After years of trying it seems that we are right around the corner from the much anticipated new and “improved” Good Faith Estimate. The idea behind this estimate is to change the wanton disregard that many originators in the past had used when “dispensing” these pieces of important paper. Now under the rules and regs [...]
The first time home buyer credit has been extended and expanded to include repeat buyers! Some of the changes/highlights to the new law that was just signed on November 6, 2009 by President Obama are:\nFirst Time Homebuyer Credit/Repeat Homebuyer Credit Highlights\n\nIncome eligibility has been increased to $125,000 single filer, $225,000 married filer, for the full [...]
On June 1st Fannie Mae made changes to the way its automated underwriting engine evaluates applicants for mortgages. Details follow:\n• As of June 1 Fannie Mae \“upgraded\” their underwriting engine to version 7.0. This new version has some major changes including: 1) Loan to values of 85% or greater will no longer use PMI (Private Mortgage Insurance) [...]
The newspapers have been touting the “meltdown” in the mortgage and real estate world which has caused some markets to react even more negatively than they would under the same circumstances without all the neagtive press and television coverage. The fact remains that many banks did make numerous loans that are questionable. This does not mean that [...]