va: VA Delays Implementation of VA Funding Fee From October 1, 2011 Until November 18, 2011 - 10/02/11 11:53 AM
VA has announced a delay in the reduction of its Funding Fee.  Originally scheduled for October 1, 2011, the VA Funding Fee reduction now goes into effect on November 18, 2011.
10/1/2011Important Notice:
LOANS CLOSED ON OR AFTER OCTOBER 1, 2011:  Due to legislation affecting funding fees that has passed both houses of Congress and is awaiting the President's signature, lenders should not submit payments for loans closed on or after October 1, 2011, until further notice.  This issue should be resolved within the next several days.   If the President signs the legislation, it will in effect keep funding fees at … (1 comments)

va: Real Estate Agents - Fact or Fiction.... Learn the Underwriting Requirements of 2011 - 01/04/11 03:17 PM
As we begin 2011, underwriting guidelines remain the tightest that many in the mortgage and real estate industries have seen in recent years.  Today's rules/requirements echo those of the pre-2000 era.  Given that a great number of today's players in the real estate industry have been in the industry less than 10 years, many simply cannot understand these changes.  For those who have been in the business longer, many of those have forgotten the old days when today's guidelines were common practice.  Every still has the 2005-2006 era stuck in their head.  That is now what is know as HISTORY.  It's … (14 comments)

va: What Is An Underwriting Guideline Overlay? - 01/01/11 05:23 AM
Why does it sometimes seem that underwriting guidelines vary from mortgage company to mortgage company?  Well, it is because, sometimes they do.  Each agency (Fannie Mae, Freddie Mac, FHA, VA, USDA) sets the minimum guidelines for the approval of a mortgage that they will back if it defaults.  An overlay is when a mortgage lender adds an additional restriction to their guidelines.  One huge misconception is that
There are many types of overlays.  Some of the most common include:

When an Underwriter makes a condition that someone doesn't agree with, they are not just doing it because they want to.  There is a valid reason behind it. 
… (2 comments)

va: Do You Know Who Is Responsible for Setting Mortgage Underwriting Guidelines??? - 09/19/10 03:28 PM
What is the Secondary Market you ask? In mortgages, the Secondary Market is where bonds and securities are backed by the value of mortgage loans, collateralized and then they are sold on Wall St.  These security instruments are also known as Mortgage Backed Securities (MBS).  Being packaged as an MBS is how mortgage loans are bought and sold after the borrowers have closed on their transaction.  All mortgage loans are underwritten by the lender to predetermined underwriting guidelines.  Therefore, each mortgage loan program has its own unique set of underwriting guidelines.  This loan programs include:
Conventional (Fannie Mae & Freddie … (3 comments)

va: Did You Know That You Can Lose Your Home for Not Paying Your HOA Dues???? - 07/11/10 03:14 PM

Being late on your HOA due payments could cost you your home.  I read a very interesting article on this topic today.  Some home owners across the country are facing foreclosure, but not from action by their mortgage company.  Home Owners Associations (HOA's) are the latest to pursue the foreclosure option to attempt to get delinquent home owners to pay up.   Some home owners are viewing their HOA due payments as optional.  Quite the opposite is true though.  If you live in a community with a mandatory HOA, then your dues are just that, mandatory.  Your HOA payments can … (6 comments)