Terramar Financial

As new legislative measures are implemented, the long term propspects for those who survive in the mortgage industry will be tremendous. Develop your business, sales, and marketing plans immediately. Implement and measure your results at speific intervals. Be sure to have measurable goals that are aggressive but realistic. Develop core excellence and utilize technology to build in efficiency.

In early 2007, WaMu shipped 1 million loan files from a document warehouse in Houston. The documents were supposed to go to Juarez, Mexico but according to a local news report, WaMu lost track of 100,000 files during the move.

Since January, more than a million homes have gone into foreclosure, but many of these cases are being challenged over the lack of proper documentation. Some courts have sent the banks packing and banks themselves suspended foreclosures while they reviewed their practices. (Time Magazine, Stephen Gandel)

Home loans are bought and sold numerous times in a process called Securitization, in which loans are assembled by Wall Street to create mortgage bonds, which are then sold to investors.

An estimated 400,000 or more instances in the past year alone in which banks have told courts that they have lost the promissory note, which is required for a bank to walk into court and demand a borrower to pay or hand over the property.

Analysts estimate it costs the banking industry $6 billion each month foreclosures are delayed.

484 - The average number of days loans in foreclosure have been delinquent.

4.3 Million - Number of loans that are 90 or more days delinquent or in foreclosure.

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