mortgage: Sacramento Mortgage Rate Update: No Change - 02/09/08 11:03 AM
Despite the bumpy ride, rates didn’t change much this week. According to Freddie Mac’s weekly survey, the 30 year conforming fixed rate ended the week at 5.65% with half a point. This of course is the owner occupied rate with the highest credit scores. Investors, or those with lower scores … (1 comments)
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mortgage: FHA + Nehemiah: A Path to 103% Financing - 02/05/08 11:58 PM
With the rapid demise of 100% financing, first-time home buyers are finding it increasingly difficult to purchase homes, even as prices become more tempting. Yet there is one solution often overlooked by borrowers and lenders alike. It is the Nehemiah program, and when used in conjunction with a normal FHA … (20 comments)
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mortgage: What You Need to Know About Risk Based Pricing & Mortgage Rates - 12/31/07 04:17 PM
There have been many consequences of the subprime mortgage meltdown. But one which has received very little attention so far is the repricing of risk by investors who buy mortgages. That is about to change. What’s important to understand about this fuzzy term is that mortgage rates will now rise even … (0 comments)
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mortgage: FHA Reform Makes it Through the Senate - 12/15/07 01:44 PM
The Senate’s FHA Modernization Bill, S 2338 flew through with a 93 to 1 vote yesterday. The House previously passed its own slightly different FHA reform bill in September. The measure will now go to a committee to work out compromises between the two competing version before the final draft … (1 comments)
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mortgage: Will a Short Sale Damage Your Credit Less Than a Foreclosure? - 11/28/07 12:21 AM
As real estate values continue to sag, pushing many home owners toward foreclosure, one question surfaces more than any other. Will a short-sale damage your credit less than a foreclosure?
REWIND
I wrote a couple of articles awhile back entitled, Short Sales vs. Foreclosures…Your Credit Will Suck Either Way and … (1 comments)
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mortgage: An Update on Credit Score Piggybacking: Your Scores May Tumble - 11/22/07 02:35 PM
Last June I wrote an article entitled Is This The End of Credit Score Piggybacking? That article discussed the renting or selling of credit scores by good borrowers to fake good credit scores for bad ones. The practice of piggybacking credit has been used by parents to help their kids develop … (3 comments)
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mortgage: Mortgage Reform, U.S. House Bill 3915, & YSP - 11/06/07 11:28 PM
This morning, the U.S. House of Representatives Financial Services Committee voted on H.R.3915, The Mortgage Reform and Anti-Predatory Lending Act of 2007.
While legislators attempt to erect a defense shield against mortgage lending abuse, this current law strikes wide of the target and is sure to inflict collateral damage upon … (1 comments)
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mortgage: Is Mortgage Insurance The Next Domino? - 10/23/07 11:31 PM
Although everybody hates mortgage insurance (MI or PMI as it is known) we’ve once again become dependent upon it. Those who have recently purchased homes know that the 2nds used in “80-10s” and “80-20s” to avoid mortgage insurance are gone.
But have the MI companies ignored the risks in their … (4 comments)
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mortgage: “Timely Rewards Payment Option”–Fannie Mae’s Best Kept Secret - 10/16/07 09:09 PM
Sub-prime mortgages have largely evaporated. What remains are a few offerings in the 10–11% range with nasty prepayment penalties and the potential for future rate resets.
So what do you do if you or your client have sub-prime credit?
Try Fannie Mae’s DU engine. Although most lenders think of Fannie/Freddie … (1 comments)
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mortgage: Why It Pays to Check Out Lender-Paid Mortgage Insurance - 10/05/07 09:30 AM
Mortgage insurance, or PMI, has had an unfair rap ever since the media grabbed the topic 10 years ago and beat the life out of it. Every client thereafter spit out the same warning when we met.
I don’t want PMI!
