puyallup: Just when you thought we couldn't change anything else in our industry...
- 07/21/09 12:51 PM
Here's another current observation from Your RED-Headed, Mortgage Guy YES, the Mortgage Disclosure Improvement Act of 2008 comes to haunt us on July 30th. Early disclosures are required for "any extension of credit secured by the dwelling of the consumer". Not that we in the mortgage business weren't already required to provide a Good Faith Estimate and a Truth in Lending form within three business days, we are now bound by other restrictions with this law. The earliest a transaction can possibly close is SEVEN days AFTER the initial closures have been ISSUED by the lender (delivered by mail, e-mail or in … (2 comments)
puyallup: GM files for bankruptcy and the stock market is up 211 points...GO FIGURE
- 06/01/09 09:59 AM
Here's a current observation from Your RED-Headed, Mortgage Guy, May was the third month in a row for stock market gains. Stocks have been appreciating as the credit freeze and bank liquidity crisis has eased, while a growing number of economic indicators have signaled a marked moderation in the pace of the economic decline. As one would imagine, this has not helped rates. As the pressure for higher mortgage rates has increased in recent weeks, investors have speculated that the Fed would step in to "defend" certain interest rate levels, but that hasn't happened. This week, Fed officials explained that their … (6 comments)
puyallup: Hello Higher Loan Limits
- 02/27/09 08:54 AM
Hello, your Red Headed Mortgage Guy, Dave offering some interesting information. NEW FHA Limits have returned. Speaking of FHA, remember that Mortgagee Letter 2009-07 establishes the new FHA loan limits set forth by the American Recovery & Reinvestment Act of 2009. Things to note: new loan limits are for FHA loans that receive approval in calendar year 2009, not farther out; changes apply to the 203b (basic loan), 203h (disaster victims), & 203k (rehab loan); the national FHA floor limit remains at 271,050; the FHA ceiling for high value areas is 729,750; lastly the national reverse mortgage limit increases from 417,000 to … (0 comments)
Here's another current observation from Your RED-Headed, Mortgage Guy;)
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