Mortgage News
Is your Employment Or Mortgage on the line?
Wednesday, January 20th, 2010Are 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:
Mortgage nightmare HVCC appraisal regulation hurting the already straggling Housing Market
Sunday, June 14th, 2009If 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
Are Subsidized Mortgage Rates Coming?
Thursday, June 11th, 2009Are 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.
Report: SubPrime Lenders That Sparked Crises Received Bailout Money
Friday, May 8th, 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.