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BANK FAILURES UP TO 11, SO FAR THIS YEAR - 02/29/12 06:20 AM
“Bank Failures Up to 11, So Far This Year” I keep reading about continued bank failures. This is not good news, we continue to be told that up to 2,000 community banks are at risk. There is something wrong with this picture. What does housing and foreclosures have to do with these failures? What does the unemployment rate have to do with these failures? Most likely, everything.
Two Banks Go Under, Lifting National Tally to 11 By: Ryan Schuette The lights went dark for two banks in Georgia and Minnesota Friday, with one unable to secure an acquirer (1 comments)
First, B of A stopped doing cash out refinance business, an immediate red flag. Now, they are no longer selling mortgages to Fannie Mae. The bank continues to make news, none of which is positive. I continue to wonder if the bank wants to be in residential lending at all.
Last week I took two mortgage applications from B of A clients. One had been waiting two months for the application process to begin, the other couple have had a mortgage application pending for 90 days. I compliment both, for all (3 comments)
Yesterday, I stopped at a Dunkin Donuts for a hot chocolate. Rather than hop back in my car, I decided to sit for a few minutes. I couldn't help myself, but I learned a bunch from the two people talking about buying their first home. Even though I did introduce myself and gave them business cards, I never got their names. For this purpose I will call them First and Second.
This was part of the conversation: First - "We’re sick of paying rent." Second - "Why don’t you (8 comments)
EXISTING FORECLOSURES PROCESS IN BIG TROUBLE - 02/28/12 06:00 AM
“Existing Foreclosures Process in BIG Trouble” I have been very concerned about the foreclosure process for a long time and the ruling by the US Bankruptcy Court of New York, indicating that MERS business practice is illegal. Now, because of the ruling, pending foreclosures are all in jeopardy. Just stop and think about the far reaching effects. This ruling will not help the housing recovery process, one bit. New York's U.S. Bankruptcy Court Rules MERS's Business Model Is Illegal By: L. Randall Wray United States Bankruptcy Judge Robert Grossman has ruled that MERS's business practices are unlawful. He explicitly (3 comments)
STOP DISCOURAGING HOME OWNERSHIP - 02/27/12 07:18 AM
“Stop Discouraging Home Ownership" They can spin the numbers to look any way they want. It continues to amaze me, how the press continues to say that real estate values are continuing to fall. I wish they would stay out of the real estate business. I don’t think they understand, they are part of the problem. I am asked each and every day by first time home buyers that want to get preapproved for a mortgage. Here is what I ask anyone and everyone that asks: Are you going to buy a home to resell in the near future (6 comments)
CREDIT REPORTING ACCURACY - 02/27/12 05:30 AM
“Credit Reporting Accuracy” I met with Cathy last week for the purpose of getting preapproved to buy her first home. I asked many questions, which is part of my normal process. Who had referred her? What are you presently paying for rent? Do you pay your rent by check or money order? How long has she been working at her present job? How long in the same line of work? What do you know about your credit? All answers indicated that she was an ideal candidate to start looking for a home. I ran the credit (3 comments)
Dan Kellner, a plumber that I use and is a referral partner is always sending me information that is important for all families to know and understand. This silent killer is something that we should pay close attention too.
Carbon monoxide detectors are a must in every home, it is not worth the risk not to have them.
FHA AND BANK OF AMERICA, NOT FRIENDS - 02/24/12 12:30 PM
“FHA and Bank of America, NOT Friends” It is very hard to understand, that with the Federal bailout that B of A got, it is now making a decision to bailout of the FHA mortgage insurance fund.
