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Friday, April 5, 2013
(Saving...) To Clean Up Foreclosure Mess, Banks Rely On Little-Known Industry Plagued By Fraud, Abuse
``The troubles emanating from the home inspection and repair business are the product of unique forces that generated the business at hand. The same banks that contributed to the real estate bubble via overly aggressive, lightly supervised mortgage lending now confront a glut of overgrown, vacant, and damaged homes. ''
Thursday, April 4, 2013
Zillow CEO on CNBC: ?We Monetize on Mobile?
Zillow CEO Spencer Rascoff appeared on CNBC this morning to talk about the company's growth since its IPO including the company's tip toward mobile.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/e_Oxawwl2MY/
New FHA Mortgage Insurance Premiums, Downpayment Minimums For Spring 2013
The FHA is raising its mortgage insurance premiums, and changing MIP cancelation policies. Apply before April 2013 to get "grandfathered" in to today's looser rules.
Click for the complete post : New FHA Mortgage Insurance Premiums, Downpayment Minimums For Spring 2013.
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Understanding the Facts of Mis Sold Mortgage
Getting a mortgage entails an important decision as it will certainly influence the person's financial situation. Therefore, it is important that brokers must assist their clients in obtaining the appropriate information on the various solutions available. Usually these procedures are disregarded by a few brokers. Consequently the Financial Ombudsman has received many mis sold mortgage complaints filed by the homeowners against their brokers.
Source: http://EzineArticles.com/7448847
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Home prices finally returning to normal
Read full story for latest details.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/37OOoyBCBjs/index.html
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How to Refinance a Home With a Low Credit Score
These days mortgage lenders and banks are offering low interest rate mortgage refinancing options in an attempt to balance out the struggling housing marker. However, many homeowners with low credit scores are afraid of even trying to refinance a home loan due to not believing they will benefit. The truth is, homeowners do not need to have a good credit rating to get a money saving refinance. Here is how homeowners get approved for a home loan refinancing with a low credit score.
Source: http://EzineArticles.com/7498407
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Securing Home Loans With Bad Credit: A Home Buyers Solution
Getting a home loan with bad credit is not impossible. Even with the size of the debt, approval is possible, and the chance of buy a new home is available to bad credit borrowers.
Source: http://EzineArticles.com/7559338
Choosing the Best Title Companies Can Prevent Delays
There are many different title companies for you to choose from during the closing process. In order to get the best coverage and rates, take some time to screen them before you select an insurer.
Source: http://EzineArticles.com/7454473
Auto, Mortgage Rates Likely to Stay Low After Fed Decision
The Federal Reserve’s Federal Open Market Committee (FOMC) voted today to keep its key interest rate at or near zero for the next six weeks, and promised to leave it there for as long as two years. The Fed’s target interest rate influences many rates in the market place, particularly mortgage interest rates and auto [...]
Source: http://www.loan.com/blog/2012/04/25/auto-mortgage-rates-likely-to-stay-low-after-fed-decision/
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FGCU Coach Andy Enfield?s Home on Market in Fort Myers
There’s only one thing hotter than a lowly�No. 15 seed plowing into the Sweet 16 of the NCAA basketball tournament. That would be the head coach�of [...]
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/7-9cZYeyv8M/
300 Years Old and Still Standing Strong: Newark Home Hits Market for $438K
The Sydenham House was built in 1712 as a two-room saltbox over a root cellar and was later expanded 1836. It's the oldest house in Newark and the oldest private residence in the metropolitan New York area.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/E0F3hbLmXAo/
Wednesday, April 3, 2013
Small Businesses Optimistic About Next Two Years
Despite the slow economic recovery and challenges that range from federal regulations to hiring and sustaining qualified staff, the glass is half full for up to 70% of the small business owners, including special servicers, real estate brokers and mortgage technology vendors surveyed by The Hartford Financial Services Group Inc.
Triangle home with 'drawbridge'
There's nothing conventional about architect Lloyd Russell's home in downtown San Diego.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/MymXZ8WIyrY/index.html
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New Home Sales : ?Deals? Vanish As Builders Hold Supplies Tight
New Home Sales continue to show strength. The housing market is as good as its been in 4 years. Prices are expected to rise into 2014.
Click for the complete post : New Home Sales : “Deals” Vanish As Builders Hold Supplies Tight.
Source: http://themortgagereports.com/12703/new-home-sales-deals-vanish-as-builders-hold-supplies-tight
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How Mortgage Loans With Bad Credit Can Be Secured Quickly
Securing mortgage loans with bad credit comes down to more than credit scores and income. Lenders look at a web of factors, making it possible for bad credit borrowers to get the green light.
Source: http://EzineArticles.com/7424121
Can I Refinance My Home If I Owe More Than My House Is Worth?
Many homeowners are facing a big problem these days. When they purchased their home, things were good, and the housing market was in better shape than it is today, and their home was priced accordingly. Now though, due to the shaky economy, many homes have actually lost value since they were purchased. This has left many homeowners, who have been making payments for years, with a home that has dropped in value, and they now owe more on the mortgage than the homes worth. For homeowners who are in this situation, their is help, and yes, mortgage refinancing may be a solution to getting into a better, more affordable, and more appropriate home loan.
Source: http://EzineArticles.com/7500393
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Home Loans With Bad Credit: The Mortgage Choice for Bad Credit Borrowers
Even with low credit scores, it is possible to get the funds to buy a new home. True, securing home loans with bad credit rarely mean excellent mortgage terms, but is that really the point?
