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If we look back at the history of the latest real estate downturn, and according to Realty Trac, the current wave of foreclosures started roughly in July of 2007. In August of the same year the number of foreclosures peaked at close to 250,000 fillings. That monthly number is somewhere near what some call the "plateau" seen in February of 2010 but … [Read more...]
I am in the middle of a very unusual situation. My company gave my borrower an FHA loan for the short sale that we had been negotiating since April 2009 in Oceanside, CA. Today I get a frantic email from my borrower that closed escrow and recorded January 22nd stating that she gave the key and instructions to the contractor to get into the … [Read more...]
If you are reading this you are probably familiar with Seth Godin and his unbelievable abilities to communicate and verbalize things that we think about every day related to marketing but, for one reason or another, we fail transform into any sort of action. Yesterday I had an "aha moment" (Jeffrey Gitomer) that made me think of Seth's book … [Read more...]
Last night I saw the movie Avatar. What a treat! For those of you that have not seen it, check out the trailer and you will hear the line, “son, you are not in Kansas anymore”. That prompted a thought- provoking concept that required a new post. If we look at the latest Case Schiller report, the first thing we notice is that there was an … [Read more...]
They say “You can take the boy out of New York but you can NEVER take the New York out of the boy”. I am proof that this is undoubtedly true. At first, when we moved to San Diego 9 years ago, the culture shock was pretty dramatic. It took years to find a half-decent pizza place, and I have yet to find a bagel that is even close to an H & … [Read more...]
In an environment where most offers are made through FHA loans or VA loans there are significant steps to increase your chances by 60-70% of buying the home that you have your heart set on: Get a full underwriters pre-approval for your loan. Any mortgage broker can issue a pre-qualification letter. They are truly worthless. Bank Owned … [Read more...]
Yesterday, Thursday, January 21st, the much anticipated Mortgagee newsletter about risk-based pricing was released by HUD. This represents the first of two landmark changes in the agency’s guidelines for this year. In December HUD (Housing and Urban Development), the agency that oversees the underwriting of FHA loans, had warned that these … [Read more...]
First time home buyers are in luck. The housing market is ripe if you know how to play it right. Interest rates are low, federal incentives are available through the rest of the year, while steady inventory of homes remains. Buying a home for the first time while exciting, can be a fairly stressful process. Finding the right home, making an offer, … [Read more...]
I received a tweet this weekend from a well respected mortgage social media contributor. I was extremely disappointed (trying to be PC here) at the kind and quality of the commentary. The link redirected me to a, supposedly, mortgage guru based out of Atlanta. The video expressed that the Mortgage Brokers and small Corresponding lenders would not … [Read more...]
Here are the 5 things you need to know about these changes: Changes are effective for case numbers assigned on or after April 15th, 2010. New upfront mortgage insurance premium (UFMIP) will be 2.25% for all purchase and refinance loans. The premium for H4H and HECM is 2.0%. This change applies to all standard FHA Single Family Programs … [Read more...]
By now we've all had a chance to read, listen and watch the economists, gurus, and professors for some of the most prestigious academic institutions in the world analyze the economy. I know I have grown tired of listening to speculative predictions that swing from utopia to apocalypse. In this post, I will do my best to narrow down the items … [Read more...]
For the last 6 weeks I have attended several webinars, live classes and spent countless hours reading the changes coming on 1/1/2010 with regards to the new lending disclosures. I did it because I had to. I know that once my first set of disclosures go out EVERYBODY related to the transaction will get a call from the consumer asking for an … [Read more...]
The answer is simple: from one Fed Chairman’s term to the next. It was not that long ago when the Pay Option ARM, also known as Negative Amortization Loans, where offered attractively by all major lenders such as Washington Mutual, Countrywide, Downey Savings, and World Savings (formerly Bank of The West). Wall Street’s hunger for these … [Read more...]
Has the Treasury Secretary lied to the people in need of a bailout? You decide. November 12, 2008 In a statement made on national television the The Treasury Secretary, Hank Paulson, claims " I believe we have taken the necessary steps to prevent a broad systemic event. Both at home and around the world we have already seen signs of … [Read more...]
October 1st is right around the corner and the impacts of the reform are already making an impact in the mortgage business. Hopefully it will help more people achieve the dream of owning a home. That is, once the media stops focusing on the doom and gloom of the Lehman failure and the bailouts that are going on almost every week. Yesterday was an … [Read more...]
* FHA Press Release * WASHINGTON - Tens of thousands of families could be eligible this year to purchase or refinance their homes using affordable, government-backed mortgages, thanks to the economic growth package signed into law by President Bush. The Economic Stimulus Act of 2008 will allow HUD's Federal Housing Administration (FHA) to … [Read more...]
Democratic leaders on Wednesday called on President Bush to appoint a "mortgage czar" to coordinate the federal response to the subprime mortgage crisis, saying the administration's response so far has been inadequate. Senate Majority Leader Harry Reid, D-Nev., characterized the mortgage woes and the accompanying wave of foreclosures as a "national … [Read more...]
The Bush administration announced a new mortgage industry coalition on Wednesday aimed at helping homeowners avoid being trapped in a rising tide of foreclosures. Treasury Secretary Henry M. Paulson Jr. said the initiative would help coordinate efforts by financial companies to help an estimated 2 million homeowners whose introductory mortgages … [Read more...]
WASHINGTON - President George W. Bush today announced that HUD's Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments … [Read more...]