Click Here to Get Great Rates And A Speedy Approval From Lending Tree Without Any Hassels. The theme of the week continues. Mortgage backed securities were again unable to hold onto early morning gains following a less than expected Durable Goods orders report. A very disappointing Treasury auction is to blame for the turnaround which…
Monthly Archives: July 2009
National Registry of Home Lenders
Last year, the Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act of 2008 was signed into law as part of the Housing and Economic Recovery Act. This law outlines procedures, requirements, education, testing, and standards for mortgage loan originators. Part of the law includes mandatory registration and state licensing of loan originators through the Nationwide Mortgage Licensing…
Confused About Mortgages? You’re Not Alone
Another government agency? No way! Before you groan about more regulation, please read this recent article in the New Yorker titled “Caveat Mortgagor.” It was an excellent piece that explained the proposed Consumer Financial Protection Agency, an Obama Administration plan designed to regulate consumer financial products, which would hopefully prevent another Wall Street meltdown that…
More Support for Loan Modifications
The Obama administration met yesterday with mortgage companies who are participating in the Making Home Affordable loan modification program to identify ways to improve and accelerate the program. They set a goal of initiating 500,000 loan modifications by November 1, 2009. To date, roughly 200,000 borrowers have been enrolled in three-month trial loan modifications, out of about 370,000 who were offered…
The Challenge…..
I for the life of me cannot understand why the Government or Consumers care about YSP (yield spread premium) or broker compensation! The Challenge—-Can anyone name a product or service that the consumer buys based on the profit margin and not the cost to them? Why Consumers get hung up on what the par price…
How to Get & Use First Time Homebuyer Tax Credit Money
How Does the Buyer Use and Take Advantage of the First Time Homebuyer U.S. Income Tax Credit? See and download form 5405 from IRS website ~ Form 5405 “First Time Homebuyer Credit” (click here). The credit is for up to $8,000 or 10% of the purchase price of the new home with an $8,000 maximum. For a 2009 purchase…
Now Is Indeed an Excellent Time To Buy a Home
Now is an excellent time to buy a home here in California. Why is now the time? If you have a down payment and can qualify for the loan, now is a great time for you. Mortgage rates remain incredibly low. Home prices are very low. Selection of homes is high for buyers. See Marc Roth article at BusinessWeek.com ~…
Mortgage Market Update
So, let’s take a look at what’s happening in the markets today. A couple of key reports have come out this morning: The Case Shiller Home Price Index for June came out. There’s already been a lot of miscommunication and misinformation about the report. If you compare June to May, there were some areas that…
Loan Modification and the Boiler Room Effect – Don’t Get Burned
I just caught an Inman News story on the wire where author Matt Carter referenced a Southern California Loan Modification Company alleged to have used “high-pressure, cash-up-front” telephone sales business tactics to target distressed homeowners. This is amazing, though I shouldn’t be surprised. Folks are desperate out there right now, and to make matters worse…
Mortgage Market Update
This is going to be a very brief update for a couple of reasons: It’s a summer Friday and not a lot is happening. The markets are basically treading water today. The only “news” is that consumers aren’t very confident. My recommendation remains to lock all loans. The downside potential of lower rates is vastly…