Source: http://EzineArticles.com/7525840
Economic Crisis Hits the Netherlands
``Ironically, the Netherlands, once a model economy, now faces the kind of real estate crisis that has only affected the United States and Spain until now. Banks in the Netherlands have also pumped billions upon billions in loans into the private and commercial real estate market since the 1990s, without ensuring that borrowers had sufficient collateral.''
Source: http://ml-implode.com/staticnews/2013-04-03_EconomicCrisisHitstheNetherlands.html
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How To Get A Mortgage For A Condotel Or Non-Warrantable Condo
Banks now make loans against non-warrantable condos and condotels. See today's mortgage rates and get approved quickly.
Click for the complete post : How To Get A Mortgage For A Condotel Or Non-Warrantable Condo.
Source: http://themortgagereports.com/3778/condotel-non-warrantable-condo-2010
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Buying From A Homebuilder? Expect To Pay More For That Home In 2013.
Builder confidence is soaring as compared to last year. For today's buyers of new construction, expect tighter supply and higher home prices.
Click for the complete post : Buying From A Homebuilder? Expect To Pay More For That Home In 2013..
Source: http://themortgagereports.com/11797/home-buyers-face-higher-new-construction-prices-in-2013
Benefits of Using Outsourced Mortgage Underwriting Services
All businesses are looking to lower their expenses while making more money these days. Since banks and other lending institutions are affected squarely by inflation, they are continuously looking for ways of reducing their office overheads. Among the methods they have discovered is outsourced mortgage underwriting.
Source: http://EzineArticles.com/7462368
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Mortgage Branch Managers: Do You Know How To Recruit Loan Officers?
When mortgage branch managers and team leaders know how to recruit, they control who, when, and how they hire. Their office growth explodes. A sound recruiting method will propel your career forward.
Source: http://EzineArticles.com/7563488
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Bailout Blowback Worsening Especially Abroad
Now that TARP has gone from a 2 1/2 page blank check for Paulson to an over 400-page blank check for Paulson and the banks and money grab like never before seen in history, blow back is getting extreme. Even though my hope was that the Treasury would not actually go out and overpay for [...]
Source: http://mrmortgage.ml-implode.com/2008/11/04/bailout-blowback-worsening-especially-abroad/
Tuesday, April 2, 2013
Celebrity Home Buyers Under 25
Celebrity real estate transactions start young, with some stars picking up luxe pads before they are legally adults. By age 25, some celebrities have already had their share of homes.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/VAqCGrZbdPo/
Hoping Third Time?s the Charm, Reese Witherspoon Slashes Price on Ojai Ranch
Her Spanish-style ranch ? previously owned by a glassware magnate and several Hollywood stars ? is now listed for $7.25 million.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/y6lVqjMala8/
Beijing Bans One-Person Households From Buying Second Homes
The measures come a month after former Premier Wen Jiabao, during his last days in office, ordered the central bank to raise down-payment requirements for second mortgages in cities with excessive price gains and told local governments with the biggest price pressures to tighten home-purchase limits.
Source: http://ml-implode.com/staticnews/2013-03-30_BeijingBansOnePersonHouseholdsFromBuyingSecondHomes.html
How Home Loans With Bad Credit Are Viable Options For Home Hunters
Applying for a home loan with bad credit is not the thing of dreams. There are lenders offering competitive terms to bad credit borrowers, though there are also factors to watch out for.
Source: http://EzineArticles.com/7506169
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A fiscal warning from two former budget chiefs
``Orszag says governments are right to use spending to stretch out the economic adjustments to keep large segments of population from losing their jobs, which itself can cause long-lasting problems.''
Source: http://ml-implode.com/staticnews/2013-04-02_Afiscalwarningfromtwoformerbudgetchiefs.html
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Small Businesses Optimistic About Next Two Years
Despite the slow economic recovery and challenges that range from federal regulations to hiring and sustaining qualified staff, the glass is half full for up to 70% of the small business owners, including special servicers, real estate brokers and mortgage technology vendors surveyed by The Hartford Financial Services Group Inc.
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Zombie foreclosures: Debts won't die
Read full story for latest details.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/HnlnoVv90hY/index.html
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Mortgage Rates Today : Real-Time MBS Pricing, March 26, 2013
Real-time mortgage market updates for March 26, 2013. Updates provided by MBSQuoteline, an MBS subscription provider for loan officers.
Click for the complete post : Mortgage Rates Today : Real-Time MBS Pricing, March 26, 2013.
Source: http://themortgagereports.com/12686/mortgage-rates-today-real-time-mbs-pricing-march-26-2013
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Creating Community in Pocket Neighborhoods
Pocket neighborhoods focus on creating a dream home within a dream community.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/jrLJ1qqN7fs/
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New FHA Mortgage Insurance Premiums, Downpayment Minimums For Spring 2013
The FHA is raising its mortgage insurance premiums, and changing MIP cancelation policies. Apply before April 2013 to get "grandfathered" in to today's looser rules.
Click for the complete post : New FHA Mortgage Insurance Premiums, Downpayment Minimums For Spring 2013.
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Monday, April 1, 2013
Finding Your Dream Home When You Least Expect It
Marla and her husband weren’t really looking to buy a house. But Marla, as a Trulia user and fan, would browse through Trulia listings to see what was available in her area. ?I?m always looking but not really looking. Some people like to read celebrity gossip, but my thing is to read my Trulia listing?s [...]
