industry news: "They're all doing it. It's hard to stay honest" - 08/19/08 03:58 PM
"They're all doing it. It's hard to stay honest" According to Ray Haynes, an real estate appraiser from Cherryville, PA said when interviewed by the Associated Press in the Charlotte News Observer. Uncited sources went on to say "they often felt pushed by a real estate agent or mortgage broker to … (7 comments)
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industry news: Declining Markets Update - 08/05/08 11:38 AM
Declining Markets Update
Are you in a Declining Market?
Click here
to download a free copy the latest Declining Markets Reports
from the three major Private Mortgage Insurers merged into one report.
There are more than 900 markets identified in this report.
What does this mean to you as a … (0 comments)
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industry news: NCHousing Lowers Rates Again! 5.75% for 90 Day Lock! - 08/04/08 09:47 AM
NC housing did it again! they have just lowered the rate for FHA/Conventional/USDA Financing, they are offering 5.75 for a 90 days lock and 6.00% for 150 days!
Call me for details;
Ricardo CobosMortgage Banker(919) 559-3384
… (3 comments)
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industry news: VA Temporarily Increases Loan Limits - 08/04/08 09:42 AM
VA Temporarity Increases Loan Limits
VA Temporarity Increases Loan Limits
Housing and Recovery Act of 2008;
Great news!! As a result of
the recent Omnibus Housing Bill (aka Housing
and Recovery Act of 2008), the
maximum loan guaranty amount is
temporarily increasing for certain
VA loans closed/disbursed from July 30,
2008 through December … (6 comments)
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industry news: First-Time Home Buyer Tax Credit/FAQ's and Answers - 08/02/08 07:28 AM
First-Time Home Buyer Tax Credit
Frequently Asked Questions and
Answers
About the First-Time Home Buyer Tax
Credit
The
Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for
qualified first-time home buyers purchasing homes on or after April 9, 2008 and
before July 1, 2009. The following questions … (5 comments)
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industry news: Do you really understand the $7,500 Tax Credit for FTHB? - 07/31/08 09:43 AM
First Time Home Buyers Tax Credit
Resources to
Help You Promote it to Consumers
After months of intensive
rangling and lobbying by both side of the aisle the president yesterday
unceremoniously signed the housing stimulus package into law.
This milestone legislation is supposed to … (17 comments)
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industry news: What to do when the Poverty Pimps Show Up> - 07/29/08 09:32 PM
Strong ARM Tactics by some
pretty seedy people; ACORN
As if this business hasn't
become difficult by it's own right. Appraisal values coming in lower every day.
Buyers wanting the so called best rate possible because they have no clue that
rates have been so low for so long … (2 comments)
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industry news: Make your voice heard today! Save the Down Payment Assistance Programs - 07/07/08 08:46 PM
HUD has proposed yet another rule trying to eliminate charitable down payment assistance programs like AmeriDream, Nehemiah and other Down Payment Assistance Program which are Seller Funded!
This action will prevent nearly One Million qualified homebbuyers across America the opportunity to own a home. Take action today and tell HUD the … (12 comments)
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industry news: Important Economic Indicators for July 2008 - 07/07/08 11:02 AM
… (3 comments)
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industry news: California's Housing Market Finds Itself in Dire Straits - 07/01/08 06:16 PM
California's Housing Market Finds Itself in Dire Straits
While the underlying demographics for housing remain strong in California and are expected to gain even greater strength as its population continues to grow, the immediate outlook is grim and the industry remains in dire straits, representatives from the California Building Industry … (1 comments)
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industry news: Builders say Home Buyer Tax Credit Key To Reviving Housing - 07/01/08 10:50 AM
… (2 comments)
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industry news: Mortgages for illegal aliens? PMI Co's say "No Mas!" - 06/30/08 03:51 PM
I have been amazed that investors had been willing to lend money to people who are in the country illegally and working without the legal right to do so and as a result subject to deportation!
I have been equally amazed at how in such a short period of time the appetite for … (4 comments)
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industry news: How to Secure a Mortgage in Today's Market - 06/06/08 09:30 PM
How to Secure a Mortgage in Today's Market
To protect yourself, always work with a mortgage professional who can explain how the mood in the markets and your specific financial situation can impact your decision to lock or float your interest rate at any given time.
