2 Blue Chip Mortgage Blog

The FTC just issued the Final ruling on telemarketing and prerecorded sales calls. In the new rule you will have to receive permission from the customer in order to deliver prerecorded messages. Consumers however, can receive calls that deliver purely informational prerecorded messages such as yo...

Maryland Governor signed the emergency bills on April 4, 2008 (HB 365 / SB 216 into law as emergency measures). MD Real Property Code Section 3-104.1 requires that every instrument securing ‘residential property' to contain the name and license number of the mortgage originator and the mortgage l...

OK, I cannot even imagine what a Billion $$$ would look like. But the IMF is reporting that the total losses from Sub-Prime Loans can reach $945 billion. WOW!! In the U. S. alone we can expect to see about $565 billion $$$ in Sub-Prime loses. We all know that the government is working on somethin...

Sometimes when rates are low some clients just like to float to see if it gets better. Why? These rates have probably been the steadiest in the past week and a half but people always want better. Well we cannot give lower than the lowest which is around 5.625% today.  5.625% is a very good way to...

Well, after the $30 Billion dollar bail out given to Bear Stearns last week the senate had to do something about the foreclosure issue we are currently facing. 94-1 was the senate vote to move forward on legislation to assist homeowners facing foreclosure.  If the legislation is adopted there wil...

There are not too many encouraging words in the media yet on home values increasing going into the 2nd quarter. As it stands home values are still on a decline for the past five months even in major metropolitan statistical areas (MSAs) across the nation. Some MSAs are reporting declines over 10%...

If you have not been following the mortgage finance industry; FannieMae has now entered into an agreement with the OFHEO (the office of Federal Housing Enterprise Oversight) and New York Attorney General's office to adopt a Home Valuation Protection Code. Basically the code will be for single fam...

The new RESPA rule was released by the U.S. Department of Housing & Urban Development today. The official RESPA rule was published in the Federal Register so there is a 60 day comment period in effect right now and ends May 13, 2008. The new 4-page GFE is designed to more closely mirror the HUD-1...

Some lenders are are removing their FNMA 100 programs also due to changes by the MI companiesthe FNMA Flex 97, FHLMC 97 and Community program guidelines are will have a reduction in maximum CLTV as well as an increased minimum credit score of 680 on loans with LTVs greater than 80.00%. What's next?

To help lenders serve more borrowers in many high-cost areas, Fannie Mae is introducing Jumbo-Conforming Mortgages. They will accept whole loan and MBS deliveries:starting April 1, 2008 for 15- and 30-year fixed-rate mortgages starting May 1, 2008 for eligible 5/1 adjustable-rate mortgages For de...