I guess I still have to wonder. On Saturday a video was uploaded to YouTube titled OMG!!! Inside Bank of America DOES NOT accept DOLLARS as payment on mortgages in US.
So again I ask, What's Happening at Bank of America?
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
How To Get Free Tax Preparation and Filing For Military Members?
It's tax season again. Did you know there's free help for military members in the preparation and filing of their tax returns?
The military's tax assistance program processes more than 200,000 returns each year, Army Maj. John Johnson, director of the Defense Department's Armed Forces Tax Council, said during an interview with Pentagon Channel and American Forces Press Service reporters.
"It is just one of the benefits military people have," Johnson said of the program. Participants can visit their installation tax center for free assistance in filling out tax returns, he said, or access the Military OneSource Web site, www.militaryonesource.com.
"You can log on there, online, and also file for free," Johnson said of the Web site. The online tax-filing system on Military OneSource is closed to military retirees, however.
The is part of the H & R Block At Home® program. To get the free tax return preparation you must to start your return from the Military OneSource H&R Block At Home® link. Once you click the link you will be required to log in to Military OneSource. From the login page you will be directed to a site containing additional information on tax preparation, including the link to the Military OneSource free H&R Block At Home® service.
Through the Military OneSource program, you can complete, save and file your 2011 Federal and up to three State returns online for free with the H&R Block At Home® tool.
If you have questions about this tax service or about preparing your own tax returns, please call 1-800-342-9647 and ask to speak with a Military OneSource tax consultant. Trained tax consultants are available 7 days a week from 7 a.m. to 11 p.m., EST.
You can also get free tax service at most major military bases through the Volunteer Income Tax Assistance (VITA) program. Participating VITA sites provide free tax advice, tax preparation, and assistance to military members and their families. Most importantly, they are trained and equipped to address military specific tax issues such as non-taxable military income, tax-free zones, tax deadline extensions for military members, out of state residency issues, and more. To top it off, the work is usually signed off on by a CPA before it is filed.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
What's In The President's Plan To Help Responsible Homeowners and Heal The Housing Market?
I make my living in the housing industry. The whole country has suffered the past few years because of the problems created by the mortgage mess. The housing industry is still struggling to get back on it's feet.
In his State of the Union address and in subsequent speeches President Obama has been talking about his "Blueprint for an America Built to Last."
I got a copy of the plan to see what it is all about. To see a copy click on:
While I want as much as anyone for the housing market to come back reading the plan I have to wonder if it's a plan for recovery or a political document to help with getting elected.
A big talking point has been the Homeowner Bill of Rights.
The first two points are:
Access to a simple mortgage disclosure form, so borrowers understand the loans they are taking out.
In 2009 the government designed and mandated that the lending industry use the current Good Faith Estimate now given to borrowers. I took hours of classes learning to complete it correctly and real estate agents took hours of classes learning the new HUD1 form. I'd welcome a simple form but blaming the industry for the current confusion is just wrong.
Full disclosure of fees and penalties.
It seems they don't know they also passed legislation holding lenders responsible for the fees that are disclosed to a borrower at application. A lender is financially responsible for under disclosingfees (even fees they don't control) including those charged by title companies and state and count recording fees. Anyone who has been to a settlement is familiar with "Charges That Cannot Increase, Charges That in Total Cannot Increase More Than 10% and Charges That Can Change."
The plan also calls for Moving the Market to Provide a Full Year of Forbearance for Borrowers Looking for Work.
Now don't get me wrong. This crisis has created a lot of pain for a lot of people and they need help. But is letting them not pay their mortgage for a year a solution to the problem or are we "kicking the can down the road" for someone else to worry about.
Who hasn't heard Congress and the President rail against the abusive loans that caused the crisis. (A side note: all the loan types weren't bad. They just got to liberal in underwriting and approving them)
The plan calls for Providing Non-GSE Borrowers Access to Simple, Low-Cost Refinancing. It has been proposed that "The refinancing program will be open to all non-GSE borrowers with standard (non-jumbo) loans who have been keeping up with their mortgage payments. The program will be operated through the FHA."
Simple and straightforward eligibility criteria. Any borrower with a loan that is not currently guaranteed by the GSEs can qualify if they meet the following criteria:
* They are current on their mortgage: Borrowers will need to have been current on their loan for the past 6 months and have missed no more that one payment in the 6 months prior. (Sounds reasonable to me.)
