More Fannie Changes for Investment Properties and Second Homes July 31, 2008
Effective tomorrow (August 1, 2008) borrowers who convert their existing residence to an investment property or second home will be treated to tougher standards if they’re using a Fannie Mae loan. Here are the new requirements:
Converting existing residence to a “second home”.
Borrower must qualify for both payments (this is not new).
Unless the borrower has at least [...]
Rates on a Rocky Ride July 18, 2008
It’s been tough on mortgage backed securities this week. Today there are no economic indicators being released and compared to last week’s rates, they’re up across the board. The Tim, from Seattle Bubble, made a special request that I show the weekly difference between posts…which I used to do with RCG Rates…which such a dramatic increase [...]
IndyMac Leaves the Mortgage Arena July 7, 2008
This announcement from IndyMac came via a press release today:
“…effective July 7, 2008, that we will no longer accept any new loan submissions or rate locks in our retail and wholesale forward mortgage lending channels, except for our servicing retention channel. We plan to honor all of our existing rate-locked loans and will continue to [...]
A+ Mortgage Receives an F from HUD June 12, 2008
I spent part of last week at an FHA conference and had a chance to learn all about their upcoming changes which Rhonda blogged about here.
In the past I have been critical about the lack of HUD auditors regulating their laws. Regulation has mostly been left up to state agencies. Personally, I’ve only seen a HUD auditor [...]
Mortgage Broker Commission Meeting Tomorrow May 6, 2008
There’s a Washington State Mortgage Broker Commission meeting tomorrow, May 7th at the Renton Community Center to discuss the impact of State Senate Bill 6471. This legislation ammends the Consumer Loan Act and Mortgage Broker Practices Act requiring all lenders to become licensed under the Consumer Loan Act (except those licensed under RCW 63.14)
This [...]
Mortgage Rates on a Good Friday March 21, 2008
I’m not anticipating any rate changes today (but anything could happen in the mortgage world these days) as the markets are closed in observance of Good Friday. Pricing of mortgage rates is definitely going through a limbo phase with the addition of “jumbo-conforming” and “jumbo-FHA”. ARMs are simply not attractive [...]
Catching Z-Z-Z’s Zillow on Mortgage March 6, 2008
No…Zillow with mortgage is NOT boring…quite from it. I’m just a bit worn out after the historic day we’ve all gone through in the mortgage industry today and I’m ready to call it a night. However, just when I’m going to unplug my laptop…Zillow finally provides the public with some more clues on [...]
What it’s like to be a mortgage originator today December 19, 2007
As a Correspondent Lender, it’s difficult for me to call myself a mortgage broker or a mortgage banker since I’m an odd mix of both. I’m sure my sister-in-law who happens to be the President of our company would prefer to say the “best of both worlds” and she could be right. This is not what [...]
A D-I-Y Don’t: Divorce December 18, 2007
Legal disclosure: I am not an attorney, nor do I play one on TV. Please do seek legal council if you are considering a divorce and before DIY legal documents relating to your marriage or mortgage or real estate.
I recently met with newlyweds who wanted to start developing a plan to purchase a [...]
Fed Funds Rate now at 4.25% December 11, 2007
The FOMC announced that the Fed Funds Rate and Fed Discount Rate are both being reduced by 0.25%. Remember (I can never say this enough) this has no direct impact on your mortgage interest rate EXCEPT for home equity lines of credit which are based on Prime Rate. If you have a HELOC, your rate [...]
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