mortgage: Expect The USDA Guaranteed program funds to be extended for 2010 and beyond - 04/23/10 07:37 AM
The following is an article published in todays edition of Mortgage News Daily:
The continued availability of government guaranteed mortgages for rural homebuyers was virtually assured yesterday when the House Financial Services Committee voted to approve H.R. 5017. The unanimous vote will send the Rural Housing Preservation and Stabilization Act of 2010 to the full House of Representatives where sources said it was fast tracked for a vote as early as next week.
If passed, the bill will correct the Section 502 Single Family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists homebuyers living in rural areas to … (6 comments)

mortgage: Good New on Flood Insurance - 04/19/10 09:57 AM
In case you didn't know, we have been hanging in limbo on properties that require flood insurance for several weeks now.  The old FEMA flood insurance appropriation had expired and congress had not re-authorized until now.  Congress approved the Continuing Extension ACT of 2010 (H.R. 4851), which includes a temporary extension of the Federal Emergency Management Agency's (FEMA) statutory authority to issue flood insurance policies under the National Flood Insurance Program (NFIP). The temporary amendment will expire on May 31, 2010. Many investors, such as Union Bank, Provident, and others, sent out announcements re-installing their previous flood insurance policies.
We are once again … (3 comments)

mortgage: Has the FHA flipping rule really been waived? - 03/05/10 02:19 AM
Lenders accross the land are taking different twists on the FHA flipping rule waiver.  Just to demonstrate how major lenders are treating this tender topic, I will list some examples from the largest national leaders.
Some things are simple, others not. On January 15, 2010, HUD issued a Waiver of Requirements of 24 CFR 203.37a(b)(2) revising exceptions to the FHA Flipping Rule policies. (Notice that HUD did not actually issue a Mortgagee Letter.) The FHA Flipping Rule prohibits FHA financing if the contract of sale for the purchase of the subject property is executed within 90 days of the prior acquisition … (2 comments)

mortgage: Consumers Beware of Rising Fees - 02/16/10 04:53 AM
Borrowers need to be aware that many mortgage brokers are choosing to raise fees to maintain their income on each loan transaction.  Following is advice from one major wholesaler to their broker customers:
 See the original GFE given to the Customer - Line 1. Contains the following:
Origination fee + Processing Fee + Lenders Admin. Fee + YSP
(plus any other compensation / fee that the broker charges). Once you give the GFE to the Customer your line 1 will not change higher (except if the loan amount changes your origination will be adjusted up or down … (2 comments)

mortgage: The Death of an Industry - updated - 02/10/10 09:03 AM
A few months ago I wrote a blog titled "The Death of an Industry".  To say the least it met with a lot of resistance from the Mortgage Broker community.  The Mortgage Brokers of active rain showered me with reasons why I was wrong.  They contended that mortgage brokers could shop for the best deal for their customers, but of course the HVCC rules that require the lender to order the appraisal cut the shopping off at the knees. Brokers claimed they could deliver loans at a lower price to the consumer.  The new RESPA rules are quickly proving a challenge to … (6 comments)

mortgage: Loan Activity Down - 01/27/10 09:29 AM
The market share for refinances must be considerably lower here in Oregon.  Borrowers are really in a bind with shrinking equity and tougher loan underwriting.
Art Marine

Branch Manager
10220 SW Greenburg Road, Suite 250
Portland, OR 97223
503-764-4005 direct
503-799-7085 cell
1-866-510-4716 fax
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 22, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 10.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 10.1 percent compared … (1 comments)

mortgage: Are Fannie and Freddie doomed? - 01/22/10 08:34 AM
The following from a CNBC story:
CNBC Reports... Fannie, Freddie Cannot Exist in Current Form: Frank Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. "This committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance, that's the approach rather than the piecemeal one," Frank said. Frank made his comments during the committee's hearings on executive compensation.
I, for one, agree with congressman Frank on this issue.  It is … (0 comments)

mortgage: Clarification on FHA removing 1% cap on origination fees - 01/12/10 07:54 AM
Recently HUD announced elimination of the 1% origination cap on FHA loans.  The change was made with the spirit of the new GFE that combines origination and other lender fees into one section.  This will allow lenders to present "origination charge", a bundled fee of origination fee and lender fees, at an amount greater than 1%.  It was not intended to increase our charges to borrowers.  Until we have time to further explore our options, my company's policy is to restrict our "origination charge" to 1% origination fee plus the standard branch fees. 
This has been a source of confusion for many … (1 comments)

mortgage: A Potpourri of Financial Information - 01/12/10 05:55 AM
You know how the Fed has been buying up so many Fannie, Freddie and Ginnie Mae MBS?  Last year the Fed made up something like 75% of all such purchases.  It will be interesting to see what happens as they stop buying.  The conventional wisdom is that it will cause rates to go up, but the conventional wisdom isn't always right.
It seems like yesterday that Lomas & Nettleton was the nation's biggest servicer with about $20 billion? 
Here are the top servicers today.

