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on Thu Jun 16 2016, 5:46 AM
Good day, Do you need a loan? interested parties should contact Paul Anderson loan company today, Lender E-mail: unionloanservice@outlook.com We offer private, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 50 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $100,000,000.00. Our loans are well insured for maximum security is our priority, you lose sleep at night worrying how to get a legit loan lender? You bite your nails to the quick? Instead of beating yourself, contact Paul Anderson credit agency today (Loan Services) Now, Loan specialists who help stop Bad Credit History, to discover the winning solution that is our mission. Interested parties should contact the company via email for more information: Lender E -mail: unionloanservice@outlook.com Name of creditor: Paul Anderson Await your urgent response shortly. Best Regards, Paul Anderson.
on Thu Jun 16 2016, 5:46 AM
Good day, Do you need a loan? interested parties should contact Paul Anderson loan company today, Lender E-mail: unionloanservice@outlook.com We offer private, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 50 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $100,000,000.00. Our loans are well insured for maximum security is our priority, you lose sleep at night worrying how to get a legit loan lender? You bite your nails to the quick? Instead of beating yourself, contact Paul Anderson credit agency today (Loan Services) Now, Loan specialists who help stop Bad Credit History, to discover the winning solution that is our mission. Interested parties should contact the company via email for more information: Lender E -mail: unionloanservice@outlook.com Name of creditor: Paul Anderson Await your urgent response shortly. Best Regards, Paul Anderson.
on Thu Jun 16 2016, 5:46 AM
Good day, Do you need a loan? interested parties should contact Paul Anderson loan company today, Lender E-mail: unionloanservice@outlook.com We offer private, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 50 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $100,000,000.00. Our loans are well insured for maximum security is our priority, you lose sleep at night worrying how to get a legit loan lender? You bite your nails to the quick? Instead of beating yourself, contact Paul Anderson credit agency today (Loan Services) Now, Loan specialists who help stop Bad Credit History, to discover the winning solution that is our mission. Interested parties should contact the company via email for more information: Lender E -mail: unionloanservice@outlook.com Name of creditor: Paul Anderson Await your urgent response shortly. Best Regards, Paul Anderson.
on Thu Jun 16 2016, 5:43 AM
Good day, Do you need a loan? interested parties should contact Paul Anderson loan company today, Lender E-mail: unionloanservice@outlook.com We offer private, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 50 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $100,000,000.00. Our loans are well insured for maximum security is our priority, you lose sleep at night worrying how to get a legit loan lender? You bite your nails to the quick? Instead of beating yourself, contact Paul Anderson credit agency today (Loan Services) Now, Loan specialists who help stop Bad Credit History, to discover the winning solution that is our mission. Interested parties should contact the company via email for more information: Lender E -mail: unionloanservice@outlook.com Name of creditor: Paul Anderson Await your urgent response shortly. Best Regards, Paul Anderson.
on Thu Jun 16 2016, 5:43 AM
Good day, Do you need a loan? interested parties should contact Paul Anderson loan company today, Lender E-mail: unionloanservice@outlook.com We offer private, commercial and personal loans with very minimal annual interest rate as low as 2% for 1 year to 50 years repayment duration period to all parts of the world. We give out loans from $5,000.00 to $100,000,000.00. Our loans are well insured for maximum security is our priority, you lose sleep at night worrying how to get a legit loan lender? You bite your nails to the quick? Instead of beating yourself, contact Paul Anderson credit agency today (Loan Services) Now, Loan specialists who help stop Bad Credit History, to discover the winning solution that is our mission. Interested parties should contact the company via email for more information: Lender E -mail: unionloanservice@outlook.com Name of creditor: Paul Anderson Await your urgent response shortly. Best Regards, Paul Anderson.
