Kevin W Hardin

Kevin W Hardin BIO The Mortgage Mediation Group assists homeowners, attorneys, realtors, loan officers, and other professionals with issues related to Mortgages. These issues may be Credit Report Errors, Short Sale, Loan Modification, Foreclosure, Deficiency, RESPA, TILA and Post Foreclosure-related claims under the California Homeowner Bill of Rights. Kevin W Hardin is the Specialized … [Read more...]

Short Sales Not Extinct Yet

Short Sales Not Extinct Yet Unlike the dinosaur, Short sales are not extinct yet. However, the number of short sales has reduced dramatically as many Arizona and California homeowners have recovered much of their equity. Today, there are still Arizona and California homeowners that think that short sales have gone away but, short sales are not extinct yet. Why have they come back or … [Read more...]

CFPB Is Not Self Funded

CFPB Is Not Self Funded If the CFPB is not self funded, then how are they funded? I have been to many a presentation by various parties in the real estate industry that represent that the CFPB is self funded, however the CFPB is not self funded. Let's start with how they came into existence. You can read the long version at the The CFPB strategic plan, budget, and performance plan and … [Read more...]

PAY-TO-PLAY MORTGAGE KICKBACK SCHEME

PAY-TO-PLAY MORTGAGE KICKBACK SCHEME   It seems like every day we are hearing about another enforcement action by the CFPB. This time it was against a Title Company and Mortgage Loan Officers. See announcement from the CFPB here Their scheme is being called a Pay-To-Play Mortgage Kickback Scheme. They knew it was wrong and illegal, if not, why did they create separate companies to … [Read more...]

Expiration of The Mortgage Forgiveness Debt Relief Act

Expiration of The Mortgage Forgiveness Debt Relief Act Did it kill short sales? It should have had little impact on them. Expiration of The Mortgage Forgiveness Debt Relief Act (MDRA) has left questions in the minds of Arizona and California homeowners. Will homeowners owe a tax to the IRS if their lender forgives their mortgage debt in a foreclosure or short sale? While there are many articles … [Read more...]

Keep Your Home California

Keep Your Home California Keep your home California has announced changes to two of its programs. The Principal Reduction Program and The Mortgage Reinstatement Assistance Program have been expanded. In a recent article, Keep Your Home California, explains that “Despite an improving economy and job market, there are still many homeowners who are struggling every month or just need a little … [Read more...]

Flagstar Bank and the California Homeowner Bill of Rights

What does Flagstar Bank and the California Homeowner Bill of Rights have to do with each other? On September 29th, the Consumer Financial Protection Bureau ("CFPB") took action against "Flagstar Bank for violating the CFPB’s new mortgage servicing rules by illegally blocking borrowers’ attempts to save their homes." In that action the CFPB fined Flagstar Bank $10 Million and requires that … [Read more...]

Fannie and Freddie To Lower Loan Limits

Fannie and Freddie to lower loan limits. In President Obama's speech in Phoenix back the first week of August, the plan for Fannie Mae and FHLMC a.k.a. Fannie and Freddie, was to begin the process of reducing their role in the mortgage market, winding them down and creating a market for private capital. One of the first steps was to begin to refinance underwater mortgages into mortgage securities … [Read more...]

Minimum Five Days On MLS Per Fannie Mae and Freddie Mac

Minimum Five Days On MLS Fannie Mae and Freddie Mac recently announced requirements for Fannie Mae short sales listed in the multiple listing service (MLS). Starting August 1st, each new short sale listing must maintain an “active” status for a minimum five days on MLS; and that timeframe must include at least one weekend. Freddie Mac announced similar guidance for Freddie Mac short … [Read more...]

CFPB Finalizes Procedures for Supervising Nonbanks Engaged in Risky Conduct

The CFPB has adopted its long-awaited final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risks to consumers.  The final rule will be effective 30 days after its publication in the Federal Register. Or in other words, CFPB to begin watching Nonbank Mortgage Brokers and Bankers. Yes, that's you loan officers.  Clock is ticking. Start thinking … [Read more...]