Income Verification Verbiage from Dodd-Frank Bill; Ginnie Mae Net Worth Requirements; Feedback on Reverse Mortgages; MBIA Downgraded

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Posted To: Pipeline Press

When will someone buy THIS HOUSE ? Anyone? Anyone? I don't envision picket lines in the future, but the Mortgage Bankers Association filed suit against the U.S. Department of Labor under the Administrative Procedure Act which seeks to "set aside DOL's Wage and Hour Division Administrator's Interpretation No. 2010-1 that reversed and withdrew a 2006 opinion letter from DOL to MBA. The 2006 opinion letter interpreted DOL's own regulations and concluded that typical loan officers were exempt from Fair Labor Standards Act (FLSA) requirements for overtime payments under the 'administrative exemption'." If you're interested, check out THE FULL STORY I mentioned a drop in reverse mortgage business yesterday, and received, "I think one of the major reasons there was such a huge drop in the reverse...(read more)

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Source: www.mortgagenewsdaily.com

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