Are Electronic Signatures Allowed on Sales Contracts? - 05/31/09 04:29 PM
Electronic signatures on real estate sales contracts are becoming common, but there are a few things that you need to know to make the financing go smoothly when electronic signatures are involved. 
For VA loans, electronic signatures are not allowed.  Everything must be signed with a pen. For FHA loans, electronic signatures are allowed by HUD (which makes the rules for FHA loans), but not every lender will allow them. Fannie Mae and Freddie Mac allow electronic signatures, but again, not every lender will allow them.  Typically, an underwriter will allow everyone to re-sign the contract in pen at the closing, … (7 comments)

Credit Score Tips - 05/28/09 09:46 AM
GMAC just raised their minimum credit score for FHA loans to 600.  They were the last holdout at 580.  Most lenders have been at 620 for months.  
This means that credit scores are more important than ever, but what can you do if your buyers have scores below 600?  Here are the two most important things you can do to raise your credit score, and the three most important things that you should NOT do.
Things to do:
Pay your bills on time. Every time you pay a bill 30 days late, it lowers your score.  The more recent the late … (5 comments)

New Class Schedule - 05/26/09 07:53 PM
Our new class schedule is now available on our web site.  Here's the link:
http://www.mtgsupportservices.com/uploads/Class_Schedule_updated_5-20-09.pdf
If you need Continuing Education Units (CEU's), then sign up for one of our FREE classes.  At the moment, we have classes scheduled on the following subjects:
- FHA Loans - if you're staying away from FHA, you're losing money - these deal are easy, easy, easy
- VA Loans - always the best way to go for someone who has served our country
- Automated Underwriting Systems - learn what goes into a pre-approval (or what is SUPPOSED to go into a pre-approval)
We also … (1 comments)

New Appraisal Rules - 05/12/09 07:13 PM
Confused about the new appraisal rules?  Here's what you need to know: 
Beginning May 1, 2009, all conventional (non-government) loans that are going to be sold to Fannie Mae or Freddie Mac require compliance with the Home Valuation Code of Conduct (HVCC).  The HVCC prohibits mortgage brokers and bankers from having any direct contact with an appraiser.  All conventional appraisals must now be ordered through an Appraisal Management Company (AMC).  The lender no longer gets to choose the appraiser.  
Lenders are forbidden from having any contact with the appraiser, even if the underwriter needs something changed, such as another comp, correcting … (2 comments)

 
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Chris Thomas

Denver, CO

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The Mortgage Experts at America's Mortgage

Office Phone: (303) 345-3683

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