Tag Archive

PMI Mortgage Insurance Company drop kicks Mortgage Brokers

By Rhonda Porter

Today I had several Mortgage Professionals contact me regarding PMI Private Mortgage Insurance Company cutting off mortgage brokers via email and comments here.    I thought it must be a rumor…but it’s not, effective February 20, 2009 PMI Mortgage Insurance Company will no longer underwrite or insure loans for mortgage brokers.   However if you’re a lender, PMI is ’Right alongside... »

How Long is a Preapproval Letter Good For?

By Rhonda Porter

I recently had a newly preapproved client ask me that question.  It’s quite a timely one!  Before this market, I would say that a preapproval letter used to be good for about 90 days assuming that none of the information on provided on the loan application has changed.  Now-a-days, you have to factor in guideline... »

The Fate of Fannie and Freddie

By Rhonda Porter

Fannie Mae and Freddie Mac opened trading at record lows due to rumors about a possible bail out.  I’m writing this waiting to hear an announcement from Treasury Secretary Paulsen…. If you are in a transaction at this time and your mortgage fits within the FHA loan limits ($567,500 for King, Pierce and Snohomish County),... »

Credit Scores, Government Loans and 100% Financing

By Rhonda Porter

Today’s guidelines are changing so quickly that it really keeps you on your toes as a Mortgage Professional so I was not surprised to receive this email from a Real Estate Agent: Just had a client tell me she can’t get a VA loan with less than a 720 score.  Huh?  These clients were ready... »

LPMI, PMI and 80/20 Mortgages…Oh My!

By Rhonda Porter

Note:  I should have titled this post:  ”LPMI, PMI and Piggy Back Mortgages…Oh My”.  I just realized my error thanks to Bill’s comment.   My bad…my apologies!  And there’s no way for me to 80/20 in the title.  LPMI (Lender Paid Mortgage Insurance) is one of my favorite mortgage products to use for clients with less than... »

Exotic Loan Programs and Potential Foreclosures

By ARDELL

Every “exotic” loan program has a potential appropriate user of that program. What we are seeing more and more today, is the industry using these perfectly good programs inappropriately, to “get the deal done”. Before I go into my take on the situation, let me point out two relevant sites worth reading.... »

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