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MORE FIRST TIME HOME BUYERS TAKE ADVANTAGE OF LOW RATES - 01/31/12 09:39 AM
“More First Time Home Buyers Take Advantage of Low Rates” Last week, I did 9 preapprovals for first time home buyers. What a great sign for future home sales. 7 out of the 9 future homeowners were referred by Realtors. The other two I was able to refer to a Realtor. Here is another good sign, I also spoke to a number of folks, that were not yet qualified for a mortgage. I am now working with each of them to either get better credit scores, getting bad information off their reports, getting 1-2-3 secured credit cards so that they can build new (2 comments)
MORTGAGE MELTDOWN PROBE BY THE OBAMA ADMINISTRATION? - 01/31/12 09:28 AM
“Mortgage Meltdown Probe by the Obama Administration?” This was brought up during the State of the Union address. Why now? You know why. What has been going on for the last three years? This sure does make good press in an election year.
I wonder if the rating agencies that rated subprime securitizations as triple A bonds will be looked at? One of which lowered the rates of the United States of America. How about AIG, that was bailed out by the FED, that placed policies on many of these securitizations, that they would pay if these mortgages (1 comments)
MORE TRUTHS ABOUT FHA MORTGAGES GOING FORWARD? - 01/30/12 07:46 AM
“More Truths About FHA Mortgages Going Forward?” On any given day, depending on who is writing it. The messages are diametrically opposite. A previous blog I wrote, quoted a paragraph by an FHA executive, indicating that the underwriting rules will become more strict in the next few months. You would think, coming from FHA directly, that is the way it is going to be, however when you read the article below, you get a completely different message.
The article is very clear and even references the Obama administration supporting expanding FHA risk. Every time, I think I have (6 comments)
Article after article continues to indicate, interest rates will continue at these levels for the next couple of years. The concern that I always have, when everybody is saying the same thing, that is when I become the most cautious.
Having said that, mortgage rates are at historic lows. First time home buyers are able to find home and many end up with a mortgage payment, below what they are paying for rent.
Some homeowners that owe more than their home is worth, may be able to get some (3 comments)
Over the past two days, after the State of the Union address, I have asked a dozen of my lenders to translate the new directive and how this will affect my clients that want to refinance a mortgage that is “UNDERWATER”. To a person, all said they didn’t have a clue and would have wait until more information comes from Fannie Mae and Freddie Mac.
Two of them said, he said something similar in his previous State of the Union address, but that directive failed miserably. All of them (4 comments)
It was just a matter of time. This reduction in allowable seller concession has been mentioned for months, it is getting closer to reality. Today, as seller can pay a buyer’s closing costs and escrows, up to 6%. They haven’t finalized how much reduction and when it will start.
Fortunately, I don’t recall a 6% seller concession transaction for a long, long time. Most of them that I see are 3-4%, so I’m not sure it will have a dramatic effect, but it will hurt some buyers.
The appraiser world feels that they are being wrongly blamed for any decline in real estate values. We see 100 appraisals a month and can certainly speak from real life experiences. When there is an appraisal issue and we look closely at the values, the comparables that are used are very often the root of the problems.
I know that most appraisers to a really good job, they don’t go out of their way to come up with the lowest possible value. However, AI speaks to the issue about using comparables that are distressed (19 comments)
WHY PAY A FEE TO DO BIWEEKLY MORTGAGE PAYMENTS - 01/26/12 08:23 AM
“Why Pay a Fee to do Biweekly Mortgage Payments!” The example below uses a 7% interest rate, but that is just for example purposes. It explains the effect over the life of a mortgage. At interest rates, at these historic lows, it doesn’t make any sense to prepay your mortgage, but not everyone can get these low rates. Many folks can’t refinance, maybe because of credit or the existing mortgage doesn’t qualify for the HARP program. There are lenders and companies that offer the ability to prepay your mortgage. One way or another you are paying a fee to do it. (2 comments)
The over regulations that continue to impact so many small business owners is just amazing to me. The administration keeps talking about wanting to get more business owners to hire more people, unfortunately they don’t understand or could care less. Maybe the rhetoric, just sounds good.
The sooner they make a change to the existing administration and begin the process of repealing these regulations, the sooner we can get this country back to work.
CFPB, FTC Sign Agreement to Share, Clarify Powers By: Ryan Schuette The Consumer Financial (6 comments)
100 million in mortgage fraud, amazing number. How pathetic to prey on the elderly that are in financial difficulty. They couldn’t possibly get enough jail time for the lives they impacted.
