Originators Expect Improved Business Despite Regulations
Despite the challenges from an upcoming wave of regulations, a plurality of mortgage loan originators expect their business to improve this year, according to a survey of loan officers.

This year's mortgage originations are expected to be better than 2012's, based on 44 percent of loan originators. The rest were fairly evenly split about whether 2013 business would be the same or slow from last year.

The biggest challenge that loan originators face this year is the next phase of regulation being implemented, according to half of originators.
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Guidance for Advertising Online
Newly issued guidance tackles issues confronting online advertisers. Many of the requirements for online advertising are the same as for offline ads.

FHA Guidelines Tightening
As the Federal Housing Administration works to improve the health of its Mutual Mortgage Insurance Fund, several changes are being made to FHA underwriting guidelines. Loans with credit scores less than 620 and jumbo mortgages are impacted, as are advertisements to borrowers with prior foreclosures.

Proposed Social Media Guidance Issued
While there are many benefits to the use of social media, a host of risks exist for lenders and banks. Mortgage firms, in particular, need to ensure that their social media communications comply with existing laws and regulations. Federal financial regulators have issued proposed guidance for use of the medium.

Mortgage Advertising Regulations
Mortgage firms are subject to a host of rules and regulations when they place an advertisement. The requirements apply regardless of how the message is distributed. Social media presents its own set of advertising challenges.

Federal Regulators Target Mortgage Ads
After reviewing hundreds of Internet, newspaper and mail advertisements, two federal agencies have launched investigations and issued warning letters over potential violations of a federal advertising rule. In addition to mortgage companies, ads from lead companies, home builders and advertising agencies were targeted.

Big Lenders Face HUD Actions
More than two dozen Federal Housing Administration mortgagees recently lost FHA approval or were hit with some other administrative action. Among the companies facing actions were Fifth Third Bank; MetLife Bank, N.A; PHH Home Loans LLC; and Wells Fargo Bank, N.A. Alleged violations include improper handling of foreclosed properties, bad underwriting and false advertising. Several mortgagees were cited for failing to disclose fines from Pennsylvania's banking department.

Appraisals, Dodd-Frank at Forefront of Loan Originator Concerns
The real estate appraisal process is among the most frustrating issues for mortgage loan originators, according to initial responses from the 2012 Loan Originator Survey being conducted by Mortgage Daily. Also having a big impact is the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Personal computers used by originators are dominated by one technology giant, while smart phones are dominated by a rival.

Wells Agrees to Option ARM Settlement
Wells Fargo & Co. has reached a settlement with the state of Maryland over borrowers in payment-option adjustable-rate mortgages originated by two companies it previously acquired.

Foreclosure Victims Wanted
A huge outreach campaign is being launched to identify victims of faulty foreclosures. The effort follows a direct-mail campaign to million of prospective victims.