The Mortgage Experts at America's Mortgage

Mortgage and Lending - The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. - NMLS #241555
Two credit reports are now needed for conventional loans. A conventional loan is any loan that is NOT a government loan - if a loan is not an FHA loan, a VA loan, or a USDA loan, then it is a conventional loan.If the loan is a conventional loan, lenders are required to refresh the credit reports ...
Fannie Mae (the ruler of conventional loans) is making some changes to their underwriting guidelines that will affect many real estate deals. Here are the two changes that will get the most press: The minimum down payment for one-unit, primary residence loans is being lowered to 3%. This does not...
We are often asked what POC means on a Final Settlement Statement. Quick quiz - does POC stand for: Primary Occupancy Charge Pickled Onion Curry Ponies On Causeway Paid Outside of Closing POC stands for Paid Outside of Closing, and refers to any fee that is not being disbursed at the closing. The...
Here's how mortgage brokers get paid.We can make money in one of two ways. The first is by charging the borrower directly for fees. This is known as front-end compensation. The second way we get paid is by receiving a payment from the lender. This is known as back-end compensation.Here are some e...
Now that FHA mortgage insurance is going up from .55% a year to .90% a year, conventional loans will become more attractive to many borrowers.  If a borrower has good credit, their monthly mortgage payment might be cheaper with a conventional loan than it would be with an FHA loan.  However, it i...
When we run someone's credit through the software that tells us exactly what to do to raise their credit scores, the most common recommendation is to lower the percentage of the person's credit limit that is being used.    Here are the percentages that affect credit scores: If the balance is more...
Here's a great way to avoid having to amend sales contracts.   Before approving a loan for closing, underwriters need to make sure the address that is on the sales contract is the correct address.  If the address is incorrect, the sales contract will need to be amended to show the correct address...
Ever wonder how underwriters find out all the details about a buyer or a property?  One of the greatest resources for an underwriter is the Public Records Online Directory.  This web site is a portal to all the official Assessor's, Recorder's, and Treasurer's web sites.   Here are just a few of t...
You've finally gotten the short sale approval from the seller's lender, and they've given you 3 weeks to close. But the buyer's lender says they need 5 weeks to close. How do you prevent this from happening? By being proactive.Any good lender will get the loan file into underwriting as soon as a ...
The roll-out date for the change in FHA mortgage insurance premiums has been moved to October 4, 2010.  The new mortgage insurance rates affect all loans that have the FHA case number issued on or after October 4, 2010.  See below for the original announcement and how it will change monthly payme...

Chris Thomas

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