can take anywhere from twelve to eighteen months, but California law states that the personal representative should have completed probate within a year of being appointed.

Probate fees are based on the gross value of the estate and are as follows: 4% on the first $100,000; 3% on the next $100,000; 2% on the next $800,000; 1% on the next $9,000,000; 0.5% on the next $15,000,000. There is also a filing fee of about $435.
If no one files probate, the court can freeze the decedent's assets, making them inaccessible to heirs and other beneficiaries until debts are paid.
You can avoid probate by making a living trust to avoid probate for virtually any asset you own. You can also set up a brokerage account to pass on your death to a named beneficiary or beneficiaries without going through probate.
The fee to file a probate petition is approximately $500, but may be slightly higher in some counties due to surcharges. There will be an additional fee of approximately $500 when the petition for final distribution is filed.
Higher fees can be ordered by a court in special circumstances and for more complicated cases.
You can complete probate on your own, but an attorney can make the process easier. Here is a list of some of the forms you need to file. They do not have to be typed but fill in all the boxes and read carefully.
Petition for Probate: Form DE-111, which can be downloaded and completed from the county website.
Original Will: If there is one
Notice of Petition to Administer the Estate: Form DE-121
Duties and Liabilities for Personal Representative: Form DE-147
Order to Probate: Form DE-140
Letters: DE-150
You can file the petition with the local court. The petition must be filed with the California Superior Court in the county where the deceased resided at the time of their death.

You can have up to one year after the person's death to file probate and settle the estate in California

7/15/2023

Loan Origination Software Apps LOS

Increased efficiency: LOS can automate many of the manual tasks involved in loan origination, such as data entry, document preparation, and underwriting. This can free up staff time to focus on other tasks, such as customer service and marketing.

Reduced costs: LOS can help mortgage banks reduce costs by streamlining the loan origination process. This can be achieved by eliminating duplicate data entry, reducing the need for manual approvals, and automating tasks that were previously performed manually.

Improved customer experience: LOS can help mortgage banks improve the customer experience by providing a more convenient and efficient loan origination process. This can be achieved by making it easier for customers to apply for loans, providing real-time updates on the status of their loans, and offering online access to loan documents.

Enhanced compliance: LOS can help mortgage banks comply with regulations by providing a centralized system for storing and managing loan data. This can help banks to track compliance requirements and to identify and mitigate risks.

Loan application: The LOS automates the loan application process, from gathering customer information to generating pre-qualification letters. This can save time for both the customer and the loan officer. PDF, word Docs, Tiff files can be enlarged to be able to read the fine print.

Underwriting: LOS can help mortgage banks to automate the underwriting process, from assessing creditworthiness to verifying employment and income. Underwrite can see documentation uploaded in real time. This can help to ensure that loans are approved quickly and accurately.

Document preparation: LOS can help mortgage banks to automate the document preparation process, from generating loan documents to tracking the status of documents. This can help to ensure that all required documents are completed and submitted on time.

Closing: LOS can help mortgage banks to automate the closing process, from scheduling the closing to generating closing documents. This can help to ensure that the closing process is smooth and efficient.

Loan application Borrower uploads and Loan Officer

Appraisal valuation AVM or vendor Appraisal Management System orders

Underwriting

Credit approval interface with various credit companies

Documentation upload and organize

Pricing engine that pulls the information together

Funding and final clear

Denial of the mortgage application

Audit after close and to sale

Data base, CRM, track information

Cloud based storage with encryption and security

The major providers of LOS for mortgage are:

Encompass360 owned by ICE Mortgage probably the most well known and employed.

Calyx Calyx Point, Calyx PointCentral, and Calyx Path

BankPoint started in 1999 as VSI Solutions

Newgen Software loan origination system mortgage automator loan origination and servicing software for private and hard money lenders

Finflux

TurnKey Lender

FLoify

i-Apply Relational Financial Solutions LMS and AroTRON).

Mortgage Automator

Ncino

Lending Pad

Empower BKI

Baker HIll

Turnkey Lender Pte. Ltd.

Loandisk

LoanCirrus

BNTouch Mortgage CRM
Blend
Abrigo
AFS
Numerated
Q2
MeridianLink
Black Knight Empower
Lending QB
Open Close
Lending Wise
Capterra
Accusystems
10-Q
Solifi

Which ones do you like?

Loan origination software and how it works for mortgage banks:

Loan Origination Software: A Must-Have for Mortgage Banks

Loan origination software (LOS) is a critical tool for mortgage banks. It helps automate and streamline the loan origination process, from application to closing. LOS can save mortgage banks time and money, while also improving the customer experience.

There are many different LOS solutions available on the market. When choosing a LOS, mortgage banks should consider their specific needs and requirements. Some factors to consider include the size of the bank, the volume of loans they originate, and the types of loans they offer.

Once a LOS is chosen, it is important to implement it correctly. This includes training staff on how to use the system and ensuring that all data is entered accurately.

