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Mortgage Insurance NOTICE

By Sharee L. Washington

Real Estate Agent with CARES Real Estate Sales

March 23, 2008 12:06 PM

I wanted to share in the event that you haven't heard about this. **Notice from the mortgage insurance companies. ** This will go for all lenders. Mortgage insurance companies starting March 31st will NOT be writing mortgage insurance over 97% financing. NO MORE 100% mortgage insurance coverage. 100% loans will have to go FHA or VA. We do not know how long this will last but we expect at least a year.. If you have a client that is pre-approved for 100% financing and they are not going FHA or VA I suggest you make sure its in underwriting and the mortgage insurance certificates have been ordered and received before March 31st or you may not have a deal close. Again this is the mortgage insurance companies making this change. Lenders do not write mortgage insurance MI companies do like, Genworth or PMI Group who are the two largest.

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Mel Miller

Soleil Real Estate - Spokane, WA

Thanks for the heads up.

Mar 23, 2008 12:15 PM

Jeffrey DiMuria 321.223.6253 Waves Realty

Waves Realty - Melbourne, FL

Florida Space Coast Homes

thank you very much for the info...it is far more important for our sellers to know this on impending offers.

Mar 23, 2008 12:30 PM

Craig Smith

Re/Max Achievers - Frederick, MD

Frederick MD Real Estate

Thanks for the notice. I'll have to look into this some more. It keeps getter tougher and tougher out there!

Mar 23, 2008 12:36 PM

John Walters

Frank Rubi Real Estate - Slidell, LA

Licensed in Louisiana

Thanks Sharee for some good information. I alwalys love learning things I need to know about.

Mar 23, 2008 12:53 PM

Barbara S. Duncan

RE/MAX Advantage - Searcy, AR

GRI, e-PRO, Executive Broker, Searcy AR

Thanks for the info. I had not heard it.

Mar 23, 2008 12:57 PM

Larry Bettag

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL

Vice-President of National Production

Yes....we got the info last week.... FHA with DPA becomes the product of choice to achieve the 100% purchase now. The only problem is that you are limited to the county limits

Mar 23, 2008 01:22 PM

Bill Gassett

RE/MAX Executive Realty - Hopkinton, MA

Metrowest Massachusetts Real Estate

The mortgage markets continue to evolve by the week. It is very important as Realtors to stay on top of things to be able to represent correctly to our clients.

Mar 28, 2008 03:45 AM

Keith Elliott Jr

KEIRE Realty Group - Manassas, VA

Principal Broker/Owner

Hello Sharee,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

May 18, 2008 02:03 PM

Mortgage Insurance NOTICE

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Sharee L. Washington

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