The absurdity of this situation was highlighted by the way the discount window works. The Fed does not just accept any old assets as collateral; it wants assets that are “safe”. As well as Treasury bonds, it is willing to accept paper issued by “government-sponsored enterprises” (GSEs). But the two most prominent GSEs are Fannie Mae and Freddie Mac. In theory, therefore, the two companies could issue their own debt and exchange it for loans from the government—the equivalent of having access to the printing press. Absurd or not, the rescue package notched up one immediate success. Freddie Mac was able to raise $3 billion in short-term finance on July 14th. But the deal did little to help the share price of either company or indeed of banks, where sentiment was dented by the collapse of IndyMac, a mortgage lender (see  article ). The next day Moody's, a rating agency, downgraded both the financial strength and the preferred stock of Fannie and Freddie, making a capital-raising ex...

Homeowner Affordability and Stability Plan HASP Home Affordable Refinance Programs HARP• Fannie Mae Refi PlusTM • Fannie Mae DU Refi PlusTM • Freddie Mac Relief Refinance Mortgage SM - Same Servicer • Freddie Mac Relief Refinance Mortgage SM - Open Access Home Affordable Modification Programs HAMP • Fannie Mae Home Affordable Modification • Freddie Mac Home Affordable Modification 2 Homeowner Affordability and Stability Plan HASP Home Affordable Refinance Programs HARP • Fannie Mae Refi PlusTM • Fannie Mae DU Refi PlusTM • Freddie Mac Relief Refinance Mortgage SM - Same Servicer • Freddie Mac Relief Refinance Mortgage SM - Open Access Home Affordable Modification Programs HAMP • Fannie Mae Home Affordable Modification • Freddie Mac Home Affordable Modification Freddie Mac Relief Refinance Open Access Mortgages PROGRAM OVERVIEW Freddie Mac Bulletin, Program Eligibility Parameter s Freddie Mac Relief Refinance Open Access Mortgages 3 Relief Refinance: Open AccessSM Assist Borrowers Who ...

  Cap Limits how much the interest rate or the monthly payment can increase, either at each adjustment or during the life of the mortgage. Payment caps don't limit the amount of interest the lender is earning and may cause negative amortization. Certificate of Eligibility document issued by the federal government certifying a veteran’s eligibility for a Department of Veterans Affairs (VA) mortgage. C ertificate of Reasonable Value (CRV) A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage. Change Frequency The frequency (in months) of payment and/or interest rate changes in an adjustable-rate mortgage (ARM).   Closing A meeting held to finalize the sale of a property. The buyer signs the mortgage documents and pays closing costs. Also called "settlement." Closing Costs These are expenses - over and above the price of the property- that are incurred by buyers and sellers when tr...

Interns are a valuable resource for marketing and advertising execs, and it's important to foster this mutually beneficial relationship. Following is some great advice from two recent interns on how to make the most of this experience. Don't worry about getting shot down .  If you have an idea for a campaign, don't be shy about telling your boss. Even if it's unrealistic or your boss completely hates it, you're still demonstrating interest and initiative. Everybody has ideas that get shot down sometimes, even senior marketers. Find a project you care about. When I launched RPA's Snap-chat account, I was creating a project that would last through my internship and even after I was gone. Having a project that I was passionate about was the most rewarding experience I've had at RPA because it gave me something to look forward to at work as well as something I can proudly look back on as my contribution to the agency. It definitely makes it more exci...

WAUKESHA, Wis., October 21, 2015   – Seroka, a full-service brand development and strategic communications firm, is actively partnering with mortgage industry clients across the country and successfully differentiating their brands via its proprietary brand development program.   Seroka is one of only 29 marketing firms in the U.S. with a Certified Brand Strategist designation and specializes in the mortgage industry. For the last 30 years, Seroka has been delivering robust marketing, public relations and strategic communications solutions to its clients. In providing this support, the firm discovered a pressing need to help their clients successfully differentiate themselves in an industry where the products and services are largely commodities. Seroka’s experience, in combination with its Brand Certification attainment, uniquely qualify it to develop and deploy this proprietary brand differentiation process for lenders and B2B firms servicing the mortgage industry. ...

Executive Summary Reverse mortgages are loans that allow seniors to take equity out of their homes to help pay for living expenses or other costs. As the equity in their home decreases, the amount of the loan increases. Unlike a traditional mortgage, seniors do not make monthly payments. The loan becomes due when the borrower dies, moves out of the house, or fails to maintain the property and pay homeowner’s insurance and property taxes. This type of loan is almost always insured by the Federal Housing Administration. As financial pressures on seniors have increased, the numbers of reverse mortgages have grown, and so have the opportunities for unscrupulous lenders to take advantage of seniors. These loans are complex, expensive, and drain equity from the property, leaving seniors with very few options later in life. One out of every ten reverse mortgage is in default and could face foreclosure. Reverse mortgages are expensive. After ten years, interest and ongoing fees on a lump ...

Become a Certified Reverse Mortgage Professional Welcome to the Certified Reverse Mortgage Professional (CRMP) web page. One of our goals as an industry trade association is telling consumers with confidence, you can depend on a NRMLA member. Saying it is one thing; proving it is another. That is why NRMLA created the Certified Reverse Mortgage Professional (CRMP) designation. In every industry, there are individuals who strive to excel. They often do so by earning a credential that distinguishes them as being among the most knowledgeable, the most competent and the most ethical and professional. They make a considerable investment in both time and personal income because they believe in themselves, they believe in the customers they serve, and they believe in the service or product they offer. They want to distinguish themselves from the pack. While hundreds of NRMLA members have accumulated continuing education credits, only 106 individuals have had the CRMP bestow...