industry news mortgage professionals: NATIONAL FLOOD INSURANCE PROGRAM REINSTATED but only for 60 more days! - 04/19/10 02:47 PM
The Senate and House passed, and President Obama signed, bill HR 4851 extending funding for the National Flood Insurance Program retroactively, through May 31, 2010.
Borrowers are now able to obtain NFIP insurance to close, renew, or increase loans secured by property located in a SFHA.
Since this is a temporary extension, it is possible that another hiatus of the National Flood Insurance Program could occur on May 31, 2010.
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industry news mortgage professionals: 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 31, 2008. (VA has not yet obtained a permanent increase.)
Cash-out refinance transactions are unaffected by this announcement. Loan amounts = or less than $417,000 are unaffected by this announcement. Loan amounts greater than > $417,000: The maximum guaranty amount varies
depending upon the location of the property being financed. Locations … (6 comments)
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industry news mortgage professionals: Could the traditional Realtor® become extinct? - 06/01/08 01:45 PM
Could the traditional Realtor® become extinct?
With the riseof discount brokers and the ever increasing amount of information relatively available 24.7.365 thanks to Al Gore and his brain child called the Internet, could the role of the traditional real estate agent become extinct?
An antitrust settlement last week between the Justice Department and the National Association of Realtors week throws the door wide open to discount brokers which in many markets had been closed to them. This makes their product all that more attractive to would be clients; people wanting to sell their home and retain more of their equity. At a … (5 comments)
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industry news mortgage professionals: Will the Internet replace Mortgage Loan Officers? - 06/01/08 01:06 PM
Will the Internet replace Mortgage Loan Officers?by; Ricardo Cobos In 1998 when I first began my career as a mortgage originator, you know, the good old days before Al Gore invented the Internet, Global Warming and Carbon Credits, before the Dot Com bust and the CAN SPAM Act. You remember, gas only cost $1.10 per gallon, iTunes was just a passing fad and why on earth would you trade in your CD Walkman for a silly iPod that only geeky MAC users had? Way back when Mortgage Originators had to have relevant experience and selling cars wasn’t considered relevant!
It was … (3 comments)
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