It would be unfair to say that the Obama administration hasn’t been trying to restore the health of the housing market. Unfortunately, it would be inaccurate to say that its programs are having much success. The loan modification program is a worrisome case in point.
On February 18, 2009 the Treasury Department announced the Homeowner Affordability […]
Tags: Mortgage Servicing · Freddie Mac · Loan Modifications · Distressed Homeowners · Home Affordable Modification Program · Mortgage Loan Originators · Fannie Mae · Mortgage Funding · Mortgage Lending · Bob Hunt · Lending · Loan Processing · Mortgage Application · Foreclosures
A recent memo from the legal department of the California Association of Realtors® has brought to our attention some changes in rules for advertising mortgage loans. “The Federal Reserve Board has adopted, under TILA [Truth in Lending Act] Section 129(l)(2), 15 U.S.C. 1639(l)(2), rules to prohibit the following seven deceptive or misleading practices in advertisements […]
Tags: California Association of Realtors · Interest Rates · Advertising · Truth In Advertising · New Laws In 2010 · Mortgage Loan Originators · Annual Percentage Rate · Misrepresentation · Mortgage Lending · CAR · Lending · Mortgage Funding · Mortgage Servicing · Bob Hunt
My rookie season in the mortgage lending business occurred in 1983. That was the year of Michael Jackson videos, Ronald Reagan speeches and “old school” mortgage lending. In 2009 (26 years later), the rules have “boomeranged” and returned to “back to basics” lending. By “back to basics”, I am referring to actually verifying the homebuyer’s […]
Tags: VA Loans · Refinances · Paul Scheper · Standard Loans · Lending · FHA Financing · Mortgage Lending · FHA buyers
Yogi Berra, the famous New York Yankee catcher, should have been a part-time loan officer. It was he who once said, “It’s never over till it’s over.”  He must have been referring to the time period between a mortgage application and a mortgage funding. Â
More than a few buyers have had the wind knocked out […]
Tags: Mortgage Funding · Debt-To-Income Ratio · Loan Processing · Loan Applicants · Paul Scheper · Mortgage Lending
Boy, how things change. When I was in high school (Disco era of 1978), if my parents wanted a home loan they would walk downtown to the neighborhood bank or savings & loan in Granada Hills, CA. If the local bank in Granada Hills had extra funds lying around and considered my parents a good credit […]
Tags: FHLMC · FNMA · GNMA · Mortgage Servicing · Mortgage Backed Securities · Ginnie Mae · Freddie Mac · Paul Scheper · Lending · Loan Processing · Mortgage Funding · Fannie Mae · Mortgage Lending
Many, many, many new bills were signed into law by our Governor this month. Following is a quick list. If you would like more information on any bill, go to www.leginfo.ca.gov.
 Â
SB 94 – Effective Oct. 11, 2009: No more Advance Fees on Loan Modifications.
 Â
AB 957 – Effective Oct. 11, 2009: REO Buyers can select escrow & title.
Tags: Mortgage Loan Originators · Reverse Mortgages · New Laws in 2009 · New Laws In 2010 · Appraisals · Duane Gomer · State Legislation · Mortgage Lending · Loan Modifications · REO's
Under new rules adopted by the Federal Reserve Board, beginning July 30, 2009, mortgage lending will be subject to expanded disclosure requirements. This may well be a good thing. However, until everyone gets used to it, it also may cause occasional delays in closings. First, some background.
 Â
More than a few times home purchasers have been […]
Tags: Mortgage Disclosure Improvement Act · Origination Fee · Nominal Rate · Regulation Z · Truth in Lending Act · Good Faith Estimate · RESPA · Note Rate · Interest Rates · Mortgage Funding · Mortgage Lending · Bob Hunt · Federal Reserve Board · Home Buyers · Annual Percentage Rate · Loan Fees · Disclosure
Buying your first home can be a nervous-making experience under the best of circumstances. These days, though, there are extra reasons to be concerned about one’s abilities to make the payments. Just look at the unemployment numbers.Â
 Â
The California Association of Realtors® (CAR) has introduced a program designed to help allay the exacerbated worries of […]
Tags: Mortgage Funding · Buying A Home · Mortgage Application · Mortgage Lending · CAR · Bob Hunt
Duane’s World of Real Estate