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Interest rates will not affect real estate sales anytime soon. The Fed chairman has already indicate that interest rates will stay “superficially low”, into 2014. There will be movement on rates in both directions, but the differences in rate, won’t have a tremendous effect on the monthly payment.
When I go through the qualifying process and we discuss interest rates, I share what the rate is today and if the rate moved up a quarter to a half a percent, what those payments would be. Once they understand the difference the rate will make, (5 comments)
GOOD NEWS KEEPS COMING FOR HOUSING - 03/30/12 06:27 AM
“Good News Keeps Coming For Housing” Slowly but surely, housing is in a recovery mode. We keep hearing more and more press, that the housing recovery is getting traction. Certainly, not true in all markets, but prices are getting their footing. We keep hearing that homes that are priced correctly are getting multiple offers. I hope that the appraisers are reacting correctly, instead of using comparables that don’t work.
Freddie Mac Reports a Market Revival By: Freddie Mac Freddie Mac (OTC: FMCC) recently released its U.S. Economic and Housing Market Outlook for March showing signs the housing market (1 comments)
REFINANCE BUSINESS WILL NEVER END - 03/29/12 09:08 AM
“Refinance Business Will Never End” I have to turn clients away, that cannot refinance today, for one reason or another. In most of these situations they are merely postponing the refinance process. I took a mortgage application yesterday. I had met with this couple 6 months ago and could not help them at that time. There were a number of issues that we had to deal with to get the refinance accomplished. They were desperately wanting to get out from under an 8.25% interest rate, but the debt ratio was too high. He was getting a raise from $2,200 per week (2 comments)
LESS FORECLOSURES, MORE SHORT SALES AND MODIFICATIONS - 03/29/12 05:42 AM
“Less Foreclosures, More Short Sales and Modifications” Banks and servicers that are responsible for the foreclosure process have finally figured out, that getting a short sale or modification done, will be more of a benefit to them, than the never ending foreclosure process. A Realtor, that refers clients to me, recently told me that his experience indicates that short sales are happening quicker and the decision makers are more reasonable than they have been in the past. Many of them have gotten tired of how the foreclosure process is taking. It is all about dollars and cents, not that they (2 comments)
I did a preapproval this morning for a client, that has been in this country for 26 years. She told me, that she has one major goal since she got here. She wanted to own her own home! She also has a few other family member that have also moved here, she will be the first to own a home.
She will be looking at three homes later today. I love what I do for a living. To be part of her dream, there is nothing better. God Bless this great country of ours. (3 comments)
Bad management, no matter what business, means a strong possibility of failure. Each of us can look around and see evidence of bad management.
OK, I can’t help myself, does anyone see the bad management that is our Federal Government at this time. It is like writing 5 trillion dollars of bad mortgages, the problem, very little oversight... maybe none.
We will need to make every one of our voices count for the upcoming election. I have voted in many, but none more import that this one. Our (3 comments)
For years I have heard clients say, that banks and lenders control their credit scores, and I have never understood how anyone can get to that assumption. It is almost like they believe, that the banks and lenders will do anything to turn loans down. That is just not true.
I have been harping for a long time that many of the guidelines are too restrictive and the time needed to close a loan is much too long, but banks and lenders can’t make any money unless they close these mortgages.