* They meet a minimum credit score. Borrowers must have a current FICO score of 580 to be eligible. Approximately 9 in 10 borrowers will have a credit score adequate to meet that requirement. (If you want to get a new loan most loan programs want a minimum 640 FICO score. By meeting certain criteria you can lower the FICO score to 620.)
Streamlined application process: "To determine a borrower's eligibility a lender need only confirm that the borrower is employed." (Sound's like the no-doc or no-income loan they have said were bad and don't allow any more.) "Those who are not employed may be eligible if they meet other requirements and present limited credit risk." (I'd love to know what those requirements will be.)
The program will be funded by "Creating a separate fund for new streamlined refinancing program. This will help FHA better track and manage the risk involved and ensure that it has no effect on the operation of the existing Mutual Mortgage Insurance (MMI) fund." (So were taking loans that were made in the private sector and giving them a government guarantee and if they lose money well take it out of the left pocket instead of the right pocket? To me a loss is a loss)
Now to pay for the program the Refinancing Plan Will Be Fully Paid For By a Portion of Fee on Largest Financial Institutions: The Administration estimates the cost of its refinancing plan will be in the range of $5 to $10 billion, depending on exact parameters and take-up. The cost will be fully offset by using a portion of the President's proposed Financial Crisis Responsibility Fee, which imposes a fee on the largest financial institutions based on their size and the riskiness of their activities - ensuring that the program does not add a dome to the deficit. (And do you thing "the largest financial institutions" are going to absorb that fee or is it more likely to be passed on to all consumers through higher fees and other cost. Are you aware the "Two month tax holiday passed in December is being paid with higher fees being charged by Fannie Mae, Freddie Mac and FHA. The new fees will be in effect for 10 years to pay for a 2 month thx holiday.)
I've been getting a lot of questions about HARP2 refinancing program which was announced in November. It's my understanding that the automated engines used to underwrite these loans will be ready in mid-March. I still an waiting to get details of what the requirements will be.
I'd love to hear your feedback on the proposed Plan To Help Responsible Homeowners and Heal The Housing Market.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
What's Happening At The Bank of America Mortgage Lending Department?
In October, 2010 Bank of America announced it was exiting the wholesale lending (broker) busines. At the time they said:
"By exiting the first mortgage wholesale channel, we can redirect critical operational resources to further enhance our capabilities in direct-to-consumer channels," said Barbara Desoer, president of Bank of America Home Loans. "This is an investment in strengthening our competitive position by delivering on the services our mortgage customers expect from Bank of America."
Then in August 2011 Bank of America announced it was exiting correspondent lending (buying closed loans from other lenders.) A the time they said:
The largest U.S. bank by assets decided to exit the correspondent channel, which employs more than 1,000 people, because it no longer fits with the long-term strategy for its mortgage unit, Bank of America spokesman Dan Frahm said.
"We intend to sell the correspondent mortgage lending division or, if a suitable deal is not identified, we will consider other options," said Frahm.
Now the retail mortgage operation of Bank of America has suspended it's cash-out refinancing operation. I'm not sure this qualifies as "By exiting the first mortgage wholesale channel, we can redirect critical operational resources to further enhance our capabilities in direct-to-consumer channels,"
And for almost a year the Bank of America retail loan officers have been leaving. I know people who have left and many real estate agents have told me they've lost their loan officers at Bank of America. A Bank of America executive says the company “didn’t miss a beat” after the bank this year lost a large share of its mortgage team to a competitor.
At least as of last April it seems they weren't to concerned:
I know if I was a customer or loan officer at Bank of America I'd be concerned. What's going to happen next?
What do you think about what's been going on at Bank of America?
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Testimonials are a great way to let your clients get to know you, You can use written testimonials and as I have started doing recently a video testimonal.
Here are a few I've done recently:
Tom & Valerie - Rockville, MD
Paul & Christine - Nottingham, MD
If you want to see how I've used them in a website go to:
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878 Home Office: 240.813.0614 Email: agross@primelending.com Web: www.mtg-info.net Web: www.DCMilitaryVALoans.com NMLS#217388
Home Prices and Affordability – Is Now The Time To Consider Buying A New Home?
There's been a lot of news over the past several years concerning problems in the housing market, the mortgage industry and the economy. There still a lot of concern about when the market will turn around and start to recover.
