The New Good Faith Estimate (GFE) For Mortgages

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 Faith...

FHA Streamline Refinance Update

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 12...

#HVCC CALL TO ACTION

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...

Mortgage Rates June 5, 2009 – Week Review – I Hate When I Am Right!

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 5.25%...

Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. – NOT So FAST!

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 it...