I have over 100 testimonials/ recommendations on my Linkedin page and other social medial sites. When existing clients, future clients and future referral partners see the testimonials they know they are in the right place. I have been asked so many times, how do you get so many? The simple answer is I ask. If your work and service is where it is supposed to be, people will be more than happy to share their experience with others. Keep one thing in mind, if you don’t ask, you probably won’t get them. (5 comments)
FREIGHTING, OUR NATIONAL DEBT - 03/26/12 08:32 AM
“Freighting, Our National Debt” My wife and I were out for dinner with another couple last evening. The conversation eventually turned to politics. I was shocked they both had voted for Obama in the last election and they indicated that they would vote for him again. I asked why, they answered, they don’t like anyone on the other side. I continued to ask questions. Do you like the healthcare bill that was passed, both answered NO. Do you like the Dodd-Frank law that was passed? They didn’t really understand what it was all about, so I gave them a 10 minute (4 comments)
TOO BUY OR NOT TO BUY - 03/26/12 05:39 AM
“Too Buy or Not to Buy” The CCN report indicates that 98 out of 100 markets show, that it's less expensive to own vs. renting. Most, in the mortgage and real estate business, have been preaching these statements for some time now. I did a preapproval for clients this morning, they lost a home a few years ago and weren’t sure if they could buy. They are paying $1,850 per month rent, the owner had put the home on the market earlier this month, the price is $199,900. They would like to stay there. Their monthly payment to own the (3 comments)
Here is the bottom line, the Mortgage Insurance Premium, will go up to 1.75% from 1%. If it is a $200,000 mortgage, the premium goes from $2,000 to $3,500. Next, the monthly mortgage insurance would go from 1.15% to 1.25%, so on the same loan we go from $193.58 to $211.98. I know there are people that are saying what’s the big deal, I’m sorry, but it is a big deal. It may be the difference between someone getting approved or not getting approved. These increases especially hurt first (6 comments)
TAXING THE RICH, WHAT DOES THAT ACCOMPLISH? - 03/23/12 11:45 AM
“Taxing the Rich, What Does That Accomplish?” The current administration has been selling the story, that if you increase the tax rate on the rich, better known as the “Buffett rule”, that the budget deficit won’t be nearly as bad. He keeps saying everyone needs to pay their fair share. Once the math was done, it increases revenues about 3 billion dollar a year over the next ten years. They just don’t get it and they keep preaching, that is the problem in this country. Since they don’t get it, here is a clue, it is called spending beyond our means. (6 comments)
I have not seen any kind of drop in refinance activity, if anything just the opposite. With HARP 2 now in the picture, the refinance activity is very strong. How is it possible with all the homes underwater, that are held by Fannie Mae and Freddie Mac, that those folks would not want to refinance? I took 3 applications for this product this week, in all three cases, the rates were between 6.5 and 6.875%. Each of the homeowners are saving at least 2% interest. The average savings $320 per month, that's like getting a $4,000 a year raise. (2 comments)
I don’t care what side of the isle you are on, or an Independent and if you are in business, the proposal is good news. It is a beginning to taking away the mountain pile of regulations that are in the way of all of us doing more business. The proposal may be the beginning of the end for Dodd-Frank, as we know it.
I started reading through the proposal, but based on the administration’s proposed budget, that was loaded with billions of more red ink, this is a welcome change from (5 comments)
The article below makes the assumption that house sales will collapse. The truth is, that will not change demand, nor will it change future increase in home values. More and more people are coming into the home buying market, as demand gets stronger, rates will move upwards, but even if they went up 1-2% over the next couple of years, it will not slow down the pent up demand. The pent up home-buying demand, means values will start moving up as well. You can take my comments to the bank or should (3 comments)
AVOIDING SCAMMERS, IF YOU ARE POSSIBLY PART OF THE 26 BILLION DOLLAR SETTLEMENT - 03/21/12 11:04 AM
“Avoiding Scammers, If You are Possibly Part of the 26 Billion Dollar Settlement” When you are talking about these kinds of dollars, the scammers will come a calling. It is just a matter of time. Only the 5 institutions that are a party to this settlement can make the settlement with the injured parties. Don’t fall for something that doesn’t sound right. Make sure they tell you exactly who they are, who they represent and what their offer is. There are NO FEES involved with these settlements. Get everything in writing, don’t hesitate to speak to an attorney, if you (2 comments)