Source: http://corp.truliablog.com/2013/03/13/my-trulia-success-marla-story/
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First Time Home Buyer - Mortgage Loans and Lenders
Are you a first time home buyer looking for additional information? This article discuss the various steps you must take in order to move into the home of your dreams, including understanding home ownership, getting approved for a loan, direct mortgage lenders, and finding a realtor.
Source: http://EzineArticles.com/7528206
Securing Mortgage Loans With Bad Credit Is Easier After Credit Restoration
Bad credit ratings affect mortgages through interest rates and affordability - two crucial areas. Getting mortgage loans with bad credit, which are affordable depends on some simple steps being taken in advance.
Source: http://EzineArticles.com/7422506
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Mortgage Branch Managers: Do You Know How To Recruit Loan Officers?
When mortgage branch managers and team leaders know how to recruit, they control who, when, and how they hire. Their office growth explodes. A sound recruiting method will propel your career forward.
Source: http://EzineArticles.com/7563488
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Bank of America tops list of mortgage complaints
Bank of America, which handles customer service on about 15 percent of U.S. home loans, accounts for 30 percent of the mortgage complaints logged by the Consumer Financial Protection Bureau, according to a new database made public by the federal watchdog. The level of customer discontent -- far greater than at home-lending rivals Wells Fargo and JPMorgan Chase -- reflects Bank of America's struggles since its 2008 acquisition of Countrywide Financial Corp. Countrywide had become the No. 1 mortgage firm by specializing in subprime and other high-risk loans.
Source: http://ml-implode.com/staticnews/2013-03-30_BankofAmericatopslistofmortgagecomplaints.html
The Main Advantages of Refinancing Your Home
Many homeowners are hearing about refinancing their home loan these days. Whether it is at their bank, on a television ad, or maybe they have overheard others talking about it. Either way, refinancing a home mortgage now is a very popular option for many homeowners due to favorable interest rates and a recovering housing market. Many homeowners though do not understand mortgage refinance or the benefits it can provide. Here are some of the most popular advantages to refinancing a home loan.
Source: http://EzineArticles.com/7497999
Securing Home Loans With Bad Credit: A Home Buyers Solution
Getting a home loan with bad credit is not impossible. Even with the size of the debt, approval is possible, and the chance of buy a new home is available to bad credit borrowers.
Source: http://EzineArticles.com/7559338
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Understanding the Facts of Mis Sold Mortgage
Getting a mortgage entails an important decision as it will certainly influence the person's financial situation. Therefore, it is important that brokers must assist their clients in obtaining the appropriate information on the various solutions available. Usually these procedures are disregarded by a few brokers. Consequently the Financial Ombudsman has received many mis sold mortgage complaints filed by the homeowners against their brokers.
Source: http://EzineArticles.com/7448847
home financing low mortgage rates jumbo lenders compare rates
Home Loans With Bad Credit: The Advantages of Securing Pre-Approval
Applications for a home loan with bad credit can take a long time to be processed. Unfortunately, it can mean lost opportunities for home hunters, but pre-approval can provide the solution to the problem.
Source: http://EzineArticles.com/7563197
7 Steps to Face Your Color Fears
Want to boost your color confidence but not sure how? Jackie Jordan, director of color marketing for Sherwin-Williams, makes it easy.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/1Ang7eU3LLw/
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Report: R. Kelly Loses Mansion to Foreclosure
R. Kelly's real estate saga is finally over. J.P. Morgan Chase paid $950,000 for Kelly's 22,000-square-foot Illinois mansion at an auction on Monday.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/svddM3pD_Tg/
Mortgage Matters: The week's rate outlook
Mortgage rates look flat this week, but are set to rise for the balance of 2010.
Source: http://www.bankrate.com/blogs/mortgages/the-week-s-rate-outlook.aspx
Sunday, March 31, 2013
Bomb Shelter or Ultimate Man Cave?
There was little to no chance a bomb would be dropped in Fort Pierce, FL during the Cold War. But that didn't stop 30-inch-thick steel-reinforced concrete from being poured in the middle of St. Lucie County.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/H4WIV8Kl6OA/
FGCU Coach Andy Enfield?s Home on Market in Fort Myers
There’s only one thing hotter than a lowly�No. 15 seed plowing into the Sweet 16 of the NCAA basketball tournament. That would be the head coach�of [...]
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/7-9cZYeyv8M/
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Mortgage Underwriting Services - Four Things Considered By Contract Underwriters
Many banks and lenders cannot do without mortgage underwriting services. They need these services to reduce their overall time and cost for processing house loans. If you are looking to save money, you should also buy these services.
Source: http://EzineArticles.com/7462365
ResCap Told to Seek New Foreclosure-Review Deal With U.S.
``The review, which may cost about $300 million, is a waste of money because a new federal policy allows a lump-sum payment to be split among borrowers, a lawyer for ResCap said today. That would be cheaper than paying PricewaterhouseCoopers LLP to conduct the review, the company said. "You have to negotiate with the Fed and then come back to me," Glenn said, referring to the U.S. Federal Reserve, which is requiring the review. "I'm not ruling today, I'm making that crystal clear." ''
Source: http://ml-implode.com/staticnews/2013-03-25_ResCapToldtoSeekNewForeclosureReviewDealWithUS.html
James Grant Says Bond Market Is `Desert of Value?
Direct Link I love James Grant (Interest Rate Observer), not that I agree with everything he says (but I usually do), but the respect I believe he gives the people that listen to him in the form of not pulling punches just because it coudl offend someon. One of the only serious, consistent and truthful [...]
