mortgages: Judge Erases Couples Mortgage! - 11/25/09 04:21 PM
There is a reason that I constantly hear complaints about FOX News. This afternoon FOX reported a story about a Judge who set aside the mortgage of a New York couple blasting the bank and calling their behaviour "abusive, repugnant, shocking and repulsive". The problem with the segment was that the panelists did explain accurately the story of this New York couple and speculated as to why and if the Judge was within his rights to erase a mortgage. It was necessary for me to go to the internet to get the story and here it is.
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mortgages: Should You Use a Mortgage Broker? - 04/04/09 08:25 AM
*******This post was written very early this morning and I can see from the comments my intent was not clear enough. I did not mean to bash mortgage brokers. I have worked over the years with many and some are wonderful. Nor was it my intention to imply that real estate brokers are more ethical than a mortgage broker certainly we have our bad apples as well. I do see how this is being interpreted but it was not my intention. I would love if some of the mortgage brokers on this site could explain to me, or all of us, … (246 comments)
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mortgages: Mortgages in Todays World - 12/27/08 06:03 AM
If you are shopping for a mortgage today everything has changed. If this is not your first home and you have had mortgages in the past don't think that what you knew then has anything to do with what is going on now. It doesn't. Everything has changed. Everything.
Different banks, mortgage brokers, handle things in different ways. Different banks have different rules. Some of these rules can effect he progress of your purchase, some of these rules might not be foreseeable by an inexperienced mortgage broker.
Often first time buyers will walk into a bank branch because that is where … (2 comments)
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mortgages: A New Mortgage Law in New York State - 07/05/08 05:17 AM
Now Mortgage Brokers are expected to predict future income of borrowers and must be careful not to discriminate against certain groups by not offering certain loans that could be a problem. From the New York Times:
"The legislation, which was passed by the New York Legislature in June and is expected to be signed by Gov. David A. Paterson, aims to curb the current surge in foreclosures, but it also includes provisions meant to prevent borrowers from taking out loans they cannot repay.
Among other things, it says that brokers have a "duty of care" to offer appropriate loans to subprime … (1 comments)
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mortgages: Operation Malicious Mortgage - 06/20/08 06:37 AM
Under the heading what in the world were they thinking reading this this morning I was struck by how absolutely outrageous this is and that it included appraisers and mortgage brokers. Hard to believe, but there it is.
"The cases announced today include a 51-count indictment in Dallas where 11 people were accused of using phony buyers to obtain inflated loans. The alleged fraud ring, which included appraisers and mortgage brokers, would then deliberately default on the loans and keep most of the money"
FBI Director Robert Mueller and Deputy Attorney General Mark Filip said the campaign, called Operation Malicious … (1 comments)
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mortgages: Further Fallout From the Sub-Prime Fiasco - 05/03/08 05:38 AM
One of the nice things about blogging are the emails and calls from the public asking all kinds of things. Several weeks ago I got an email from a very,very angry buyer. This buyer was ranting against sellers calling them, Mr.Entitled. He referred to Real Estate agents as Mrs. Yes-Yes and this buyer was really angry, so angry in fact I asked him to stop emailing. He had nothing nice to say.
Fast forward and many emails back and forth he and I now understand each other. He is angry. He is a young first time buyer who thought he would be … (2 comments)
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mortgages: A Dynamic Map of Nonprime Mortgage Conditions - 04/12/08 05:30 AM
Here's a nifty tool to see by zip code and/or community a Dynamic Map of Nonprime Mortgage Conditions in the United States from the Federal Reserve, check it out or here. The snapshot above is a list of the information available. You can figure out where your particular area is headed from the information on this site.
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mortgages: A Bipartisan Solution to the Mortgage Crisis! - 04/02/08 06:42 AM
We are awaiting an announcement from Congress about a bipartisan solution to help the foreclosed homeowners in this country. As I look at the picture of the Senators who are working on this and that they have now come together to put this package together I can only think that it is a good thing it is an election year and that everyone is stuggling to have their party win the election. In the picture, they are smiling, and friendly, slapping each other on the back, yuk. (open link to article and take look).
"At a minimum, the bipartisan package was … (1 comments)
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mortgages: Fed Cuts Discount Rate - 03/17/08 04:29 AM
From Blooomberg.com. For the first time in thirty years the Federal Reserve had an emergency meeting lowering the discount rate by a quarter of a percentage point to 3.25%. Mortgage rates will lower but now finding the money to back the mortgages is becoming an issue. Bernanke says this should cure the ills of our economy, let's hope so.
The Federal Reserve, struggling to prevent a meltdown in financial markets, cut the rate on direct loans to banks and became lender of last resort to the biggest dealers in U.S. government bonds.