I am ready for this market. We already have a Spanish speaking loan officer and processor. As time goes on, we will expand this market to do a better job servicing this clientele. This market is already 15% of our total mortgage volume and growing faster than any other segment. The largest portion of this market is the first time home buyers. The one thing that I am seeing from this market, they are extremely loyal and share family, friends and co-workers. Hispanic Buyer Market Now Set to Boom By: Lou Sichelman The wave of (0 comments)
I wonder if you will have the same reaction after you read the breakdown? Here is my take. The banks got off cheap! As time will go along and more news comes about this settlement, the homeowners that were wronged, won’t get much for their pain and suffering. Is anyone really surprised? I have recently been contacted by two different people that had lost their home during robo-gate. In both cases, Chase was the institution that did the foreclosure. They called Chase, asking what steps to get the money they are due. One was (3 comments)
DODD-FRANK CREATES MORE REGULATIONS FOR APPRAISERS - 03/20/12 05:53 AM
“Dodd-Frank Creates More Regulations for Appraisers” The sooner Dodd-Frank is repealed, the faster the piles of regulations will be retracted, allowing all of us in the business to focus on making a living and helping our clients. It is pathetic, that OUR Federal Government, which we need to take back, is more and more intrusive each and every day. Do you know anyone in business that is saying thank you for all the new Dodd-Frank regulations? HELL NO! It continues to amaze me, that there are still people drinking the Kool-Aid, that is supportive of all the regulations that are now holding (4 comments)
APPRAISAL PROCESS CHANGED, DODD-FRANK STRIKES AGAIN - 03/19/12 09:47 AM
“Appraisal Process Changed, Dodd-Frank Strikes Again” I have done business with this bank for many years, even after HVCC came into place. We did mortgages with them in the 8 states that we are licensed. We had always ordered appraisal from appraisers that we knew and trusted. Appraisers that knew each market area, however no more. This bank has never has a loss on any loan that they did with Right Trac Financial Group, Inc. This is a perfect example of government that doesn’t work. What is supposed to help consumers, now ends up costing each person more money for the (3 comments)
There is no room in the mortgage industry for crooked loan officers or predatory lenders. I get calls from clients all the time that say, they just got something in the mail or received a telemarketing call that says they are prequalified for a mortgage and they have marginal or poor credit or they were preapproved for a 2.8% mortgage or we can lower your interest rate by 2% or send us X dollars and we’ll stop the foreclosure. . The list is endless.
These folks find individuals to prey on all the (3 comments)
HEALTH SYMPTOMS THAT REQUIRE IMMEDIATE ATTENTION - 03/17/12 09:11 AM
“Health Symptoms That Require Immediate attention” I recently lost my sister-in-law, four and a half months after she complained of the worst headache she ever had, she passed away on March 4th, 2012, she was 52. You may think your being foolish, but what if you’re not? When I read the article below, I want to make sure others read the information. If it can save one person it was worth the effort. Share it with loved ones, friends and co-workers. Doctors Share 5 Symptoms That Need Immediate Attention By: Heidi Stevens
It might be a caffeine headache, (7 comments)
10 BILLION IN PRINCIPLE REDUCTION - 03/16/12 09:41 AM
“10 Billion in Principle Reduction” I am getting calls from past clients that are asking if they qualify for a principal reduction. Frankly, I don’t know. I would love to assist my past clients that now have mortgages being serviced by the 5 institutions that signed on to the 26 billion dollar settlement with the FED. Many are telling me that they call their servicer and are not able to get any information. I have made inquiries on their behalf an keep running into stonewalls. If anyone knows a way to get past the steel curtains, please let me know. (3 comments)
It makes me sick when I keep reading article after article about loan officers or bankers, committing mortgage fraud. It sure is my hope that all these crooks get caught, sooner rather than later, so that the folks that are doing this business the right way, don’t keep getting the negative press. In this instance, a 40 million dollar fraud scheme. It continues to amaze me, how so much damage can get done, before someone figures out there is a crook in the midst, especially when this went on between 2005 to 2007. (2 comments)