Also, if lower credit scores … (1 comments)
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industry news: FannieMae Changes the game on Monday June 2 or "How to sell more FHA loans" - 05/30/08 09:47 PM
In the wake of the current mortgage mess (note I chose not to use the other overused terms designed to stimulate the emotions?) the geniuses over at FannieMae (FNMA) have been fast and furiously (18 months after the meltdown actually began) developing versions 7.0 of their wildly successful Desktop Underwriter … (1 comments)
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industry news: Minnesota's governnor veto's the Subprime Borrowers Relief Act - 05/30/08 08:39 PM
And for very good reasons too.
The new law propsed, although well intended, went too far to keep those in their home beyond what is already one of the nations longest foreclosure process and thus placing ALL mortgage lenders at an economic disadvantage in Minnesota.
An unintended result of this … (2 comments)
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industry news: Fed Rate Cut and what is means to you (this time) - 04/30/08 04:33 PM
… (1 comments)
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industry news: New York Mortgage Brokers getting squeezed - 03/26/08 10:36 AM
Fannie Mae and Freddie Mac have entered into a settlement agreement with the New York State Attorney General (not Eliot Spitzer) and the Office of Federal Housing Enterprise Oversight (OFHEO) which includes new appraisal requirements for the loans the agencies purchase.
You can see Agreements with Fannie and Freddie are linked … (6 comments)
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industry news: "Do I have to pay off my Home Equity Loan/Line before Refinancing?" - 03/17/08 08:46 AM
I have confirmed rumors that many banks are requiring borrowers to pay off their home equity loans and line of credit as a condition to refinancing their first mortgage, even if the new mortgage is with another bank!
The question that I am getting often : "Is that legal?"
The Answer; Yes
Is … (4 comments)
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industry news: Suggested Conforming Loan Limit Increases in North Carolina - 03/07/08 10:42 AM
Many of us have been waiting with baited breath (whatever that means) for the ruling from HUD on the Stimulus loan package with respect to increased Fannie Mae & Fredie Mac lending limits.
This the first I have seen and I wanted to immediately share it with those in the markets … (0 comments)
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industry news: FHA Lending Limits Increase, HUD Allows Seller Funded Gifts for Down Paymements!~ - 03/07/08 10:25 AM
While recently ruled in favor of Downpayment Gifsts which are funded by interested parties, ie; AMeriDreram, Nehemiah , etc, they have raised the FHA lending limits as follows:
This is HUGE! This means if your customer has no money or little money anbd lower credit scores, they can buy a house with … (0 comments)
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industry news: PMI Companies say no More Stated Income Loans! - 02/26/08 07:15 AM
Stated Income good if you are self employed
Stated Income loans were originally designed for high income high credit score borrowers who were able to put money down on the purchase of a home, had otherwise good credit and assets but because of their complex income streams due to their self-employment or … (3 comments)
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industry news: Stimulus Package: Lawmakers Raise Lending Limits: Now What? - 02/14/08 04:02 PM
Stimulus Package: Lawmakers Raise Lending Limits: Do you qualify for a better rate?
The Economic Stimulus Act of 2008 is a $168 billion plan intended to jumpstart the sliding U.S. economy. While a lot of media attention has been focused on the $600-$1,200 rebate checks that millions of taxpayers will … (0 comments)
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industry news: A Lifeline to Struggling Borrowers - 02/12/08 08:45 PM
… (0 comments)
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industry news: Confroming Loan Limits up to $730,000? That ought to help move some homes! - 02/08/08 03:36 PM
With an 81 to 16 vote, the Senate passed an amended version of H.R. 5140, a $150 billion plan to jumpstart the economy with temporary tax breaks for consumers and businesses, extended benefits, and most importantly, two provisions designed to assist the housing market.
According to CNN, the House is expected … (6 comments)
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industry news: Historic Fed Move Cuts Both Ways for Borrowers - 01/31/08 09:16 AM
Historic Fed Move Cuts Both Ways for Borrowers
Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. In its statement last week, the Fed said it had decided … (2 comments)
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industry news: FANNIE and FHA to raises Loan limits to $729,750 for 2008! - 01/28/08 06:56 PM
It hasnt happend yet, but it It could happen!