In its first weekend emergency action in almost three decades, the … (3 comments)
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mortgages: Conforming Rate to Rise Helping Owners Lower Costs - 02/23/08 08:16 AM
Last week President Bush signed into law a stimulus package that will lower the monthly payments for borrowers on more expensive homes.
The limit on conforming loans will be raised from $417,000 to $729,750 temporarily, beginning of March through the end of the year. Individuals with existing JUMBO loans will be able to refinance and lower their monthly expense.
"For years, rates on jumbo loans, those for more than $417,000, were only slightly higher than rates on conforming loans at or below that limit. But now, with the interest rate on conforming loans at around 6 percent, sometimes less, jumbo loans are at … (0 comments)
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mortgages: Does A Pre-Approval Take you Off the Hook? - 02/20/08 12:16 PM
While recently negotiating a deal something new came up. Something new always comes up but this I thought was timely. So I am negotiating on a house. We have agreed on price, closing, etc. This is my listing. The selling agent sends along a letter, a pre-qualification from a mortgage company. It says that blah, blah, blah, if all is confirmed this bank will provide financing to this buyer. The usual.
So we proceed. All is moving along well. I call the selling and in the course of the discussion she says oh, well they are getting their financing from a different … (5 comments)
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mortgages: An Ethical Dilemna on A Referral - 02/15/08 03:42 PM
Two weeks ago I got a referral from an agent in another state. This fellow calls and says I have a buyer for a multi family home in Westchester County are you interested in a referral. Sure I say tell me a little about the client, what is she looking for? A multi family he says. I say can you tell me a little more about the client. Well he says I really can't. I say why not?
So, he says I have a friend who is a mortgage broker. He gave me this client to refer so I can get … (15 comments)
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mortgages: Project Life Line and Credit Card Debt - 02/12/08 06:15 AM
Six banks, Countrywide, Wells Fargo, Bank of America, Citigroup, Washington Mutual will announce a new program today called Project Life Line. This program is to help homeowners who are seriously delinguent on their sub-prime mortgage payments, at least 90 days delinquent.
This program will be announced by the US Treasury and the Housing Department. These banks have agreed to give homeowners 30 extra days to negotiate a new payment schedule. These banks also state that they have helped 545,000 in the last six months. This is the 2nd effort by banks and governmen to try to keep people in their homes. … (7 comments)
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mortgages: Is it Ok to Ask? - 02/07/08 05:46 AM
Way back when I started in Real Estate I was taught to ask lots of questions of buyers to determine their ability to obtain a mortgage. Especially if that buyer was considering a co-op purchase we needed to ask and then ask more questions. We needed to know. Where did the buyer work, how much did the buyer earn, how much savings did the buyer have, after the down payment on the mortgage and closing costs what savings would still be in the bank, and lots of other questions. We all worked for the seller back then, remember. When I started … (6 comments)
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mortgages: The Countrywide Mess, Holy Cow! - 08/26/07 06:38 AM
I know there have been numerous articles about Countrywide Mortgage here on Active Rain but in the New York Times this morning a really detailed piece appeared that is fascinating. I am naive because I have always thought there was some oversight by State Banking Departments. That if you are licensed by a State they have reviewed your practices and ethics and you have "passed". Well, so much for that. This articl is a bit shocking to me as the practices are truly unethical and how can this be!!!!
One of the most amazing parts of the article as you keep reading are … (9 comments)
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mortgages: RESPA, HUD, What is it? - 06/17/07 09:27 AM
One of the things you are entitled to as you go through the process of applying for a mortgage is what is called a "Settlement Statement" or "HUD". This is a form that is completed by your settlement agent and outlines who is getting what at the closing. You are entitled to review this statement prior to actually closing. This is regulated by the Department of Housing and Urban Development.Prohibited Fees. It is illegal under RESPA for anyone to pay or receive a fee, kickback or anything of value because they agree to refer settlement service business to a particular person … (1 comments)
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mortgages: Taking the Mystery Out of Your Mortgage from Fannie Mae - 03/06/07 05:57 AM
For most buyers the process of obtaining a mortgage is confusing at best. You can go online and search for mortgage brokers or banks or get a referral. Your then start to compile all of your bank records, tax forms, credit card and other debt informaition but what happens next, what does the bank do with all of the information. Fannie Mae has put together a pamphlet that explains the process, how the information is analyzed and what the banks are looking for. How does the banks evaluate your mortgage loan application? It is called underwritting. Some of the factors are:
Credit Report Factors
Credit History, Delinquent Accounts, Credit Card Accounts, Public … (0 comments)
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