Reverse Loan Originator, Onetime Company Exec Make Fraud Blotter By: Ryan Schuette A former company executive previously convicted of $100 million in mortgage fraud saw his name on our mortgage fraud blotter for his role in orchestrating an attempted hit from prison, right next to a loan officer sentenced to jail time for taking in $2.5 million in a (2 comments)
This is certainly a case of the horse has already left the barn. You talk about mixed signals. For the last month, there have been numerous articles about the heads of FHA wanting lenders to do more loans. These articles were saying that lenders should lower the credit scores, so more loans can be done. Yet, last week they informed lenders that the tougher rules and guidelines are being implemented.
The lenders are reacting already, as we are getting notices about these tough guidelines. Other lenders that we (4 comments)
MAJOR BANK GETS OUT OF REFINANCE BUSINESS - 01/23/12 08:50 AM
“Major Bank Gets Out of Refinance Business” The surprising part about the story of B of A, saying they are stopping any refinance loans that involve any cash out, as part of the transaction. It makes no sense, they indicate, it is only 18% of its refinance business. There should be a surge in refinance business with interest rates in the 3’s. Actually, a lot of what B of A does, make no sense.
Another Mortgage Shoe Drops at B of A: No Cash-out Refis By: Paul Muolo Bank of America mid-week told its retail loan officers nationwide that the (3 comments)
That’s right 8%! You would be shocked how many 6% to 8% mortgages are still out there. Bill was referred by his neighbor, actually for over a year. Here was a 6' plus imposing figure of a man, when asked why have you not refinanced before this, he answered “THE PROCESS SCARES ME TO DEATH”. He also distrusted anyone in the mortgage business, also mentioned he didn’t have much use for the banks, as they are in the news every day, for something shady.
I hate to tell you, but you are sleeping in the bed you have made for yourself. As a group, explain to the AR community how so many Realtors and Mortgage brokers are saying the same thing? Are they all wrong? Not likely.
I’ll share an example. I did a mortgage for a client in South Kingston RI. The purchase price was $230,000. As luck would have it, the appraisal came in at $230,000. All is good.
Two weeks later, another client of mine, wants to refinance his home, also in South Kingston, two (5 comments)
FREDDIE MAC IN THE PREDICTION BUSINESS - 01/20/12 08:24 AM
“Freddie Mac in the Prediction Business?” Frank Nothaft, chief economist for Freddie Mac believes there are positive signs in the job market and consumer confidence. Now we’re talking about the published unemployment rate of over 8%, which is really double that. How about consumer confidence, most of us aren’t drinking the same stuff.
The MBA says that in a recent survey 80% of potential homebuyers think it’s a good time to buy, however 8% think it’s a good time to sell. Here is the truth, many folks that are selling, are doing so because they have no choice. In a (0 comments)
IS THERE IS A ROBOSIGNING SETTLEMENT? - 01/19/12 09:24 AM
“Is There is a Robosigning Settlement?” How do you go back and workout a settlement with folks that lost their home? How are they going to establish a value for the loss? Maybe they should give the folks a down payment to buy another home, as long as they qualify income wise? Wouldn’t that solve two problems?
Let’s see if they can turn a wrong, make it right and sell some houses at the same time. HUD's Donovan: Robosigning Settlement Imminent, 1 Million Affected By: Brian Collins The nation's attorneys general, the Department of Justice, and HUD are “very (3 comments)
Why is it, that the folks that can least afford additional cost on a mortgage, end up paying the higher freight? So far, borrowers that are doing non-conventional mortgages don’t have higher fees, but depending on the equity or down payment there may be monthly mortgage insurance. In spite of the monthly mortgage insurance and the lower interest rate, it may still be less expensive in the long run.
If these costs and fees on conventional loans increase, don’t be surprised if a privatized mortgage model shows up in (0 comments)
WHAT HAPPENS AFTER THE DEBT FORGIVENESS LAW EXPIRES 12/31/12? - 01/18/12 09:34 AM
“What Happens After the Debt Forgiveness Law Expires 12/31/12?” Many folks involved in a short sale don’t have any idea of the tax consequences (Debt forgiveness), they avoided. What happens after the this law expires at year end? Will this law be extended? That is the sixty-four thousand dollar question.