House Speaker Nancy Pelosi (D-Calif.) and Minority Leader John Boehner (R-Ohio), along with Treasury Secretary Henry Paulson, announced an agreement on an economic stimulus package that would permanently raise the FHA loan limit from the current $367,000 to a maximum of $729,750. It would also … (6 comments)
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industry news: HouseValues invests 2.75MM in Active Rain; then Lays off 30% of its workforce - 01/23/08 09:31 PM
According to the Inman News House Values laid off nearly a third of it's staff today. According to an SEC filing today they hope to save about 5MM per year in expenses. But on MOnday they invested 2.75MM in this very commmunity...hmmm.....what do you think?
… (3 comments)
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industry news: Michigan Soft/Weak Market Alert; 44 of 81 counties affected - 01/16/08 10:15 PM
"Soft & Weak Markets designation is placed on certain geographic locations, based on unemployment rates, new job formations, housing supply and demand and other relevant risk factors."
As the Michigan economy continues to gasp for air it recently took another blow; Right on the heals of the second term governor and her democrat cohorts in the … (3 comments)
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industry news: It's Official! Countrywide is done! Bank of America is releasing a statement! - 01/11/08 10:27 AM
It's done, the fat lady is singing. Countrywide has been sold to Bank of America. The nations largest mortgage servicer is now Bank of AMerica and they officially bowed out of the wholesale mortgage market in December.
They hope to recapture the business that has been lost to the mortgage broker (which … (0 comments)
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industry news: Fed Weighs in on Mortgage Reform - 12/19/07 06:32 AM
Fed Weighs in on Mortgage Reform
Today the Federal Reserve Board, under the authority of the Truth in Lending Act, unanimously voted to propose important changes to the mortgage industry. According to Business Week, the following proposed changes would affect subprime loans or those loans the Fed defines as "higher-priced … (0 comments)
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industry news: Countrywide Announces closing of the Raleigh Wholesale fulfillment Center - 10/03/07 05:01 PM
Countrywide has closed it's Raligh loan fulfillment center effective today!
This means there is no more local wholesale support and fulfillment, they have moved all loan fulfillment activities for the entire state to Charlotte. This is their effort to "further evolving our business model to solidify the long-term success of our organization … (5 comments)
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industry news: Fed Lowers Fed Funds Rate! Opportunities on the Rise- - 09/18/07 01:55 PM
Lower Fed Rate Means Opportunities on the Rise For the first time in more than four years, the Federal Reserve cut its Fed Funds Rate, which directly impacts millions of American borrowers. And while this important decision has many implications, there’s still some debate among experts about what this means … (0 comments)
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industry news: Countrywide; "Sick & Twisted" Or Shooting the Messenger? - 09/15/07 10:53 AM
There have been some comments on my Countrywide blogs recently, most of them just that, comments, some have been ugly and apparently levied aimed at me personally.
I am a loan officer; people lie to me for a living; I don't take much personally, in fact I haven't taken any of … (7 comments)
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industry news: JUST IN: Countrywide out of the nonprime market alltogether? - 09/13/07 08:24 PM
OK - for those of you not keeping up, get out the way!
THIS JUST IN:
As I was reviewing the comments on my last blog posting about countrywide and the prospect of them filing for bankruptcy protection, I received an email from Todd A. Dal Porto , Senior Managing Director & President … (4 comments)
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industry news: The Federal Reserve and Mortgage Rates; Understanding what causes interest rate movements - 09/13/07 07:27 PM
The Federal Reserve and Mortgage Rates
Understanding What Causes Interest Rate Movement
The Federal Reserve constantly evaluates the US economy and, when necessary, takes steps to address inflationary concerns and avoid economic recession or depression. The mass media, in turn, reacts by providing a wide range of opinions … (0 comments)
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industry news: Countrywide Bankrupt by NEXT Monday? Should I take the bet? - 09/13/07 07:24 PM
OK; so two weeks ago I lost a bet with my boss. I bet him Countrywide would be in bankruptcy by the following Monday. Of course who could have forseen the Bank of America snafu?
