What is happening today in mortgage lending:
Economy Shrinks at Faster-Than-Expected 6.2% Pace - washingtonpost.com
New-Home Sales in U.S. Plunge to Record-Low 309,000 (Update1)
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Friday, February 27, 2009
Wednesday, February 25, 2009
FHA Increases Loan limits
What is happening today in mortgage lending:
FHA Loan limits increase http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-07ml.doc
All other counties would remain at the 271,050
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
FHA Loan limits increase http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/09-07ml.doc
All other counties would remain at the 271,050
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Monday, February 23, 2009
Freddie Mac sends out Industry letter
What is happening today in mortgage lending:
.Freddie Mac sent this industry letter out last week. I found the link very interesting
Today's News ...
Today, President Obama announced his Homeowner Affordability and Stability Plan and referenced the role that Freddie Mac will fulfill in assisting borrowers through a new refinance initiative and a new loan modification program. We are pleased to support this initiative and look forward to working with the Administration.
We support this important effort and expanding our role in keeping families in their homes, strengthening communities, and bringing stability to the nation’s housing market. We are currently finalizing the program and operational details with the Federal Housing Finance Agency, the Department of the Treasury and other industry participants. We plan to announce additional details of the initiative, including how customers servicing Freddie Mac-owned mortgages will participate, in early March.
At this time, the only publicly available information on the Homeowner Affordability and Stability Plan is posted on the Treasury Department’s Web site, www.financialstability.gov. We encourage you to review this preliminary information now, and anticipate the release of additional details in early March. In addition, it is important that you direct all consumer inquiries to this Web site for more information. Freddie Mac’s (800) FREDDIE call center will also direct consumers to this Web site until more information is available.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
.Freddie Mac sent this industry letter out last week. I found the link very interesting
Today's News ...
Today, President Obama announced his Homeowner Affordability and Stability Plan and referenced the role that Freddie Mac will fulfill in assisting borrowers through a new refinance initiative and a new loan modification program. We are pleased to support this initiative and look forward to working with the Administration.
We support this important effort and expanding our role in keeping families in their homes, strengthening communities, and bringing stability to the nation’s housing market. We are currently finalizing the program and operational details with the Federal Housing Finance Agency, the Department of the Treasury and other industry participants. We plan to announce additional details of the initiative, including how customers servicing Freddie Mac-owned mortgages will participate, in early March.
At this time, the only publicly available information on the Homeowner Affordability and Stability Plan is posted on the Treasury Department’s Web site, www.financialstability.gov. We encourage you to review this preliminary information now, and anticipate the release of additional details in early March. In addition, it is important that you direct all consumer inquiries to this Web site for more information. Freddie Mac’s (800) FREDDIE call center will also direct consumers to this Web site until more information is available.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Wednesday, February 18, 2009
Obama;s Mortgage Plan; Good Economic News
What is happening today in mortgage lending:Investors Look to Obama Mortgage Plan - Forbes.com
ABC News: Some See Good Economic News on the Horizon
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
ABC News: Some See Good Economic News on the Horizon
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Tuesday, February 17, 2009
The Silver Bullet; Are DPA coming back
What is happening today in mortgage lending:
Headlines that caught my eye this morning and the stories behind them.
Financial Crisis: "Silver Bullets" for Toxic Mortgages? - BusinessWeek
Down-payment aid program resurfacing - Los Angeles Times
Is Seller Paid Down Payment Assistance Coming Back?
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Headlines that caught my eye this morning and the stories behind them.
Financial Crisis: "Silver Bullets" for Toxic Mortgages? - BusinessWeek
Down-payment aid program resurfacing - Los Angeles Times
Is Seller Paid Down Payment Assistance Coming Back?
