Tag Archives: Prevents

Structured Settlement Sale Prevents Home Foreclosure in Florida, According to J.G. Wentworth

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BRYN MAWR, Pa. (PRWEB) September 24, 2008

Commenting on the increase, Randy Parker director of quality assurance for J.G. Wentworth, noted that among the higher volume of transactions are a larger number of cases where the seller is trying to overcome some form of financial distress which was not contemplated at the time they settled their lawsuit including the possible loss of their home through foreclosure.

According to Mr. Parker, “Our client Janine D. living in Sarasota offers a typical example of some of the financial distress we are now seeing. Sudden and persistent illness undermined Janine’s ability to maintain her income. She had few other assets other than her settlement payments, but these were inadequate for the circumstances she found herself in.”

Janine D. said, “I have been unable to work due to an illness for the past 21 months and the bills were piling up. I had nowhere to turn to and could not find a job due to the constant in-and-out hospital visits.”

Through J.G. Wentworth, Janine D. was able to sell a portion of her regular monthly payments for 4 years in exchange for $ 16,000 in cash.

“J.G. Wentworth was fantastic about getting me money from my annuity to bring me out of the financial hole and keep our home from being taken away,” she said. “You helped keep the roof over my child’s head. I am forever grateful. Thank you.”

Parker noted that not all clients are facing some form of financial distress. “Many clients simply find it more convenient to get all of their money at one time, rather than waiting several years.”

About the J.G. Wentworth family of companies

J.G. Wentworth, Inc., based in Bryn Mawr, PA, is the nation’s oldest, largest and most respected buyer of deferred payments for illiquid financial assets like structured settlements, annuities and, through dedicated subsidiaries, life insurance policies. Since 1992, J.G. Wentworth has purchased over $ 3 billion of future payment obligations from consumers and is also the nation’s largest securitizer of structured settlement and annuity backed notes. The company’s notes are rated AAA by Standard & Poor’s Corporation.

For more information about J.G. Wentworth, go to http://www.jgwentworth.com.







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The Mortgage Industry Secret that Prevents You from Getting a Loan

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Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

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The Mortgage Industry Secret that Prevents You from Getting a Loan

Posted on by

Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

###







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The Mortgage Industry Secret that Prevents You from Getting a Loan

Posted on by

Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

###







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The Mortgage Industry Secret that Prevents You from Getting a Loan

Posted on by

Reno, NV (PRWEB) September 15, 2010

If your credit is good and youve tried to get a home loan, you may have found yourself in the perplexing position of being told you arent qualifiedeven if you are. Whats going on here? The answer is a secret problem in the mortgage-lending business called Repurchase Demands (loan buy-backs)and they are slowly strangling the industry. Thus, fewer loan products are available for the qualified borrower, says Scot Baker, a mortgage repurchase defense expert.

The problem started with the popping housing bubble in 2007. As the financial system collapsed, so did mortgage loans that had been securitized. This caused a systematic failure at Freddie Mac, Fannie and Ginnie Mae (the sources for FHA and VA loans). Congress demanded that these institutions become solvent after two major bailouts.

Today, Fannie Mae, Freddie Mac, and the Mortgage Insurance Companies are pushing back on loans up to 5 years old to the aggregators (Wells Fargo, Citigroup, Chase, Bank of America, etc.), who in turn are forcing buy-backs on the originators (Main Street mortgage companies). In the first quarter of 2010, these agencies forced lenders to repurchase $ 3.1 billion in mortgages, up 64% from one year earlier. Additionally, Ginnie Mae pushed back $ 15.5 billion in loans in the first quarter 2010 versus $ 4.9 billion in the year ago quarter. To further complicate things, the FDIC is pushing back on loans they inherited from seized banks, most notably Indy Mac.

The effect of loan buybacks is far-reaching and one of the major obstacles to a housing recovery. Repurchase demands have led to fewer lenders, an increase in loan loss reserves, increased overhead to handle the buyback demands, fewer choices for the consumer, and a lack of loan product availability for everyone, especially the self-employed. The overall effect on lenders is to tighten guidelines, a move to more time-consuming underwriting of each file, and a reluctance to take reasonable risks.

The result: You cant get a loan, even if youre qualified.

Most of the trouble with bad loans in the past centered around stated income loans above 80% loan-to-value, loose underwriting guidelines and pricing models that enticed lenders to place borrowers in loans not in the borrowers best interest, Mr. Baker says. However, my company, Pyramid Quality Assurance, sees a large percentage of buy-back demands on loans the originating lender underwrote to the program rules and guidelines in place at the time. Facts arising after the loan originationsuch as job loss, new debt, misreading of the credit reports or closing documentsare being asserted as reasons for pushback. We help Main Street mortgage companies defend against repurchase demands.

An optimistic view is that the mortgage industry will deal with this issue for at least 2 more years. Realistically, it is likely that the high level of pushback will continue for 3 to 5 years, Baker said.

About Scot Baker

Scot D. Baker is Sr. V.P. of Business Development at Pyramid Quality Assurance, a full-service loan analytics firm specializing in Repurchase Defense and Quality Assurance. Mr. Baker has over 20 years of mortgage banking experience. He can be reached at 877.706.5791 X 214 or sbaker.pyramidqa.com.

About Pyramid Quality Assurance.

Pyramid Quality Assurance, LLC http://www.pyramidqa.com/index.html is a full service analytics firm with extensive experience in mortgage industry Quality Assurance programs and Loan Repurchase Defense. Our senior staff have successfully defended Repurchase Defense cases, saving our clients millions of dollars. The company utilizes a comprehensive analytical approach providing easily understood solutions tailored to our clients needs. PQAs process allows our clients to increase efficiencies, leading to increased profits, improved cash flow and lowered loan loss reserves. Pyramid Quality Assurance works with small to large banking and mortgage banking institutions, home builders and investors across the U.S.A.

###







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