GSE's Passing The Buck For Their Mistakes - 02/29/12 05:50 PM
On Monday I wrote a blog "The Battle Between Bank of America And Fannie Mae Continues". I could have easily have titled that blog "The Battle Between Lenders and Fannie Mae Continues" As I stated in the previous blog I am not a fan of Bank of America, the way they have been treating their customers lately is shameful in my opinion. But that does not justify what Fannie Mae has been doing to not just Bank of America, but to all Lenders, which is to GSE's Passing The Buck For Their Mistakes.
It is no secret that Fannie Mae, Freddie … (8 comments)
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Middlesex Chamber Of Commerce Business After Work ....... CANCELED - 02/28/12 04:54 PM
CANCELED
A couple of weeks ago I blogged about Middlesex Chamber Of Commerce Business After Work that was scheduled for tomorrow night at the Hawthorne Inn in Berlin, CT. Well due to the expected bad whether it has been canceled, and will be re-scheduled for a later dateI was looking forward to this Business After Work because it is the first time that the Middlesex Chamber of Commerce has held one there. So I guess I will have to wait a little longer to see if it messures up to all the other great Business After … (4 comments)
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The Battle Between Bank of America And Fannie Mae Continues - 02/27/12 04:59 PM
The battle between Bank of America and Fannie Mae continues. Bank of America announced late last week that it will cease to selling off its refinance mortgages to Fannie Mae. This battle between Bank of America and Fannie Mae is not good for anyone, especially present and future Bank of America Borrowers.
This latest decision by Bank of America comes as a result of buybacks imposed on them by Fannie Mae. For those who are not familiar with the term "buyback" it simply means that Fannie Mae made Bank of America take back what Fannie Mae deemed to be bad loans … (33 comments)
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Rental Income ......... When Can It Be Used #2? - 02/26/12 06:12 PM
As I pointed out yesterday on my first blog on this topic Rental Income ......... When Can It Be Used #1?, in our current market many properties have declined in value since the time that they were purchased. So some potential Sellers are choosing not to sell their properties until market conditions improve, and instead rent out their current property and purchase another. However, taking this route is not as simple as it sounds, so Homeowners who are contemplating doing this need to be aware of the financing guidelines before they embark on down this path.
The reason why a Homeowner … (6 comments)
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Rental Income .......... When Can It Be Used #1? - 02/25/12 01:25 PM
With the current market conditions where most properties have declined in value since the time that they were purchased. Many potential Sellers are choosing not to sell their properties until market conditions improve, and instead rent out their current property and purchase another. However, taking this route is not as simple as it sounds, so Homeowners who are contemplating doing that need to be aware of the financing guidelines before they embark on down that path.
Certainly it is the right of any Homeowner to rent out there property if they choose to, but will they be able to use the … (12 comments)
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National Association of Realtors (NAR) On Existing Home Sales - 02/24/12 06:43 PM
The National Association of Realtors (NAR) released a report this week showing existing home sales up in January. This is a rise in home sales for the third time in the last four months. This report is in line with what I have been personally seeing for at least the last 4 -5 months.
The NAR report also showed that completed transactions were up by 4.3% from December of 2011, and up .7% from January of 2011. Regionally existing home sales were:
The Northeast rose by 3.4% in January, and 7.1% above last year. The Midwest rose by 1% … (4 comments)
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Allowable Seller Paid Closing Costs - 02/23/12 03:47 PM
Most Mortgage Loans that I do these days have Seller Paid Closing Cost, this is true even on a purchase where the Buyer has significant assets. As a result of this, a common question that I am asked all the time from Buyers and Realtors, is how much can they ask the Seller to contribute towards Closing Costs?