According to the Department of Justice and the FBI, of the more than 2 million burglaries reported in 2010, 73.9 percent took place in residential homes rather than businesses. Those burglaries averaged more than $2,100 in stolen items, adding up to nearly $4.6 billion in lost property in one year alone! While burglaries did decrease by 2 percent in 2010 when compared to 2009 (2011 statistics are still being compiled), burglary remains a fact of life. It happens every day, often to people who think it'll never happen to (4 comments)
THE POWER AND IMPORTANCE OF JOURNAL WRITING - 03/15/12 05:56 AM
“The Power and Importance of Journal Writing” The article below is right on when it comes to accomplishing your goals/plans. He is absolutely correct when he says “start with a vision”. If you can see it, you can make it happen. In the early 80’s I started writing and I have filled many volumes. Here is the way it works for me. Just before I go to sleep, I complete my day in my journal. What I did well, what I am proud of, what I am not proud of, what I didn’t complete, what I am committed to do tomorrow. Well (4 comments)
ARE YOUR PROPERTY TAXES TOO HIGH? - 03/14/12 10:58 AM
“Are Your Property Taxes Too High?”Income Tax Isn't the Only Important Tax This Time of Year We may be in the middle of income tax season, but hoping you'll be getting a refund isn't the only thing you should be thinking about this time of year...especially if you're a homeowner. That's because the National Taxpayers Union (a nonprofit citizen group) estimates that between 30 and 60 percent of properties are assessed for too high of a value, resulting in an incorrectly larger property tax bill. Taking the time to review your property tax bill could save you a nice chunk (5 comments)
AUTHOR DOESN'T UNDERSTAND WHY SOMEONE BUYS A HOME TODAY AND WHY THEY WILL CONTINUE - 03/14/12 06:17 AM
“Author Doesn’t Understand Why Someone Buys a Home Today and Why They Will Continue” Articles like the one below, are beyond stupid. Just the type of article that creates fear instead of sharing common sense. The author doesn’t understand that most people that are buying homes today, especially first time home buyers, are buying homes to live in, not thinking about what the property is going to sell sometime in the future. They are buying homes, that in most cases end up costing them less than what they are paying for rent. They are buying homes that fulfill their needs better (1 comments)
I have been in the real estate and mortgage business for over 40 years. In this time period I have seen every imaginable real estate market. One factor stands out, the MARKET is very efficient. Every property on the market will get sold. The eventual price will dictate how quickly the properties will get sold.
With all the numbers being thrown around in the article, he is forgetting about the fact that the population of this country is not decreasing. There are new people coming into the house buying market every day (5 comments)
3200 MORTGAGE JOBS CUT IN JANUARY - 03/13/12 06:30 AM
“3200 Mortgage Jobs Cut in January” I don’t understand the math, I don’t see less mortgage activity going forward, if anything I see much more. What is the rational of some mortgage bankers and brokers to cut staff? The preapproval activity continues to be up, HARP 2 is now in full force and the FHA refinance program will start up shortly. How do you start cutting mortgage jobs. They must have been reading the papers and listening to economist. There must be a new formula, hire when mortgage activity goes down and cut jobs when the activity goes up. Almost sounds (5 comments)
ROMNEY SPEAKS TO HOUSING AND MORTGAGES - 03/12/12 10:33 AM
“Romney Speaks to Housing and Mortgages” Mitt Romney is sounding more like the Republican nominee. He at least is speaking to the heart of the problems, jobs and over regulation is hurting any chances for a housing recovery. Look, all of the candidates on the Republican side have their good points and not so good, but the alternative continues to hurt our economy with regulations that continue to stall any chance for a recovery. You can’t tell me, that the publicized unemployment rate of 8.3%, which is really double, and a national deficit that continues to spiral out of hand (4 comments)
WHO IS GOING TO PAY FOR THE MORTGAGE WRITE-DOWN BAILOUT - 03/12/12 05:27 AM
“Who is Going to Pay for the Mortgage Write-down Bailout” I have been hearing about this possibility for the last few years. So far, smarter heads have prevailed and it hasn’t happened. Some Liberal members in the House are now putting a full court press on the Administration to bring this to the table again. President Obama, understandings the bailout idea wouldn’t go over very well in an election year. The Liberal left either doesn’t understand or just doesn’t want to understand that we, the taxpayer, will have to foot the cost... that is their mission.
