mortgage: Expect The USDA Guaranteed program funds to be extended for 2010 and beyond - 04/23/10 02:37 PM
The following is an article published in todays edition of Mortgage News Daily:
The continued availability of government guaranteed mortgages for rural homebuyers was virtually assured yesterday when the House Financial Services Committee voted to approve H.R. 5017. The unanimous vote will send the Rural Housing Preservation and Stabilization Act of … (6 comments)
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mortgage: Good New on Flood Insurance - 04/19/10 04:57 PM
In case you didn't know, we have been hanging in limbo on properties that require flood insurance for several weeks now. The old FEMA flood insurance appropriation had expired and congress had not re-authorized until now. Congress approved the Continuing Extension ACT of 2010 (H.R. 4851), which includes a temporary extension of … (3 comments)
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mortgage: Has the FHA flipping rule really been waived? - 03/05/10 10:19 AM
Lenders accross the land are taking different twists on the FHA flipping rule waiver. Just to demonstrate how major lenders are treating this tender topic, I will list some examples from the largest national leaders.
Some things are simple, others not. On January 15, 2010, HUD issued a Waiver of Requirements … (2 comments)
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mortgage: Consumers Beware of Rising Fees - 02/16/10 12:53 PM
Borrowers need to be aware that many mortgage brokers are choosing to raise fees to maintain their income on each loan transaction. Following is advice from one major wholesaler to their broker customers:
THE NEW GFE
See the original GFE given to the Customer - Line 1. Contains the following:
… (2 comments)
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mortgage: The Death of an Industry - updated - 02/10/10 05:03 PM
A few months ago I wrote a blog titled "The Death of an Industry". To say the least it met with a lot of resistance from the Mortgage Broker community. The Mortgage Brokers of active rain showered me with reasons why I was wrong. They contended that mortgage brokers could shop … (6 comments)
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mortgage: Loan Activity Down - 01/27/10 05:29 PM
The market share for refinances must be considerably lower here in Oregon. Borrowers are really in a bind with shrinking equity and tougher loan underwriting.
Art Marine
Branch Manager
10220 SW Greenburg Road, Suite 250
Portland, OR 97223
503-764-4005 direct
503-799-7085 cell
1-866-510-4716 fax
www.academy.cc/artmarine
art.marine@academymortgage.com
The Mortgage … (1 comments)
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mortgage: Are Fannie and Freddie doomed? - 01/22/10 04:34 PM
The following from a CNBC story:
CNBC Reports... Fannie, Freddie Cannot Exist in Current Form: Frank Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. "This committee will be recommending abolishing Fannie Mae and … (0 comments)
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mortgage: Clarification on FHA removing 1% cap on origination fees - 01/12/10 03:54 PM
Recently HUD announced elimination of the 1% origination cap on FHA loans. The change was made with the spirit of the new GFE that combines origination and other lender fees into one section. This will allow lenders to present "origination charge", a bundled fee of origination fee and lender fees, at … (1 comments)
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mortgage: A Potpourri of Financial Information - 01/12/10 01:55 PM
You know how the Fed has been buying up so many Fannie, Freddie and Ginnie Mae MBS? Last year the Fed made up something like 75% of all such purchases. It will be interesting to see what happens as they stop buying. The conventional wisdom is that it will cause rates to … (0 comments)
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mortgage: More challenges to lenders and brokers...the lending industry contracts - 01/11/10 01:25 PM
How many companies out there won't be able to do FHA loans if HUD moves toward a minimum $2.5 million net worth to do FHA loans? Some estimates peg the loss at 70% of all current lenders! HUD estimates that about 40% of all currently approved lenders have less than $1.0 … (0 comments)
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mortgage: 2010 FHA limits for Oregon - 12/15/09 02:55 PM
For those of you in Portlan, Oregon, following are the FHA limits for 2010. Let me know if you need any additional information
… (1 comments)
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mortgage: FHA 203K - 12/08/09 02:23 PM
The Section 203(k) program is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding home-ownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an … (1 comments)
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mortgage: Turbulence continues in the credit markets - 12/07/09 05:21 PM
It does not look like we have quite turned the corner on the mortgage meltdown. Today another one bites the dust. On the heels of its parent company's bankruptcy, Amtrust Bank became the 130th bank to fail in 2009 when the FDIC took it into receivership on 12/04/09 at an estimated cost … (3 comments)
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mortgage: Doing Business Durring the Holidays - 11/24/09 12:04 PM
With all the events and family and feasts and fun associated with the holidays, is it worth it to work and try to make sales in December? Or is it better to regroup and plan for the 2010 year?
First, let me say that my largest closing month ever was a … (0 comments)
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mortgage: Where Have all the Lending Professionals Gone? - 11/20/09 02:51 PM
It is getting more and more common that my company is asked to save a real estate transaction at the 11th hour. I got three calls in the last two days from listing agents that have had their sales put in jeopardy by pure incompetence from the lender handling the … (5 comments)
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mortgage: It is Playoff Time for Oregon High School Football - 11/18/09 03:55 PM
State of Oregon 6A football playoffs
As those of you who read my blog know, I am a huge football fan. I love it on every level! I will watch peewee football, middle school football, high school football, or NFL football. Heck, I am such a football nut that I will … (4 comments)
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mortgage: My Profit VS A Happy Customer - 11/17/09 07:56 AM
Yesterday I faced a common dilemma for business; was it better to give my services away and have my customer leave the transaction happy or make a profit and risk a potential failed sale?
Let me first explain the circumstances. I had received a loan application from a couple about 6 … (5 comments)
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mortgage: Curve Balls - 11/02/09 06:52 PM
Every once in a while you have to hit a curve ball. Last month my father-in-law, who is 81, had triple bypass surgery. After the operation we moved him into a facility in Lynnwood, Washington call Manor Care. The correct name should be "Manor Could Care Less", but that is a … (8 comments)
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mortgage: Fall means football, hunting, fishing and a change in the weather - 10/26/09 05:31 PM
Fall is my favorite time of year in Oregon and it always has been. I am not a fan of hot temperatures so the fall brings relief. Nothing is better than a cool crisp October day to bring about that euphoric feeling of all things macho. Of course, I speak … (3 comments)
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mortgage: Fall and Flu - 09/29/09 04:56 PM
It seems to happen every year...the kids go back to school and withing two weeks they are sick. Typically I seem to catch the bug the following week. Why should this year be an exception? Of course it is not! Last night I woke up with a terrible cough. I can … (3 comments)
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