Source: http://www.bankreorealestate.com/videos/james-grant-says-bond-market-is-desert-of-value.html
Home Decor When Money?s No Object
For the big spenders in our midst (and those who occasionally dream of a Donald Trump-like lifestyle), here are a few of the more luxurious home-related items we've seen of late.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/0WDVsrtTGFU/
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Mortgage Matters: Why do rates continue to fall?
Rates fall again, even as the Fed withdraws, and the mortgage world tries to figure out why.
Source: http://www.bankrate.com/blogs/mortgages/why-do-rates-continue-to-fall.aspx
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Freddie Mac failing homeowners, watchdog says
Freddie Mac and its regulator are not doing a good enough job bird-dogging complaints by homeowners about the companies handling their mortgages, a federal oversight official said Thursday.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/6NcQ3rjG3z0/index.html
New Streamlined Modification from Fannie Mae and Freddie Mac No Hardship or Income Documentation Required
By Michael Nazarinia NEW STREAMLINED FANNIE MAE AND FREDDIE MAC MODIFICATION UPDATES - NO HARDSHIP DOCS, NO INCOME DOCS? The announcement from Fannie and Freddie just came out today, I had hoped that Freddie Mac and Fannie Mae would get rid of hardship and income documentation requirements when I wrote the article "Principal Reductions and Loan Modification without Hardship Requirements" http://www.loansafe.org/principal-reductions-and-loan-modification-without-hardship-requirements back on April 11 2012 and it looks like they did at least streamline the hardship and income documentation requirements: From Freddie Mac and Fannie Mae today this policy becomes effective July 1st 2013, so if you are missing April, May and June's payments, you will be eligible July 1st if you have made at least 12 consecutive on time payments since you first received your Freddie Mac loan: The Streamlined Modification will target borrowers who are at least 90 days delinquent on mortgages that are at least 12 months old, and meet other eligibility criteria. Eligible borrowers are not required to submit documentation, but can accept a Streamlined Modification offer simply by making the trial period payments. The modification becomes permanent once the borrower demonstrates their ability to pay by completing the trial period. The Streamlined Modification offers the same mortgage terms as the Standard Modification Freddie Mac announced in September 2011, which enables servicers to reduce a borrower's monthly mortgage payment by adjusting interest rates, extending payment terms to 40 years, and providing principal forbearance for certain underwater borrowers. Use of the Streamlined Modification Solicitation Letter and the Streamlined Modification Trial Period Plan, notice is optional and may be altered at the Servicer's discretion as it deems necessary to meet the requirements of the Guide and to comply with disclosure and other requirements under applicable law. If the Borrower qualifies for a HAMP modification and the post-modified monthly principal and interest payment under the HAMP modification is less than the principal and interest payment available under the Streamlined Modification, the Servicer must offer the Borrower the HAMP modification. Servicers must send a HAMP Agreement Cover Letter (Form 1118) to the Borrower indicating that a restart of the Trial Period is not required and if the Borrower complies with the terms of the Streamlined Modification Trial Period Plan and executes the Home Affordable Modification Agreement (Form 3157), he or she will receive the HAMP modification terms. The Servicer must require the Borrower to continue making the Streamlined Modification Trial Period Plan payments and send the Borrower a Home Affordable Modification Agreement reflecting HAMP modification terms upon successful completion of the Streamlined Modification Trial Period Plan. The Servicer must convert the existing Streamlined Modification Trial Period Plan to a HAMP Trial Period Plan in Workout Prospector. The Workout Prospector Users' Guide will be updated to provide additional instruction for this purpose once Workout Prospector has been updated. If the Borrower does not qualify for a HAMP modification based on a review of a complete Borrower Response Package received during the Trial Period, the Servicer must communicate to the Borrower verbally or in writing the Borrower's ineligibility for HAMP, and reconfirm that if the Borrower complies with the terms of the Streamlined Modification Trial Period Plan and returns an executed modification agreement, the Mortgage will be modified under the terms of the Streamlined Modification. This program targets borrowers whose mortgage loans are at least 90 days delinquent and who meet the eligibility requirements provided below. Prior to and after offering a Streamlined Modification, a servicer must continue to comply with the delinquency management and default prevention requirements in the Servicing Guide, as updated through this Announcement. The policies in this Announcement apply to all conventional mortgage loans held in Fannie Mae's portfolio and to mortgage loans that are part of an MBS pool that have the special servicing option or a shared-risk MBS pool for which Fannie Mae markets the acquired property. Servicers are encouraged to implement the Streamlined Modification policies immediately; however, servicers are required to implement these policies for borrowers who are eligible for a Streamlined Modification on or after July 1, 2013. The Streamlined Modification will expire on August 1, 2015; therefore, all Streamlined Modification Trial Period Plans must have an effective date on or before August 1, 2015. Eligibility requirements - Mortgage loans must satisfy all of the eligibility requirements shown below to be eligible for a Streamlined Modification. *must be at least 90 days delinquent, but no more than 720 days delinquent; *must have a pre-modified mark-to-market loan-to-value ratio (the gross unpaid principal balance of the mortgage *loan divided by the current value of the property), greater than or equal to 80%; and *must be a first-lien mortgage loan. Fannie Mae is eliminating the requirement that the standard mortgage loan modification results in a P&I payment reduction of at least 10%. Instead, Fannie Mae is now requiring that the standard mortgage loan modification result in a P&I payment that is less than or equal to the pre-modification P&I payment. To be considered eligible for a Streamlined Modification, a complete Borrower Response Package is not required. Borrowers will continue to be eligible for the Streamlined Modification even if a payment is received following the borrower evaluation or solicitation that results in the borrower subsequently becoming less than 90 days delinquent. However, the borrower must be at least 30 days or more delinquent prior to the commencement of the Streamlined Modification Trial Period Plan. Eligibility Exclusions: *The mortgage loan was previously modified under the Fannie Mae standard modification payment structure described in the Fannie Mae Servicing Guide, Part VII, Section 602: Mortgage Loan Modifications, and became 60 or more days delinquent within 12 months of the modification effective date. *The mortgage loan origination date was less than 12 months prior to the