They have spent all the borrowed money and now have borrowed 12BB more? Doesn't this sound like … (14 comments)
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industry news: Countrywide Announces 12,000 layoffs late Friday - 09/09/07 01:05 PM
Companies always seem to layoff late in the day on Friday. Especially large publicly traded ones. I wonder if there is a a coincidence to that? Naaah. Of course there isn't. This minimizes the impact to their stock prices and reduced the likelihood of "Optimized workforce" returning th following day well … (2 comments)
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industry news: Countrywide, announces 900 more layoffs in mortgage production staff - 09/06/07 06:57 AM
After nearly a week of no news from the giant Countrywide, and me losing a bet to my boss; the company has announced layoffs last night of 900 employees. All of them in their mortgage production staff, i.e.; loan originators and underwriters!There had been some speculation in industry trade magazines they … (4 comments)
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industry news: Loan Officer licensing in MICHIGAN? Get ready because it's coming & it's going to be tough! - 09/03/07 06:02 PM
Presently Michigan is on of 26 states in the nation that do not require ANY loan officer training or registration, soon, it will ave some of the toughest standards in the nation adopting ruels from the most progrssive state in America on the topic. No, not California this time; North Carolina … (1 comments)
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industry news: Countrywide Publicy Announces layoffs - 08/21/07 07:43 AM
THis morning CFC announced it layed off 500 employees of it "Full Spectrum Lending" unit. 500 employees, does this even make sense? Less than 1% of it's 61,000 employees of it's retail sub prime and ALT-A unit? See the numerous articles that discussed that this morning.;http://news.search.yahoo.com/search/news?ei=UTF-8&p=countrywide+layoffs
Speculation abounds that Bank Of America … (7 comments)
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industry news: Will Countrywide be Bankrupt in a week? - 08/20/07 01:52 PM
Could it be? Could the Nations largest lender be going under? Lets recap;3 weeks ago they showed off 186Billion in cash reservesLast week they borrower 11.5Billion on a Cedit CardFriday last week they announced lay offs to their retail lending arm, aka; Full Spectrum LendingWall Street isnt responding well to this … (7 comments)
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industry news: Fed Discount Window Cut: How it affects your clients and your business - 08/17/07 08:46 PM
The Federal Reserve has taken significant action in the last few weeks due to the credit crunch. And now they've made an unexpected move by cutting the discount window rate - which is great news. I'll get to that in a minute, but first let's look at recent events and understand … (1 comments)
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industry news: Is Countrywide next??? - 08/10/07 01:56 PM
Could the 800 pound gorilla be vulnerable?
Last night along with WaMu announcements made by both lenders causeda run on French Banks which actually caused the French Reserve bank to suspend tradings of two hedge funds which are heavily invested in the US Sub Prime mortgage markets!
the comments by Countrywide and WaMu … (6 comments)
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industry news: American Home Files for Bankruptcy today - 08/06/07 03:40 PM
It's official, they filed for bankruptcy protection today.
What is yet to make it to the press because they are privatley held companies; Aegis Wholesale closed theior doors and so did Accredited Home Lending.
Novastar who IS publicly traded is also rumored to be filing bankruptcy soon.
… (4 comments)
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industry news: It's Official; American Home Lay's off 7,000 Employees - 08/03/07 09:11 AM
I just spoke with an former American Home Mortgage employee, aka; American Brokers Conduit, he has confirmed they have laid off all but 750 core employees in their loan servicing department in order to retain their Thrift and Servicing.
This was a very large player in the mortgage industry. In 2006 they … (10 comments)
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industry news: PMI Companies Pulling back on issuing PMI to sub 600 FICO - 08/02/07 11:54 AM
Sooner or later it had to happen. And it has begun.
Not only have the lenders tightened their lending policies, but now, so have the issuers of the least loved orf all industries; Private Mortgage Insurance!
At least one major insurer issued a statement today they intend to suspend issuing PMI certificates … (4 comments)
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industry news: Governnor Granholm's Office Evacuated because of a bomb discovered - 08/01/07 10:40 AM
Breaking News!
The building in Lansing that houses the very unpopular Governor Granholm who oddly was reelected with an overwhelming 60% voter mandate last November has been evacuated this morning when a suspicious package was discovered.
It has been confirmed the suspicious package was in fact a pipe style bomb!
The Gov. recently came … (0 comments)
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industry news: Bad News for the Stock Market, Good News for Bonds - 07/27/07 08:31 AM
The yield on the 10-year Treasury note fell to 4.79 percent as many equities investors fled to the safe haven of fixed income instruments, amid further concerns about the impact of the US sub-prime mortgage market woes on the US economy. Bond prices move inversely to yields.
This is good news for … (3 comments)
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