I heard that there’s a new change in loan modification reporting that will help consumers; what is the latest?
By Racheli | February 8, 2010
November 1st, 2009, brought with it good news for consumers who want to modify their mortgages without lowering their credit scores. It was the first day that a new way of reporting a loan modification to the credit bureaus became available to mortgage lenders.
From this point forward, mortgage lenders can report a loan modification as “Loan Modified Under Federal Government Plan.” This new way to report a loan modification does not have any negative impact to a consumer’s FICO credit scores.
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Topics: Articles, Credit, Loan Modification | No Comments »
Is your Employment Or Mortgage on the line?
By Racheli | January 20, 2010
Are Mortgage Underwriters NEXT?
Careerbuilder.com reported that 1 in 5 employers (20%) is now checking various social media sites as a pre-employment screening tool. That number is up from 11% in 2006. The same survey indicated about 33% of hiring managers rejected candidates based on what they found while 24% found information that helped the manager make a decision to hire the applicant. Read the rest (buttom of page 1)Print the report.
What does this mean for Mortgage Applicants?
If an underwriter does a search and may find information that is different or contrary to what was on your application you may get a denial, how will this all come to play i don’t know. to keep thigs on the safe side here are 5 simple suggestions:
Topics: Articles, Mortgage News | No Comments »
4th of July and Saturday
By Racheli | July 5, 2009
A gift for Happy 4th of July Find YOUR SATURDAY
Click to play it may take a little to load
Get your Saturday http://budurl.com/zq39You’ll be glad you did
Topics: Articles, Fun Self Growth | No Comments »
Mortgage nightmare HVCC appraisal regulation hurting the already straggling Housing Market
By Racheli | June 14, 2009
If you thought the low rates and tax incentives would quell the storm in the Mortgage and Real Estate market, think again. With the implementation May 1, 2009 of the Home Valuation Code of Conduct (HVCC) regulations, loan officers and realtors are no longer allowed to select or influence the selection of appraisers.
The legislation was introduced by New York Attorney General, Andrew Cuomo. It was designed to decrease the likelihood of appraisal fraud by removing the individual most inclined to push for inflated value (the loan officer/realtor). This rogram severed communication with the appraiser. Whereas that may sound logical, the reality is that the extra layer of bureaucracy increases cost, slows down the loan process, decreases customer service and creates an increased potential for miscommunication
Topics: Articles, Home Buyers, Home Financing, Home Owners, Mortgage News | 1 Comment »
Are Subsidized Mortgage Rates Coming?
By Racheli | June 11, 2009
Are Subsidized Mortgage Rates Coming?
With mortgage rates returning to levels seen before the Fed pledged to buy up billions in mortgage securities, it might be time to turn to a costly Plan B, subsidizing mortgage rates.
Rising interest rates have already extinguished a short-lived refinance boom, with applications dropping precipitously over the past three weeks.
Mortgage rates, which slipped to a record low 4.78 percent on the popular 30-year fixed as recently as early April, have since risen above 5.50 percent, following the surging 10-year bond yield.
Topics: Articles, Home Buyers, Home Financing, Home Owners, Home Sellers, Mortgage News | No Comments »
14 Foreclosure Cases Thrown Out The Door
By Racheli | May 26, 2009
Ohio Judge tosses out 14 Foreclosure Cases
IN RE: Foreclosure Cases
CASE NO. NO.1:07CV2282, 07CV2532, 07CV2560, 07CV2602, 07CV2631, 07CV2638, 07CV2681, 07CV2695, 07CV2920, 07CV2930, 07CV2949, 07CV2950, 07CV3000, 07CV3029
CASE: 07-cv-02282-CAB
Fourteen pending foreclosure cases were brought before the district court of the Northern District of Ohio by the Plaintiff-lenders invoking its diversity jurisdiction¹. The Court issued an Order requiring submission of an executed Assignment to show and prove that the Plaintiff was the holder and owner of the note and mortgage as of the date of filing of the complaint. In its amendment of the Order, Court further required the plaintiff to submit an affidavit alleging therein that Plaintiff is the original mortgage holder, or as an assignee, trustee or successor-in-interest. Thereafter, the Court judiciously heard the parties’ arguments.
Topics: Articles, Foreclosure, Loan Modification, Short Sale | No Comments »
Report: SubPrime Lenders That Sparked Crises Received Bailout Money
By Racheli | May 8, 2009
The days of solely blaming subprime lending for the housing collapse are far behind us (I hope), but the risky, high-cost lending certainly played a hand in the mortgage crisis.
The Center for Public Integrity released an interesting report documenting the actions of so-called “mega-banks,” which supported such lending that set off a global economic meltdown.
Unsurprisingly, 21 of the top 25 subprime lenders were financed or owned by banks that received TARP money.
Investment banks Lehman Brothers and Merrill Lynch both owned and financed subprime lenders, while others like Credit Suisse and Goldman Sachs were major financial backers of subprime lenders.
Topics: Articles, Home Buyers, Mortgage News | No Comments »
LOAN MODIFICATION If the Bank hangs up on a Congress Woman WHAT ARE YOUR CHANCES TO SUCCEED????
By Racheli | May 8, 2009
Congress Woman Maxine Waters has been Hanged up on
What are your chances to have a successful Loan Modification?
do you need help modifying your home loan?
Call 954-567-7300
Topics: Home Financing, Loan Modification | No Comments »
Jumbo Loans “Secrets” for the affluent borrower
By Racheli | March 26, 2009
Jumbo loans are home loans over $417,000. Although it’s true they are harder to get, knowing some insider tips of how and where to get Jumbo loans is KEY.
- Property prices are at bargain prices
- Keep your portfolio invested so it can grow
- Take a jumbo or supper jumbo loan (you’ll be shocked how reasonable it is)
Topics: Articles, Home Buyers | No Comments »
FANNIE MAE and FREDDIE MAC are taken over = LOWER RATE
By Racheli | September 8, 2008
NEW YORK (CNNMoney.com) — Mortgage applicants rejoice!
Sunday’s federal takeover of Fannie Mae and Freddie Mac will likely translate into lower mortgage rates and greater availability of credit, experts said. Rates could drop by 1 percentage point from the stubbornly-high 6.39% for a 30-year fixed rate mortgage.
“This could be good for would-be homeowners,” said Tom LaMalfa, managing director, Wholesale Access, a research and consulting firm. “It would reduce the cost of financing at the new and improved Fannie and Freddie.”
Topics: Articles, Home Buyers, Home Financing | No Comments »