date of evaluating eligibility for a Streamlined Modification. *The mortgage loan was previously modified two or more times, regardless of the modification program or dates of prior modifications. *The borrower previously failed a Trial Period Plan under a Fannie Mae standard modification payment structure within 12 months of evaluating eligibility for a Streamlined Modification. *The calculated Streamlined Modification monthly principal and interest (P&I) payment is greater than the borrower's current contractual P&I obligation. *The mortgage loan is insured or guaranteed by a federal government agency (e.g., FHA, VA, or Rural Housing). The mortgage loan is subject to: *a recourse or indemnification arrangement under which Fannie Mae purchased or securitized the mortgage loan or that was imposed by Fannie Mae after the loan had been purchased or securitized; *active nonroutine litigation described in the Servicing Guide, Part VIII, Section 101: Routine vs. Non-routine Litigation; *a current offer for another modification or other foreclosure prevention alternative, such as a forbearance or repayment plan; *an active and performing Trial Period Plan; an approved liquidation workout; or an active and performing forbearance or repayment plan, unless otherwise directed by Fannie Mae or Freddie Mac. *The borrower previously defaulted on either a Streamlined Modification Trial Period Plan or a Streamlined Modification. *The mortgage loan is on the most recent Fannie Mae Non-Eligible List, located on Fannie Mae's website, at the time the servicer is evaluating eligibility for solicitation. If a mortgage loan is on Fannie Mae's Non-Eligible List, the servicer must pursue receipt of the Borrower Response Package to evaluate the borrower for another foreclosure prevention alternative in accordance with the requirements in the Servicing Guide. Servicers are required to check all mortgage loans that become 90 days delinquent against Fannie Mae's Non-Eligible List prior to sending the borrower an initial or any subsequent Streamlined Modification Solicitation Letter as set forth in this Announcement. Mortgage loans not meeting the eligibility requirements for a Streamlined Modification must be evaluated for another type of modification or other foreclosure prevention alternative, provided the borrower submits a complete Borrower Response Package. Once the Streamlined Modification Solicitation offer is accepted, follow-up solicitations for incomplete Borrower Response Packages are not required. If the borrower does not accept the offer, then the servicer must resume follow-up solicitation for the incomplete documentation in accordance with the Servicing Guide. If the borrower qualifies for a Fannie Mae HAMP modification with a post-modification monthly P&I payment lower than the P&I monthly payment offered under the Streamlined Modification, the servicer must send a new offer to the borrower indicating that the borrower qualified for a Fannie Mae HAMP modification with a lower P&I payment. The offer letter must indicate that if the borrower chooses to accept the Fannie Mae HAMP modification, the borrower will not be required to complete a new HAMP Trial Period Plan at the conclusion of the Streamlined Modification Trial Period Plan, but will execute a Modification Agreement under the terms of the Fannie Mae HAMP modification program upon successful completion of the Streamlined Modification Trial Period Plan. If the borrower does not qualify for a Fannie Mae HAMP modification with a post-modification P&I payment lower than the P&I monthly payment offered under the Streamlined Modification, or if the borrower fails to return a complete Borrower Response Package within the prescribed timeline provided in the Streamlined Modification Solicitation Letter (and as a result is not eligible for a Fannie Mae HAMP modification), the servicer must also communicate to the borrower that he or she is not eligible for a HAMP modification. The servicer, however, must communicate to the borrower that he or she continues to be eligible for the Streamlined Modification, and that if the borrower makes the trial payments in accordance with the requirements of the Streamlined Modification Trial Period Plan previously provided to the borrower, the mortgage loan will be permanently modified pursuant to the terms of the Streamlined Modification Trial Period Plan. As provided in the Servicing Guide, the servicer must comply with all applicable laws in connection with processing the Streamlined Modification. Streamlined Modification Terms: The servicer must comply with the requirements described in the Servicing Guide, Part VII, Section 602.02.05 - Conventional Mortgage Loan Modification Terms, to determine the mortgage loan modification terms for a Streamlined Modification Trial Period Plan. Completing the Modification: Upon successful completion of the Streamlined Modification Trial Period Plan, the servicer will document and process the permanent modification in accordance with the applicable requirements in the Servicing Guide, based on the borrower's qualification for a Streamlined Modification or Fannie Mae HAMP Modification, as described above. (For the Streamlined Modification, the servicer should refer to Part VII, Section 602.02.07: Executing and Processing the Loan Modification Agreement. For a Fannie Mae HAMP modification, the servicer should refer to Part VII, Section 609.03.06: Executing the HAMP Documents.) Postponing Referral to Foreclosure or Foreclosure Proceedings: Servicers must comply with the requirements in the Servicing Guide, Part VIII, Section 106: Referral to Foreclosure Attorney/Trustee and Section 107.01: Servicer-Initiated Temporary Suspension of Proceedings, in connection with offering Streamlined Modifications. Streamlined Modification Incentives: Fannie Mae will pay the servicer an incentive fee consistent with the tiered incentive structure for the Fannie Mae standard modifications as described in the Servicing Guide, Part VII, Section 602.04.05 titled Incentives. Any Streamlined Modification Trial Period Plan entered into by the borrower shall count towards the servicer achieving the minimum incentive benchmark (as described in the Servicing Guide, Part VII, Section 205.05: Servicer Incentives and Compensatory Fees for Borrower Response Packages) upon the servicer's entry of the associated case into the Home Saver Solutions Network (HSSN). Servicers will be paid a $500 incentive fee only for collection of a complete Borrower Response Package, provided the collection is reported to Fannie Mae in accordance with the Servicing Guide. Mortgage Insurer Approval: As a reminder, Fannie Mae has obtained delegations of authority with mortgage insurance companies so that servicers can more efficiently process modification requests without the need to obtain mortgage insurer approval on individual mortgage loans. A list of these mortgage insurers is posted on Fannie Mae's website. For mortgage insurers not on this list, servicers must continue to obtain their approval on a case-by-case basis. Freddie and Fannie we will be using all the tools available to us to screen for potential strategic defaulters. Contact me at Michael@loanmodhelpcenter.com if you are seeking a loan modification and need assistance that is not provided by your servicer or your non-profit counselor. I will give you a complimentary independent opinion and analysis on your case at no charge on your unique situation.