Given that I am asked this question almost daily I thought that it maybe useful to provide that information for what seems to be the four major Mortgage Loan Programs these days. I have provided below a chart that I put together that … (8 comments)
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New Mortgage Disclosure Forms Maybe On The Way - 02/22/12 02:33 PM
New Mortgage Disclosure Forms Maybe On The Way. It appears that the Dodd-Frank Act may actually have something in it that makes sense. A component of the Dodd-Frank Act directs the Consumer Financial Protection Bureau (CFPB) to combined and streamline “mortgage disclosure requirements into a single uniform document” that are required by the Real Estate Settlement Procedures Act and Truth-In-Lending Act. I interpret that as combining the Good Faith Estimate (GFE) and Truth-In-Lending (TIL) disclosures into one document that actually makes sense to Borrowers, and clearly discloses ALL fees.
About two years ago, both the GFE and TIL were expanded from … (7 comments)
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Short Sale Lunch & Learn - 02/21/12 06:30 PM
Middlesex Chamber Real Estate Council will be holding a Short Sales 101 Lunch & Learn on Wednesday, March 7th. We all know that Short Sales are a huge part of the Real Estate and Lending Industries these day. This is a topic that we all need to be up to date on, and what better way to do that, then here what one of the to Short Sales Attorney's has to say.
At the Lunch & Learn, Attorney Lou Tavano will provide in depth discussion on the Short Sale process and present ways in which to successfully Close Short Sales. … (4 comments)
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"Gift Money" Acceptable Donors & Required Documentation For FHA Loans - 02/20/12 04:35 PM
Yesterday I wrote a blog outlining who is an acceptable donor, how much can be gifted, and the documentation required by Fannie Mae. Today I will explain the same for FHA Loans.
FHA is very similar to Fannie Mae when it comes to who is an acceptable donor, how much can be gifted, and the documentation required. But FHA does have its own little twists which can create a problem if Borrowers are not aware of them ahead of time
Acceptable Donor:
A Relative: Spouse Child or other dependent Related to the borrower by: Blood Marriage Adoption Legal guardianship Fiance Fiancee … (12 comments)
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"Gift Money" Acceptable Donors & Required Documentation - 02/19/12 05:55 PM
A couple of days ago I posted a blog on "Seasoning Money", and ended the blog stating that I would post another blog on "Gift Money" Acceptable Donors & Required Documentation. After thinking about that a little more, I will actually be posting at least a couple of blogs on this topic, because the documentation does change between Conventional and FHA Loan, and one blog would simply would be to long. I will start with Conventional Loans, and what Fannie Mae considers to be an acceptable donor, and the documentation that Fannie Mae requires.
Fannie Mae allows for an acceptable … (26 comments)
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Win A Free Mortgage Payment In The “First Of The Month Club” - 02/18/12 07:51 PM
Win A Free Mortgage Payment In The “First Of The Month Club” The McCue Mortgage is rewarding our Borrowers who make their payments on or before the first of the month. Each month our Borrowers make their monthly mortgage on or before the first of the month, they will be entered into our monthly drawing for a free mortgage payment.
That is right for simply doing what they are suppose to do, we will give each and every Borrower the opportunity to win a free mortgage payment. Furthermore, our Borrowers are not limited to winning just once, they will have … (10 comments)
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AR Inspiration Station ................ Bring an Old Post Back for a New Chance - 02/17/12 04:44 PM
I am sure how long the tab on the tool bar, at the top of the page, "Inspiration" has been there, but the observant person that I am just noticed it for the first time today. So I clicked on the tab and found that this tab leads to a series of challenges by ActiveRain that are not for points. The one that was posted earlier this month titled "Bring an Old Post Back for a New Chance" caught my interest.
What I gathered from the blog that I believed was posted by Bob Stewart, suggest that we go back to … (32 comments)
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There Is A Lot Positive About 2012 So Far So Share It With Others. - 02/16/12 09:13 PM
Our Industry needs good news, so when I run across anything that is positive that is Real Estate related I like to share it. We have been putting up with to much negative stuff over the last 4 to 5 years, and I feel like it is time to put an end to that trend. There are positive things going on in our Industry right now, and it is our job to spread the positive news as much as possible.
