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Big Hit to Second Home and Investment Mortgages

Thinking Refi? Read this First !

Think You Found a Better Mortgage Quote? Think Again

How to Ensure a Stressful Closing: Borrower Edition

Do’s and Don’t’s For Divorce Attorneys (and Their Clients Owning...

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Community Commentary provides analysis and perspective on events affecting the mortgage and housing industry from members of our community that work in the marketplace on a daily basis.

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Big Hit to Second Home and Investment Mortgages

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by Ted Rood on March 12 2021, 3:07 PM

Fannie Mae announced March 10 that they are limiting new loans secured by second homes or investment properties to 7% of the overall loans they purchase (roughly HALF their historic levels!), effective April 1. What does this mean to borrowers seeking...
Thinking Refi? Read this First !

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by Ted Rood on August 14 2020, 9:27 PM

With rates near all-time lows, millions of homeowners are frantically refinancing. Borrowers often think the only pertinent question is “ how much can I drop my rate? ”, when there’s other as (or more) important factors involved. Let’s...
Think You Found a Better Mortgage Quote? Think Again

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by Ted Rood on December 30 2019, 4:34 PM

I’d been working with Janet for 5 months as her new home was being built. We addressed some concerns, pulled a new credit report to reverify her/hubby’s scores, and sent her a Loan Estimate (LE) showing the final purchase price, loan size...
How to Ensure a Stressful Closing: Borrower Edition

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by Ted Rood on September 25 2017, 4:34 PM

There are copious resources available on what you should do during the loan process to expedite your closing. Your loan officer probably gave you a “to do” list; your realtor may have as well. Today we’re going to take a lighthearted...
Do’s and Don’t’s For Divorce Attorneys (and Their Clients Owning Real Estate)

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by Matt Hodges on August 17 2017, 2:31 PM

As a mortgage loan officer, I typically work with home buyers who are moving up, buying their first house, or buying a vacation or investment house. My refinances are often rate and term – (lowering the client’s payment) or cash-out for a...
5 Weird Reasons You WON’T Get a Mortgage

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by Ted Rood on January 09 2017, 2:27 PM

If you’re hoping to purchase a home soon, there are plenty of things to concentrate on. Your loan officer or realtor will probably give you a list of the documents you’ll need, and some “to do” items, like check on homeowner’s...
Sometimes "No" Isn't The Final Answer When it Comes to Getting a Loan

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by Ted Rood on August 10 2016, 11:20 AM

The following is a true story (though the names have been changed to protect privacy) of how Carey and Jan bought their new home despite no down payment, and a 586 credit score, and an undisclosed old meth lab on the property. Jan sounded down when she...
15 Takeaways From Mortgage Industry's Top Sales Conference: Mastermind 2016

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by Julian Hebron on June 14 2016, 9:15 AM

When the Mastermind Summit was launched before the financial crisis, I didn't want to be anywhere near a mortgage sales conference in Las Vegas. I say that as a mortgage sales veteran, but back then I was very uneasy about the irrational excess of the...
Trended Credit Data: Hope or Hype?

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by Ted Rood on May 04 2016, 1:36 PM

Fannie Mae’s Desktop Underwriter (DU) Version 10.0 kicks in June 25th, and has several changes that will significantly impact borrowers’ loan approvals. One of the biggest changes is the rollout of Trended Credit Data (TCD). TCD has been touted...
Why was Jerry’s Rate so Much Lower?

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by Ted Rood on May 03 2016, 4:32 PM

A primer to the misunderstood factors that determine Jerry’s (and Shawn’s, and your) interest rates... The excitement in Shawn’s voice was palpable. He called me based on his friend Jerry’s recommendation. Rates hit a multi-month...
Special TRID edition of Borrower Do's and Don'ts

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by Ted Rood on October 01 2015, 11:27 AM

We've previously explored homebuyers' "Do's and Don'ts" and uncovered some vital tips that help or hinder the home buying process. In today's special edition, we examine hints for successfully coping with TRID (the new TILA-RESPA Integrated Disclosures...
Realtor "Do's and Don'ts"

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by Ted Rood on August 21 2015, 3:48 PM

We've previously explored the "Do's and Don'ts" for homebuyers, and uncovered some vital tips that can help or hinder the home buying process. In today's special edition, we examine hints for Realtors, whose actions during purchases are just as critical...
Fannie Program Helps Disabled/Seniors’ Families Purchase Homes

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by Ted Rood on July 10 2015, 1:01 PM

One of the biggest challenges (and greatest opportunities) loan officers face today is the maze of constantly changing guidelines, programs, and policies. The rewards of these opportunities can be life changing though, and I was privileged to see that...
How the Mortgage Industry Already Protects Consumers

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by Denny Ceizyk on May 01 2015, 1:37 PM

As the Consumer Finance Protection Bureau enters its second year as the oversight regulator for the mortgage industry, the bulk of media focus is on how difficult it is to get a loan now, and on reporting enforcement actions for business practices that...
It’s Time to Take Our Industry Back: Educate and Innovate

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by Denny Ceizyk on April 17 2015, 2:53 PM

As we prepare and retool for the August 1st disclosure changes, it will be easy to lose sight of the opportunity that is before us. The regulatory integration is here to stay, and there is ample evidence to show that it’s costing consumers more...

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Editorial Disclaimer: The opinions and views expressed here are those of the contributing authors and do not necessarily reflect those of the publisher, editor or the editorial staff of Mortgage News Daily.

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