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brokers: What are you actually buying, a condo or a town house? - 11/04/11 09:07 AM
What are you buying, a condo or a town house?
Looks like a townhome, acts like a townhome - but its a condo, and that makes a big difference in mortgage financing!
People, including many Real Estate Agents, mistakenly assume a property legally platted and developed as a condominium is a town house. In the mortgage financing industry, there is a difference in both interest rates, and the time and ability to get a loan for a condo versus a town house.
When you buy a home, there are two major aspects:
The lender "credit qualifies" the buyer The lender "qualifies" … (1 comments)
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brokers: Getting a mortgage loan? Beware of the credit bureau - 04/20/11 03:33 PM
Getting a mortgage loan? Beware of the credit bureau.
You've shopped a few lenders, gotten some quotes. You've narrowed your search, supplied a full application, and supporting documents. The lender has now pulled your credit report, and informed you everything looks great. You lock your interest rate, and move forward. Suddenly, you are overwhelmed with telephone calls and an overflowing mail box with offers from competing mortgage companies. What is going on? Sadly, there is a new and horrible marketing trend called "trigger lists". Because the lender pulled your credit (they had to), they triggered an unintended event. The credit bureaus … (1 comments)
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brokers: NAMB files 2nd lawsuit against Federal Reserve on LO Compensation - 03/09/11 07:52 PM
NAMB, the National Association of Mortgage Brokers today filed the second lawsuit this week against Federal Reserve Board over the new Lender Compensation rules set to begin April 1, 2011.
NAMB’s lawsuit seeks to obtain a temporary restraining order, and is using different arguments than the lawsuit filed by NAIHP on March 7th to stop the new mortgage lender rules.
The Federal Reserve Board has enacted rules which will severely limited consumer choice, increase closing costs, increase interest rates, destroy small lenders everywhere, bankrupt Loan Officers, all while increasing profits for banks.
NAMB Sues The FED on LO Comp
Watch the … (0 comments)
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brokers: Bank Loan Officers FINALLY REQUIRED To Register - 07/29/10 10:47 AM
BANK LOAN OFFICERS REQUIRED TO REGISTER
Loan officers at banks will now be required to register, and provide their names and fingerprints to a national loan officer database as part of an effort to crack down on shady operators who were part of the mortgage meltdown.
The new requirements were actually mandated by a bill passed in congress over two years ago, but Federal regulators just approved them yesterday (Wed July 28th). The rules apply to employees of banks regulated on both the state and federal level. Mortgage brokers and non-bank lenders are already required to be licensed by the system.
… (5 comments)
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Joseph Metzler MLO MMS NMLS # 274132
,
MN
More about me…
Mortgages Unlimited, Inc
Address: 33 Wentworth Ave E #290, Saint Paul, MN, 55118
Office Phone: (651) 552-3681
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Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use.
Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.
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