2011 was a down year for many, but for many of us 2012 has started off with a bang. Realtors … (9 comments)
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Middlesex Chamber Of Commerce Business After Work - 02/15/12 10:28 PM
Last week I blogged about a Business After Work that the Eastern Connecticut Chamber of Commerce is putting on next week, but that is not the only Business After Work that is going on here in the little State of Connecticut this month. The Middlesex Chamber of Commerce is also having a Business After Work on the last day of the month, and for those of you that have not been to one of the Business After Work that the Middlesex Chamber of Commerce puts on, then you are in for a special treat if you attend this one. … (7 comments)
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Zillow APP For Both The iPone & Droid - 02/13/12 09:07 PM
For those of you that have not seen it yet, Zillow now has an APP for both the iPhone and Droid. I am not a big fan of Zillow, but I will check Zillow for a quick value on a house if I do not have a better source at the time, or I just want to get a ruff estimate. I find that this happens quite a bit when I am on the road, away from the office where I can get a better estimate.
Even though I feel that Zillow is lacking in accuracy in estimating house values, … (4 comments)
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CHFA .......... Homeowners Equity Recovery Opportunity (HERO) Loan Program - 02/11/12 06:36 PM
The McCue Mortgage has recently become one of the few Lenders in Connecticut to be able to offer the CHFA .......... Homeowners Equity Recovery Opportunity (HERO) Loan Program. This program offers an excellent opportunity for both First Time, and Existing Homeowners to purchase a property at the current CHFA interest rate of 3.25% with 1 point.
The HERO program was specifically designed by CHFA to help Homebuyrers purchase Foreclosed, Abandoned, or Bank Owned properties. Below are the highlights of the program:
Only for Owner Occupied Properties, that will be the homebuyers primary residence. Eligible properties are need to be a … (4 comments)
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Chamber of Commerce Eastern Connecticut ........ After Hours Networking - 02/10/12 09:11 PM
Here is a great opportunity that is coming up in just two weeks to Network in Eastern Connecticut. Networking at events like this is one of the easiest and best ways to meet other business professionals that can help grow our business and have a great time doing it as well.
Networking events like this is like partying, while building our referral sources at the same time. So if you if you are able to attend the up coming After Hours Networking event at:
The Garde Arts Center 325 State Street New London, Ct.
If you plan … (6 comments)
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And The Survey Says??? - 02/09/12 11:37 PM
A recent survey by Fannie Mae has reveled some interesting results. The Fannie Mae surveyed reveled the following:
That 28% of Americans believe that in 2012 home prices will rise. However, they believe that interest rates will remain where they are. A small percent think that interest rates will go even lower. They are optimistic about the economy, and expect it to improve in 2012. 71% feel that it is a good time to purchase a home. But only 10% thought that it was a good time to sell. 64% are hoping to purchase a home. While only 30% … (16 comments)
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Non-Bank Lenders And Loan Originators Will Soon Be Required To Report Mortgage Fraud. - 02/08/12 10:41 PM
This might come as a surprise to many people, but presently Non-Bank Lenders, and Loan Originators do not have a legal responsibility to report "Mortgage Fraud". What may even be more surprising is that even if a Non-Bank Lender or Loan Originator wanted to report "Mortgage Fraud" at the present time, there is no set procedure to do so. They can report fraud, but without a clear procedure or agency that is specifically set up to act upon the reported "Mortgage Fraud" the reports can fall upon deaf ears. Yes the Banking Commission will receive complaints against Lenders and Loan Originators, … (11 comments)
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End To Outrageous Bonuses Of Fannie Mae And Freddie Mac Might Be Near - 02/07/12 09:37 PM
A third effort to put an end to the outrageous bonuses that the CEO's and top Executives of Fannie Mae and Freddie Mac was put into motion this week in the Senate by Senator John McCain (R-Arizona) and Jay Rockefeller (D-West Virginia). The two Senators attached an amendment to the "Stop Trading on Knowledge Act" which passed by a 96-3 vote.
