The new Good Faith Estimate makes its debut January 1, 2010. Expanded from 1page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version. By most accounts, Congress will meet this goal. The new Good...

This update contains the pertinent changes to FHA Streamline Refinance guides as outlined in Mortgage Letter 2009-32 and are effective on November 17th, 2009.. Here are the 11 things you need to know about these changes: 1. Current loan must have 6 months payment history. 2. Current loans with 6...

To: All Mortgage Brokers, Real Estate Agents, Appraisers, Lenders, Home Builders, Title Agents, and Consumers From: Marc Savitt, President- National Association of Mortgage Brokers After more than a year of exhaustive negotiations with Fannie Mae, Freddie Mac, James Lockhart, Director of FHFA (GSE Regulator),...

Not much to say except is it over yet? As my colleges would say “Stop Being Chicken Little” although this time I might be right? Over the last eight (8) days MBS have been getting there you know what handed to them.  This does not translate good for consumer Mortgage Rates. End of market pricing...

I am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment.  Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented...

Both mortgage guidelines and the economy have tightened since 2006, bringing more attention to “joint homeowners” — non-spousal partners that buy and share a home as roommates. The practice is not new, but, anecdotally, co-purchasing is becoming more common. In the video above —...

With reverse mortgages seniors now have some additional cash-flow alternatives. This type of loan allows mature borrowers to convert their home equity into tax-free income without leaving their current home or making mortgage payments – and they do not need an existing income to qualify. How does...

Simple! Refinance Your Mortgage for Rate and Payment Reductions Homeowners refinance for different reasons, but the process of refinancing a mortgage should result in some benefit to the homeowner.  A borrower may choose to refinance to obtain a lower interest rate and a lower monthly payment, or change...

Mortgage Rates increased today as the FNMA 30 YR MBS 4% gave up roughly 9bp.  This down tick in the MBS can be attributed to the late day mini rally in the equities market as JP Morgan Chase beats estimates as it releases earnings. Both Building Permits and Housing Starts were released today.  Building...

You’ve probably heard of social networking sites like MySpace and Facebook, but have you heard of social lending sites? Over the past few years, several websites have sprung up that combine features of the omnipresent social networking sites, and commerce sites like eBay®. These sites allow individuals...