Will an educated homeowner be willing to do a short sales, if there is no debt forgiveness law in place? Without a continuation of the debt forgiveness law, that is set to expire 12/31/12, the information below is what happens. Tax implications of the short sale. If a homeowner (3 comments)
THIS IS A LONG STORY ABOUT MORTGAGE FRAUD AND GREED - 01/18/12 08:50 AM
“THIS IS A LONG STORY ABOUT MORTGAGE FRAUD AND GREED” THERE IS NOT MUCH I CAN ADD TO THIS AMAZING HISTORY. SAD FOR ALL OF US IN THE MORTGAGE INDUSTRY. DEFINITELY WORTH THE READ. Fraud And Folly: The Untold Story Of General Electric’s Shady Subprime Debacle
This is a long piece but well worth the time. Fraud, lies and more fraud. And no one went to jail. A sadly familiar refrain.-- Guest post by Michael Hudson for iWatch News For General Electric Co., hawking subprime mortgages was a long way from making light bulbs and jet engines. That didn't (1 comments)
ARTICLE SAYS BANKS HAVE INCREASED LENDING - 01/17/12 09:14 AM
“Article Says Banks Have Increased Lending” Not so much. There has been an outcry for lower credit scores to be acceptable by lenders, so more buyers can come into the market place. There is a huge backlog of borrowers that have under 620 credit scores, that want to own a home. They have sufficient income, good jobs and down payments. There is a stigma, that these are the borrowers that caused the housing crisis, maybe some, but most never owned a home before. Most of them would make outstanding homeowners and would turn a surplus of investor housing into owner occupied homes.
FUTURE MORTGAGE CLIENTS TO FOOT PAYROLL TAX MINI EXTENSION - 01/17/12 08:56 AM
“Future Mortgage Clients to Foot Payroll Tax Mini Extension” For years to come, when someone is refinancing or purchasing a home, they will foot the bill for the extended payroll tax extension. The crazy part about all this, it has only been extended for two months. How is this going to be paid for, when it is extended for 10 or 12 months more? Where does the money come from?
Photo credit image:stuart miles/freedigitalphotos.net Reading between the lines: Who's paying for the payroll tax cut extension?
By G. Steven Bray ...if you're buying or refinancing a (4 comments)
MOST PROGNOSTICATORS, VALUES WILL STAY THE SAME IN 2012 - 01/16/12 09:08 AM
“Most Prognosticators, Values Will Stay the Same in 2012” These opinions are from a National point of view. There are some markets, were values will continue to erode and other markets, values are firming with upward pressure. Most are saying that the beginning of the turn around with be 2013. What concerns me, is all the talk about the properties that are in foreclosure, that will be coming into the market place in the next two years and even beyond. That is the wild card in all these predictions.
U.S. home prices seen stagnating this year (4 comments)
MANY LENDERS LEAVING THE REVERSE MORTGAGE MARKET PLACE - 01/16/12 08:59 AM
“Many Lenders Leaving the Reverse Mortgage Market Place” As you will read in the article below, many of the large lenders have gotten out of the reverse mortgage business. The same thing is going locally, but is good news for us. We have been in the reverse mortgage business for many years and will continue, as long as there is someone to buy these mortgages. So far so good, there are still ample buyers available to us. All of them keep telling us, they are here to stay.
CREDIT AND MORTGAGES FOR CONSTRUCTION LOANS - 01/14/12 09:43 AM
“Credit and Mortgages for Construction Loans” As a mortgage broker, most of the potential lenders we had for constructions loans have left the market. We have continued to refer our clients to local banks that are still offering construction loans. We have good working relationships with these banks, as they refer clients to us, for loan products that they don’t do. There are a few “Hard Money” lenders that offer construction loans and for certain clients, this is a good alternative for a client that may have some old credit history, therefore eliminating the banks as a possibility. These lenders are (2 comments)
Going forward, this is a great sign. Here is the problem, the backlog of existing foreclosures already started is a huge number. I’m not sure anyone really knows how many houses that is or if these numbers exist, they are not being shared. Many states are bogged down, as a result of the robo signing fiasco. There are foreclosures that we started up to 3 years ago, that are just plain not going through the court systems. The numbers game also goes on with the unemployment numbers. They are reported around 8.5%, but no one’s (4 comments)
I have maintained for a long time, what created the housing issue in this country is what will get us out. I would be the first to say, some of the mortgages that were available should never have existed. Some of the mortgage products were a disaster waiting to happen and it did. Mortgage products other than interest rates, have become so restrictive that many prospective buyers of homes, just can't qualify for one reason or another. Many of these prospective buyers will be good mortgage payers. Many of these prospective (1 comments)
BedroomConsider this: You spend a third of your life in bed. If you wake up with a runny nose or itchy throat, dust mites might be the problem. Wash sheets weekly; blankets every two weeks in hot water. Freeze non-washable stuffed animals for two or three hours. Opt for washable pillows and comforters over those made with down or feathers. • Laundry baskets and hampers can be a playground for germs. Don’t forget to clean them regularly. • Keep a healthy level of humidity. Dust (4 comments)
FHA WANTS CREDIT SCORES RELAXED-STOP AND THINK ABOUT WHY? - 01/12/12 09:40 AM
“FHA Wants Credit Scores Relaxed” “Stop and Think About Why?” For over two years, many of us in the mortgage and real estate business have been saying, that to get more folks into homes, credit scores need to be lowered and regulations relaxed. For nearly two years FHA has been saying they want to slow down the number of loans that they do. Guess what, they got their wish.