The moves that B of A continue to make, shows me that they don’t give a damn about the public, even though public money bailed them out. They must be on a mission to decision themselves right out of business. FHA Knocks Reports on B of A Deal By: Kate Berry The acting commissioner of the Federal Housing Administration this week blasted news (5 comments)
FULL DISCLOSURE, WHEN IT COMES TO FEES? - 02/24/12 09:12 AM
“Full Disclosure, When it Comes to Fees?” I have been following this case (article below), for some time. There are also a couple of others that have been moving through the court systems. The essence of this case is, what fees are earned vs. unearned. You would think this is pretty simple, but not so much. As a mortgage broker, we are required by law to disclose all fees in a way that is understood by the borrower. It is hard for me to understand why banks and direct lenders don’t have the same requirements, otherwise these cases wouldn’t be an (3 comments)
SHAME ON YOU, OCWEN FINANCIAL - 02/24/12 06:25 AM
“Shame on YOU, Ocwen Financial” Ocwen is one of the largest mortgage servicers in this country. How sad that this company, along with many of the major servicers, have outsourced outside of this country. I don’t know about you, but when I speak to a foreign call center, it is often a frustrating experience. I don’t see anything different for the Ocwen clien,t that calls to get information about their mortgage, to be anything but frustrating. Will Ocwen's Play in Cheap Overseas Labor Pay Off? By: Paul Muolo Given the ugly employment picture in the U.S., now isn't exactly the (5 comments)
APPRAISAL MANAGEMENT COMPANIES CALLED OUT - 02/23/12 06:18 AM
“Appraisal Management Companies Called Out” Not much good that has come out of HVCC. This is a bill that should be repealed. I have heard all the arguments as to why, this is a good bill and is a benefit to the public. The negative result is a higher price for the cost of each appraisal. I originate a lot of mortgages, there are constantly appraisal issues. When there are issues, it is pathetic, that I have to tell my client, that I can’t speak to the appraiser. At which point, I have an upset borrower, probably one or two upset Realtors and I can’t speak to (5 comments)
I talk to clients that share the following stories: If my rate was lower, I could afford to keep my home. The value of my home is so much lower than the mortgage(s), it will take years before that changes. My husband or wife has been out of work for “blank” time. These are very real problems that many families are experiencing. Many of these families have attempted to get a modification done, but have been unsuccessful. Many could refinance, if their credit scores were higher and I mean much higher. I am in the process (2 comments)
There have been so many changes over the years when it comes to gift funds for mortgages. It seems like the this topic is a moving target. The article below, gives a pretty good description of what is acceptable and what is not. Gift Funds for Conventional Lending By Stacey Sprain Confusion is common when it comes to gift documentation requirements between conventional and government loan types. Below I’ve summarized donor, gift letter and documentation requirements for each conventional lending. Be sure, however, to check for lender overlays and additional restrictions and requirements as lenders may apply (5 comments)
I don’t know about you, but let’s at least call it what it is, Socialism. Every proposal put out by the administration is some sort of responsibility fee. My parents are turning over in their graves. Little did they know, when they came to America, that this country would be moving in a Socialistic direction. Socialism, was not part of the Constitution Mr. President. If you haven’t already noticed, it hasn’t worked in Europe. We do not want to go down the same path.
Obama (4 comments)
CONSUMERS TO RECEIVE DETAILED MORTGAGE INFORMATION - 02/21/12 06:44 AM
“Consumers to Receive Detailed Mortgage Information” I have been told for years that consumers are not getting detailed information from mortgage companies that are servicing their mortgages. I keep being told that many of these servicing companies are difficult to deal with when there are issues. I am not a proponent of Dodd-Frank, as I believe this bill should be repealed, but the mortgage servicing companies, need to be more responsive to the consumer.
CFPB Proposes Draft Mortgage Statement for Borrowers By: Ryan Schuette The Consumer Financial Protection Bureau (CFPB) called for public comment on a draft it (4 comments)
BAILING OUT FHA? - 02/21/12 06:27 AM
“BAILING OUT FHA?” I’m having trouble with the math. With the amount of money that is coming into FHA from new mortgages, monthly mortgage insurance and refinances, what happens to that money? With the approximate 1 billion of the 25 billion dollars FHA is supposed to get from the mortgage settlement, what about that money? Isn’t FHA building its reserves. Are new foreclosures growing faster than they were? Not from all the information we keep reading. Revenues are growing fast than where they were, aren’t they? I am having trouble understanding the math. Why do we need another bailout?