Spring DIY Project: Installing Window Treatments
Don?t get me wrong ? measuring and installation services are well worth the money you pay, especially if you have a lot of windows. But if you don?t have a lot of money to spare, this is a job you can do yourself so long as you prepare properly and pay attention to detail.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/nBuqLhhCAe0/
Should you borrow as much as the bank will let you?
There it sits, like a big, inviting slice of cake at the all-you-can-eat-buffet: The heaping helping of mortgage that a lender says you're qualified to borrow. Should you put it on your plate?
Maybe. Then again ...
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Saturday, March 30, 2013
GM Rationalizing Bailout Via Email to Consumers
I just got this via email. They try to blame it on the economy.� Why don’t they tell us what went wrong during the boom times. This is a joke. - Best, Mr Mortgage Actual email I received today… An urgent message to GM owners “You made the right choice when you put your confidence [...]
Source: http://mrmortgage.ml-implode.com/2008/11/18/gm-rationalizing-bailout-via-email-to-consumers/
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HARP 2.0 : The Top 10 Home Affordable Refinance Program States
On the 1-year anniversary of HARP 2.0, five states account for half of all HARP mortgage rate requests. Can you guess which?
Click for the complete post : HARP 2.0 : The Top 10 Home Affordable Refinance Program States.
Source: http://themortgagereports.com/11520/harp-2-the-most-popular-states-for-harp-nationwide
HARP Mortgage for Hopeless Home Owners
The US housing bubble burst left people with many difficulties and worries in the year of 2006. Due to this crisis, a lot of people saw that the price of their new house had dropped below the mortgage price. This situation caused great distress among home owners and became a major cause of concern from the government. This program was launched in March 2009 by federal housing finance agency and it is commonly known as HARP.
Source: http://EzineArticles.com/7393814
G-20 Meeting ? Far too Many Cooks in the Food Kitchen
Boy, the financial media was pumping the G20 meeting this weekend as the beginning to the end to the worlds financial market woes.� Many credited the major counter trend stock rally on Thursday to be because of this. When I heard President Bush stand up yesterday with a summary that essentially said nothing, rather was [...]
Source: http://mrmortgage.ml-implode.com/2008/11/16/g-20-meeting-far-too-many-cooks-in-the-food-kitchen/
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As the Housing Recovery Continues, Trulia Sees Increased Ad Spending From Homebuilders
The housing recovery is well underway in the U.S. In December, the Commerce Department announced new home sales were up 15.3% year-over-year, while housing construction starts were up almost 21.6% year-over-year. And just yesterday, the FHFA released some additional good news: for the 12 months ending in November, U.S. home prices increased a total of [...]
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Home Loans Online With Bad Credit: How To Get The Green Light
Getting a home loan online with bad credit is a more practical financing solution than many home hunters are aware. But there are still familiar tricks needed to strengthen the chances of approval.
Source: http://EzineArticles.com/7544052
Mortgage Matters: Lock ahead of the Fed
Fed meets today, and for mortgage borrowers, there's more potential for bad news than good.
Source: http://www.bankrate.com/blogs/mortgages/lock-ahead-of-the-fed.aspx
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300 Years Old and Still Standing Strong: Newark Home Hits Market for $438K
The Sydenham House was built in 1712 as a two-room saltbox over a root cellar and was later expanded 1836. It's the oldest house in Newark and the oldest private residence in the metropolitan New York area.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/E0F3hbLmXAo/
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Mortgage Brokering Explained
Americans are venturing back into the arena of home ownership, with many taking advantage of an upstart in new home construction and record low mortgage rates. Using a mortgage brokerage can help many on the path to their new home. A net branch mortgage brokerage allows for instant licensing access to FHA and VA loans, which is not always readily available or financially viable for some smaller brokerages.
Source: http://EzineArticles.com/7536968
Be Josh and Matt Altman?s First Intern!
Dream job alert! Trulia just launched the ?Be the First Altman Brothers? Intern? contest, which will give one lucky Trulia user the once-in-a-lifetime opportunity to be the first intern to Josh and Matt Altman, two of the most well-known and well-connected�real estate agents in the industry. Amidst the glitz, glamour, and ultra-luxurious lifestyles of Hollywood, [...]
