Do you remember that scene in Braveheart when William Wallace and the loan officers….er….I mean rebels descended upon the real estate agents….er….I mean the King and his nobles? The loan officers…er, eh hum….I mean rebels, were acting out of crazed desperation. How does this relate to YOU, the real estate professional? How does this relate to […]Read More Real Estate Agent BEWARE!
The FHA, due to the shutdown, sent out a bulletin with a list of Q&As. *important read for agents AND lenders Q: Can I get an FHA case number? A: Yes. Lenders will be able to obtain an FHA case number from the FHA Connection. Q: Will FHA endorse single family loans during a shutdown? […]Read More Gov’t shutDOWN and FHA loans – don’t get stranded at the closing table!
I bet you didn’t know that your real estate transaction could be derailed by a background check being done on the seller, buyer’s agent, listing agent, appraiser or other licensed professionals associated with your transaction, did ya?? it doesn’t happen very often, BUT that doesn’t mean that it can’t! lenders scrub the names of all […]Read More LDP/GSA – to close or not to close??
HUD came out with three major changes this week for FHA loans when case numbers ordered April 1 2012 and afterward. This does not mean that the loan must be closed by April 1, 2012 but a contract must be executed and the FHA case number ordered through their system by that date. It is […]Read More IMPORTANT CHANGES THAT WILL AFFECT YOUR FHA CLIENTS
Effective April 18, 2011 FHA Monthly Mortgage Insurance Premium (MIP) Increased By 0.25 to 1.15 Point UFMIP Remained at 1.00 Point FHA Mortgagee Letter 11-10 Current Monthly Mortgage Insurance Premium (MIP) An annual premium, shown below, paid monthly, will charged based on the initial Loan to Value and length of the mortgage according to the […]Read More everything you need to know about FHA mortgage insurance – psst, there are TWO!
who needs bank of america anyway? wall street journal broke the news our firm had been following and preparing for over the last 120 days. BofA intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus. so, what does this mean to you, the real estate community, the lending […]Read More B of A…or B of Nay?
first i’d like to send out a BIG thank you to my friends barney frank and chris dodd (once again!). as of september 1, 2011 consumers can look forward to ANOTHER increase in prices – and no, i’m not talking about home prices either! in order to protect the consumer (sure, yeah right) the two […]Read More appraisal appreciation instead of home values? thanks dodd-frank!!
THINK TWICE BEFORE ASSUMING A PROGRAM GEARED SPECIFICALLY FOR A PARTICULAR CLIENT IS THE BEST PROGRAM AVAILABLE TO THEM. freddie mac has a loan product titled “home possible neighborhood solution” which is geared towards teachers, firefighters, law enforcement officers, health care workers, and military personnel. there have been several mortgage companies pushing this product, yet very […]Read More teachers, firefighters, police officers, health care workers loan – is it a good deal or not?
How Financial Reform Impacts Homeowners and Buyers Southlake, TX, July 16, 2010 – “Homeowners and buyers who are sitting on the sidelines should get moving today unless they want to get blindsided by the impact of a new law,” said Cole Holmes, CMPS, Branch Manager/Mortgage Planner with Service First Mortgage. “The massive financial reform law […]Read More financial reform’s MUST knows!
PLEASE beware of the guideline change being made by FANNIE MAE which will, no doubt, be adopted by every lender across the board and will have an effect (adversely) on ALL of your clients if not managed up front. Fannie Mae has made several changes although the most significant change is the lenders will be […]Read More lenders will now require a last minute credit report – ugh!