I've been saying for the past 6 months or so that we have been in the "Perfect Storm" to buy a home with the combination of low home prices and low interest rates. It seems that the storm is starting to subside. Home prices in many markets are starting to show appreciation.
A recent report on CNC it was reported that the National Association of Realtors (NAR) Pending Home Index jumped 7.3% in November after jumping after jumping 10.4% in October. (See the news clip below)
A recent issue of "Housing Predictor" has an article titled "Home Affordability Reaches 1971 Level". The article stated "Homes are more affordable to purchase than they have been since 1971 as a result of falling home prices, according to the U.S. 1970s House Department of Housing and Urban Development (HUD). Despite record low mortgage rates, the downward trend in home values is sustained in the majority of the U.S." It went on to say "With interest rates at historically low levels and markets across the country beginning to improve, homeownership is within reach of more households,” said Bob Nielsen, chairman of the National Association of Home Builders."
HSH.com has identified 5 Cities Poised For a Housing Pop. The Washington, DC metropolitan area is included in the list. For the Washington area the site says "A favorite large metro of Fox’s, the Washington, D.C. metro area encompasses two states (Maryland and Virginia) as well as the District of Columbia. With a median home price of $294,800, some experts believe home prices may drop by a percentage point or two in 2011. Expect small price gains--a percentage point or two--in 2012. Key to this metro is that the economy is driven by the federal government, which seems poised for continued growth. Unemployment in the metro is a very low 5.4 percent. The one negative: a cost of living that is well above the national average."
Moneyland.Time.com also looks at the Washington, DC metropolitan area in favorable terms. There recent post "The Real Estate Market that Defies the Trends" said "But in Washington, D.C., housing prices are up a smidgen (0.3%) from the previous month. More importantly, year-over-year prices have risen by 1.3%, a continuation of a happy trend in which prices increased by 2.6% from the year before that. When comparing housing markets in America’s big cities, D.C. appears to be having the strongest and steadiest recovery."
In an earlier article Moneyland.Time.com says that "Home Affordability Near Highest Level in 20 Years" The article states "As a result, families earning the median income of $64,200 could afford 72.9% of the homes sold in the third quarter. (Another reason I like this statistic is that it’s calculated using actual sales prices of new and existing homes, not list prices). That 72.9% is in real contrast with the way things looked five years ago during the boom, when the number dipped to 40.4%. Housing market bulls read the current high affordability number as a sign that there is buying power to bring the real estate market out of its slump, at least at current prices."
Last June Kiplinger.com wrote an article titled "Who Benefits From Affordable Homes?" The article stated "For many young adults, I believe this will turn out to have been a good time to buy a house or condo." It went on to say "But for many young adults who intend to stay put for several years, have good prospects of employment security and can qualify for a plain-vanilla fixed- rate mortgage, I believe this will turn out to have been a good time to buy a house or condo. And if the young home buyers are handy with tools and can find a fixer-upper at a great price, so much the better."
You might find the video Purchasing Power vs. Home Prices interesting:
And rents aren't getting any cheaper. According to USA Today "Apartment Rents Heading Higher for 3rd Year in a Row." According to the article "Apartment rents are expected to jump again this year as the U.S. economy creates more jobs and demand for rental housing grows. A 2012 increase would make the third straight year of rising rents. More annual increases are expected as apartment builders hustle to catch up with demand.
Here's a look at what CNBC.com has to say in a post titled "Renter Nation Rages On As New Reality". "Higher quality properties in the most desirable locations posted rent gains in excess of 5-10 percent, while class B/C properties, catering to lower income tenants, found it relatively more difficult to raise rents,” notes Victor Calanog, head of research at Reis.
Nowhere is that more evident than in the Washington, DC metro area where rents are way up across the city, and developers are rushing to erect new multi-family buildings and rehab old ones."
It went on to say "“Everybody wants to be in DC,” beams Richard Key, district manager for Camden Property Trust, one of the largest publicly traded multifamily REITs in the nation. “Whereas in other markets there are deals, when you get to DC area, all the REITs want to be here, and so we're all competing for the same piece of land, and that's driving the price up. That is really is a challenge for us.”
Key is convinced that there has been a fundamental shift in attitudes toward home ownership that will last for several more years. He is not concerned that the pendulum will swing back to buying, just as all that new rental stock hits the market around 2014. Camden has seen rents on its DC properties rise over 5 percent in just the past year.