Ok, I get it. So, most of … (3 comments)
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mortgage: 100% Financing With Freddie Mac’s Home Possible - 09/25/07 08:49 PM
As sub prime, Alt-A and 2nd mortgages continue their disappearing act, the GSE’s have been busy trying to help make housing more accessible and affordable. Both Fannie Mae and Freddie Mac have brought forth fantastic programs that can help consumers buy homes with no down payment or refinance homes with … (1 comments)
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mortgage: The New FHA: What You May Not Know About Down Payments - 09/15/07 10:59 AM
With the tide shifting back toward old-school underwriting, source of down payment is once again becoming an issue. Conventional loans often require that the borrower have 5% of their own funds, and that money must be “seasoned”.
FHA is different and far more flexible.
Did you know that FHA loans … (2 comments)
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mortgage: The New FHA: What You May Not Know About Appraisals - 09/12/07 12:20 PM
During the sellers’ market of the early 2000’s, FHA loans were the forgotten stepchild of the mortgage business. No seller would even talk to a buyer approved through FHA or VA. One big reason for that avoidance was the FHA appraisal and related property issues.
All that has changed.
While … (1 comments)
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mortgage: Sacramento Mortgage Rate Update - 08/29/07 11:27 PM
So what are mortgage rates doing?
That’s an interesting question. The conforming 30 year fixed rate has actually been falling. That is the bright star in a dark sky. But, it helps pull FHA, VA, CalHFA and any agency 100% programs down with it.
Freddie Mac last week reported … (0 comments)
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mortgage: “Check Your Appraisal” - 08/24/07 10:19 PM
….was the heading on yesterday’s email from Wells Fargo Wholesale. This is a heads-up to Realtors and home buyers… Fast Rewind In mid July, FannieMae issued Announcement 07–11, entitled Collateral Valuation Practices and Declining Markets. Here are several key points from the memo:
FannieMae’s Desktop Underwriter (DU) Version 5.7 released July … (37 comments)
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mortgage: More Lenders Falter - 08/22/07 05:33 PM
Lehman Brothers announced today the closure of its sub-prime subsidiary BNC Mortgage. Lehman Brothers will continue to originate prime mortgages through its Aurora Loan Services platform but is discontinuing all sub-prime originations.
More sad news from my rep at Accredited Mortgage yesterday afternoon:
I’m sure you’ve all heard the news that we’ve … (2 comments)
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mortgage: Words of Wisdom from a Mortgage Veteran - 08/20/07 02:39 PM
These words of wisdom came in the form of a Monday morning email from fellow loan officer and mortgage broker Dave Ryland. Dave was a seasoned professional when I got into the business 18 years ago. Through good and bad markets, Dave has lived and demonstrated the kind of integrity & professionalism that … (3 comments)
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mortgage: Countrywide & Washington Mutual Reveal “Unprecedented Disruptions” - 08/10/07 11:26 PM
If common sense and research studies hadn’t already convinced you that you should use a mortgage broker (vs. a mortgage banker or direct lender), then chew on this:
Countrywide and Washington Mutual, two of the nation’s largest mortgage banks, stated this week that they are facing “unprecedented disruptions” in the secondary … (4 comments)
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mortgage: Subprime Troubles Spread to Europe - 08/09/07 07:20 PM
From CBS Market Watch this morning….
LONDON (MarketWatch) — BNP Paribas, one of the largest banks in France, said Thursday that it will stop valuing three of its funds and is suspending investor withdrawals after U.S. subprime-mortgage woes led to the “complete evaporation of liquidity,” the latest sign of housing … (0 comments)
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mortgage: Another Wave of Mortgage Underwriting Changes - 07/31/07 05:02 PM
Yesterday from First Franklin…..
First Franklin no longer allows loans at >95% LTV. This applies to all doc types. Loans at >90% LTV have a maximum loan amount of $500,000 and require a minimum 680 FICO. This applies to all doc types. 90% loans are not available for first time … (4 comments)
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