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
I have been in real estate a long time. How long? My California license number is 257862 (issued
December 9, 1961).  In all that time I have never seen anything as confusing as the new NMLS procedures concerning loan origination. What have I learned since my last email about this confusing topic? Lots.
Tags: S.A.F.E. Act · NMLS · Loan Origination · Duane Gomer · Loan Processing
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
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