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mortgage: FHA Says We Don't Want Your Condo's - 01/28/10 10:23 AM
HUD has taken a lot of losses on large condominium projects and has been determined for a long time to get out of the approval process.
The latest guidelines are described in two separate HUD/FHA documents: (i) Mortgagee Letter 2009-46B (the revised guidelines for FHA approval of residential condominium projects); and (ii) Mortgagee Letter 2009-46A (temporary guidance for condominium approvals).
In short, Mortgagee Letter 2009-46B replaces Letter 2009-19. The temporary guidance (Letter 46B) acts as a buffer to ease transition from the old to the new regulations.
Lenders Builders Look for all Condo sells to be nearly impossible for the coming … (2 comments)
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mortgage: Call to Action: Proposed Regulation Z Revisions - 12/22/09 11:38 AM
Consumers have long benefited from the use of the Yield Spread Premium to offset some or all of their closing costs. The Proposed rule revising Regulation Z, specifically Docket Number R-1366 would eliminate the ability to pay for closing costs using Yield Spread Premium. This would increase the amount of money consumers would need for closings.
You might be asking Why would the Government want eliminate the ability of someone else to pay for a consumers closings costs?
The proposed rule equates Yield Spread Premium to a kickback, instead of the net present value of the future revenue from the mortgage … (0 comments)
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mortgage: Don't Let This Opportunity Pass You By - 07/16/09 04:42 PM
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mortgage: A Loan Officer and an Underwriter: How to Tell Them Apart - 06/21/08 10:38 PM
A balloonist is floating along and suddenly realizes he is lost. He lowers his altitude and notices a man in the field below him. He calls out to him saying: "Excuse me, but I am lost. Could you tell me where I am?" The man below answers, "You are 50 feet in the air hovering above a field."
The balloonist says: "You must be an Underwriter." "I am," says the man. "How did you know?" "Well, everything you said is technically correct, but it is of no use to anyone," says the balloonist. "You must … (3 comments)
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mortgage: Comment Now Before FHA Takes Another Bullet Out of Your Gun - 06/17/08 08:57 PM
DPA Killer The Storm is Coming.
Hud is trying to deliver another knockout punch to the housing industry. Round 2 at eliminating Down Payment Assistance. The proposed rule has just been published and has a 60 day comment period ending on August 15, 2008. HUD's topline motive is that loans carrying down-payment assistance have a higher default rate. I don't think there is any way to logically argue against that fact; a borrower with no money involved is likely to walk away. HUD manages this higher default rate the same way they manage all defaults. … (6 comments)
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mortgage: Washington - Clears up the Terms for Borrowers - 06/11/08 05:39 PM
Washington House Bill 2770 goes into effect tomorrow, 06-12-2008.
Some main points:
New material terms disclosure - 1 page loan summary No negative amortization loans (not a lot of these in the market place presently) No reverese mortgages (This needs to be revised) - and it appears the state is working that way. Disclosure Required:
The present model disclosure can be found on the States website at: http://www.dfi.wa.gov/resources/2770_disclosure_rulemaking.htm
• A disclosure must be provided to the consumer by whoever is taking the application (Broker or Lender) within 3 days of application.
• Any changes to those terms a new disclosure … (0 comments)
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mortgage: FHA Risk Based Pricing Rears it's Ugly Head - 06/11/08 09:42 AM
Starting July 14, 2008 FHA will go to Risk Based Pricing to Determine the UP-front and monthly MI. While overall it will not have a huge impact, it will increase some consumer monthly payment, and thus decrease the amount they will be able to borrowl
The pricing is based on 3 factors:
1. "Decision Credit Score" - more about this later
2. Loan to Value
3. Amortization Term - either 30 year or 15 year
The only item outside these 3 is if it is a first time homebuyer, with HUD counseling.
Another notable point; to go above 90% LTV … (1 comments)
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mortgage: Illinois Gears Up to Slow Down Home Sales in Cook County - 06/11/08 09:20 AM
Yes, you read it correctly. The Lending Database Program is set to go into effect, July 1. This will be the 3rd attempt at doing this. The newest iteration is from Senate Bill 1167.
Plan on all loans in Cook County taking at least one week longer than usual, and if the borrower is required to go through counseling count on two weeks. Keep in mind virtually all parties to the transaction will have a role to play.
The following will be required to go through counseling no matter what: First Time Homebuyer, Negative Amortization, Interest Only, Adjustable Rate Mortgage, Points and … (0 comments)
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mortgage: Freeze on Subprime ARM's - 12/06/07 05:55 PM
Today was the announcement of a Freeze on Subprime ARM's.
To qualify they must meet the following criteria:
Loan taken out between January 2005 and July 2007Rate will adjust between January 2008 and July 2010Less than 3% equity in their homeNo more than 60 days lateAble to handle current payment, but not the adjusted rate The program is voluntary, so there is no guarantee that the lender will freeze there interest rate.
If you are in this situation, you should contact your lender immediately. If they cannot or will not adjust your loan, your next step is to contact a Broker or Mortgage … (0 comments)
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mortgage: More Lipstick for the Pig - 12/06/07 05:53 PM
Today was the announcement of a Freeze on Subprime ARM's.
The goal is applaudable; however the solution
To qualify they must meet the following criteria:
Loan taken out between January 2005 and July 2007Rate will adjust between January 2008 and July 2010Less than 3% equity in their homeNo more than 60 days lateAble to handle current payment, but not the adjusted rateThe program is voluntary, so even if a homeowner can jump through all these hoops their is no guarantee that the lender will freeze there interest rate.
So, who will it help, the estimates are at best 250,000 people. While that is a … (4 comments)
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mortgage: Information You MUST Know About Declining Market Areas - 11/29/07 12:47 PM
Per Fannie Mae Part XI of the Selling Guide, Lenders are responsible for the accuracy of the appraisal, and the assesment of the marketability of the property. Take some time to click on the link below download the latest release and see if any of the declining areas are in an area you are considering purchsing. If there are any make sure you inform the appraiser to comment on it and justify and sales or significant amounts of foreclosures in the area. Expect a 5% reduced LTV, and possibly a second appraisal and an AVM.
The deals can still be done, they just … (0 comments)
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mortgage: Information You MUST know about Decling Market Areas - 11/29/07 12:45 PM
Per Fannie Mae Part XI of the Selling Guide, Lenders are responsible for the accuracy of the appraisal, and the assesment of the marketability of the property.
Take some time to click on the link below download the latest release and see if any of the declining areas are in your area. If there are any make sure you inform the appraiser to comment on it and justify and sales or significant amounts of foreclosures in the area. Expect a 5% reduced LTV, and possibly a second appraisal and an AVM.
The deals can still be done, they just require a much more … (0 comments)
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mortgage: Lesson's Learned from the Credit Crisis - 11/27/07 10:00 AM
Education - For everyone
Everyone needs to be aware of all the products being offered in the marketplace. By having depth of the marketplace you can better advice your clients on the positives and negatives of the particular financial vehicle they are considering.
This would cause a lot of people to have to be forceful and to have a well thought out reason why the particular mortgage does not fit there overall short and long term goals.
How many people would be thanking you right now had they been talked out of there present loan.
It's not that I'm advocating a fixed … (3 comments)
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Jeremiah Wean (NMLS#132221)
Indianapolis,
IN
More about me…
Lakewood Lending Group, LLC (NMLS#132141)
Address: 10218 Windward Pass, Fishers, IN, 46037
Office Phone: (317) 401-9700 x 101
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