on Thu Jun 16 2016, 5:42 AM
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Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri Jun 3 2016, 1:23 PM
Now that qualified buyers are actually qualified buyers and fraud is highly unlikely compared to some of the lending practices leading to the near complete collapse of the economy by 2008, one can say that eventually there will not be enough first time buyers who can afford homes at current housing prices. In spite of the tough competition from investors, eventually their numbers dwindle and the possibilities open up a little more for the first time buyers. In certain markets demand is still easily higher than inventory, but buying modest, though upgraded, 1970s era 2 bedroom condos with a little balcony or enclosed patio for $425,000 into several hundred thousand dollars will get too high and chase buyers away, who really wanted a house in the first place! They might finally decide to commute another hour to go along with the hour they were already going to have to commute! At least people in a market like I just described can usually see warning signs from some other region in their State that gets hit with a housing bubble before their region does, if they look for it.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Wed Jun 1 2016, 12:35 PM
There are always bubbles but predicting them is no easy feat. San Francisco was a good example to use of how much higher people are willing to go in their income to housing expense ratio. Obviously, being one of the most densely populated cities, there will be limited room to increase housing. The city has been creative in allowing for increased housing if falling far short of demand. The huge increases in both rents and home purchase prices in San Francisco has caused more pressure on Oakland and other East Bay city prices. However, we in the business, notice decreasing competition for housing in some parts of the extended S F Bay area. Back when the real estate market began to slow down substantially by 2007, San Francisco was the last to slow down quite a bit. I have heard of parents in Marin County which gets spillover of San Francisco home searchers, say to parents who gave up looking to buy in their beloved community,that they miss being able to do some of the things, like traveling, they used to as a family. The high monthly housing expense they took on from a home purchase in the past few years, is a burden but I think it will pay off in the long run.
Eddie Knoell
Loan Officer, Signature Home Loans Presents The Eddie Mortgage Team
on Fri May 27 2016, 1:25 AM
Nice posted AQ. Very informative!
on Tue May 24 2016, 10:19 PM
Really, how many loan officers pull credit and run a scenario through DU or LP and go ahead and submit an application they know isn't going to be approved? Those official numbers look much better than they really are because most people who can't qualify are saved the expense and brain damage of applying by considerate loan officers.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri May 20 2016, 4:55 PM
Yeah, or folks were trading on the block sales of Eurodollar futures (that's 10k contracts each in EDZ7 and EDZ8 at 98.59, specifically) that immediately preceded the spike in 10yr Treasury futures volumes and triggered commodity trading advisor stop-losses AND furthermore served as a cue for black-box momentum trading. All of the above was exacerbated by actual cash sales in Treasuries on the part of a big, unnamed fund, not to mention the general anxiety/jumpiness and impressionability of bond markets leading up to Fed minutes the day after Lockhart and Williams basically warned everyone what was coming. The ^TNX is a synthetic index that won't ever move until after all the real trading has already happened. If there were really inside information to be traded upon, then stocks and oil would not have been rising at the same time considering they tanked following the release of the actual information. If you want to more fully explore the rabbit holes of which I speak, you'd be better served by other sections of this site, such as: http://www.mortgagenewsdaily.com/mortgage_rates/blog/
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Fri May 6 2016, 12:56 PM
Positive news once again from Fannie Mae. Often we heard the voices from Congress that wanted to shut Fannie Mae and Freddie Mac down! Yet the housing industry is a big part of the continuing positive direction of the economy. Few Millennials, many whom had gone through credit challenges via the recession, have the cash reserves to put very much into a down payment on a home, However, many have the desire to own their own home, the consistent work experience and income, and have at least saved enough for a 3% or 5% down payment. Regardless of having profits dragged down by their previous mistakes now years behind their "current better practices", they are clearly now part of the economic success in the USA. If we can just get more Americans spending power boosted without discouraging more and more new entrepreneurial pursuits, we could get more people into owning their own homes.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue May 3 2016, 8:16 PM
Dear Conflicted Consumer, You sound pretty well versed in the mortgage world, and kudos to you for asking about the ethics of changing lenders. That being said, your comment that you have a decent rate and are now being quoted .5% LESS IN RATE is a red flag to me. Sure, rates will vary slightly from lender to lender, and they do move from day to day. However, a difference of 1/2% is remarkably huge, and a bait and switch offer, or a lender who pays their originators pennies on the dollar are the only two rational explanations I can think of for that large a gap. If you were my client, I'd hope you'd: bring me your LE from the second lender (and if you don't have an LE, you really don't have much) to review it, and also research "new cheap rate lender" to see what the company, and loan originator's reviews are. "If it's too good to be true, it probably is" comes to mind, and lender B offering a rate .5% under lender A (who you say you're basically happy with) sure sounds iffy to me. If you ended up switching lenders, and wanted to send some pizzas or something to the first lender, it would be a nice gesture. Not sure I'd do anything financial, that might be against their policies.
on Tue Apr 26 2016, 10:05 AM
HUD's idea of a resolution to Fidelity's lending is to force them to an agreement that does exactly what they are saying they are in trouble for "discrimination"? How does this make any sense, if Fidelity denied applicants based on credit or job history, legally, they did all they were supposed to. Now they have to give loans to "minorities" that don't qualify for their underwriting guidelines. These agreements are what are holding back lenders, along with the stated: ".... companies do their best to help their clients in spite of the palpable fear of making a mistake in a loan file." The lender did everything correct and still got punished for it. The Gov't agencies have too much power, especially when it is misguided and they enforce illegal actions. "Under the agreement, Fidelity will make investments and community development loans in predominantly minority census tracts where at least 40 percent of these loans will specifically promote affordable housing. For this purpose, the Bank has committed to earmarking at least $500,000 each year for two years, for a total of $1 million."
