Bob Dorsa, ACUMA President - All Comments

Hosta blue mouse ear - Blue power - Blue ear

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First computer - First ever - The first ever personal computer

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More Motivation for CU Mortgage Lending and Purchase Money Loans … Master just to Me

Sat, 13 Feb 2010 00:49:35 GMT

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re: Attracting Members for conventional 3/1 & 5/1 ARM's Using Discounted Initial Rates

Scott Norris — Wed, 02 Dec 2009 17:15:55 GMT

We've used ARM loans to help us balance real estate interest rate risk with loan growth goals. Today we have $1.1 billion in ARMs and $1 billion in our FRM portfolio. Our latest strategy has worked better than we hoped. We are targeting Jumbo ARM loans, to $1.5 million, and accepting only the most credit worthy borrowers. We have reduced LTV and debt ratio requirements, raised FICO score cut offs to ensure we are attracting the best credit profile possible. Avg LTV 60%. We price to beat the large 'big banks' in our market.

re: Treasury Modification Agreement for Portfolio Loans?

Scott Norris — Wed, 02 Dec 2009 17:09:45 GMT

Check out the FDIC Modification program and NPV model. Very easy to apply the guidelines and makes HAMP even less appealing.

re: June 30th Report Mortgage Loans more than 53% of ALL CU Loans O/S

Scott Norris — Wed, 02 Dec 2009 17:07:34 GMT

We're having our best year with purchases and got good news from Data Quick last month. For the first time in 40 months the San Diego median home price increased .5%. Still a lot of potential REO and short sale inventory that needs to be moved, but good news just the same.

re: Extending the $8,000 Tax Credit for First Time HomeBuyers past November 30, 2009

Amanda Landrum — Thu, 29 Oct 2009 05:30:59 GMT

I'm also absolutely in favor of extending the $8000 tax credit. It is has helped the transition of 1st time home buyers, build the economy, creating jobs,, Please extend.

re: Credit Union offering warehouse lines to mortgage bankers?

Mike Dahlquist — Fri, 23 Oct 2009 22:09:37 GMT

At least three Mortgage Brokers associated with a national homebuilder have called me asking for the Credit Union to be their credit line. Trying to make it worth our while but very interesting communicating with this Group.

re: ACUMA Comment Letter to NCUA Debbie Matz, Extending the $8,000 tax Credit...

Laurie Roberts — Fri, 23 Oct 2009 20:18:14 GMT

Recovery of the real estate sector of our economy will, along with jobs, be a requirement for a real recovery. The best way to absorb foreclosures and create move-up purchases is an incentive to purchase now as opposed to sitting on the sidelines waiting for the "bottom of the market".

The tax incentive for first time home buyers at the current $8,000 level has not had enough time to cause the inventory absorbtion that it could with continuation for an additional year.

The program will, however, along with so many others, will have a price to be paid in the future. I am not in favor of expanding it to all buyers, and believe that the $8,000 level should be maintained.

re: Servicing Retained Premiums

Scott Norris — Thu, 03 Sep 2009 15:22:15 GMT

We just received a bid on the sale of some seasoned loans and were offered 56 bp for servicing.

re: Extending the $8,000 Tax Credit for First Time HomeBuyers past November 30, 2009

Tina Powers — Wed, 19 Aug 2009 14:49:20 GMT

I'm absolutely in favor of extending the $8000 tax credit. Anything that helps first time home buyers realize their American dream is something to seriously consider.

Extending the $8,000 Tax Credit for First Time HomeBuyers past November 30, 2009 | US Mortgage

Tue, 18 Aug 2009 20:34:06 GMT

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re: Treasury Modification Agreement for Portfolio Loans?

Ken Buksnes — Thu, 23 Jul 2009 15:13:11 GMT

CitizensFirst Credit Union did not sign up for the treasury modification program for the same reasons listed by Valerie and Scott. We continue to work with our Members on an individual basis, and prefer to retain as much flexibility with the solutions that we are offering by not signing up for the program.

re: Appraisal Code of Conduct

Scott Norris — Thu, 21 May 2009 14:32:53 GMT

Sad to say but after meeting with Fannie Mae it sounds like you outsource the function or have an individual responsible for appraisal ordering and panel management report to another credit union executive. However, the employee cannot work in your QA/QC area...

re: Treasury Modification Agreement for Portfolio Loans?

Michelle Calhoun — Tue, 19 May 2009 20:40:59 GMT

Yes, we are servicing these mortgages according to the FNMA Announcment 09-05R. We do not service for Freddie so we are following FNMA's guidelines. I am with IBM Southeast Employees' Federal Credit Union in South Florida.