HAVE NEVER CONSIDERED MYSELF A SMALL ORIGINATOR... - 02/17/12 06:22 AM
"Have Never Considered Myself a Small Originator”…. but for this purpose, I’ll accept the statement. It continues to amaze me, how much mortgage business is being lost by the big banks, that comes to my office. These clients that I am doing mortgages for, were tired of delays, lack of communication and lack of a personal touch. image: master isolated images/freedigitalphotos.net Many of them tell me that, their mortgages were being serviced by one of these big banks, they contacted them, thinking that the process would be simple, since they already had the mortgage with them, guess what, not so much. (7 comments)
THERE ARE STILL MANY FORECLOSURES TO COME - 02/17/12 06:17 AM
“There Are Still Many Foreclosures to Come” Recently, I was speaking to one of the largest foreclosure attorneys. He indicated that his firm had thousands of foreclosures in the hopper. Most of them have been going on for over two years. Most of the foreclosures started long ago, have been stopped, as a result of the robo-signed fiasco, but they are now beginning to go forward. He told me that the larger institutions have been holding back on starting new foreclosures for the same reason, but this is changing as well. He explained that between the properties already in foreclosure and the ones (3 comments)
I'M WITH YOU ON THIS ONE MR. PRESIDENT - 02/16/12 09:38 AM
“I’m With You on This One Mr. President” As I have shared many times in the past, I am not an advocate of our current administration. Even though he did not author the original Principle Forgiveness bill, he is jumping on the band wagon to extend this tax break, that helps individuals that lose their home through foreclosure or short sale. Both of these events can cause a taxable result, that would further harm them financially. Without this bill, these individuals would end up owing thousands of dollars in taxes to the government. These folks have already been hurt enough. The present (4 comments)
FDIC FUND WILL GO INSOLVENT? - 02/16/12 09:15 AM
“FDIC Fund Will Go Insolvent?” I have written numerous times about my concern over the continued bank failures. No matter if you think that the FDIC’s projects are correct or the administration’s numbers do not matter; where there is smoke there is fire, if not today, sometime in the future. The entire banking system and those of us that use it each and every day rely on its well being. I have seen predictions that 2,000 banks are at risk. That is a staggering number, 9 failures so far this year, how many will fail going forward? White House: FDIC Fund Will (3 comments)
THANK YOU BANK OF AMERICA - 02/15/12 11:55 AM
“Thank You Bank of America” I continue to get mortgage business, that is frustrated and walking away from Bank of America. I have already done two mortgage applications this week that were “PAST”, B of A customers. One has had a mortgage application pending for two months. No appraisal was yet ordered, no processor or underwriter has contacted them. When they called to get a status, they keep being told, the file is in underwriting. When they keep asking, how much longer will it be in underwriting, they are told, we don’t know. What a way to run a business. (3 comments)
These settlement numbers just keep on coming. The numbers sounds really great, but how will B of A contact these folks to let them know, they may qualify for a refinance. I am not sure what kind of oversight, the justice department will have as part of this settlement.
I’m concerned, this may be another case where the numbers look good publicly, but most folks who need the help won’t get it.
The original HARP program that was a signature bailout, was supposed to create a way for (1 comments)
Yes, there is a budget proposal by the administration, they knew the proposal would not get passed. In this election year, the thinking must be, the Conservatives in both parties will be blamed, which will mean a re-election for the President.
Not so fast. The public is not stupid and really does understand what is going on. We understand that moving our country toward socialism is not the answer. How well has it worked in Europe?
The Wall Street Journal, By: JARED A. FAVOLE And DAMIAN PALETTA, Budget to Call (2 comments)
WHO OWNS MY MORTGAGE? - 02/14/12 09:18 AM
“Who owns my mortgage?” So many people are asking this question. I would wager that most folks believe that the bank or servicer that is collecting the payments, actually own their mortgage. There are very few institutions left in this country, that actually still keep their mortgages. The truth is, most of the servicers in this country don’t even know who owes the mortgage. That is how the entire robo-signing mess was created. Over the last 10 years many of the mortgages that were written were securitized and sold to investors around the world. What is even more complicated, many of (2 comments)
Are you kidding me?? I have been reporting mortgage fraud for many years. Everyone in this business should have always report any and all instances that involve mortgage fraud.
If you are in the mortgage business there is no room in this industry for you.
Rule Requires Nonbank Lenders, Originators to Report Fraud By: Ryan Schuette A financial fraud task force cleared a final rule Tuesday that requires nonbank mortgage lenders and originators to report suspicious activity related to mortgage fraud.
Both sides of the isle understand the value of FHA in the housing recovering process. They understand that if this mortgage product was in some manner, no longer available, it would have an immediate effect on the housing market.
First time home buyers stand to be the biggest losers. So many of the mortgages that I do today are FHA mortgages. The 203B and 203K (For homes that need to be renovated), continue to be most widely used.