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Friday, February 13, 2009
Lenders dropping mortgage brokers
What is happening today in mortgage lending:
Lenders dropping mortgage brokers - Feb. 12, 2009
I have had a few broker shops call concerned over the future of brokers. I thought you might be interested in some good advice I heard from someone who knows what the secondary and capital markets are doing. His advice was as follows; In order for brokers to survive from unnecessary actions to be taken by lenders make sure you have a good quality control plan in place. Don’t deliver loans that are not going to close and make sure they are well processed. Lock loans and don’t let them expire. Don’t churn your pipeline. These are things that Lenders are rating brokers on. I expect in the future the incentives to brokers from lenders are not going to come necessarily from the amount of loans you deliver as much as it will come from the quality of the loans a broker delivers.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Lenders dropping mortgage brokers - Feb. 12, 2009
I have had a few broker shops call concerned over the future of brokers. I thought you might be interested in some good advice I heard from someone who knows what the secondary and capital markets are doing. His advice was as follows; In order for brokers to survive from unnecessary actions to be taken by lenders make sure you have a good quality control plan in place. Don’t deliver loans that are not going to close and make sure they are well processed. Lock loans and don’t let them expire. Don’t churn your pipeline. These are things that Lenders are rating brokers on. I expect in the future the incentives to brokers from lenders are not going to come necessarily from the amount of loans you deliver as much as it will come from the quality of the loans a broker delivers.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Thursday, February 12, 2009
PMI no longer insureing TPO Loans
What is happening today in mortgage lending:
PMI will no longer insure TPO loans
Many lenders are currently deactivated brokers. The deactivation is due to lack of activity or high SBroker Scores. I will be notifying those managers of companies that have been deactivated. Once I notify the managers I will have to take those who are not approved with us off of my morning rate email distribution list. If the situation changes I will let those who are deactivated know and hopefully in the future we can work something out.
Remember watch your pipelines and do not let locks expire. Send loans in within 15 days of locking them. Try your best to make each deal you send in work, don't pull them and move them to other lenders. Your pull through rate affects your Smart Score.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
PMI will no longer insure TPO loans
Many lenders are currently deactivated brokers. The deactivation is due to lack of activity or high SBroker Scores. I will be notifying those managers of companies that have been deactivated. Once I notify the managers I will have to take those who are not approved with us off of my morning rate email distribution list. If the situation changes I will let those who are deactivated know and hopefully in the future we can work something out.
Remember watch your pipelines and do not let locks expire. Send loans in within 15 days of locking them. Try your best to make each deal you send in work, don't pull them and move them to other lenders. Your pull through rate affects your Smart Score.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Wednesday, February 11, 2009
Tuesday, February 10, 2009
What is happening this week
What is happening today in mortgage lending:
What is going on this week?
Remember last day for Refinances to be submitted is Feb 11, 2009 if you want to insure you close them this month. Great news our underwriting turn times are 4 days! Check out our rates I think you will see where in the game again.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
What is going on this week?
Remember last day for Refinances to be submitted is Feb 11, 2009 if you want to insure you close them this month. Great news our underwriting turn times are 4 days! Check out our rates I think you will see where in the game again.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Monday, February 9, 2009
Fannie reissues new policy on number of properties owned by one borrower
What is happening today in mortgage lending:
Fannie issues a new bulletin
This Announcement contains updates and clarifications to several Fannie Mae policies as
Itemized below:
Multiple mortgages to the same borrower. Currently Fannie allows 4 properties to be financed by the same borrower. Fannie Mae is modifying this policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement. Read bulletin for complete details
Reserve requirements for investment properties and second homes
Definition of liquid financial reserves
Multistate 1-4 Family Rider - Assignment of Rents (Forms 3170 and 3170.53)
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Fannie issues a new bulletin
This Announcement contains updates and clarifications to several Fannie Mae policies as
Itemized below:
Multiple mortgages to the same borrower. Currently Fannie allows 4 properties to be financed by the same borrower. Fannie Mae is modifying this policy to allow investor and second home borrowers to own five to ten financed properties if they meet certain eligibility and underwriting and delivery requirements as outlined in this Announcement. Read bulletin for complete details
Reserve requirements for investment properties and second homes
Definition of liquid financial reserves
Multistate 1-4 Family Rider - Assignment of Rents (Forms 3170 and 3170.53)
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Friday, February 6, 2009
Reasons to buy a house; Mortgage rates rise defying Feds
What is happening today in mortgage lending:
Check these articles out
Five reasons buying a house now is a wise move - MarketWatch
Mortgage rates rise, defying Fed's efforts to slash them Money & Company Los Angeles Times
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Check these articles out
Five reasons buying a house now is a wise move - MarketWatch
Mortgage rates rise, defying Fed's efforts to slash them Money & Company Los Angeles Times
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Thursday, February 5, 2009
Home Starts, Builder hammer Senate
What is happening today in mortgage lending:
This is the headlines I found in this morning news that I thought you mind find of interest.
