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florida mortgage news: FICO to Roll Out New Credit Scoring Model - FICO 08 - 01/07/08 06:53 PM
As reported by Mortgage News Daily, FICO is planning on releasing it's new credit scoring product sooner than planned.  FICO states that this new system will help reduce default rates on mortgages and other consumer loans.
The key points:
Consumers will not be hit as hard for an occasional, or one time missed payment provided the rest of their bills are paid in a timely manner.
As a consumer and mortgage broker, I like this one. While I don't advocate that making late payments is a good thing, once in while, someone with otherwise good credit could miss a payment for some odd reason. With the current model, … (15 comments)

florida mortgage news: Borrowers, Don't Wait for the Well to Run Dry..Mortgage Money is Harder to Come By - 12/08/07 10:36 PM
Many Active Rainers have been discussing how the credit crunch is impacting borrowers...Jeff Belonger summed it up very nicely in his featured post today Will Conventional Loans be Just Like the Subprime Mess?   He added links to several illuminating posts, so I won't repeat them here.
And now more fuel to the fire....
MGIC, one of the nation's largest mortgage insurance companies, announced plans to limit coverage and increase premiums for higher risk borrowers.
A few of the key points:
MGIC will no longer provide mortgage insurance for borrowers who have a FICO score of less than 575. Coverage will be limited in states such as California and Florida, where markets … (12 comments)

florida mortgage news: Reduce your Property Insurance Bill in Florida..Free Windstorm Inspections - 11/24/07 07:54 AM
After Hurricane Wilma roared through Florida, I needed  to have my roof replaced.  I also added hurricane shutters. Then, my insurance company went out of business and I had to apply for new property insurance.  As a condition of the application, a windstorm inspection was required.  The cost was $150.  Well worth it, because my insurance tab was reduced by $500 because of the improvements I had made. 
Now, these windstorm inspections are free for Floria homeowners who have single family detached homes. If the inspection reveals that your home has better hurricane protection, you may be able to get a discount on your property insurance … (4 comments)

florida mortgage news: Conventional Mortgage Costs will be Increasing - Freddie Mac Bulletin - 11/16/07 01:47 PM
In their November 15 Bulletin, Freddie Mac announced new post settlement delivery fees effective March 1, 2008.
"Freddie Mac continually evaluates the mortgages that we purchase and the applicable delivery fees.  In response to the continuing volatility and turmoil in the mortgage market, including the deteriorating performance of higher - risk mortgage products, we are expanding our use of risk-based pricing by adding fees on Indicator Score and loan-to-value ratio"
The fees will be charged to lenders when they sell their loans to Freddie Mac.  Lenders will be likely to pass those costs on to borrowers, which in turn will make home loans … (11 comments)

florida mortgage news: How to Keep on Top of Palm Beach County Mortgage News-the Easy Way - 10/30/07 07:45 AM
Want to know what's going on in the Palm Beach and Broward County real estate and mortgage market?
As a mortgage broker in South Florida, located in Palm Beach County, I need to stay on top of the ever changing mortgage and real estate market so I can best serve my borrowers. This is a convenient way for me to get the latest news while I'm having my morning cup of green tea. ( No coffee for this gal..I have enough energy as it is  :) 
Now there's an easy way to do this without reading 3 newpapers or spending half the day on the … (0 comments)

 

Cheryl Hale - South Florida Mortgage Lady

Boca Raton, FL

More about me…

Boca Raton Mortgage Broker

Cell Phone: (954) 675-9531

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