Many think that FHA is primarily a mortgage product for (0 comments)
JUST WHAT WE NEED IS ONE MORE RULE - 02/11/12 08:49 AM
“Just What We Need is One More Rule” The article below is about new rules regarding light bulbs. I understand the desire to reduce electrical costs. However, the right of which light bulbs I want to use, is taken away from me. I don’t know about you, but I’m sick and tired about all the rules and regulations that are mandated, instead of me making a decision. It continues to blow my mind that we allow lawmakers make decisions for us. What we can and can’t eat, what we can and can’t buy. Our rights continue to be eroded. If (4 comments)
IF WE DON'T TAKE CARE OF IT, IT WON'T TAKE CARE OF US - 02/11/12 08:45 AM
“If we Don’t Take Care of It, It Won’t Take Care of Us” All of us know someone who has or had a heart attack or heart disease. Each of us need to be proactive for ourselves and family when it comes to taking care of your heart. This is one area, you don’t always get a second chance. Please read the article below and “Take Heart”. Take Heart, Fight Heart Disease and Live Longer and Healthier On Friday, February 3, 2012, thousands of people across the country joined together at companies and organizations as part of National Wear Red Day. The (3 comments)
There is no shortage of purchase transactions coming through our door. The mortgage activity in January was stronger than 2011 and 2010. All signs are pointing to continued stronger purchase business.
The preapproval activity is what continues to be strong. That is always the sign for what is to come. I did more preapprovals in Dec, than I did in Oct & Nov put together. January was equal to December, so a very good sign moving forward.
Nearly 100 Housing Markets Improve in February: NAHB By: Ryan Schuette (3 comments)
I met with LeeAnne last summer. She had just lost her job, working at a bank. As a result of the loss of job and having to collect unemployment benefits, she and her husband where having a difficult time making ends meet. She was in the process of a workers compensation action, that was going to take a few months to get resolved.
She had told me, that the reason she contacted me, was that her bank would refer clients to me on a regular basis. So, you (3 comments)
MBA PRESIDENT SAYS RULES AND DEBT ARE HURTING THE ECONOMY - 02/09/12 09:06 AM
“MBA President Says Rules and Debt are Hurting the Economy” Anyone in the mortgage or real estate business knows this already, but what steps are being done to repeal Dodd-Frank, Obamacare and HVCC? Nothing anytime soon. We will have to wait until a newly elected President is sworn in. Sure, we are hearing about a drop in the employment numbers, that is the manipulated 8.3% unemployment rate. Article after article is saying that the numbers don’t add up. Stevens Says DC Rules Hurting Economy By: Lew Sichelman Washington's inability to come to grips with the nation's debt issues and other economic woes (3 comments)
SWAPPING HOUSES, A CONCEPT THAT WORKS IN HARTFORD AND EAST HARTFORD - 02/09/12 08:49 AM
“Swapping Houses, A Concept That Works in Hartford and East Hartford” After reading this article I am realizing this happens more than I thought. I am working with two clients right now that are working to put an exchange together. Barbara owns a home that is in Hartford, CT, that is much too big for her. She has had the property on the market for over a year and wants to downsize. She recently posted an ad on Craig’s list. A couple from West Hartford, CT, responded to the ad. They indicated, that Hartford wasn’t their first choice, but they went (1 comments)
Banks continue to fail in this country. Most of these banks are smaller community banks. The asset of these banks are absorbed by larger banks, which I always get concerned about. I like to see as much competition as possible.
I’m sure you remember the bailouts that we did for many of the so called “BIG BANKS”, that were too big to fail. In spite of me being a mortgage broker, I refer business to small community banks. So, when I read articles that all these banks could fail, (4 comments)
Fascinating article in the Journal about a real estate niche regarding smaller homes. About a couple of years ago, we took a look, at the properties that we were purchasing to flip. We started to experiment with buying smaller homes.
Previously, we never purchased a property that we couldn’t have at least 3 bedrooms. We purchased a home that would have two bedrooms. We completed the renovations, put the property on the market, did our open house. The property sold in two days. Wow, wouldn’t have believed it. Certainly price was (2 comments)
This segment of the market is the most import in most market areas. It will make the wheel turn, so to speak. Not all first time buyer home sales are bank owned. When folks sell their starter home, they often buy a larger or more expensive property.
The article below, 10 First Time Homebuyer Mistakes, is so very true. We have all seen many first time buyers make all these mistakes.
Certainly, making sure that they are properly prequalified to purchase a home is crucial. We have all seen preapprovals (6 comments)
11.75% is not a misprint. Let me start from the beginning. About a year ago, Jay came to me, referred by his attorney. In 2009, Jay leased a property with an option to buy. A part of this option, he could do renovations ($46,000 worth). Not thinking that he should investigate mortgages, prior to invest all this money into a home he did not own.