Home starts fall 39 percent in fourth quarter Chronicle Chron.com - Houston Chronicle
Home builders hammer Senate about stimulus plan - News- msnbc.com
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
This is the headlines I found in this morning news that I thought you mind find of interest.
Home starts fall 39 percent in fourth quarter Chronicle Chron.com - Houston Chronicle
Home builders hammer Senate about stimulus plan - News- msnbc.com
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Wednesday, February 4, 2009
Recap of changes in January
What is happening today in mortgage lending:
Many lenders are no longer allowing a 15 or 30 day lock unless the file is in our office. A 15 day lock the loan must have an approval. Our rate sheet only shows 45 day locks. Call Jan for 15 and 30 day pricing.
Any loan locked must have been received in our office with 15 days of the lock or the lock will be cancelled.
Not delivering loans that are locked will affect your Brokers Score. Brokers with high Broker Scores will be cut off from doing business with your lender. Please keep your pipeline clean any loan up loaded into Pronto that is not delivered please remove them from your pipeline.
The broker can order the appraisal on FHA loans that require a 2nd appraisal for cash out above 85% currently a 2055 is acceptable but it must be done by an FHA approved appraiser.
Documents must be within 60 days of the final underwriter approval and with 120 days of closing. New construction must be within 180 days of closing.
FHA loans that the borrower or c borrower has a contingent c-signer debt will be counted against them even if the other party is making the payments if our borrower was the primary obligator on the contingent debt.
PIW are no longer acceptable however we will take the options provided by DU. If DU requires a 2075 (which shows no value) we will accept them.
All Refinance must be received by our office by Feb 11th in order to close by the end of the month.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Many lenders are no longer allowing a 15 or 30 day lock unless the file is in our office. A 15 day lock the loan must have an approval. Our rate sheet only shows 45 day locks. Call Jan for 15 and 30 day pricing.
Any loan locked must have been received in our office with 15 days of the lock or the lock will be cancelled.
Not delivering loans that are locked will affect your Brokers Score. Brokers with high Broker Scores will be cut off from doing business with your lender. Please keep your pipeline clean any loan up loaded into Pronto that is not delivered please remove them from your pipeline.
The broker can order the appraisal on FHA loans that require a 2nd appraisal for cash out above 85% currently a 2055 is acceptable but it must be done by an FHA approved appraiser.
Documents must be within 60 days of the final underwriter approval and with 120 days of closing. New construction must be within 180 days of closing.
FHA loans that the borrower or c borrower has a contingent c-signer debt will be counted against them even if the other party is making the payments if our borrower was the primary obligator on the contingent debt.
PIW are no longer acceptable however we will take the options provided by DU. If DU requires a 2075 (which shows no value) we will accept them.
All Refinance must be received by our office by Feb 11th in order to close by the end of the month.
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
Monday, February 2, 2009
TrendLines
What is happening today in mortgage lending:
The Department of Work Force Service puts out a magazine 6 times a year. I always find it interesting. This issue I found the focus on What caused the finacial crises very interesting. They did a spotlight on Morgan county. I always like to look at the unemployment figures by county. I thought you might want to look this over
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
The Department of Work Force Service puts out a magazine 6 times a year. I always find it interesting. This issue I found the focus on What caused the finacial crises very interesting. They did a spotlight on Morgan county. I always like to look at the unemployment figures by county. I thought you might want to look this over
Shirley Nault has been a mortgage professional for over 20 years. Visit her other mortgage web sites go to: www.naultfhatips.blogspot.com or www.dutips.blogspot.com
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