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Jana Holmstrup

on Sat May 18 2013, 5:05 PM

I believe the mortgage banker quoted in the 2nd paragraph is confusing QM Points & Fees vs. HOEPA Points & Fees vs. HPML Points & Fees. Three different rules with very different calculations. While QM and HOEPA exclude FHA's MIP - it is included in the HPML calculation and will cause huge issues if something is not changed... I do not foresee many doing HPML loans come January.

SOURCE: Time to Buy Fannie/Freddie Stocks Yet? Mortgage Litigation Tally, Another LPS Settlement

Dana Beck

on Sat May 18 2013, 11:26 AM

I think we are playing semantics at this point. They are both defaults on the terms of the original note. Yes, a short-sale shows that a potential future borrower was more responsible than someone who just waited for the cash-for-keys check after the NOS. However, a new lender has to count on the previous lender's loss mitigation underwriters, and assume that they did their due diligence in making sure it was not a "Strategic" short-sale. In my opinion, a strategic short sale is as bad as a strategic foreclosure.

SOURCE: Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

Dana Beck

on Sat May 18 2013, 10:58 AM

On what planet do you need a 720 for conventional? Or 660 for FHA? A 720 for conventional can help get the best execution rate, as well as help get AUS approval for over 80%, allowing great programs such as LPMI for lower than the traditional 20% down payment, but the article is intellectually dishonest. The date provided could indicate that credit scores are up overall. But if you have a 560 mid FICO with compensating factors, you can still get a manually underwritten FHA home loan with 3.5% down if you know where to look.

SOURCE: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Frank Ceizyk

Vice President, Heartland Mortgage, Inc

on Sat May 18 2013, 2:20 AM

Mr. Yun is just being idealistically unrealistic. The mortgage industry serves 3 masters. The housing consumer, the MBS investor, and the regulatory complex. Whether by default or by design, there is more at stake than ever before when it comes to the success or failure of financed home ownership. If the real estate industry had to subsidize the expense of any future default from the various recovery funds across the country, my guess is the mindset would be different.

SOURCE: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Ralph Otto

on Sat May 18 2013, 12:20 AM

I really like Yun with NAR - his comments are great. First he thinks banks are too strict with their money, slowing the housing market and the recovery. Now he thinks conforming loans should be given to borrowers with a 720 score. Conventional loans ARE given to borrowers with a 720 score (as we all know) and the pricing difference between 720 and 760 doesn't make much difference. As for strict guidelines, banks should be careful with their money. Where was he from 2007-2010? Current guidelines look a lot like 1996-1998 and it wasn't holding back buyers. Rates then were what.. 8% NAR should stick to Real Estate. If Yun had his way we would be back to 100% stated at 640 FICO and we'd be riding that roller coaster all over again.

SOURCE: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Steve Harkness

Mortgage Loan Originator, CRL Homeloans, Inc

on Fri May 17 2013, 9:18 PM

Thank You for addressing this Ryan, You would think these Congressmen and Senators would have advisor's in place to correctly inform them what the actual laws are.

SOURCE: Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

Steve Harkness

Mortgage Loan Originator, CRL Homeloans, Inc

on Fri May 17 2013, 9:16 PM

The inventory is there take a look around. The banks have so much shadow inventory that they are just letting rot on the foundations rather than sell at a reduced price.

SOURCE: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Frank Ceizyk

Vice President, Heartland Mortgage, Inc

on Fri May 17 2013, 6:41 PM

There is a simple solution. Stop focusing on all of the nuances that go into how the rate and pricing are derived, and look at the bottom line to the consumer. What is the benefit of the transaction if it is a refinance and when will that benefit be achieved (at closing in the case of what we used to call 'no cost' pricing, or how long after costs of getting the benefit are absorbed in the event of a low cost or buydown rate). Is the benefit permanent, or temporary (adjustable rate/balloon). Are there any additional "risky features" (negative am/prepayment penalty). Whoever offers the benefit with the shortest path to achieving that benefit, with the lowest risk that benefit could change in the future, wins the consumer's business. It's really just as easy as that. There would be no incentive for "abusive" lending if we were all competing to maximize the benefit we deliver to the consumer in the shortest time period, for the longest time horizon possible. Need to start reframing the entire argument.

SOURCE: Consumer Mortgage Choice Act Under Fire From CRL

Ryan Brandenburger

Partner, BayBurg Mortgage Inc.

on Fri May 17 2013, 5:48 PM

Dear Senator Nelson, I just wanted to correct your understanding regarding the mortgage rules after short sale and foreclosure. It does not take seven years after foreclosure to obtain a mortgage like you stated in your press conference. Currently the guidelines say 2 years if you have a good reason for SS or FC and 3 if not. Fannie Mae will allow you to obtain a mortgage after 5 years. Both HUD and Fannie Mae look at foreclosures and Short Sales as one in the same. Releasing this type of press is the only thing that would further hinder the recovery. Knowing the facts and getting in front of the podium and letting people know the truth would help the recovery. Thank you for your time! Ryan

SOURCE: Senator on a Mission to Change the Way Short Sales Affect Credit Reporting

Randy Chambers

on Fri May 17 2013, 5:44 PM

Sales volume will NOT rise until more inventory becomes available, especially in western states metro areas. Indeed, that won't occur until more tentative subdivisions, condos and MPCs consummate their entitlement process, which, by the way, won't be for another one to four years. And then, we have to wait for the homes to be constructed. Moreover, since tens of thousands of distressed, REO and auctioned homes have been purchased by investors the last two years, the market has to wait for them to release these rental properties for sale. As far as REO homes still in bank inventory? Who knows how many they might release within the next one to two years.

SOURCE: Home Sales Would Rise 15-20 Percent With 720 FICO - NAR

Christopher Stevens

Secondary Marketing Manager, Premium Mortgage Corp

on Fri May 17 2013, 1:24 PM

REPRICE : 1:15 PM - Chase Worse

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