Source: http://corp.truliablog.com/2013/03/21/be-the-altman-brothers-first-million-dollar-intern/
Mortgages In The Current Economic Climate
It can't be denied - we're all up the creek without a paddle and we're all in the same boat. Economies around the world are suffering from the collapses of banks and businesses that the last 5 years has ushered in. There were some early warning signs - but it was a sudden shock to the masses.
Source: http://EzineArticles.com/7522466
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Friday, March 29, 2013
Mortgage Underwriting Tips On Using Outsourced Underwriters
Mortgage underwriting is a concept that most prospective home buyers consider difficult.Some of them postpone their plans of buying a new home because of fearing the underwriting stage of loan processing. Others want to launch a small mortgage business but they do not know how to hire competent underwriters.
Source: http://EzineArticles.com/7462361
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Mortgage Matters: Frustration bubbles over
Why the smaller guys in the mortgage biz are frustrated; big item this week on economic calendar.
Source: http://www.bankrate.com/blogs/mortgages/frustration-bubbles-over.aspx
BakTag! Congress Furious That IRS Spent $60K Making Horrible Star Trek Fan Film
Members of the House Ways and Means Committee are furious the IRS spent $60,000 in 2010 making a horrible Star Trek themed management video.
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Zombie foreclosures: Debts won't die
Read full story for latest details.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/HnlnoVv90hY/index.html
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Understanding the Facts of Mis Sold Mortgage
Getting a mortgage entails an important decision as it will certainly influence the person's financial situation. Therefore, it is important that brokers must assist their clients in obtaining the appropriate information on the various solutions available. Usually these procedures are disregarded by a few brokers. Consequently the Financial Ombudsman has received many mis sold mortgage complaints filed by the homeowners against their brokers.
Source: http://EzineArticles.com/7448847
Fannie Mae, Freddie Mac and the Same Old Song
``Let's begin with the status quo. The taxpayer rescue of Fannie and Freddie in September 2008 has cost $137 billion so far. While this has been paid down from an initial $187.5 billion, taxpayers aren't likely to get their money back anytime soon. Last fall, the regulator charged with overseeing Fannie and Freddie estimated that the taxpayer bill for the companies could be $200 billion by the end of 2015. ''
Source: http://ml-implode.com/staticnews/2013-03-25_FannieMaeFreddieMacandtheSameOldSong.html
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New Record Low Mortgage Rates Not Enough to Keep Applications Up
Mortgage interest rates fell to a new all-time low this past week, according to mortgage finance company Freddie Mac, but the Mortgage Bankers Association reported a decrease in demand for mortgage applications at the same time. The average rate on a 30-year fixed rate mortgage fell to 3.31 percent, excluding points, the second week in [...]
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Best places to buy foreclosures
Read full story for latest details.
Source: http://rss.cnn.com/~r/rss/money_realestate/~3/lQlod2IINZY/index.html
300 Years Old and Still Standing Strong: Newark Home Hits Market for $438K
The Sydenham House was built in 1712 as a two-room saltbox over a root cellar and was later expanded 1836. It's the oldest house in Newark and the oldest private residence in the metropolitan New York area.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/E0F3hbLmXAo/
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Spring Cleaning: No Mops Required
It's officially spring, which means it?s also time for a little spring cleaning. Here are a few suggestions that will vastly improve the comfort of your home in one afternoon?s worth of work.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/-su6n5wqZ1U/
Cyprus and European Officials Scramble to End Bank Crisis
European Union leaders convened�emergency meetings here Sunday night hoping to devise a bank bailout package that would enable Cyprus to stay in the euro zone and rebuild its devastated economy.The Cypriot president, Nicos Anastasiades, flew up from Nicosia earlier in the day with a proposal for raising the 5.8 billion euros, or $7.5 billion, that his country is supposed to contribute in order to receive 10 billion euros from the International Monetary Fund and euro zone countries. The Cypriot president, Nicos Anastasiades, flew up from Nicosia earlier in the day with a proposal for raising the 5.8 billion euros, or $7.5 billion, that his country is supposed to contribute in order to receive 10 billion euros from the International Monetary Fund and euro zone countries.
Source: http://ml-implode.com/staticnews/2013-03-24_CyprusandEuropeanOfficialsScrambletoEndBankCrisis.html
Thursday, March 28, 2013
How to Find the Best Mortgage Interest Rates
Finding the best mortgage rates begins with determining which type of loan fits your situation. Start with basics such as loan program types and terms, and then move to specifics such as lenders and mortgage details.
Source: http://EzineArticles.com/7414554
Shiller: Artificial Real Estate Economy
``One thing that makes it very hard to forecast home prices right now is that we're living in a totally artificial real estate economy," said Shiller, co-creator of the Standard & Poor's/Case-Shiller Index, a widely followed measure of housing prices.
Source: http://ml-implode.com/staticnews/2013-03-27_ShillerArtificialRealEstateEconomy.html
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Securing Home Loan Mortgages With Bad Credit: The Secret Made Easy
Mortgage providers may be cautious when lending to bad credit borrowers, but getting a home loan mortgage with bad credit is definitely possible - especially when some key qualifying factors are considered in advance. Keep reading for more information.
Source: http://EzineArticles.com/7524166
Design the Driveway of Your Dreams
The driveway does more than lead your car from the garage to the curb and back again. Whether it?s a straight shot paved with asphalt or a curved course laid in brick, a visitor?s positive first impression of your home depends on smart driveway design.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/OHWNoLubhdg/
Mortgage Rates Today : Real-Time MBS Pricing, March 27, 2013
Real-time mortgage market updates for March 27, 2013. Updates provided by MBSQuoteline, an MBS subscription provider for loan officers.