Now they say, we are not doing enough loans and that more lenders need to offer FHA loans at lower credit scores. There are a couple of reasons. First, there (1 comments)
2012 IS HERE, FORCASTING WHAT MAY BE AHEAD FOR HOME LOAN RATES - 01/11/12 09:30 AM
2012 Is Here, Forecasting What May Be Ahead for Home Loan Rates The good news–despite what the Mayan calendar may say–is that the world probably won't be coming to an end in 2012. But like 2011, this coming year may bring some significant challenges here in the US and around the world. Read on to learn more about what could be ahead for home loan rates.First, let's take a minute to recap 2011. While home loan rates finished the year at historically low levels, the housing market did not see a major improvement in the second half of the year as (1 comments)
OUTSTANDING ARTICLE AND VIDEO ABOUT LAUGHTER AND WHY IT'S SO GREAT FOR US - 01/11/12 09:17 AM
“Outstanding Article and Video About Laughter and Why It’s so Great for Us” My wife has facilitated seminars for many years. In every seminar she used humor and lots of it. She always said, there is nothing more important and it is so beneficial for us. With all the things that are going on around us and in our lives, it’s easy to not allow laughter in. I forget myself, so this was a great reminder for me as well. Enjoy!
Laughter is the Best Medicine, But Why? click here for a video that will make you smile... (1 comments)
SAD WHEN MORTGAGE ARTICLES HAVE BAD INFORMATION - 01/10/12 09:26 AM
“Sad When Mortgage Articles have Bad Information” It is frustrating to read information, that is flawed at best. We are fortunate as mortgage brokers to be able to find the best loan for individuals, even when they may have had financial challenges in their history. The book that I read many years ago ‘When Bad Things Happen to Good People” by Harold Kushner, has a powerful message, to be remembered. 25% of my personal revenue comes as a result of client referrals from banks and credit unions. I am able to get mortgages for individuals that may have had financial issues (2 comments)
BUYING A HOME AFTER A FORECLOSURE OR SHORT SALE - 01/10/12 09:07 AM
“Buying a Home After a Foreclosure or Short Sale” In my mortgage practice I run into this situation all the time. The authors of the article below, address the foreclosure piece. They make the point that interest rates on conventional loan are better than FHA rates, which is not true. After someone has had a foreclosure or short sale in their history, most likely the credit will not be stellar. With all the additional fees Fannie Mae and Freddie Mac add today, their rates will be higher. There are two factors that come into play: how long has it been (4 comments)
ANOTHER BONEHEAD MOVE BY THE ADMINISTRATION - 01/09/12 09:13 AM
“Another Bonehead Move by the Administration” The Dodd-Frank bill specifically says the head of the Consumer Financial Protection Bureau, must be approved by the Congress and Senate. The administration has no regard for the law. The bill that they fought for, outlines the procedure that needs to be followed, but they could care less. How pathetic! Cordray Will Head CFPB as a White House Recess Appointee The White House Wednesday morning signaled its intention to make former Ohio Attorney General Richard Cordray the first director of the Consumer Financial Protection Bureau through a recess appointment. Republican Senators are expected to retaliate (3 comments)
ADDITIONAL FEES COMING AFTER APRIL 1ST - 01/09/12 09:01 AM
“Additional Fees Coming After April 1st” They just can’t figure out how much higher the fees are going to be. Originally the discussion was 10 basis points, but now they don’t feel that is enough. With interest rates as low as they are, this fee doesn’t really look as bad to the consumer, not that the consumer really understands what they are really paying, but how much affect will these fees have once interest rates move up? More Loan Fees May Be Coming After April 1 By National Mortgage News The Federal Housing Finance Agency has directed Fannie Mae and (2 comments)
I LOVE 2012 ECONOMIC PREDICTIONS - 01/07/12 09:38 AM
“I Love 2012 Economic Predictions” After reading an article like this, it tells me, no one knows. There are so many what if's, it could make a sane person crazy. Unfortunately, under this administration, not much is going to change. Our president will continue to campaign, like he has for months, instead of leading this country. For economic growth in 2012, there's little margin for error in U.S., abroad By Neil IrwinThe Washington Post
WASHINGTON — It began with such promise. This time a year ago, forecasters were racing to upgrade their outlooks for what 2011 would hold. All the (11 comments)
3.5 MILLION DOLLAR FRAUD SCHEME IN RHODE ISLAND - 01/07/12 09:33 AM
