Dear Santa

About The Author

Bonnie Wilt-Hild - As an NAMP® staff writer, Bonnie currently serves as a senior instructor for FHA Online University (www.FHA-Classes.org) as well maintains a full-time mortgage underwriting position as the Senior FHA DE Underwriter for a major lending institution. With over 25+ years of senior-level FHA/VA Government underwriting experience, Bonnie is considered the "Queen of FHA Loans". If you're interested in becoming a writer for NAMP®, please email us at: blog@mortgageprocessor.org.

As the holiday spirit is in full swing and a visit from Santa is just around the corner, I decided that now was the best time to get my wish list out there. Having misplaced his address when my youngest child turned 10, I thought this a great medium to reiterate all of the items I just can’t live without this Christmas. So without further adieu Santa if you think I have been generally well behaved, I would like the following…
1. Please do away with all automated underwriting methods, they no longer serve a purpose aside from being extra paper that underwriting must review.

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2. Next, if you could eliminate credit scoring requirements and allow the underwriting staff to simply analyze the borrower’s credit history to determine if they demonstrate an acceptable repayment history, this would be wonderful. Credit scores in general have a tendency to focus on the here and now, not necessarily the borrowers overall credit reputation therefore I also find them without use.

3. Please allow for the return of the investor 203k. There are over 4 million bank owned properties sitting in REO portfolios. This program would be a great way to not only get these properties off of the lenders books, but also promote neighborhood revitalization, affordable housing for the less fortunate and of course stabilize values. Just thinking that as of 2009 with 1 in 50 of U.S. Children facing homelessness and the country’s economic conditions only worsening, this program could go a long way in providing adequate housing for more than a few of these kids and in the long run, make your job a little easier from a delivery standpoint.

4. Dodd-Frank is a big one my list this year, would like most of it repealed, we have enough rules and regulations to adhere to that make sense, no point in adding to that list particularly when the new regulations make no sense, just more stuff to do.

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5. Next I think it would be appropriate if Congress would try to play nice with the U.S. Department of Housing and Urban Development, particularly where issues on housing are concerned. After all HUD employ’s the experts, might make sense for Congress to pay attention to what they are trying to say as opposed to set up committee’s of attorneys to implement new regulations within the housing market when those same guys can’t define LTV. Kind of like me doing brain surgery, just don’t think it would go well.
6. Finally, and I’m really finished after this one, if you could help find a way to cut back on some of the compliance changes that get tossed our way every day that would be great, the new GFE just confuses everyone, borrowers and mortgage professionals alike and the multitude of paper required to provide state and federally required disclosures to borrowers is enough to take out an entire rainforest.

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In closing Santa I would like to say that I do realize there are quite a few items on my list but if you have some extra time and want to address things like ending world hunger and the like, I am sure it would be greatly appreciated. Best regards and wishing everyone a happy holiday!

SOURCE: Published by NAMP® Publishing Group, a division of the National Association of Mortgage Processors (NAMP) (http://www.mortgageprocessor.org)