Actual - Real Estate

The two leading mortgage giants in the industry are teaming up to propose a new way to conduct mortgage contracts through less paperwork, which could u

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

ltimately save consumers over $1 billion. Obviously, this savings will be spread out over millions of borrowers, so the question becomes whether the p

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

oposal will benefit or setback the mortgage industry because after all, you can’t just get something for nothing.

Mortgage lenders may soon gripe abou

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

t the shorter paperwork because it will phase out many conforming loans that lenders often consider their jewel because it results in multiple contract

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

.

The article, “New Mortgage Form Could Save Consumers $1 Billion or More,” written February 27, 2007 by Peter G. Miller and submitted to Realty Times

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

breaks down the semantics of the mortgage settlement cutbacks.

“Essentially, what Freddie Mac and Fannie Mae have done is to offer a short mortgage f

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

orm, something that runs three pages and can replace a 16-page document. At first this may hardly seem either revolutionary or exciting, but if you fol

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ow the dollars this gets interesting.” Every mortgage settlement includes paperwork, which is designed to ensure all legal precedents are met. You may

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

think that by now most of a mortgage settlement would be electronic and thus paperless but that is actually very uncommon. Instead paperwork is still

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

sed to formulate the most important parts of a mortgage such as settlement tables, certificates and stipulating documents.

“Such forms are not just pa

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

er, they're legal agreements which spell out standardized terms and conditions. Use forms from Freddie and Fannie and you'll create a ‘conforming’ loan

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

, one that can easily be sold to those who buy mortgages in the ‘secondary’ market such as pensions, insurance companies and hedge funds.”

Even lender

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

that do not plan on selling loans still benefit from the option to do so from conforming loans. Conforming loans are not possible without paper.

“But

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

there's a money problem: We're not just talking about one or two pages of legalisms, we're talking about 16 pages of small type and in many jurisdicti

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ns the charge for recording loan agreements is made by the page.”

“Fannie Mae and Freddie Mac say that in Ohio a buyer might expect to pay $148 for th

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

long mortgage contract -- but only $36 for the new, three-page, short form.”

So, the shorter mortgage form will save paper to help the environment (“

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

green” awareness is very in nowadays) and it will save the average borrower over $100 in settlement costs. “Fannie Mae and Freddie Mac are on the righ

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

track with their short form. It's a simple, elegant and smart way to reduce closing costs. No doubt over time it will be used more widely and with goo

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

d results for buyers and sellers.”

And as their short form gains in use and popularity there is little doubt that other industries will be forced to a

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

opt shorter forms, which will ultimately help consumers save more money while at the same time hinder lenders.

Apparently the customer is always right

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Simplify and focus on these three areas. They are the real power driving business growth.

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