fannie mae: Mandatory Loan Fees Keep Borrowers From Getting Their Absolute Lowest Rate! - 07/14/10 03:01 AM
Mandatory Loan Fees Keep Borrowers From Getting Their Absolute Lowest Rate July 14, 2010 by · Leave a Comment 
Conforming mortgage rates may be posting all-time lows this week, but that doesn’t mean you’ll be eligible for them. You may have already called your loan officer and found this out the hard way.
It’s because of a federally-mandated mortgage-pricing scheme known as “loan-level pricing adjustments”.
In effect since April 2009, loan-level pricing adjustments are changes to a loan’s base rate and/or fee structure based on that loan’s inherent risk to Wall Street. It’s similar to auto insurance pricing adjustment in that a sports car, … (1 comments)

fannie mae: Fannie Mae RePulls Your Credit Just Before Closing: Loan Quality Initiative - 06/08/10 06:26 AM
Fannie Mae's Loan Quality Initiative : Repulling Your Credit Just Before Closing A new loan quality initiative from Fannie Mae is making it harder for home buyers and refinancing homeowners everywhere to close on a mortgage.
Beginning June 1, 2010, with all new applications, Fannie Mae wants lenders to verify that borrowers have not taken on new debt during the underwriting phase of the mortgage. 
If new debts are found, the mortgage is subject to a re-underwrite and a possible turndown.
For Fannie Mae, the goal is to reduce the number of loans that go bad because of new, non-disclosed debt. … (0 comments)

fannie mae: Tighter Fannie Mae Guidelines For ARMS and Interest Only Products - 05/04/10 06:05 AM
Fannie Mae Tightens Guidelines On ARMs And Interest Only Products  
For the first time this year, Fannie Mae announced significant updates to its mortgage underwriting guidelines.
The changes include newer, harsher ARM qualification standards, the elimination of a once-popular loan product, and tighter rules for interest only mortgages. 
Fannie Mae made its official announcement April 30, 2010.  The changes will roll out to home buyers and homeowners over the next 12 weeks.
The first guideline change is tied to ARMs of 5 years or less. 
Mortgage applicants must now qualify based on a mortgage rate 2% higher than their note rate.  For … (1 comments)

Michael LaFido, It's Not The Market, It's The Marketing! (CONLON/Christie's International Real Estate)

Michael LaFido

It's Not The Market, It's The Marketing!

Chicago, IL

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CONLON/Christie's International Real Estate

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