After investing the money into the home and his option period was due to expire, he attempted to get a “NORMAL” mortgage and was not (1 comments)
GREAT ARTICLE ON HOW TO APOLOGIZE - 02/06/12 09:00 AM
“Great Article on How to Apologize” This is a lesson, I learned early on in my personal and business life. My coach in this area was my wife, yes my wife! I can remember a few instances when we first got married (41 years ago), that I would say I’m sorry to Gail and she would say “No you’re not”. This would go back and forth a few times. I’m sure at the time I would attempt to BS my way through, whatever the disagreement was about. Gail, being smarter than I am finally decide it was time to deal with (9 comments)
ANOTHER LENDER LEAVES WHOLESALE LENDING - 02/06/12 08:50 AM
“Another Lender Leaves Wholesale Lending” As you will see from the article below, CitiMortgage is getting out of the whole lending market place. The truth is, it really doesn’t matter. In the last few years over 300 lenders left wholesale. Guess what there is no shortage of lenders that can take on the additional mortgage business. In the last few years, we had a number of wholesale lender stop doing mortgage business and at the same time we fired a bunch of others. We were able to make better pricing deals with the quality lenders that we wanted to use. The (3 comments)
I keep reading article after article, by so called knowledgeable people, companies and organizations, that are telling us what is going on with the housing market. The author of the article below, calls out one of these so called authorities. The data and the premise that so many people use to predict where housing is in the US and where it is going. So often I read the information and I keep thinking they are describing some other country. Take much of these predictions and information with a grain of salt. My dad (7 comments)
A few months ago, we took on Quicken as one of our Lender partners. One of the main reasons, was that they do odd year mortgages, like 8, 12, 14, 22 years, well you get the idea. Some of my clients don’t want to have to do 10, 15, 20, 25 or 30 year term, when refinancing, they want to refinance the exact remaining term, that they presently have. We have two lenders that offer these products. This is a great option for a client that has only one goal, lower (1 comments)
We have so many clients, that can use this program, if it is as advertised. This always concerns me. So many of these programs, sound good, but by the time, all of the nitty gritty details come out, few folks will qualify.
Obama Refi Details: FHA 'Streamline' Refis More Accessible By Brian Collins To facilitate “streamline” refinancings, the Federal Housing Administration will no longer rank lenders based on the performance of those loans in its Neighborhood Watch system. The FHA is removing streamlined refinanced loans from the lender's "compare ratio," (4 comments)
FANNIE MAE PAST DUE MORTGAGES HIT THREE YEAR LOW - 02/03/12 09:05 AM
“Fannie Mae Past Due Mortgages Hit Three Year Low” I know the article below, primarily speaks about the increase volume that Fannie Mae is doing, but with rates where they are, that's not news. The item in the article that we should all applaud is that past due loans hit a three year low. That is very exciting news. Fannie MBS Issuance Surges, Past Dues Hit Three-Year Low By Brian Collins Fannie Mae's issuance of mortgage-backed securities jumped 20% in December after a similar increase in November, according to new figures released by the mortgage giant. Fueled by refinancings, MBS (3 comments)
IT IS TRULY AN ELECTION YEAR FOR REFINANCING UNDERWATER HOME - 02/02/12 09:21 AM
“It Is Truly an Election Year for Refinancing Underwater Homes” I suppose I should just shut up and be thankful for the business that will come from clients that want to refinance, that fall into the 580 credit score and up to 140% loan to value.
I don’t understand one thing, who is going to pay for the note holders for the lost revenue? I’m afraid to ask. Obama Refi Plan: 580 FICOs Okay, So Are 140% LTVs By: Brian Collins President Obama is urging Congress to pass a bank tax, funneling the money over to the (3 comments)
It’s a little crazy to use language like “HOME PRICES PLUNGED 1.3%. The sad part about folks that report information are that the future home buyers read it. The moment they read “HOME PRICES PLUNGED”, they pull back from making a buying decision. This article is just a small example of what goes to print, radio or television.
Home Prices Plunged 1.3% in November: Case-Shiller By: Ryan Schuette Home prices fell by 1.3 percent in November last year, slashing figures in 19 of 20 metropolitan areas for the second (1 comments)
WHERE WAS THE INDUSTRY OUTCRY BEFORE NOW? - 02/01/12 08:41 AM
“Where Was the Industry Outcry Before Now?” The Mortgage Bankers Association, National Association of Home Builders and National Association of Realtors wants the legislature not to consider any additional g-fee increase going forward. Where were they before this bill got passed?
How sad, that these organizations are not proactive to get on these issues, before it becomes law and the consumer ends up paying more. It ultimately cost every Realtor, Builder and Mortgage Broker business. These are our professional organizations, that we pay to represent us and in turn, the consumer, but I must say, not very well. Industry Warns (5 comments)
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