TNR - January 2011

Issue 042

January 2011

TheNicheReport.com

Man on the HillProtections with consequences.

14 Bringing Up The RearSenate Minority Leader Mitch McConnell.

503018 2011, The Real Tech CrunchUnemployment, mortgage rates and inflation.

FEATURE ARTICLE! Is It Really an Audit?Wall Street Reform & Consumer Protection Act, Title XI.

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6 January 2011

NICHE REPORTSCONTENTS Issue 042 January 2011

FOUNDER & PRESIDENT Robert Pegg [email protected]

CO-FOUNDER & PRESIDENT David Pegg [email protected]

MANAGING EDITOR Stewart Mednick [email protected]

EDITORIAL / CONTENT MANAGER Kristen Moser [email protected]

ACCOUNTING MANAGER Shawna Ingram [email protected]

ADvERTISING DIRECTOR Jessica Grizzle [email protected]

ADvERTISING SALES Heather Bopp [email protected]

PRODUCTION MANAGER Henry Suchman [email protected]

PRODUCTION ASSISTANT Dawn Exner [email protected]

COLUMNISTS & CONTRIbUTING AUTHORS Martin Andelman Marc Savitt Peter Hébert Stewart Mednick Jim Russell Rick Roque Amie Wills

What Processors Aren't Telling YouAMIE WILLSIndependent loan processor

12 Bringing up the RearMARTIN ANDELMANmandelman mattersml-Implode.comSenate Minority Leader Mitch McConnell.

50

TechspotRICk ROqUEownermenlo company

2011, the real tech crunch: Unemployment, mortgage rates and inflation.

30

Center Stage with StreetlinksTHE NICHE REPORT

The Niche Report talks with CEO Steve Haslam.

35

Man on the HillMARC SAvITTpresIdentnatIonal assocIatIon of Independent HousIng professIonals

Protections with consquences.

14

DEPARTMENTS

09 NOTE FROM THE FOUNDER

10 LETTERS TO THE EDITOR

37 TIP OF THE MONTH

29 THE vOICE OF HOUSING

33 WHAT'S yOUR MORTGAGE Iq?

46 LENDER & RESOURCE DIRECTORy

AGENCy & FHA pg 41

COMMERCIAL pg 42

HARD MONEy & NON-PRIME pg 41

CONSTRUCTION pg 42

SERvICE PROvIDERS pg 43

18 Is It Really an Audit?Wall Street Reform & Consumer Protection Act, Title XI: Federal Reserve System Provisions.

PETER HébERT

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We’ve just returned from attending NAMB West in Las Vegas NV. I met and heard from some true industry professionals; let’s face it, if you’re still originating or participating in our industry, you’ve earned the right to be called a true industry professional. In fact, I met and conversed with a mortgage company owner named Suzy, who innocently enough, has one hell of a story to tell, or rather one story of hell to tell. She comes down from Alaska every year to help support NAMB and has been originating mortgages for nearly twenty years. She has seen ups and she has seen lows, including this time around. But what makes her story even more intriguing is she’s reeling from a failed Federal indictment(s) that has affected her and her children’s health and means of making a living. Her story illustrates two profound points, one, the government doesn’t know Jack. And two, they are out to persecute the Broker, the

last man on the totem pole in terms of who doled out mortgages, and perpetrate the myth that the broker is to blame. This lady is a fighter. She didn’t take “the deal” the Fed tried to force on her because she did nothing wrong. She fought her ass off and the “bear” finally gave up, although not without inflicting heavy mental and physical damage. I have invited her to author her story for us to publish. Stay tuned.

I also had the pleasure of meeting Doug Chang, owner of a little company called Calyx. Doug is the most unassuming and genuine person you will ever meet, especially when you realize he heads one of the largest and most successful LOS companies in the industry. Our booths were across from each other and towards the end of the event he graciously invited us out to dinner. We spent time with him and his Sales manager Tate, and received insight and knowledge of the goings on within Calyx. I can tell you confidently, Doug has left no stone unturned and knows exactly where Calyx has been and exactly where Calyx is going. It gives me peace of mind knowing our industry continues to foster brilliant and innovative people like the ones at Calyx.

This issue marks, for many, their last free issue of TNR. As we work with advertisers and trade associations to bolster our subscriptions via our “gift subscription” program, we will be deleting many aged “free” subscribers from circulation. If you have not already re-subscribed at the highly discounted annual rate of $19.99, please go to www.TheNicheRe-port.com and subscribe now to continue receiving the only mortgage magazine worth reading – use discount code tnr1999.

Keep up the fight,

Robert Pegg

NOTE FROM THE FOUNDER

9TheNicheReport.com

MEMBEROfficial

10 January 2011

I just read Martin Andelman’s “Securitization” article in the November issue of TNR. I haven’t always agreed with Mr. Andelman, but this article was thorough and drew logical conclusions. I think a “Layman” would be able to read and understand the article and angrily come to the same conclusions. It is a shame our “Lay” Congress does not share this capacity. Is there any way to get this article into the Congressional Record? This assumes of course that Congress actually reads (Or reads what it reviews and passes into law)!

Bill W. – Mortgage Consultant

9 Marketing Mistakes by Molly Dowdy, November 2010 Issue

This article rocks!! Molly’s tips on marketing mistakes were great stuff. I have been amazed at some of the ‘mistakes’ I see loan originators make such as using all lower case letters on loan applications (really high school), silly email addresses and lack of branding.

Anne J. - Broker/Owner

MERS: Myths, Misconceptions, and Realities by Joe Murin, September 2010 Issue

This article is a myopic explanation of MERS based on a “victims and villains” dichotomy. Murin fails to recognize that an 1872 Supreme Court ruling stated that the Note and Mortgage do not have a separate existence. Through MERS, it appears that they do, which explains the faulty foreclosure actions on the wrong houses and mortgage free properties, moreover, bypassing the county recordation requirements compromises governments of revenue and creditors of security interests.

Peter H. – Industry author

* * *

The MERS article had so many distortions, half-truths, and outright falsehoods that it compels a reply. Unfortunately, a point-by-point refutation would require at least twice as much space as the original article. MERS was designed not for

transparency but to conceal.Bill M., B.S., J.D., LL.M. –

Mortgage Broker

Bringing Up the Rear: Tim Geithner by Mandelman, October 2010 Issue

Hey Martin, Please keep up the good work! You are nothing short of brilliant in your analysis and dissection of the Tim Geithners of the world.

Jerry C. – Managing Director, Dean Consulting

* * *

Martin - I look forward to your articles each month. I’ve been a loan originator for 16 years – and I have not read too many honest-to-God, pull-no-punches articles like yours! Carry on – and send them to the White House and your Senator and Representative too!

Take care and keep spreading the Word!

Francine F. - Mortgage Consultant

LETTERS TO THE EDITOR

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TNR - January 2011

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