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Apr 14 2016, 4:21 PM
Good luck, Jaime. Hope he's a MND loan officer, so at least as knowledgeable as those here!
on Wed Apr 13 2016, 1:38 PM
Thank you for your comments everyone! I have gotten some more info and am in touch with someone. Ted - it sounds like you are correct in that it is quite difficult to actually get approved for one of these extenuating circumstances and requires more effort and documentation than even was required for the short sale itself to happen. I think I have a new game plan now with the LO I am in touch with - thank you again to all who replied to help!
on Mon Apr 11 2016, 3:33 PM
How do I go about finding lenders that will allow only a 2 year wait period on conventional after short sale? My short sale was due to medical reason so may possibly qualify for the extenuating circumstances. Thank you so much! (I am in the Phoenix, AZ area)
on Fri Apr 8 2016, 2:37 PM
Rob- Re Condos: Any hope that FHFA or Fannie/Freddie themselves will take the initiative to create approved Condo lists similar to HUD&VA? That would make life so much easier for all involved, cheaper for borrowers, etc. Lacking that, it seems like lenders are doing a lot of redundant work that shouldn't be necessary. Thx.
Frank Ceizyk
Mortgage Consumer Advocate, Escape From Pottersville
on Fri Mar 18 2016, 12:24 AM
I completely agree with you Larry, and if the mortgage industry adopted "I am going to be a mortgage consumer advocate first and a profiteer second" as its mission statement and then acted accordingly, the dialogue about our industry could credibly change to one of trust. I have heard some originators discuss the idea of 'residual compensation' for long term loan performance and retention. This would certainly take some of the pressure off of mortgage banks to constantly be releasing new products in the name of driving volume and profits, and motivate loan officers to become more focused on long term financial mortgage planning, rather than short term profit goals. Providing the best rates and terms for borrowers with a financial plan in mind would reduce prepayment risk, as loan officers would be working for both the initial commission, plus the residual income for performance and length of time that loan stays in the MBS pool. While this may seem like a distant pipe dream, I fear that if we don't reform our industry to provide a more comprehensive financial planning and education component as a value added service, the Rocket Mortgage model will replace us as consumers choose speed and immediate convenience over a longer term financial mortgage wealth plan that requires more time and effort.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Thu Mar 17 2016, 6:30 PM
Coming from someone with a lot of experience as a loan originator, consultant & mortgage planner it is easier to accept what you say. Of course, declaring that people tend to trust maybe too much can boost the support for regulation. As to trusting government and realtors in regards to whether values will go up or down, and how much so, that can be foolish. However, as an educated, experienced, and knowledgeable loan originator....one can decide, "I am going to be a mortgage consumer advocate first and a profiteer second." Many professionals who have grown as a more self realized individual know that if they always put people first in assisting them, earnings will follow and this can include realtors, etc. Realtors can choose to put their buyers first and know that they have provided the kind of education and service they would want for themselves and their loved ones. Depending on future refinances to make things right, or the ability to flip a home for a good profit are both poor reasons to buy a home for most people. On the other hand some people may be prepared to invest in homes and flip them for a profit. Lucky realtor who gets them as a regular client!
on Wed Mar 16 2016, 2:27 PM
You are forgetting THE main principal, that we, as an industry, have allowed the bureaucrats, the media, career politicians, and, most importantly, the fine folks tasked with protecting consumers from financing, that frames every discussion about the mortgage meltdown and our industry. That assumption is this - homeowners and people in general, especially people who buy things, are just plain stupid. They are incapable of understanding complex concepts like using financing to buy real estate, property values, a montthl budget, household expenses, etc. People are prone to do stupid things like take on a monthly payment that is more than they can afford. Further, people, primarily homeowners who are stupid can't be expected to make an important decision like how much of a mortgage payment they can afford. Stupid people are also easy pry for the evil investors, who we know not capable of determining a criteria by which they will invest in mortgage backed securities, made to stupid people. What did all these stupid and evil people do before QM? Thank the Lord hat we have such an involved government, to protect us from ourselves......
on Wed Mar 16 2016, 12:40 PM
Appreciate the information and all the articles, but you all need to tighten up your proofreading/editing. It's across the board on many articles with different writers, not just this one. Love all the info you provide though - keep up the good work on that end!
