Gabriel David"/> Members - theMReport.com
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Gabriel David

Basic

First Name

Gabriel David

About Me

I love web development and psychology. Code is cool!

Location

City

Dallas

State

Texas

Zip Code

75204

Professional

Title

Web Developer

Company

The Five Star Institute

Professional Class

None

No comments

  1. Profile wp-user-avatar wp-user-avatar-45 alignnone photo 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. Profile wp-user-avatar wp-user-avatar-45 alignnone photo 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. 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: http://www.zillow.com/mortgage-calculator/harp-eligibility/

  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.
    SAD STATE

  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

    SENIOR CITIZEN DISCRIMINATION
    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??
    PLEASE….
    Sheesh.

  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.

  19. Thanks, Tory. I think regulatory compliance is an industry where there is always going to be tighter amendments to certain processes and over the last few years these changes have made risk management much more difficult. Although, over the next few years we could predict to see a much more competitive market with identifiable quality financial services and solution providers.

  20. This is an interesting approach to preventing fraud. Electronic signatures (if used correctly) are even more difficult to impersonate than hand written signatures. Some technologies make it virtually impossible to sign as someone else. With eSignOnline, the sender can require a number of authentication methods to assure the signer is the intended recipient and the system tracks the signers ip address, computer name, computer date/time, email address, type of device and browser used to sign the document…these along with knowledge based authentication, password security and sms two-step verificaiton, allows underwriters and auditors to be more confident and protect both consumers and mortgage vendors.

  21. Ban KKiller Web Developer

    Wells Fargo, a continuing criminal enterprise (you really don’t need a list of their latest crimes, do you?), decides that Ocwen is SO crooked that WF didn’t think they would get paid! Ocwen is in the business of stealing homes using forged, fraudulent documents. (Again, do you need some proof? Look it up! NOT hard to find).

  22. Patt Reid Web Developer

    How does one find a way to get some relief from OCWEN? They have been torturing me for 3 years. I apply for the modification, they spend 3 months asking for more documents, or the same ones I already sent that they somehow did not receive. Then they tell me that the application has expired and I have to start over again. They ask for an “income statement” but when I send it, it’s not in a form they can understand even though it’s straight from QuickBooks. According to their forms, the documents must all be dated w/in 180 of a foreclosure declaration, but they demand I renew my docs every 90 days. It’s a full time job, and of course, only a select few of their representatives is American and speaks clearly enough to be understood. But, I must say, they’re all well-trained on how to read a script and how to deny you access to anyone who has any power at all. They keep referring me to sources of “help” for the homeowner, but they can’t do anything until a foreclosure is started.

  23. Sunman Web Developer

    Yes, interest rate change in five years. That was on my adjustable rate mortgage. What was NOT obvious was that it changes EVERY five years….forever. And that means, historically that the borrower will be #!%^&# in the long run with high interest rate. Ever try to refinance when your property is under water? Banks 10….. borrowers 0….

  24. Cassandra Faulconer Web Developer

    Our mortgage was with Homecomings Financial, a wholly owned subsidiary of GMAC. Homecomings had difficulty and GMAC took over. We tried unsuccessfully for over 4 years to get a loan modification due to the fact that my husband was diagnosed with cancer, and we had a permanent loss of income. After over 4 years, we received a modification offer from GMAC that was $10 less a month than what we were paying. We gave up trying to work with the system, and were advised by our attorney and accountant to file bankruptcy and relinquish the property back to GMAC. We filed bankruptcy in October, 2010 and moved from our home of 20 years!! It is now 4 years later, our home is still in our name and there has been no foreclosure, with our property not being secured and allowed to deterioriate. There has been absolutely no preservation or protection efforts on the property, and it is heartbreaking for us, our children and grandchildren. GMAC also filed bankruptcy at some point in this process and OCWEN ended up with the servicing of the mortgage that we relinquished back in our bankruptcy. No one seems to care about us, and how we were damaged mentally and financially. I talked to 2 attorneys, and they said we did not have a basis for a lawsuit, while we are the ones who get the calls on the property. We are the ones whose reputation has been destroyed!! What has been allowed to happen to our home has hurt the property values in our beautiful subdivision and hurt our friends and neighbors!! I know I won’t hear from you or anyone else, but I truly feel that we should be compensated for our destroyed financial and personal reputation!!

  25. Profile wp-user-avatar wp-user-avatar-45 alignnone photo of GEENA

    Zillow continues to show me they are nothing but true “spinmeisters”. The Millennials are only dreaming of ownership and it will be a long lasting dream for most. Until their incomes allow them to qualify for a mortgage with their huge Student loan debt added with a car loan while still living at home to make all of this work is the day they will begin to be a driving force. They need to pay off their student loans and live debt free and then SAVE $ today in order to qualify while they are living at home. Once interest rates go up the chances of qualification for a mortgage will be even tougher. Yes, you can do 0% down and have your closing costs paid for the by the seller (if they are able) but you have to have the income versus your debt to “qualify” for a mortgage. Nice headline Zillow but you continue to not know what you are talking about.

