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florida mortgage loans: Things That Make You Say WTF - 02/07/12 11:26 AM
My most recent need to “WTF?” something was in response to an absurd left hook leveled at Americans by our governing body and its cracker jack cast of elected officials.
First of all, thanks for passing the Tax Cut Continuation Act of 2011; you guys rock the Congressional floor! But after the confetti for their self-indulgent ticker tape parade settled it seems that we’re simply talking about a re-distribution here. A component of this act includes a mandate by the Federal Housing Finance Agency to have Fannie and Freddie increase their guarantee fee on mortgage loans.
In the classic “give with … (0 comments)
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florida mortgage loans: Mortgage Loans and Rabbit Holes - 10/26/11 09:58 AM
Thanks to Jane Kolocotrones, our Underwriting Manager extraordinaire for some much needed sanity about allowable fees and payments on the Purchase of Pre-foreclosure or Short Sale Properties!
The following is directly from Fannie Mae’s Selling Guide to distressed properties. While it is permissible for the borrower to pay a short sale processing fee for example, they do not allow the borrower to be reimbursed by an interested party (such as the seller or the real estate agent).
If the buyer is reimbursed, the fee is then characterized as a concession. And as we continue down the rabbit hole, a concession spurs … (0 comments)
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florida mortgage loans: Florida Mortgages and The Price We Pay - 01/20/11 11:07 AM
Nothing wrong with learning lessons, some of them just come at a tremendous cost...like $13.6 billion.
The FHA's annual independent financial report spouts all sorts of happy statements like "it is stronger today than it was last year" and about how the "FHA's capital reserves held steady" and stuff like that.
All good news, but there's also the seedy underbelly about how the seller-financed down payment assistance loans produced $6.6 billion in claims (and counting!!) and could actually wind up costing the agency in the neighborhood of $13.6 billion. That's some neighborhood!
Mercifully outlawed by the FHA, the seller-financed assistance program … (0 comments)
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florida mortgage loans: Florida Mortgage Rates: You Don't Need a Ticket for This Ride - 12/07/10 01:29 PM
You don't have to ride Aerosmith's Rock N Roller Coaster at Disney Hollywood Studios if you want to accelerate from 0 to 57 mph in just 2.8 seconds; you can just watch the mortgage interest rates in any given day if you want a true thrill ride. (Well, that's a slight exaggeration, but you get my meaning.)
We're currently experiencing multiple intra-day re-prices on mortgage rates. As the bond market continues to go off the hook, the prices go up. This is just something you should expect to see if you're shopping for mortgages; it is primarily a direct result of … (0 comments)
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florida mortgage loans: Mortgage Pre-Approvals: Control the Things You Can - 10/15/10 11:49 AM
The art of the deal and the completion of mortgage loans in Tampa have been plagued by hiccups for what seems like decades now. Does anyone really remember a simpler time when homes were bought and sold with gleeful ease?
Even the seemingly almighty loan pre-approvals appear suspect these days. At one time, a mortgage pre-approval was license to buy; today there's always the possibly that license can get revoked.
While there are specific activities from which a borrower must refrain after having the initial credit evaluation conducted, you need to be mindful that it doesn't mean your real estate deal … (0 comments)
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florida mortgage loans: Tampa Realtors and 8000 Pound Gorillas - 10/13/10 04:56 PM
To all you Realtors out there...I do have a really good idea about the stuff that gets dumped on you. While we're in the business of satisfying buyers' and sellers' goals, real estate agents in Florida are in the thick of the machinations of many different processes from loan officers to the termite guys.
Since all the great listing agents (and obviously the buyers' agents too) stay very close in touch with the progress of the buyer's loan, I just want to pass along a few tips (that will potentially save a deal from disintegration) if you're dealing with an unfamiliar … (2 comments)
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florida mortgage loans: Home Loans and Unintended Consequences - 10/04/10 09:12 AM
Despite the recent surge of digital domination, it's still a world mad with paper. And even though a mortgage loan client provides the proof positive paperwork requested by this Florida mortgage banker, it sometimes generates the need for paperwork to support the paperwork. Sounds crazy...but it's true. (Emphasis added by author.)
And there's nothing I can do but explain to the home buyer that when certain information is provided it may create the need for additional clarification on the roller coaster ride to the closing table.
Ironically, in an attempt to set client expectations, I created a document that states that … (4 comments)
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Brian P. Forrester
Palm Harbor,
FL
More about me…
VanDyk Mortgage
Address: 35095 US Hwy 19 N Suite 100, Palm Harbor, FL, 34684
Office Phone: (727) 216-8138
Cell Phone: (813) 361-6350
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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