mortgage insurance: FHA changes effective October 4, 2010 - 09/02/10 01:33 PM
Effective for FHA loans for which the case number is assigned on or after October 4, 2010 the Upfront Mortgage Insurance will decrease from 2.25 to 1.00 (100 basis points) on all FHA insured loans except Home Equity Conversion (HECM - "reverse mortgage"). Chances are you have heard this or some version of it but until yesterday, September 1, 2010, it was not in writing in the official form from HUD.
When are FHA case numbers assigned?
Case numbers must be assigned prior to ordering third party services such as the appraisal. Appraisals are not ordered until there is a fully executed … (11 comments)

mortgage insurance: PMI, MIP, LPMI, UFMIP, MMIP - Stop! What is it? Why does it cost so much? - 11/23/09 02:53 AM
In the evil alphabet soup of mortgage related acronyms we find a few well known ones, some respected ones, some desirable ones, and then there are these. Why we all love to throw around LTV and DTI. Insiders are very familiar with SRP (our money) and CTC (Clear To Close) and virtually everyone knows YSP and RESPA.
So what is with these three letters, I, M and P, and how do they affect my mortgage?
Let's start with I. In this case I stands for insurance. Not the kind of insurance that helps you if your property is damaged or if … (3 comments)

mortgage insurance: National Banks and Mortgage Insurance Conspire Against YOU - 02/13/09 07:15 AM
So basically I am the RantMan this week - but I am doing it all for you my clients and my friends. Seriously - it's not like I get paid for these blog posts :)
Not a conspiracy theory ... an actual conspiracy. This is not so much about the inner workings of the conspiracy itself but more about why it is bad for you as a borrower with average credit and average down payment or equity (less than 20%). I have written several articles and blog posts over the last few months about how mortgage insurance companies control the mortgage … (7 comments)

mortgage insurance: Mortgage Companies and Banks Do Not Run The Mortgage Industry - 09/05/08 04:05 AM
Neither do the investors.
Neither does the government.
A couple of weeks ago I was on a conference call for wholesale lenders and mortgage brokers with HUD Deputy Secretary Jim Beavers who is in charge of FHA's Single Family Housing Products. Jim "fussed" at the wholesale lenders for writing their own rules above and beyond what FHA's guidelines allow for. He gave them/us an earful about how FHA Secure has been treated by the lenders.
I agreed with him. Lenders have treated FHA Secure like the piece of garbage it is. Designed to help homeowners (originally) who were behind in their … (9 comments)

mortgage insurance: Lender Update - LTV Changes are HERE ;) - 06/12/08 09:18 AM
I alluded to this several weeks ago (sorry for my absence I was quite sick for nearly 3 months) and now the time has come. The Mortgage Insurers are broke and have to fix it. This is nationwide regardless of the strength of your market area. According to most Mortgage Insurers the entire nation is in a declining market. What a great time to be a real estate investor!
General Specifications:
As previously notified, after today you will no longer be able to obtain commitments for mortgage insurance on loans with LTVs greater than 97%. Therefore, the following 100% LTV programs … (4 comments)

 
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