  26. Glen Greenlee Web Developer

    How does this work. All year we have heard nothing but mellenials are saddled with school debt and can’t find jobs. Anext story says college grads moving home because they can’t find a decent job. Now we are suppose to believe over night this is not the way it is and now they are going to be the driving force in home buying. Since I am in the work force and working with buyers all the time and listening to families with kids in school and the crappy job market for college grads in most fields, I don’t believe Zillows economist one bit.

  27. chiquin Web Developer

    How are these programs different to FHA mortgage? Do we have to pay the PMI with these programs?
    What are the advantages of these programs compared to the FHA mortgage?

  28. Gene Web Developer

    Well when purchasing a home one also has to factor in other costs such as taxes, maintenance, insurance (higher than renters ins), etc. So now what is the realistic percentage comparison? And add to that the freedom to move when one wants or may need to

  29. We must live in a Bizzaro opposite world..lol Home ownership is much more expensive than renting by far. I have dozens of rentals and have been in this game 30 + years and you have to figure in the cost of maintenance and repairs of large and small items. This new 3% down is going to blow up again, and the market has already turned downward for home sales, despite the chearleading and doctored numbers.. This time when the market falls, hedge funds will QUICKLY be dumping their paid for properties in droves into a bad market just to reduce losses..
    Most of my tenants would like to buy a house and some of them will. I have talked to them all and hundreds of others about these issues. I ask them how much they make and most of the there incomes are decent at best. I then ask them how much they have saved for a down payment? Most have very little saved if any. I then ask them if they do get a home loan for very little down, do they have the money saved to complete a major repair or replacement of the A/C or Roof etc etc etc, or will they put it on a credit card for 15% to 29%, or will they just pay the vendor financing rates and have an added payment that way? Do they have have money saved for an emergency of job loss, hurricane, etc etc? So from asking questions for quite awhile on this subject to people, I CLEARLY see the tax payers will be bailing out the banks again soon enough and this does not even address the commercial markets that will head downward fast also..
    All of this is bad economics and rising prices of homes is never good for homeowners, it is only good for investors! If your only 150k home you live in goes to 250k then so what, if you sell it, then it will cost 250k to replace it with something else to live in.. If you have two or more 150k houses that ride the bubble up then you can sell one and make some money which is not most Americans.. If houses were not Government gauranteed then lenders would go back to Very Prudent lending practices of 20% plus down, they would really hold the appraisals accountable, they would really raise interest rates to market prices and really scrutinize employement and like they should be doing now and dont! All of this would be great because it would bring down home prices!! Yes, thats right, bring down home prices which is good for all Americans. Lower home prices , higher savings rates, less defaults, higher interest rates which are great for savers and investors who are the work horses of America. Everyone wins.. If a home owner gets a house for 30% less than that home owner has extra money to spend or hopefully save for retirement.. The world we live in now propagandizes and cheerleads over spending, heavy debt, under savings etc.. This hugely increased moral hazards for bankers blowing up economies and distoring asset values in bubbles due to being Government insured, which is a huge misnomer, because government has no wealth or money that they don’t first steal from taxpayers up front or they in which they print the money and steal the money from taxpayers through inflation.. Up is down, war is peace, freedom is slavery and ignorance is strength..lol They want you to irrationally believe that 2 + 2= 8. The government of America that is owned by Wallstreet and the Federal reserve needs to try and keep housing numbers up to keep their books looking solvent on paper but just as it crashed in 2008, it will all come apart again and this time it will be much much worse since interest rates are already being suppressed to almost ZERO %.. There is now where but down for houring and the economy.. We watched the government take about 230 years to get the national debt to 10 trillion by 2008 and from 2008 to 2016 it will double to atleast 20 trillion..lol
    Does doubling your debt sound like prosperity? lol only in bizarro world..lol how long will it take to go from 20 trillion to 40 trillion afte that? 5 to 6 years?lol Americans are in for a RUDE AWAKENING coming up.. We are in an Economy of Bubbles looking for a pin to prick it.. When it all falls apart they will blameit on IRAN, RUSSIA, CHINA and any other boogeyman accept who really did this> Banks/Federal Reserve and Government..

  30. It is true, many would be first time home buyers are scared stiff of applying for a mortgage loan. They don’t know what specifically to do to start the process of buying a home. They may have a stable employment with great income but are credit challenged. There are several reasons that include no credit, poor credit, lack of down payment information and many other minor issues. Realtors and mortgage professionals need to take time to educate these potential buyer pool. These buyers need hand holding in teaching them the basics. Get them to the housing counseling companies that help first time home buyers understand what is needed to buy a home. Sometimes these potential buyers need to understand rebuilding and/or building credit. They have to have at least 2 or 3 credit cards, unsecured and/or secured cards to help build higher credit scores every month.

  31. Great article, thanks for the read. Interesting take on the leads that at first don’t pan out. Alot of those leads will indeed be valuable at some point in the future, so guiding them to become valuable is a great way to save that marketing money already invested. Heck, you already have them, right? with a little more effort, you might just get them in a house the 2nd time.

    Another approach worth checking out is finding folks like this that haven’t even tried yet. Check out the article I wrote here: http://www.theibisnetwork.com/double-applicants-first-time-home-buyer-marketing/

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