“3.5 Million Dollar Fraud Scheme in RI” It hits close to home, when this happens in a state that is part of my mortgage practice. I can’t tell you how it continues to piss me off, that this stuff goes on every day. Day after day we keep reading about fraud being committed all over this country. We have to make these penalties more severe, otherwise this will just keep going. Maybe it’s me, but I see and hear more about these schemes, than any other time, I can remember. If these are the ones that get caught, I (3 comments)
DELAY FOR DODD-FRANK - 01/06/12 08:44 AM
“Delay for Dodd-Frank” Maybe if this gets delayed beyond the six months and we have a new President, additional help in Congress and especially the Senate, the bill gets repealed and we can finally stop this stupidity. This bill continues to cause more harm, probably why they are having difficulty creating the new rules and regulations. The bill continues to hurt employment and a desire by small businesses to hire. I can’t understand how the administrations continues to say jobs is priority one and at the same time, we live with Dodd-Frank and Obamacare, but not to much longer! (3 comments)
BRAIN POWER AS WE AGE - 01/06/12 08:30 AM
“Brain Power as We Age” My mother-in-law is 86, you talk about brain power. She is always doing stuff to keep her brain active. Besides playing bridge and trivia online, which she does daily. She is also, very much involved in the political process. I don’t know anyone that writes and emails more letters to the current administration, Congressman and Senators. She continues to preach, stay involved and let your voice be heard. Wow, I want to be as sharp as she is when I’m 86. Gloria, you are an inspiration. Keeping Your Brain Fit By susanne In Today's Home (4 comments)
NEW APPRAISAL STANDARDS - 01/05/12 10:55 AM
“New Appraisal Standards” I know that Fannie Mae and Freddie Mac must feel that the appraisers are competent, otherwise why would these, so called new and improved standards insure that appraisers will do a better job, establishing the value of a piece of real estate. Over the last month, I have had an opportunity to question various appraisers about these new standards. First, they all felt that it will probably do more harm to the value. That doesn’t give me a warm and fuzzy feeling going forward. Second, since these new rules/standards are somewhat unclear, do you think they may (7 comments)
HOUSE FLIPPING OFTEN GETS A BAD RAP - 01/05/12 10:25 AM
“House Flipping Often Gets a Bad Rap” My wife and I have flipped over 500 homes over the years. I wish I could say every house made a profit, fortunately most did. There must be something wrong with making a profit? As many articles seem to be saying so. I am constantly reading and hearing about fraud being committed, which I’m sure happens, but that is not the way we operate and either do most people that are also flipping houses. Most folks that do this business have done a lot to improve communities and neighborhoods. We have taken (0 comments)
WHAT DO YOU BET, THE AMERICAN TAX PAYER TAKES IT ON THE CHIN AGAIN - 01/04/12 08:58 AM
“What Do You Bet, the American Tax Payer Takes it on the Chin Again” I wonder how many clients, that I couldn’t do a mortgage for, ended up getting a mortgage from this company? I know it happened a few times. Situations like this, give every mortgage company a bad rap. I don’t know about you, but as a mortgage broker, who has worked very hard to do it the right way and a tax payer, it is sickening. Feds Sue Allied Home Mortgage, Alleging $834M Fraud By: Ryan Schuette Prosecutors slapped Allied Home Mortgage Capital Corp. (2 comments)
THIS SYSTEM IS BROKEN - 01/03/12 09:00 AM
“This System is Broken” I never want to see anyone lose a home, however the current foreclosure system doesn’t work. Do you really blame folks for working the system? It is reported that foreclosures are taking between two and three years, in some cases longer. If you can stay in your home for three years and not make a mortgage payment, why wouldn't you? The frustration for the rest of us, why not do the same thing? Yes, I know, because we made an agreement to pay our mortgages and we keep our word. The longer the present system continues, the (6 comments)
DO YOU FEEL SORRY FOR THOSE COMMITING FRAUD? - 01/03/12 08:52 AM
“Do You Feel Sorry for Those Committing Fraud?” How does someone not do some serious time? Probations? A few months or a few years in jail? In the long run, you and I are footing the bill, one way or another. The loss of someone’s license or a small amount of jail or probation is not going to detour them from doing it again. Until we get serious on doing a number on these criminals, we will continue reading story after story about these types of crime. 12 Mortgage Fraud Cases, Over $12M in Losses By: Ryan Schuette (0 comments)
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