Liberal Dems (2 comments)
FORMER NEW YORK MET, SENTENCED TO 3 YEARS - 03/10/12 05:13 AM
“Former New York Met, Sentenced to 3 years” EVEN THOUGH I WAS NEVER A NEW YORK MET FAN, I COULDN'T HELP BEING CAUGHT UP IN THIS STORY OF FALLING FROM GRACE. MANY PRO ATHLETES HAVE SUCCUME TO THE SAME PATH, BLOWING ALL THE INCOME THEY EVER MADE IN THEIR CHOSEN PROFESSION.
I HOPE LENNY TURNS HIS LIFE AROUND.
SAN FERNANDO, Calif. (AP) Former New York Mets outfielder Lenny Dykstra was sentenced Monday to three years in state prison in a grand theft auto case.
GOIN' FOR BROKE Sports stars make loads of cash but they don't (6 comments)
PREPARING FOR THE HOME INSPECTION PROCESS - 03/09/12 11:34 AM
“Preparing for the Home Inspection Process” Too bad more sellers don’t prepare correctly for the home inspection process. First, it would make the home more saleable and once on deposit it would be a much smoother process and less costly all around. Whenever I complete a home that we are flipping, we will always have a home inspection done, to make sure nothing was missed. Even though we have already done an inspection, we will recommend that the buyer have one done anyway. It is always great to see the results, since ALL issues have already been done. Preparing for a Home (6 comments)
Every time I read anything to do with mortgage fraud, I feel like I should apologize to the public and anyone having to do with the real estate industry. I have worked very hard over the years to protect my good name and the mortgage industry. This has to stop! All of us in this business need to do everything humanly possible to live and work to a level, above the law and what is right.
Very frankly, when I see anything that looks like fraud, I report it. It doesn’t matter to me if is someone in my (1 comments)
WHAT DOES IT MEAN WHEN NON-PERFORMING 2ND MORTGAGES GET SOLD? - 03/08/12 09:19 AM
“What Does it Mean When Non-Performing 2nd Mortgages Get Sold?” It means, that the buyer/investors will contact the homeowners to see if they can work out a modification or some kind of payment plan for the existing debt. Understandable, as the obligation is owed. Here is the problem, most or all of these 2nd mortgage are behind a first mortgage that is either in default or the value of the property is really upside down, value vs. debt. Now on top of the these 1st mortgage there are 2nd mortgage that are all in default. If these new 2nd mortgage holders, (2 comments)
HOME BUILDERS TAKING FINANCING IN THEIR OWN HANDS - 03/08/12 05:47 AM
“Home builders Taking Financing in Their Own Hands” At one time, securitization of mortgages was a big part of Walls Street. You will hear more talk about this topic in the coming months. The main reason that this market hasn’t taken off already is because of Dodd-Frank. I promise you, you will see subprime loans again, for the securitization market. The subprime market is underserved presently. There are hundreds of thousands prospective home buyers, that can’t buy a home because of their credit history, that would make great homeowners. Over the last three years I have worked with hundreds of (1 comments)
Not a damn thing. All three scenarios in the article below, by Paul Owers, speak to decision that singles, married, young and older folks have made for many years. All I know, is more and more individuals are saying, now is the right time for them to buy a home. More folks are calling to get prequalified and are calling to find out what their credit looks like. More often than not, it is less expensive to own a home today, than the rent they pay.
Renting vs. Buying: It’s All about Finances By: Paul (3 comments)
WHEN IT COMES TO HOUSING BUFFETT KNOWS? - 03/07/12 05:37 AM
“When it Comes to Housing Buffett Knows?” I listened to the CNBC interview with Warren Buffett and he said that he was surprised that the housing market didn’t turn around in 2011. But felt strongly, that 2012 is when housing will turn around. While I want to believe with all my heart, that he is right, I’m not convinced. I correlate unemployment with housing. The publicized unemployment rate is over 8%, however the number is really underestimated. The true number is most likely double. Not sure why, Buffett doesn’t understand the two are connected. When more folks get employed, the (5 comments)
MORE RED INK FOR FANNIE MAE - 03/06/12 10:33 AM
“More Red Ink for Fannie Mae” There is going to be no simple way to stop this bleeding, but I still don’t understand how the executives of this company expect to get the bonuses that they are expecting. I see no good reason to reward failure after failure.
