New GFE: Not all costs on the GFE are locked in! - 01/31/10 05:50 AM
Finding your way through the new GFE almost requires a detective to help identify the twists and turns, what can change and, which fees are set in stone, unless, of course, it falls under one the exceptions..... As most of you already know, the new rules require mortgage originators to lump the origination costs - including the interest rate and underwriting fees - under one bundled fee on the GFE; once lenders receive GFE's from mortgage brokers, they have to accept the charges.
However, not all costs on the GFE are locked in; charges affected by "changed circumstance" can be modified … (4 comments)

FHA Suspends anti-flipping Rules - 01/30/10 06:55 AM

As Ken Harney put it: "FHA is going to give the opportunity to kill three birds with one stone!"
FHA hoes to help low-downpayment homebuyers, investors who fix-up foreclosures, and communities burdened with too many bank-owned and foreclosed homes - all with one potentially far-reaching policy change.
FHA is revising its long-standing anti-flipping rules starting February 1 and just might score a hit with all three target groups. For many years, FHA has had a strict prohibition: It wouldn't insure a mortgage on a house if the seller had owned it for less than 90 days. The ban was a … (1 comments)

Why you should be leery of HAMP/HAFA - 01/28/10 05:06 PM
The new federal rules for the Home Affordable Foreclosure Alternatives (HAFA) program announced November 30 Supplemental Directive 0909, to be effective April 5, but available for Lenders to start as soon as they have a policy in place regarding the new program.
While HAMP (Supplemental guideline 0901), the Home Affordable Modification Program, is designed for those who can fit modified payments into their budget at 31% of their total income or less, the HAFA program is for those who need to give up their primary residence because they fall outside the HAMP guidelines or they fail to make HAMP payments.
Every … (0 comments)

Treasury Dept Announces Home Affordable Foreclosures Alternative Program - 01/24/10 07:02 AM
On April 5, 2010, a new Treasury Dept program entitles - Home Affordable Foreclosure Alternatives Program (HAFA) goes into effect. HAFA is part of the Home Affordable Modification Program (HAMP).
It provides incentives in connection with a short sale or a deed-in-lieu of foreclosure on a loan eligible for modification under the HAMP program. HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac. It is a complex program with 43 pages of guidelines and forms, designed to "simplify" and streamline use of short sales and deeds-in-lieu of foreclosures.
Highlights of the HAFA:
Complements HAMP by providing … (0 comments)

IRS Regs finally published for tax credit for repeat home purchases - 01/23/10 07:52 AM
If any of your prospective sellers have been holding back on getting involved with the new $6,500 federal tax credit for repeat homes purchases, there's no further excuses for inaction.
That because the "Infernal" Revenue finally published the rules for the repeat-purchase credit, with key details for taxpayers that have been missing since the program was signed into law by the President on November 6, 2009.
On January 15, 2010, the IRS posted its revised Form 5405 on its web site: www.IRS.gov, six weeks after warning taxpayers not to file claims for the $6,500 credit without using the revised form and … (0 comments)

HAMP Workouts Double in December - 01/22/10 05:56 AM
Apparently displeased with the lack of modifications completed by the end of November, the feds made house calls to Lenders in December to make sure the people who could be helped with loan modifications were being helped. As a result, completed permanent modifications doubled to 66,465 with another 46,056 final modifications just lacking Homeowner signature. A total of 902,620 Homeowners have applied for HAMP modifications since last March.
In addition to looking over the shoulders of Lenders the government extended the review period for Homeowners until January 31st so that all Homeowners are given a fair amount of time for evaluation.
… (2 comments)

FHA to Lift Mortgage Insurance Fees - 01/21/10 05:42 AM
The Federal Housing Administration will announce more-stringent lending requirements and higher borrower fees on Wednesday to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency.
The FHA, which has taken on a major role in the housing market during the economic downturn, doesn't lend money to home buyers, but insures lenders against default on loans that meet FHA criteria. In exchange for that backing, borrowers who take out FHA-backed loans must pay an upfront insurance premium, currently set at 1.75% of the total loan amount. The premium can be rolled into the loan.
The … (3 comments)

Despite new mortgage cost disclosure rules, problems still exist - 01/18/10 05:07 PM
New disclosure regulations have gone into effect and, I'm not clear the problem has been solved. Having been in the business for 22 years, I have had lots of opportunities to work with some really great loan officers who were fully knowledgeable about their products and associated fees. Like there are some less than capable Realtors, there are also some loan officers who deliberately or inadvertently understate the projected closing fees.
As I understand, the new regulations are not particularly helpful in many different situations unless there is actually a contract in place for a specific property. It appears that loan … (0 comments)

Should you set "Action" goals or "Results" goals? - 01/17/10 01:48 PM

All
I came across this in a Leo Quinn newsletter. I like it:
When setting your goals make them ACTION goals rather than result goals.
For the most part we can control our actions but we can't control the results we get from those actions.
So instead of making it a goal to weigh X pounds by a certain date, make your goal to exercise a certain amount of time each week and limit your calories to whatever makes sense.
Assuming you've done nothing like this before, you will lose weight, but if you don't hit your goal weight when … (0 comments)

FHA Flip Waiver Requirements - 01/17/10 12:55 PM
 
All
After many, many interpretations about what may or may not be required, here are the specific requirements. Thanks Vince Liguori
 

 


 


 
 
 
Now please go sell something!
Dave Rosenmarkle
Broker/Owner
ighland Realty
Arlington, VA 22207
Office (703)538-2566
davidrose@mris.com
www.Highland Agents.com
It's a great day to be of service to others!

 
 
 
 
… (2 comments)

Beware of unethical referral agents - 01/17/10 08:51 AM
 
One of my agents had a recent referral experience that really makes her question how some agents can have such a blatant lack of competency and ethics.
My agent (the referring agent) was contacted by a friend who lives in the Midwest and knew of a seller who was not happy with his current agent and was looking for a new listing agent once his current listing agreement expired. The first mistake the referring agent made was not to list the opportunity on ActiveRain. She wanted to locate an agent who serviced this particular township and followed a Google path … (2 comments)

FHA has lifted the 90-day seasoning requirement! - 01/16/10 11:12 AM
The news is spreading fast...  As reported out from FHA on January 15, 2010 -
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS
Measure to help bring stability to home values and accelerate sale of vacant properties WASHINGTON -
In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan today announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties.
The announcement is part of the Obama administration commitment to addressing foreclosure. Just yesterday, Secretary … (84 comments)

New Year’s Toast - 01/01/10 08:49 AM
New Year’s Toast
By Joanna Fuchs
 
Here’s to the new year...
May it bring more joy and success
And less grief and regret. To our dreams...
May we never stop believing in them
And taking the actions that will make them a reality.
To our friends, loved ones and colleagues,
May we take the time to let them know
How much it means to us To have them in our lives.
Let us encourage more and criticize less,
Give more and need less.
And whenever we can,
Let … (2 comments)