finance: You want government to do what? The failure of HVCC appraisal process. - 11/02/09 12:19 PM
The highly touted and much patting on the back until it bruised (Thanks NY AG of NY Cuomo) occurred when loan originators were lectured about how badly they behaved. After all it was the loan originator that put pressure on the appraiser to pull values out of their 'pockets'.
What do you know....a bizarre and simply unbelievable report has just come out stating that since the inception of HVCC (started in the 2nd qtr or 2009) the number of 'inflated value appraisal fraud" is up 46% compared to a year ago? Really?
How can this be? The big banks as you … (0 comments)
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finance: What do Home Owner Insurance and CARFAX have in common? - 11/01/09 12:17 PM
History....
Anytime we turn in a claim to our insurance company pertaining to our home and damage that information is collected for all insurance companies to see. This information is stored in a 'repository'. Experian and Equifax are both repositories storing information about our credit.
If you are looking at a home to purchase you should call your insurance agent and have them pull up the property to see what kind of claim history it has before you call your home inspector. Armed with that information going into an inspection can help you make an informed decision on what is the … (2 comments)
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finance: Two more home sales this weekend land on my desk - 11/01/09 11:42 AM
I am usually available to my clients (borrowers/Realtors) as they need me and on Saturdays it is not uncommon to get a phone call or two about qualification on a home a borrower may be interested in or a call from a Realtor to confirm the price range our mutual client can afford before the offer goes in.
This past Saturday I sat in my office looking at two new purchase contracts on my desk. The tax credit certainly is playing a role and my sources tell me it will be extended into 2010 up through June. Perhaps congress would just extend it … (0 comments)
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finance: Oversight and enforcement of existing law should be the focus - 10/28/09 10:51 AM
Nutty professors at HUD, the spoon fed (by lobbyist) congress and its agencies run around making speeches, proclaiming villains, pointing fingers yet right under the noses of all these knuckleheads bad players continue to play bad.
Case in point is Lend America's Mike Ashley. Caught, arrested, fined, fired, rehired, fired, ordered to stay out of the business, restrictions ordered - See link for the full story:
http://www.housingwire.com/category/buzz-post/
The point is no regulation in the world will prevent stupid OR bad behavior unless of course there is oversight and enforcement. A drum I have been beating for the past 18 months and will continue … (0 comments)
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finance: Request for Permanent Reversal of HVCC....now is your chance to act! - 10/26/09 10:36 AM
The HVCC appraisal regs that went into effect thanks to the Attorney General of NY Cuomo (probably will run for Gov of NY and certainly at some point will run for president...oh yea former HUD secretary under Clinton...Cuomo was a disaster there too)... His response to serious issues is from the same handbook used in Washington DC and to reverse this or right this wrong you can sign and forward this petition.
If you want to right the wrong this is your chance. If you as a consumer wish to be subjected to inaccurate appraisals that cost you money up front then don't participate. If you … (0 comments)
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finance: Future trip on interest rates....want a peek? - 10/24/09 07:13 PM
Rates are good now for the short term and one way to shed some light where our interest rates will be in the future is to look into our past.
I have attached a link showing the history of long term rates going back to 1971. See below:
http://www.freddiemac.com/pmms/pmms30.htm
In my old marketing stuff I found a chart reporting long term rates from 1799 up to 1992. (That's right I started in this business back in 1799) It revealed long term interest rates were at or below 8.5% - 95% of the time.
When you review the history of rates you … (2 comments)
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finance: HR 3126 amendment MAY KILL HVCC? - 10/23/09 10:16 AM
HR 3126 deserves the support from the consumer, Realtor, obviously the lending industry, (the banks won't support it because it will save the consumer money and Banks lose revenue) and support is needed from all the other vendors supporting the real estate market place IF the amendment killing the HVCC (preventing originators from ordering their own appraisal) is included.
America write your representative and senator and refer to HR 3126....and demand this amendment is included. It has some distance to travel before it gets to a vote however we all need to contact our representatives and tell them to get this on … (0 comments)
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finance: Is the State of Washington part of a trend? - 10/17/09 03:16 PM
We have seen folks in my profession come and go due to market conditions and even though 99 banks have failed since Wall Street handed to us this financial calamity, it does not match the 500 or so banks that failed back in 1989 (Savings & Loan) however today the situation is worse now than it was then.
According to the State of Washington Department of Finance, the number of licensed loan originators in December of 2007 was at 13,722. December 2008 - 7,863 and 4,597 renewed for 2009 and I'm guessing the number of active licensed loan originators is lower … (0 comments)
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finance: The American Public not so smart says HUD & Washington DC.... - 10/15/09 11:23 AM
Sixty million dollar Obama program says "we know best" and wants to review your loan docs....I KNOW how cool is that? (he says in a tone of resentment) They (the government) think they are better equipped to tell you how to manage your money!
Well bust my buttons - 24 national and regional organizations, 5 multi state organizations plus 463 state and local housing counseling agencies. Yippeee!!! (getting a little more smarmy) 4400 counselors will be available to add their opinion about your loan. I am in awe of my government - how do I put my pants on in the … (0 comments)
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finance: America - Look what the Department of Silly (HUD) has for you Jan.01.2010! - 10/02/09 10:37 AM
In keeping with its inept tradition to include wasting tax payer money, eliminating programs like the down payment assistance program (a cost neutral program that would help stimulate home sales and toward creating a floor in pricing) HUD has its latest attempt to better inform the consumer by revamping the good faith estimate.
I introduce to you the new THREE page good faith estimate - click link below:
http://www.hud.gov/content/releases/goodfaithestimate.pdf
What's different? Everything. How can a consumer compare with other lenders? They can't unless they take a class. It does allow for a superficial comparison similar to what you find on the Internet.
Highlights of the new … (2 comments)
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finance: GREAT NEWS!!! We have expanded our operations into Arizona! - 04/11/08 08:22 PM
My wife and I were born here in the Great Pacific Northwest and in our opinion one of the most dynamic places to live play and work in the world. My wife and I like road trips and a few years back we did our thing in Arizona and what we took from that is we want to go back!
I have been originating home loans for 22 years. I now can provide loans to my clients and to my friends that wish to "snow-bird" or live in the great State of Arizona. In addition, it has been my goal to conduct my business in the … (3 comments)
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finance: King, Pierce & Snohomish Counties FHA and Conventional Loan limits INCREASE - 03/06/08 06:18 PM
It is official. DC finally picked "the number" that will "save the world" here in the pacific northwest however when you thought it would give the lower tiered jumbo loans a pricing break because of it well think again!
In the past anything over the conforming $417,000 limit kicked in the higher jumbo pricing matrix so the lifting of the limit may just be another superficial little exercise for the politicians on both sides of the isle allowing them cover to proclaim...."look what we did!". We will see. The new SFR loan limit will be $567,500.
In addition to the pricing disappointment of course the secondary market … (0 comments)
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finance: Cuomo starts presidential compaign setting sights toward 2012 or 2016 - 03/05/08 12:03 PM
As Obama and Clinton duke it out for the nomination Andrew Cuomo the ultimate self-promoter is working toward his turn in 2012 or 2016. Jumping on the political opportunity bandwagon he is searching out to find someone to blame over the "credit crisis" as it is called.First the public lynchers were heading for the originators now it seems the NY Attorney General is focusing on the appraisal industry while legally chewing on Fannie Mae and Freddie Mac at the same time.Mr. Cuomo it seems built what he deems a strong case that appraisers were just going out there picking values out … (0 comments)
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