Also, with all of this red ink, the Administration, the Senate and Congress approves a 10 basis point hit to all new loans, to pay for 2 months of the payroll tax bill extension. I could almost understand the 10 basis point hit, so that they can offset their own losses. There (3 comments)
If this guy really believes that Dodd-Frank is critical to the housing recovery, then he doesn’t have a clue. It is unfortunate that a guy that has as much power as he does, doesn’t understand the negative effect the bill is actually having on housing and jobs.
The restrictive regulations, are continuing to hurt the hiring process and the housing recovery. The sooner this bill gets repealed, the sooner that our recovery will start gaining some momentum.
Housing Looms Large, As Ever, For Bernanke, Lawmakers By: Ryan Schuette A (1 comments)
MORTGAGE SETTLEMENT INFORMATION STARTING TO COME OUT - 03/05/12 01:30 PM
“Mortgage Settlement Information Starting to Come Out” The more information that comes out about the settlement that the 5 servicers agreed too, the more you realize, they got a pretty sweet deal. For thousands of folks involved with the robo-signing fiasco that have already lost their homes and those that are presently in foreclosure, involving these 5 servicers, compensation is limited. Is anyone surprised?
Details of Foreclosure Settlement Emerge in Wells' SEC Filing By: Maria Aspen & Jeff Horwitz Wells Fargo & Co. unveiled specific new terms in the national mortgage servicing settlement on Tuesday, providing the most detailed summary (3 comments)
I understand FHA's reasoning for increasing the insurance premium to 1.75%, in order to shore up the reserve fund. OK, that accomplished, why are they looking for a bailout at the same time, especially when they are saying they are not out of money. I don’t know about you, but this makes no sense.
A few months ago, FHA raised its monthly mortgage insurance, on their 30 year mortgage product from .55% to 1.15%. That is a boat load of cash flow. So why look for a bailout from the Federal Government?
FHA Raises (3 comments)
FHA BAILOUT?? I'M ASKING THE SAME QUESTIONS AS THE LAWMAKERS - 03/02/12 09:49 AM
“FHA Bailout?? I’m Asking the Same Questions as the Lawmakers!” ??????????????????????????????????????? The FHA acting commissioner acknowledged, that FHA is not broke so, what is the story? She indicated that they want to fill the gap? I don’t know about you, but I want my GAP to be filled as well.
FHA is about to increase their Mortgage Insurance Premium (MIP) to 1.75% from 1% and that is after they recently doubled the monthly mortgage insurance from .55 to 1.15%.
Lawmakers on both sides of the isle have every right to ask the questions and then not recommend any kind of bailout. (4 comments)
Additional fees that Fannie Mae, Freddie Mac and FHA will be charging, as usual, will be passed along to the consumer. Here is the bottom line, with interest rates as low as they are right now the consumer, doesn’t really notice, but at some point, rates will move up, then we’ll see if folks aren’t paying more attention.
These extra junk fees are to help pay for the payroll tax deduction that was extended for the first TWO months.
Beware: Mortgage Fees Are Rising
By: AMY HOAK (7 comments)
FLAGSTAR BANK TAKES A 133 MILLION DOLLAR HIT - 03/01/12 06:40 AM
“Flagstar Bank Takes a 133 Million Dollar Hit” If FHA needs a cash infusion, doesn’t this 133 million dollars help? This is just one of the many large banks that have been penalized for their underwriting practices. Where the hell does all the money go? Why does FHA keep saying they need a bailout with all money they keep getting from the banks, new and refinanced mortgage transactions. Flagstar Settles Dispute Over FHA Underwriting By: Jackie Stewart Flagstar Bancorp, the nation's ninth largest residential lender, late this week agreed to pay up to $133 million to settle claims regarding unspecified underwriting (1 comments)
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