LOS can provide a number of benefits for mortgage banks, including:

Loan Origination Software or LOS is a valuable tool for mortgage companies, lenders, and banks.

It is a digital application that provides efficiency, reduce costs, improve the customer experience, and enhance compliance.

7/11/2023

Collins V GSE Us vs FHFA

District Court for the Southern District of Texas granted summary judgment to the FHFA on one of the last remaining claims in the Collins v. GSE lawsuit. The plaintiffs in the case, shareholders of Fannie Mae and Freddie Mac, alleged that the government overstepped its authority when it adjusted the stock-purchase agreements with the agencies and allowed net worth sweeps.

The court found that the FHFA had the authority to adjust the stock-purchase agreements under the Housing and Economic Recovery Act of 2008. The court also found that the net worth sweeps were a permissible exercise of the FHFA's conservatorship powers.

This ruling is a major victory for the government and a setback for the plaintiffs. It is likely to make it more difficult for shareholders to challenge the government's actions in the future.

The Collins v. GSE lawsuit is still ongoing, and the plaintiffs have other claims that they are still pursuing. This ruling is a significant blow to their case. I'm of the opinion that if the government didn't poney up with $191 billion dollars in capital injection Fannie and Freddie would not be here. The sweeps were intended to end in 2019 when it was guessed that both would either already have been made back as private companies or one died, or both. We in the mortgage market experienced huge profits in 2020- 2021 with interest rates falling into the two and a half to three percent range. Covid bad news created boom town for mortgage. In 2023 that has turned around to bust. With rates in the sevens and eights thousands of companies have filed bankruptcy and millions of employees are laid off. Back to the real topic- should preferred shareholders get money? If I'm on the jury I say no. Hey I lost $1,421,887 in the crash of 2008 and no one has offered to make me even pennies on the dollar.

Additional details about the ruling:

The court found that the FHFA had the authority to adjust the stock-purchase agreements because the agreements were subject to the terms of the Housing and Economic Recovery Act of 2008.
The court found that the net worth sweeps were a permissible exercise of the FHFA's conservatorship powers because they were necessary to protect the financial stability of the housing market.
The court's ruling is a major victory for the government and a setback for the plaintiffs.
The plaintiffs still have other claims that they are pursuing, but this ruling is a significant blow to their case.
I expect we will see more class action cases not less

Legalese::

Plaintiffs claim that the Trump Administration would have ended the Third Amendment but for the unconstitutional constraints on presidential removal. Plaintiffs seek relief on six separate counts. These counts can broadly be split into two categories: (1) removal authority claims (Counts I, III, V, VI), and (2) Appropriations...

Removal authority claims, Plaintiffs request various forms of relief.

First, Plaintiffs ask the Court to declare that FHFA's structures violate the separation of powers doctrine and declare void the provisions of

HERA that insulate FHFA's director from oversight.

Second, Plaintiffs ask the court to enter an injunction restoring Plaintiffs to the position they would have been in if not for the removal restriction, including by directing Defendants to eliminate the liquidation preference and by

the Court to enter an order setting aside agency action maintaining Treasury's liquidation preference or compelling agency action to liquidate the preference. With respect to the Appropriations Clause claims, Plaintiffs ask the Court to declare FHFA's structures violate the separation of powers doctrine and declare void the provisions of HERA that fund FHFA permanently by assessments on regulated entities; vacate and set aside the Third Amendment or the PSPAs in their entirety; and enjoin FHFA and Treasury from implementing action under the Third Amendment. Finally, Plaintiffs ask for reasonable costs and any other relief the Court

7/10/2023

Appraisals For Mortgage List of AMC

Mortgage appraisal

Appraisals for residential mortgage loans have to be ordered from an Appraisal Management Vendor (AMC). The loan officer, seller, Realtors, borrower, listing agent cannot pick or choose the appraisal.

Here is a list of some of the reasons why appraisals are ordered from an AMC:

To ensure that the appraisal is conducted by a qualified and independent appraiser.
To protect the privacy of the borrower and the property.
To streamline the appraisal process and reduce the risk of delays.
To ensure that the appraisal is completed in a timely manner.

The AMC will typically select an appraiser from their pool of qualified appraisers. The appraiser will then be responsible for conducting the appraisal and preparing the appraisal report.

The borrower and the lender will have the opportunity to review the appraisal report before it is finalized. If there are any concerns about the appraisal, the borrower or the lender can request that the appraiser revise the report.

Once the appraisal report is finalized, it will be submitted to the lender. The lender will then use the appraisal report to determine the amount of the mortgage loan.

Here are some of the benefits of using an AMC:

Increased efficiency: AMCs can help to streamline the appraisal process and reduce the risk of delays.
Increased transparency: AMCs typically have a more transparent process than traditional appraisal ordering methods.
Increased quality: AMCs can help to ensure that the appraisal is conducted by a qualified and independent appraiser.

If you are considering a residential mortgage loan, you should be aware that the appraisal will be ordered from an AMC. This is a standard practice in the mortgage industry and it is designed to protect the borrower and the lender.

Here is a list