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Gabriel David



Gabriel David

About Me

I love web development and psychology. Code is cool!






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Web Developer


The Five Star Institute

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  1. Avatar of Bruce Specter
    Bruce Specter Advisory Mortgage Planner/Business Development

    This is a designed play to further homogenize the conforming sector of lending by creating an unprofitable environment for the small to mid-size mortgage bank. Scale and further automation is the key, providing the greased skids as the regulators unwind themselves from the current GSE model.

    This reflects the sentiments I have espoused for some time. As stated before, and further articulated by Tony, this is not new to business. In my former technology life, I was involved with an IBM project for American Express called ‘CS of the 90’s’. It was about increasing the intelligence of the technology to reduce errors as well as the need for highly trained customer service reps due to an incredibly high turnover rate.

    Fast forward, QM may be this decades version. Consider the winding down of the GSEs and getting more of the private sector involved. With underwriting becoming more logic driven, vanilla lending can easily be handled via web and call/processing center with limited QC on the backend. That’s a make sense deal for investors on the secondary market creating a macro version of what Quicken has already built. Originators will best serve the niche and non-QM markets going forward.

    For the traditional small to mid-market mortgage bank, costs continue to go up while regulators make sure income continues to fall, I would add, by design (lobbyists doing what they do!).

    The self-serving support of real estate agent commissions by Zillow today was pandering at it’s best. The 6% ‘standard’ is long overdue for disruption. As more homeowners see equity increase, agencies need to provide a sliding scale for fees. Here in the Reno area,, there are over 2900 licensed agents. 300 have done over $1M in transactions in 2013. That number is also 1% of our population. 1%! The fallacy of easy money is the lure for most and I would say fewer than 5% of that number do it professionally.

    The elephant in the room are the title companies. We’ll leave that for another discussion.

  2. Avatar of Bruce Specter
    Bruce Specter Advisory Mortgage Planner/Business Development

    A start to the conversation regarding the overall market improvement in Nevada. What the media fails to realize are the 2 very different markets that comprise the state. Though most of the population resides in Clark County, I would submit most of the innovative and technological/entrepreneurial growth continues to nurtured and supported by the ongoing synthesis of a private/public/academic ecosystem driven by a unified economic development initiative, The Renossance Project.

    Contact me if you care to learn more about this cooperative redevelopment/business attracting model that is working.

  3. Avatar of Andrea Smolin

    Homeowners who are still underwater should check out Zillow’s HARP page. It includes HARP education as well as live, custom HARP refinance mortgage quotes from multiple lenders:

  4. As a Real Estate Broker and Residential Appraiser, I would say the Dodd Frank Regs have placed the smaller banks in rural areas in a position where they can not take care of their customers in a timely and fair transaction. The burden of over kill in financial data required now vs the Clinton Era when everyone could get a mortgage loan whether you had proof of repayment of the loans of not.
    Now the reverse is true.
    The burden of proof required to get financed is ludicrous, customers dealing with local small town banks for decades are treated like newbe’s. Customers put the blame on their loan officers, bank managers etc.
    You can not paint the entire country with the same paint brush. Everyone doesn’t want to operate like Washington DC. There are normal hard working bill paying, tax payers out here.
    The greatest weakness in the system as far as Appraising is concerned-banks are not permitted to give out any minimum figure a home must appraiser for to qualify them for a loan. Before Dodd Frank we were given minimum standard to meet, everything purchased should have a COST BASIS to work on, whether your buying a refrigerator, toaster or whatever. Cost is a factor, not giving any cost basis on a financial transaction is no different. If a certain amount is not reached, the loan percentage is increased, or the loan is not issued. After 30 years of appraising and now not having some base to go by, and having to quess on value is not fair to the consumer.
    CONSUMER-maybe Washington should look that word up and try to take care of them, instead of sticking it to them again.

  5. Sam Hillsdale Web Developer

    It seems to appear Yellen does not want the Central Bank to be accountable and rule by emotions.
    Sounds like decisions can then could be made by a political windsock.

  6. Private - do not want to divulge my name Web Developer

    I believe Dodd Frank gives lenders an excuse to discriminate against Senior Citizens and people who have disabilities because UNION Bank of California turned down a perfectly qualified couple (us) based on the inability to “prove” THREE YEARS worth of disability payments. How can someone know they will be disabled for 3 yrs, especially if the prognosis is they will not even live that long? Why should the couple, and particularly the healthy spouse, be denied a lower interest rate when there are substantial assets?
    Next Seniors are also discriminated against based on income. Both our family and my cousin who is also a senior citizen, all have stellar credit ratings, multiple free and clear rental properties, no history of defaults on any level, excellent equity, well beyond the required loan to value ratios, etc., yet neither one of us can re-finance out of 6.5% interest rate first mortgage with Union Bank of California OR with the existing lender, JP Morgan Chase, who has had our loan for 15 years and even re-wrote the loan 5 yrs ago with a program they called “streamlined” because we have been such good customers and sites Dodd Frank as the reason we have to re-qualify. As we are now retired, and my husband is disabled, our income is still excellent for as long as he lives and even then we have substantial life insurance policies which are much more than the mortgage balance. I think Dodd Frank didn’t think through the detrimental affects their policies are for Seniors! We only want to refinance to a better interest rate and there isn’t a single reason why we shouldn’t qualify but we were denied!
    I filed a formal complaint months ago with what seemed to be the proper government agency, can’t recall but I don’t think it was with Consumer Affairs but the federal agency dealing with mortgages and there was no response. In fairness, as with this communication, I do not think I offered our name.