Number 10 OneWest is the new name for what used to be Indy Mac Bank (a place … (0 comments)

mortgage: More challenges to lenders and brokers...the lending industry contracts - 01/11/10 05:25 AM
How many companies out there won't be able to do FHA loans if HUD moves toward a minimum $2.5 million net worth to do FHA loans? Some estimates peg the loss at 70% of all current lenders! HUD estimates that about 40% of all currently approved lenders have less than $1.0 million net worth. Maybe they'll grandfather small companies in... maybe not...
Would this be good for consumers, eliminating those firms from FHA origination that are on shakier financial ground?  Or would the loss of competition hurt a consumers ability to shop?  Both good questions that have been partially answered by history.  … (0 comments)

mortgage: 2010 FHA limits for Oregon - 12/15/09 06:55 AM
For those of you in Portlan, Oregon, following are the FHA limits for 2010.  Let me know if you need any additional information


mortgage: FHA 203K - 12/08/09 06:23 AM
The Section 203(k) program is the FHA's primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding home-ownership opportunities. Since these are the primary goals of HUD, the Department believes that Section 203(k) is an important program and they intend to continue to strongly support the program and the lenders that participate in it.
This program has become a leading source of financing for bank owned (REO) properties.  Since many foreclosures suffer from significant deferred maintenance and/or downright vandalism, this program will allow borrowers to close … (1 comments)

mortgage: Turbulence continues in the credit markets - 12/07/09 09:21 AM
It does not look like we have quite turned the corner on the mortgage meltdown.  Today another one bites the dust.  On the heels of its parent company's bankruptcy, Amtrust Bank became the 130th bank to fail in 2009 when the FDIC took it into receivership on 12/04/09 at an estimated cost of $2 billion. New York Community Bank in Westbury, N.Y. assumed AmTrust Bank's $8.6 billion in deposits and purchased $9 billion of the failed bank's $12 billion in assets.  If you follow the meltdown on the website  you find that this is the 374th major US lending operation that … (3 comments)

mortgage: Doing Business Durring the Holidays - 11/24/09 04:04 AM
With all the events and family and feasts and fun associated with the holidays, is it worth it to work and try to make sales in December?  Or is it better to regroup and plan for the 2010 year?
First, let me say that my largest closing month ever was a December!!!!! Year end considerations can sometimes motivate customers to act rather than just wait.  In that particular December, there were some tax law changes that effected real estate so I ended up closing almost $10 Million in one month.
Another consideration is our competition.  They often are't working.  So there … (0 comments)

mortgage: Where Have all the Lending Professionals Gone? - 11/20/09 06:51 AM
It is getting more and more common that my company is asked to save a real estate transaction at the 11th hour.  I got three calls in the last two days from listing agents that have had their sales put in jeopardy by pure incompetence from the lender handling the transaction for the buyer.  Two of the loan officers that work for me have also rescued deals this week!  It is worth a few minutes to analyze what is happening.
Often, these transactions were originated by either mortgage brokers or credit unions.  Brokers are at a real disadvantage because their chain … (5 comments)

mortgage: It is Playoff Time for Oregon High School Football - 11/18/09 07:55 AM
State of Oregon 6A football playoffs
As those of you who read my blog know, I am a huge football fan.  I love it on every level!  I will watch peewee football, middle school football, high school football, or NFL football.  Heck, I am such a football nut that I will even sit down and watch a CFL game (even though they have goofy rules).  You should also know that I live in Canby and belong to the "Canby Booster Club".  So go Cougars beat Sprague this weekend.  That would setup a showdown with the Centenial - Clackamas winner ( I … (4 comments)

mortgage: My Profit VS A Happy Customer - 11/16/09 11:56 PM
Yesterday I faced a common dilemma for business; was it better to give my services away and have my customer leave the transaction happy or make a profit and risk a potential failed sale?
Let me first explain the circumstances. I had received a loan application from a couple about 6 weeks ago for a USDA guaranteed loan. In case you don't know, these loans are zero down and the seller is allowed to pay closing costs. The USDA charges a 2% guarantee fee that can be financed. The seller (Metlife) had agreed to pay 5% of the buyers closing cost. … (5 comments)

mortgage: Curve Balls - 11/02/09 10:52 AM
Every once in a while you have to hit a curve ball.  Last month my father-in-law, who is 81, had triple bypass surgery.  After the operation we moved him into a facility in Lynnwood, Washington call Manor Care.  The correct name should be "Manor Could Care Less", but that is a different story. 
Last week we finally decided Frank needed to move out of "Manor Could Care Less" so he moved in with us.  It has been awesome having him at our home.  He loves our 5 kids dearly and shares all kinds of fascinating family history and stories with us.  … (8 comments)

mortgage: Fall means football, hunting, fishing and a change in the weather - 10/26/09 10:31 AM
Fall is my favorite time of year in Oregon and it always has been.  I am not a fan of hot temperatures so the fall brings relief.  Nothing is better than a cool crisp October day to bring about that euphoric feeling of all things macho.  Of course, I speak of college football, a deer, elk or bird hunting trip, or a day on the river chasing the elusive salmon or maybe a big sturgeon.  Nothing rivals the pastimes of fall for the outdoorsman in me.
My best weekend would be spent leaving early on Saturday for an OSU football … (3 comments)

mortgage: Fall and Flu - 09/29/09 09:56 AM
It seems to happen every year...the kids go back to school and withing two weeks they are sick. Typically I seem to catch the bug the following week. Why should this year be an exception? Of course it is not! Last night I woke up with a terrible cough. I can feel the wave of this virus coming over me like sliding into a hot bathtub. The aches and fever are hitting now and I am sure in won't be long until nausea sets in. I am just hoping it is not the swine flu. Here is my dilema: I have … (3 comments)

Art Marine, Loans that Fit your Life (Mortgage Solutions Financial)

Art Marine

Loans that Fit your Life

Lake Oswego, OR

More about me…

Mortgage Solutions Financial

Address: 5 Centerpointe Drive, Suite 125, Lake Oswego, OR, 97035

Office: (503) 403-6030

Mobile: (503) 799-7085

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