Click for the complete post : Mortgage Rates Today : Real-Time MBS Pricing, March 27, 2013.
Source: http://themortgagereports.com/12690/mortgage-rates-today-real-time-mbs-pricing-march-27-2013
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Low-Downpayment And Zero-Downpayment Mortgage Products Available For 2013
With an abundance of low- and no-downpayment mortgage programs, and mortgage rates low, it's a simpler time to be a home owner.
Click for the complete post : Low-Downpayment And Zero-Downpayment Mortgage Products Available For 2013.
Source: http://themortgagereports.com/11306/buy-a-home-with-a-low-downpayment-or-no-downpayment-at-all
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Why Wells Fargo Home Loans With Bad Credit Are a Leading Option
Mortgage providers can differ in their offers greatly, especially when seeking home purchase financing with a poor credit history. But securing a Wells Fargo home loan with bad credit is simple, fast and assured.
Source: http://EzineArticles.com/7449579
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Mortgage Matters: Good folks finally win?
A�push to get servicers to reduce the�principal of underwater borrowers sounds like a good idea.
Source: http://www.bankrate.com/blogs/mortgages/good-folks-finally-win.aspx
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House of the Week: Home Made From a Shipping Container
Made of two shipping containers, the structure is New Orleans' first shipping container home, says real estate agent Natalie Lafont of Talbot Historic Properties.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/yStVVmmz-fk/
Dig This Trend: You Shower Where?
We've rounded up a few of the most out-of-the-box and intriguing shower designs from Zillow Digs.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/VRFceH0OVLw/
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Mortgage Matters: Twist in short sale rule
Treasury lays down a rule governing short sales, but will make borrowers enforce it.
Source: http://www.bankrate.com/blogs/mortgages/twist-in-short-sale-rule.aspx
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Wednesday, March 27, 2013
What Can You Rent for $1,500 a Month?
With a rental budget of $1,500 a month, you'll find a variety of apartments and condos. See what we found this week at this price point.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/Wwmg-FZkYVE/
VA Reconsideration Of Value : How To Appeal VA Loan Appraisals
Want to appeal your VA home loan appraisal? Here's how do it, and how to get the best results possible.
Click for the complete post : VA Reconsideration Of Value : How To Appeal VA Loan Appraisals.
Source: http://themortgagereports.com/11984/va-reconsideration-of-value-how-to-appeal-va-appraisals
What Can You Rent for $1,500 a Month?
With a rental budget of $1,500 a month, you'll find a variety of apartments and condos. See what we found this week at this price point.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/Wwmg-FZkYVE/
What?s the Best Way to Earn Wealth in Real Estate?
While a few people are successful at flipping homes, most people earn real estate wealth by buying rental properties for long-term hold.
Source: http://feedproxy.google.com/~r/ZillowBlog/~3/hcuV0b6H4CE/
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Mortgage Rates Today : Real-Time MBS Pricing, March 21, 2013
Real-time mortgage market updates for March 21, 2013. Updates provided by MBSQuoteline, an MBS subscription provider for loan officers.
Click for the complete post : Mortgage Rates Today : Real-Time MBS Pricing, March 21, 2013.
Source: http://themortgagereports.com/12669/mortgage-rates-today-real-time-mbs-pricing-march-21-2013
Mortgage Rates Today : Real-Time MBS Pricing, March 27, 2013
Real-time mortgage market updates for March 27, 2013. Updates provided by MBSQuoteline, an MBS subscription provider for loan officers.
Click for the complete post : Mortgage Rates Today : Real-Time MBS Pricing, March 27, 2013.
Source: http://themortgagereports.com/12690/mortgage-rates-today-real-time-mbs-pricing-march-27-2013
Bernanke Saying He's Dispensable Suggests Tenure Ending
``"I don't think that I'm the only person in the world who can manage the exit," Bernanke said when asked at a news conference in Washington if he's discussed his plans with President Barack Obama. His term expires at the end of January.''
Source: http://ml-implode.com/staticnews/2013-03-23_BernankeSayingHesDispensableSuggestsTenureEnding.html
Vendor Keeps Enhancing REO, Data Management System
Whether users call it a one-stop shop, bounded services or component servicing, vendors are racing to leverage easy-to-use technology that can be constantly updated with new tools capable to help manage the mortgage servicing process and enhance the resale value of distressed properties.
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Home Loans With Bad Credit: Easy Steps to Improving Your Approval Chances
When it comes to getting home loans with bad credit, the quality of the application is vitally important. But there are some easy steps to take that can improve your approval chances.
Source: http://EzineArticles.com/7478827
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Real Look at the ?Credit Market?
The credit markets remain unprecedentedly tight despite what you hear by the popular media on how the TED spreads, swap spreads, LIBOR/OIS etc etc are improving.�� These are just indicators and everyone has their favorite. Their movement from Armageddon levels absolutely does not mean that we will get a thaw in commercial or consumer lending [...]
Source: http://mrmortgage.ml-implode.com/2008/11/04/real-look-at-the-credit-market/
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Mortgage Rates Today : Real-Time MBS Pricing, March 19, 2013
Real-time mortgage market updates for March 19, 2013. Updates provided by MBSQuoteline, an MBS subscription provider for loan officers.
Click for the complete post : Mortgage Rates Today : Real-Time MBS Pricing, March 19, 2013.
Source: http://themortgagereports.com/12648/mortgage-rates-today-real-time-mbs-pricing-march-19-2013
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