Tag Archives: Mortgage

Title Services

8 Mar

An innovative industry leader, Tradition Title Agency provides unrivaled service with continued expansion of our full range of services and solutions in New York, New Jersey and Pennsylvania. Our experienced and knowledgeable staff, along with our carefully developed network of key partnerships, can find creative solutions for any complex residential or commercial need for a clear title.

 

We are especially well known for:

Reverse Mortgages

A specialty of Tradition Title Agency, we help lending professionals streamline the often-complicated process of assisting seniors to stay in their beloved homes with a Reverse Mortgage. We create productive working partnerships to educate and assure consumers, leading to less fear and confusion for seniors and their families, and more trouble-free, successful closings for you.

Commercial Mortgages

We save our business-to-business clients time, aggravation and money by anticipating and solving challenges before they become a deal breaker for you or your client. With our 40-plus years of experience, no issue has ever proven irresolvable to the expert team at Tradition Title Agency.

Residential Mortgages

Tradition Title Agency works with all types of lending professionals to help people realize the American Dream of home ownership, insuring that no one has to endure the nightmare of unexpected expenses, claims or losses now or after the closing.

Please call the Tradition Title Agency office for more information at 631-328-4410 or submit our contact us form.

We can help!

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New LO Compensation Here To Stay?

8 Apr

Loan Originators have known for months that it was imminent:  compensation was no longer going to be paid in the same way.  For years they have been paid by the borrower in the form of an origination fee “up front” and by the bank in the form of yield spread premium “on the back”.  No longer, on products where back end premiums were fat.

The purpose of the Federal Reserve Board’s new rule was to “protect” consumers from fees which are tied to the rate offered.  To put it very simply, by removing back end premiums and by ruling that loan originators can no longer pay some of the closing costs for the borrower, the Fed has taken away the loan originator’s competitive edge.  The consumer can no longer benefit from discounts that drive competition between lenders.

The National Association of Mortgage Brokers (NAMB) has taken steps to fight the Fed on this new rule.  A stay on the April first implementation of the new rule lasted only five days, however.  The United States Court of Appeals ruled against the stay and appellate judges lifted the stay.  The new LO compensation rule is now in effect but the NAMB is committed to continuing the appeal.

“NAMB will continue to fight for its members, our industry, and ultimately, the consumer,” said NAMB President Mike D’Alonzo. “The voice of the mortgage industry needs to be heard and we vow to make sure that happens! We thank everyone for their continued support.”

See the NAMB press release here: http://www.namb.org/namb/NewsBot.asp?MODE=VIEW&ID=296&SnID=933537982