Last week I wrote a bloge "Stop The Outrageous Pay At Fannie Mae and Freddie Mac Act" about the bill that Senator John Thune (R-South Dakota) and Senator Mark Begich (D-Alaska) introduced to also put an end to this … (7 comments)
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Private Sector Jobs Continued To Increase In January - 02/06/12 09:40 PM
The January Jobs Report is out, and private sector jobs continued to increase in January with 243,000 new jobs, and reducing unemployment figures to there lowest point in three years. That means that nationally the unemployment rate has fallen to 8.3%.
The major increase in jobs were in Manufacturing, Business Services, Hospitality and Leisure. The Construction Industry also saw an increase of 21,000 jobs over December. Unfortunately the increase in construction jobs were only in non-residential construction and specialty trade contractors, with very little if any improvement in other housing related fields.
According to Federal Reserve, Chairman Ben Bernanke, … (5 comments)
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New England Patriots vs New York Giants - 02/05/12 05:08 PM
We are less than 2 hours away from the XLVI Super Bowl Game (that is 46 for those that do not know how to read roman numerals) between the New England Patriots and New York Giants. Back on the 15th of last month I wrote a blog "New England Patriots vs New York Giants" about the two teams and asked the question
"could we be in for another repeat of another New England Patriots/New York Giants Super Bowl. I would love to see that, and even though I like the Giants, I want to see the Patriots avenge the loss … (10 comments)
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"Stop The Outrageous Pay At Fannie Mae and Freddie Mac Act" - 02/04/12 07:29 PM
Maybe Washington does listen sometimes. Last year Fannie Mae and Freddie Mac drew a lot of criticism for the outrages bonuses that they paid their CEO's and 8 other senior top executives. In a year where the two GSE's lost billions of dollars, and taped the American Tax Payer for more than $150 million dollars to help them get out of the hole they dug. They had the gall to turn around and paid their CEO's and 8 other senior top executives 13 billion dollars in bonuses.
In response to this two Senators from both sides of the isle have introduced … (9 comments)
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Housing Is The Hot Issue - 02/03/12 08:45 PM
We are into the Presidential Election Year, and for better or for worst it looks like housing is going to be in the spot light. I say for better or worst, because this important issue will become a political pawn, but it will at the very least start to get some of the attention that it should have gotten a long time ago.
Housing has already started to play a big roll in the Republican Primaries. Newt Gingrich took one on the chin in Florida mainly because of his consulting connection to Freddie Mac. Mitt Romney who was at one … (8 comments)
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Please Reblog - Gail Wants Her ASUS Zenbook Back! - 02/02/12 08:50 PM
Gail Robinson needs our help getting ASUS's attention, and we here on ActiveRain can help her do that. So please go over to her blog and reblog this as well.
Via Gail Robinson, Black Rock CT Real Estate blackrockhomesforsale.com (William Raveis Real Estate, Southport, CT):
For those of you considering buying an ASUS Zenbook, I want to share my experience to save you the pain I've been through. I paid $1,550 for the ASUS Zenbook UX31E (their top of the line model) on 11/21/11 from New Egg.com. On 11/28/11 I received the computer and began using it. It worked fine for the first … (6 comments)
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President Barack Obama Rolls Out His New Refinancing Proposal - 02/02/12 08:20 PM
Yesterday in a speech at Falls Church, in Virginia, President Barack Obama Rolled Out His New Refinancing Proposal to help homeowners having difficulty paying their mortgage. The cost of the latest proposal would be anywhere from 5 to 10 billion dollars, and funded through fees on major banks.
The problem with the President's latest proposal is the same as the ones before it, it is riddled with holes, in fact this is not a new proposal at all. The President proposed a very similar proposal back when the House and Senate were both controlled by the Democrat Party, and it failed … (4 comments)
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Home Maintenance Tip: Hot Water Heater Shut-Off Valve - 02/01/12 10:13 PM
I Don't know if you have ever experienced a Hot Water Heater quit working on you, but if you have it is normally not a pleasant experience. That is because when a Hot Water Heater stops working is not because it stops heating the water, it is because the bottom of the Hot Water Heater rusts out and you end up with a huge mess on your hands.
I have been very fortunate with the Hot Water Heaters that I have had, and have only had to replace two. Both times I was close by when started to go, and … (5 comments)
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