You may LOSE your loan pre-approval if you close after May 31st - 04/30/08 11:52 AM
If you or your client have a loan pre-approval in hand but will not close escrow prior to May 31st you need to read on -
Fannie Mae just released a memo that on the weekend of May 31st they will be installing an updated version of their Automated Underwriting System DU.  This system is used by lenders nationwide and any changes in the approval engine has a profound effect on everyone's loan applications.  The last time DU was updated was in August of 2006.
The FNMA memo states that lenders should see "improved credit quality" - this means "harder to qualify" … (8 comments)

Will Zillow replace Realtors? - 04/18/08 03:43 PM
I've been surfing Zillow the last couple of weeks and noticing that the amount of information they have amassed on individual homes in the US is astounding.  They have recently added the ability of a home owner to update information about their own residence within Zillow's database, thus making the information even more relevant.  AND the coolest feature is the "Make Me Move" label in which a home owner can indicate the price they'd be willing to sell their home for - while it's not even listed for sale.
Consider this, a prospective home buyer in Spokane, WA could zero in on a Nine … (1 comments)

Foreclosures, Short Sales and Bankruptcy: Buzzwords for 2008 - 04/15/08 04:12 PM
2008 is going to be a tough year for many homeowners, particularly those in California.  While not declining nearly as much there are also some trouble spots in Idaho (Coeur d'Alene area), and Washington (Seattle and Vancouver areas).  After 20 years of relatively low interest rates and high home appreciation rates the market has reversed itself making it very difficult for you to supplement your income with equity withdrawals from your home.
A lot has been said in the media about how we came to be stuck in this situation or who is to blame for it.  For me this "issue" is … (2 comments)

I hope you don't have plans to use your home equity line of credit! - 04/14/08 02:29 PM
 Below is the content of an email message I received this morning from Citi Home Equity - essentially it says "weknow we agreed to provide you a line of credit of $100,000 (or whatever your line is for) and you only have abalance of $10,000 AND have been paying us on time, we are going to FREEZE your line so you can't access anymore money."
OUCH!
HELOC Reductions/Suspensions
April 14, 2008
Citi Home Equity has recently reviewed certain existing Home Equity Lines of Credit (HELOC) in light of recent real estate market conditions. In accordance with the terms of these loans, Citi Home Equity has … (2 comments)

Another excuse for another "meltdown" - 04/11/08 02:07 PM
Another excuse for another "meltdown"
As I'm sipping my morning cup of coffee and catching up on yesterday's news via my local Spokesman Review I notice we are in the middle of another "meltdown" of one of our national institutions - this time it is the airline industry.
Apparently the airlines have grown cozy with the FAA and decided that they no longer had to follow the rules because their buddies at the FAA would let them slide.  Now that the FAA has decided to hold their feet to the fire the airlines are grounding flights left and right and, of course, blaming … (0 comments)

 
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Michael Mullin MLO 11911 ~ Banker/Broker FHA, VA, USDA, Conventional Loans

Spokane, WA

More about me…

First Priority Financial, helping home owners in WA and CA

Address: 5978 Hwy 291, Suite 3, Nine Mile Falls, WA, 99026

Office Phone: (509) 252-9151

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