  7. Ed Simonetty Web Developer

    QM has a had a negative effect on neighborhoods with small loan amounts particularly minority borrowers in inner cities. The minority borrower has limited choices when it comes to obtaining a mortgage. The only option they have is an FHA mortgage. Conventional mortgages with a 43% DTI and higher credit score requirements eliminates may qualified borrowers. The minority borrower is forced into an FHA mortgage with more flexible DTI and credit score requirements. However, the FHA mortgage carries a substantially increased Upfront MI and monthly MI which has made it very expensive for minority borrowers whose income have not kept pace with rising home prices and higher mortgage rates. The net result is less minority borrowers buying homes.

  8. Michael Schier Web Developer

    The wrong part of the business was surveyed in order to come to this wrong conclusion (QM not affecting prime mortgage market). The non-QM qualified inquiries are being informed they don’t qualify and so while, in order to follow guidelines, are not technically discouraged from completing an application, they are not encouraged to apply either. No loan officer wants to take money from a customer for an application fee knowing the applicant doesn’t fit the ever shrinking ‘box’ in which the borrower must fit.

  9. Sam Hillsdale Web Developer

    Where is the hell is all this money going plus all the settlements the banks have made with CFPB.
    Tell me how this is for the good of the consumer.

  10. Many of the pundits were overly optimistic about recovery of the real estate market. Some by coincidence and others by design. Prices may be misleading, sudden short spikes may create false hope, sometimes the experts too but the data doesn’t lie. There is still some healing to take place before the housing market picks up to what it used to be. If you really want to know where the property market is at, keep your eyes plugged in on the numbers. The maths has to add up, so the numbers don’t lie.

  11. Doublespeak…..the reason they leave is to close more loans, make more money.

  12. Ken Web Developer

    As a real estate professional I think the attempts to regulate the Real estate industry have missed the mark somewhat. I don’t have issues with the attempts of the Frank-Dodd act to protect the consumer. I believe the consumer should be protected, in what can be a complicated process. The mortgage process should be made as transparent as possible.
    Let me get back to my point. Here is one example of an area of extreme mystification to us all (real estate practitioner and consumer alike). In order to get a mortgage, each applicant must meet a minimum Fico score(depending on the lender). However when it comes to what criteria determines the fico score there is no set uniformed criteria. That is right! One lender may use a older version of the Fair Isaac Scoring model, while another may use an newer version that does not include for example medical charge offs. This could result in vastly different fico scores for the same consumer in the same time period. For one score the consumer would qualify (to purchase or refinance), for the other they would not. The sad part, no one would be able to explain exactly why.
    This, in my opinion is just as important an areas requiring some industry standardization as RESPA. Assuming consumer protection is the objective.

  13. Jim Picard, CMB Web Developer

    “The CEO reportedly earned $535 billion between 1999 and 2008,” or $535 million?

  14. All the Feds & All the media need to walk a short plank and fall into the Ocean

    When states controlled their Real Estate and Financing companies from 1940 to 2005

    All was fine

    Enter the F____up Congress & Senate and 25% of our Economy is Screwed

    How did we ever get along without them

    People governing R.E. , & never had a License or SOLD a Dam thing but they and

    The New York Boys unlicensed crooks ruin the industry

  15. How much in the way of fees would mortgage holders be charged, say on a $400,000 purchase?

  16. Steven C Bradley Web Developer

    So apparently the “risk” is that “consumers MIGHT refuse to use a lender who has been falsely accused.” Darn. The consumer has a right to know what other people think, even if these stories are not terrible. Lenders have for too long been able to hide behind the distinct lack of sunshine on their industries. A bit of real light could have far-reaching effects on the attitudes lenders have toward the public, and it is needed. I don’t care what the scholars at GMU say. They could even be right in some respects. It doesn’t matter. Light is needed. I know many folks who had NO advocate during the housing crisis, and the lenders acted with impunity. If this moves the public discussion in the right direction, it’s good, whatever the lenders think about it.
    The problem is that almost the entire financial world has been controlled ONLY by the lenders, and the regulators have been very weak. The least that should have happened in the last crisis is that numerous banks should have lost their banking licenses in the US, and the executives who assisted in the perpetration of the crisis jailed. None of that happened, and now you think it’s a bad idea to identify those people so others will not use them??

  17. PJ Worley Web Developer

    Tried to refinance 6.5 % jumbo mortgage last year with Union Bank of California … didn’t go through. Dodd Frank regulations prevented. Got all the way through grueling requirements and the last straw, which prevented qualification, was lender stated requirement for 3 yrs proof of disability payments. We were told this was part of Dodd Frank regulations. We could only prove 2yrs. My husband did die last month before the end of 1 yr and I have enough life insurance to support the loan for what the term of the loan would have been. No common sense used in underwriting

  18. Jeff Web Developer

    Funny, coming from an industry that as soon as the clouds lifted… ran back to their exclusive agreements with conservative banks. What goes around comes around and it goes around and around forever as long as greed is the motivation which controls our industry.

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