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kevin whatley: FHA Raising Mortgage Insurance Premiums April 1, 2012 - 03/13/12 08:55 AM
The FHA is once again raising mortgage insurance premiums (MIP) on its newly-insured borrowers. It's the FHA’s fourth such increase in the last two years.
Beginning April 1, 2012, upfront mortgage insurance premiums will be higher by 75 basis points, or 0.75%; and annual mortgage insurance premiums will be higher by 10 basis points per year, or 0.10%.
For borrowers with a loan size of $200,000, the new MIP will add $1,500 in one-time loan costs, plus an on-going, annual $200 increase in total mortgage insurance premiums paid.
All new FHA loans are subject to the increase — purchases and refinances.
The … (0 comments)
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kevin whatley: Top 100 Apps for Real Estate Professionals - 02/08/12 01:55 PM
Are you looking to be more productive when it comes to your technology? I found a great report that includes the Top 100 Apps for Real Estate Professionals and it's PACKED with killer tools and gadgets. Check it out, and tell me what works for you.
Here's the link:
http://www.inman.com/news/2011/08/23/100-productivity-apps-real-estate-professionals
… (0 comments)
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kevin whatley: Neat Way to Keep in Contact with People on Their Birthday - 02/08/12 01:49 PM
Looking for a great way to connect with your past clients, current clients, family, friends or co-workers on their birthday in a way that will help them remember you and what you do for a living? You have to check out www.animoto.com. Many of you may have used it, but not in this way.
What we do is grab pictures off their Facebook page, add some music which is included in the FREE Software and you have a great video to post on their Facebook page for them on their special day. They will love you for it and probably share it … (2 comments)
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kevin whatley: Time to Return to ActiveRain - 09/15/10 03:25 PM
It's been quite some time since my last post on Active Rain. Going forward, I intend to be a more active participant of this great site for real estate professionals. There are many great professionals whom I have great respect for who have left the mortgage business for greener pastures. By staying the course, my company, I am proud to say, is thriving in this environment. In fact, with many of the mortgage professionals leaving the industry, I will soon be looking to further expand my operation. Being a direct lender with our own FHA, VA, USDA, and conventional underwriting team, … (0 comments)
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kevin whatley: Gas Stations Leave Clues About Future Mortgage Rates - 06/12/09 07:52 AM
For people trying to time the mortgage market for the best rate, clues about the future of mortgage rates may be at the local gas station.
Rising gas prices are indicative of the rising cost of energy and, indeed, crude oil appears to be on a continual rise upward. As these energy costs grow, so do inflationary pressures on the U.S. economy.
Inflation, of course, is awful for mortgage rates. When it's present, mortgage markets deteriorate and rates tend to rise -- often sharply and with little advance warning.
So, for today's homebuyers-in-process and would-be refinancers, prices at the pump may foreshadow bad news … (0 comments)
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kevin whatley: Receiving Cash as a Gift for Downpayment - 06/12/09 07:39 AM
Tighter mortgage guidelines since late-2008 are forcing home buyers to make bigger downpayments. Anecdotally, the change has led to a surge in buyers taking gifts of cash from family members.
If you're among those accepting a cash gift from family, it's important to know that you can't just deposit the money in your bank account.
There is a proper way to accept a cash gift and it requires 3 distinct steps:
Complete and sign an acceptable gift letter Document the gifter's withdrawal of funds with teller receipts Document the giftee's deposit of funds with teller receipts See, mortgage lenders pay close attention to gifts-for-downpayments. For one, … (0 comments)
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kevin whatley: Credit Repair VS. Credit Optimization - 03/23/08 08:18 PM
There is a big difference between credit optimization and credit repair. Credit optimization focuses in on the fact that nearly 4 out of 5 credit reports include errors. 65% of a credit score is made up of items other than payment history (ex. revolving balance due vs. balance maximum allowed, inquiries, recency of delinquent events, etc.). Credit optimization performed by experienced lending professionals focuses on discrepancies in a credit report. Credit repair often disputes actual delinquency that, if not countered by the reporting lender, must be removed. In a lending environment where agency (Fannie/Freddie) loans are significantly more expensive for borrowers … (3 comments)
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kevin whatley: Lender Vs. Broker- What's The Difference? - 03/23/08 02:43 PM
Basically, you have three main business models in the mortgage profession: Bank related mortgages, correspondent lenders, and mortgage brokers. Their business models are as follows:Bank related mortgage- Bank funds loans from bank funds and has loans securitized in a pool of mortgage backed securities in a sale to Fannie Mae or Freddie Mac to replenish funds to bank. Banks have commonly known names so many people use them for their mortgage lending needs. The problem is that many banks do not have great pay plans so they take on a lot of new loan officers or they take on seasoned loan … (7 comments)
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Kevin Whatley
Shreveport,
LA
More about me…
Universal Home Mortgage
Address: 900 Pierremont Road, Suite 104, Shreveport, LA, 71106
Office Phone: (318) 675-1010
Cell Phone: (318) 470-6154
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