So, are you thinking about buying your first home or moving up to a new home and have been waiting to see the bottom? Now may be a good time to jump off the fence and get into the game!
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Did you hear anything in the news about how the Payroll Tax Cut was going to be paid for? Probably not.
Guess where the money to pay for the tax cut is coming from? If you guessed the housing and mortgage industry and specifically people borrowing money through Fannie Mae (Fannie), Freddie Mac (Freddie) and the Federal Housing Administration (FHA) you would be right.
As everyone knows the housing market has been struggling. This new legislation has imposed what is in essence a tax on every borrower who gets a loan that is guaranteed through Fannie, Freddie or FHA.
In an article titled Washington Wades Deeper into Housing Bloomberg Businessweek said that "An 11th-hour extension of the payroll tax cut, signed into law on Dec. 23, will for the first time divert funds from Fannie Mae (FNMA) and Freddie Mac (FMCC), the two mortgage finance companies under U.S. conservatorship, to pay for general government expenses."
Here's a recent recent commentary by Brian Stevens and Frank Garay of THINKBIGWORKSMALL:
Effectively, that means that all Conforming loans will increase almost 0.125% in interest rate. With FHA you will see and increase in the Mortgage Insurance Premium (MIP). It could be in the monthly MIP, Upfront MIP or both.
It's been estimated that it will require 10 years of the increase in rates to pay for the two months of benefits provided by this "Payroll Holiday."
So, the temporary decrease in the payroll tax was supposed to help the middle income American taxpayer. Looks to me like the government just dipped there hands in their pockets without telling them. And whens the last time you saw a temporary increase in fees get rescinded. It seems once they get on the books they never go away!
I'd like to know what you think. Please comment below.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
I was reading Facebook earlier today and noticed my friend Johnny Holliday had posted a "Like" to something called Gube. Made me curious so I did a little research.
So what is Gube? It's an iPhone and iPad application that provides parents with a catalog of pre-screened, moderated, and safe yet fun YouTube videos. Designed and developed by parents of toddlers for parents with young children.
There have been several blogs written about Gube. You can find one titled Gube Gives Kids a Safer YouTube on the Hawaii Blog.
What do you think about Gube? I'd appreciate your comments below.
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Can A New Monitor Make A Difference? You Bet It Can!
I've upgraded computers over the years but have kept the same 18" NEC MultiSync LCD monitor. I thought about upgrading but never did it.
My daughter Angela who uses the computer from time to time thought it was time for an upgrade so for Christmas she bought me a 23" HP LED monitor. It was easy to install and the difference is unbelievable. It easier to read and looking at pictures and videos is a whole new experience. I can increase the size (Control +) and see and read much easier and not lose content on the edges of the screen. No more squinting at the screen.
A little bit about monitors: LED and LCD monitors are based on the same basic technology for image display, but differ in the kind of backlighting used. While LCD monitors use cold cathode fluorescent lamps for backlighting, LED monitors use light emitting diodes. This is the prime difference between the two display technologies. So LED monitors are in actuality, a type of LCD monitors, or an improvement over them.
LCD displays have to rely on external lighting, as their display is created through manipulation of light, passing through polarized liquid crystals. The backlighting affects picture quality substantially and light shed by LEDs offers superior picture quality, compared to LCDs.
LED monitors are also a lot softer on the eyes than LCD monitors which make them popular choices for people who work for long hours (I certainly do) on their desktop computers. Their power consumption is as much as 40% less than conventional LCD monitors. They are also a lot more eco-friendly, because mercury is not used in their production. LEDs last longer than cold cathode fluorescent lamps, with little reduction in their power output over time, which makes these monitors long-lasting.
Here's a short video showing some differences between LCDs and LEDs.
So, don't be like me and squint at an old monitor, upgrade, you'll be glad you did!
Your source for Conventional, FHA and VA loan information.
My direct line is 240.813.0614. So let me hear from you! Remember...it doesn't cost a penny to talk...so call right now and I will answer all your questions.
Alan Gross
Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company 704 Quince Orchard Rd., Suite 230 Gaithersburg, MD 20878
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
I was reading Facebook earlier today and noticed my friend Johnny Holliday had posted a "Like" to something called Gube. Made me curious so I did a little research.
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