Frank Ceizyk
Mortgage Consumer Advocate, Escape From Pottersville
on Fri Mar 11 2016, 4:14 PM
Yes--the extra waiting period makes absolutely no sense on a refinance,and actually hurts the cost benefit for refinance customers, by potentially adding an extra 3 days of interest they have to pay on their old loan, delaying the benefit of lower interest on the new loan. Might not seem like much $$, but multiply it by every American who is trying to refinance in the post TRID world and it adds up to a lot of unnecessary cost paid by housing consumers.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Mar 9 2016, 6:04 PM
Agreed, Larry, especially on refinances with rescission. If you can't understand your loan at closing, or in the three days after, is seeing the CD 3 days before closing really going to make a difference?
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Wed Mar 9 2016, 2:55 PM
I certainly agree that the new LE and CD designed as such is benefitting everyone involved in the loan process and making for smoother closes. I still view the 3 day wait period as completely unnecessary and just another delay process. Why on earth does one need 3 days to look at the simple CD which is easy to compare with the original LE. The borrower reviews the CD, asks their questions if any, and signs it. That should be sufficient to be able to draw docs. There really is no reason to have the 3 day wait period.
on Mon Mar 7 2016, 10:09 AM
Cost of compliance might have something to do with that.
on Fri Mar 4 2016, 6:24 PM
It is very informative article. it is exactly what I was looking for.
Frank Ceizyk
Mortgage Consumer Advocate, Escape From Pottersville
on Wed Feb 24 2016, 12:23 PM
One more reason why taking out a HELOC is a risky proposition. 4.3% drop in 1 year median prices.
on Wed Feb 24 2016, 12:07 PM
Yes, realtor is a THREE SYLLABLE word. You're just railing about mispronounciation. It's like saying that "nuclear" is a two syllable word just because some people mispronounce it "nucular"... If you go to Meriam-Webster, the dictionary (online) makes it very clear that there are three syllables. Re-al-tor.
Frank Ceizyk
Mortgage Consumer Advocate, Escape From Pottersville
on Mon Feb 22 2016, 2:48 PM
I actually can't believe the title is for real. Maybe it's the folks at Loandepot that are clueless and don't want to acknowledge consumers are a little more financially educated and/or weary about the realities of the staying power of these double digit value increases. Why in the world you want to even compare HELOC volume to the 2005 period, given that the values were artificially propped up by unsustainable housing loan and sale practices? And then actually add that HELOC default levels are the lowest since 2007--when the market imploded? How is that even a good baseline for comparison? Ugh. And we wonder why the dialogue about the mortgage industry continues to filled with distrust. If housing is truly going to be considered to have any investment value, then the strategy should always be to have a bigger distance between the asset value and the loan balance. "Tapping" equity turns equity into a liability.
on Thu Feb 18 2016, 7:03 AM
Informative write-up. That's really true that for the last few years home prizes have grown up tremendously, but still it could be said that it is more affordable amongst all the others. Visit http://www.legisocial.fr/conventions-collectives-nationales
on Mon Feb 15 2016, 10:38 AM
The insurance executives and regulators quoted in this story seem to live in la-la land where they can dream of the glories of the 'free market' and there are no consequences to the lives of real people. If you raise the price of flood insurance beyond the costly level where it is now, you will destroy the home investments of hundreds of thousands of people who will be unable to sell their homes, and who bought them believing in good faith that subsidized flood insurance at affordable rates would always be available. I live in a beautiful historic neighborhood along the Susquehanna River in Harrisburg, Pa., which had a vibrant real estate market until the Biggert-Waters Act was passed. Now, homes sit on the market for 1-2 years if they sell at all. Many have been converted to rentals. If you price flood insurance at so-called 'market' rates, you will cause the eventual abandonment of large parts of communities in the hundreds of river towns in Pennsylvania and elsewhere. Think it through, folks. There are serious consequences to the 'reforms' you propose.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Feb 11 2016, 9:56 AM
Couldn't agree more that there are many in the $51k+ camp who care deeply and would love to help, but can't, due to the structure of the system.
 

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Mortgage Rates:
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  • 15 Yr FRM 2.75%
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  • Jumbo 30 Year Fixed 3.49%
MBS Prices:
  • 30YR FNMA 4.5 109-03 (-0-04)
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  • 30YR FNMA 5.0 111-01 (-0-01)
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  • 30YR FNMA 5.5 112-11 (0-00)
Recent Housing Data:
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  • Refinance Index 0.51%
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  • Purchase Index 0.38%