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
How can you fix an error on your credit report? Every person has the right, under the Fair Credit Reporting Act, to dispute the completeness and accuracy of information on their credit files. If there is a mistake on a credit report, it’s not difficult to fix it. You should do it yourself - it’s […]
Tags: Credit Reports · Loan Applicants · Paul Scheper · Lending
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
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
If only the President’s foreclosure-prevention plan worked as well as “cash for clunkers”. But it hasn’t. When the Administration announced the Making Homes Affordable plan in February of 2009, officials said they hoped it would help 4 million distressed homeowners to stay in their homes. As of this writing (8/2/09), the Administration has acknowledged that […]
Tags: Under Water · Making Homes Affordable · Loan Modifications · Deed In Lieu of Foreclosure · FICO · Treasury Department · FICO Scores · FNMA · Freddie Mac · Bob Hunt · Short Sales · Lending · Loan Applicants · Fannie Mae · Loan Processing · Foreclosures
Duane’s World of Real Estate