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on Tue Sep 2 2014, 6:39 AM
Good day to everybody My name are Lynn Janet, I want to thank this great loan company who helped me to get a loan. For the past three months, I have been searching for a loan to settle my debts and also to start a business, everyone i met scammed and took my money until i finally met Mr Gabriel Owen. He was able to give me a loan of $330,000 dollars. He can also help you with any amount of loan you wish to get. He has also helped some other colleagues of mine. If you need any financial help, kindly contact his company through email: (gabowenfinance@yahoo.com) i believe they can help you. Contact him to get help just as he helped me. He does not know that i am doing this by spreading his goodwill towards me but i feel i should share this with you all to free yourself from spammers, please beware of impersonators and contact the right loan company to get any kind of loan of your choice.
on Sat Aug 30 2014, 6:48 PM
Ted, Don't write off FICO Score 9 so quickly. Remember that FICO bent to pressure from the CFPB. Emboldened as they are these days, the CFPB could apply significant pressure to the GOEs (except VA- they do whatever they want to do) to adopt the new model.
on Fri Aug 29 2014, 2:07 PM
lmao Matt... great update and good laughs too
Ted Rood
Senior Mortgage Planner NMLS 543290, Wintrust Mortgage
on Sun Aug 24 2014, 11:51 PM
Yeah, nothing like another potential government debt limit crisis combined with a contentious mid term election to keep boredom out of the mortgage industry! Ought to be an interesting next several months!
on Sat Aug 23 2014, 5:21 PM
I can relate to the stuck in the mud borrower. CFPB is going to make life even more difficult in the future.
on Thu Aug 21 2014, 5:19 PM
http://www.gpo.gov/fdsys/pkg/FR-2014-05-09/pdf/2014-10600.pdf
on Wed Aug 20 2014, 6:37 PM
With FHA MIP premiums now permanent at 130-135 bps, quoting FHA 30 Yr rates at 3.75% should be considered a fraudulent misrepresentation. The real rate is 5.05-5.10%.
John Rodgers
CEO, Prime Mortgage Lending Inc.
on Wed Aug 20 2014, 8:45 AM
Can you please provide me a link or some other info from the VA on this interim final rule? I've called VA and it is not on the VA Lenders Portal. Some investors have issues changes to the VA loan program based on reporting but I can't seem to find the no kidding interim final rule from the VA.
on Fri Aug 15 2014, 3:21 PM
The govt. has made the process so painful, who could blame people for not refinancing?
S Reichert
Mortgage Banker, Black Hills Community Bank
on Fri Aug 15 2014, 2:44 PM
There's a pressure here. Regulate the points and fees while forcing an increase to operational costs. Is this an intentional squeeze designed to force lenders to exit the business? Also, the consumer gets hammered with higher costs, of which the vast majority would qualify under old and new regulations. So your qualified buyer gets to pay for the sins of others. Eh.
on Fri Aug 15 2014, 2:08 PM
Quicken actually just cut all the pay for their employees. All disappointed again!
on Fri Aug 15 2014, 1:48 PM
We find that extreme procrastination is a major factor. Homeowners have so much on their daily plate that the idea of having to submit a laundry list of docs to apply gets put off until either the loan officer gives up or the window of opportunity get closed again with rates. We continue to refinance many homeowner's with rates in the 6% range whether Conventional, HARP or FHA but it is very frustrating to speak to a good percentage of prospects that can save substantially but do not mover forward.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Fri Aug 15 2014, 12:39 AM
Amen Philip, Amen. If we could actually maintain historically sustainable average home value increases of 2-4% and restrict lending in zip codes with those 10-12% unsustainable increases to lower LTVs, all of this regulatory mayhem would be unnecessary, because even a house bought with an exotic loan product could be sold at a profit after just a couple of years and the potential for severely upside down neighborhoods would be significantly reduced.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Fri Aug 15 2014, 12:15 AM
Larry Gray: I simply don't think it can be considered an 'investment' based on the Intelligent Investor (the Benjamin Graham book hailed by Warren Buffet as 'The best book on investing ever written) definition that "An investment operation is one which, upon thorough analysis promises safety of principal and and an adequate return. Operations not meeting these requirements are speculative". And please please stop the insanity of comparing stock investing to home buying. If you lose money on a bad stock investment, the money is gone. You aren't paying on debt related to that bad stock bet for 30 years, don't have to risk destroying your credit rating if you end up defaulting on debt since you are generally using cash to buy the stock, and you certainly aren't going to risk losing your home if the stock market drops. I once thought home ownership was an investment but the boom and bust cycle of the last six years has changed my opinion. I think it can still be a foundation or wealth, and there are tax and pride of future ownership (once the loan is paid off) benefits, but I just can't call it an 'investment' true to the definition above. The real 'investing' is happening on the MBS side of the housing finance world where there is measurable safety of principal and return for the investors regardless of what happens to the value of the underlying collateralized assets (the financed houses). The boom and bust cycle of the last year must have at least made you question the integrity of the system we use to value property for the purposes of heavily leveraged home lending. 5% down in a neighborhood that has a steady appreciation rate of 3-5% will at least yield a resale breakeven in a couple of years. But with shadow inventory, cash buying, investor block buying, and reports like the one I cited here on MND in my last post predicting a downturn in a couple years I can't rationalize moving the current state of home buying out of the 'speculation' column and into the investment category. Given that we can't seem to do anything to change the boom and bust nature of real estate, maybe we can instead offer financial planning advice that includes recommending saving up earlier for more down payment, finding ways to get a higher education that doesn't involve massive amounts of student loans so debt ratios are lower, mandating financial education for grades K-12 so money management is reflexive by graduation, and re-tooling...
Larry Gray
Senior Mortgage Banker, Clear Lending/Div. of PRMI
on Wed Aug 13 2014, 10:27 PM
Frank Ceizyk...I would like to think your cringe when you hear any mortgage professional use the word "home" and "investment" in the same sentence is because you just do not like home buying as an investment, though you may once have. Whatever these young people ages 25 to 34 decide, home buying ought to be considered as an investment, whether a wise one or not. Buying stocks is an investment even if not always a wise one. For some first time buyers, buying a home may not have the sense of urgency it once had with as many young people, but many still want to own their own home. It is a job of a good mortgage planner or consultant to address all important issues regarding buying a home. It is important for the young potential home buyers to get opinions from family, friends, and their own extensive research. Where I live, the demand for purchasing homes is so great in the entire county, it is extremely difficult for many people to buy a home now! Every real estate market is unique as is every buyer's situation and short term and long term goals .
S Reichert
Mortgage Banker, Black Hills Community Bank
on Wed Aug 13 2014, 1:34 PM
These rules have been in place for a long time. It takes concerted effort to ignore them. Sounds like this is good for consumers and competitors alike.
on Wed Aug 13 2014, 11:22 AM
and how much did Markert earn under this scam? How much were competitor losses incurred by playing fair with consumers? 1.5Mil? that a joke. should be 10 times that for this fraudster.
on Wed Aug 13 2014, 7:01 AM
FHA was such a great help to us when we were devastated by hurricane Katrina. We’re glad that we found a considerable lender near us (here in Florida). You are correct Victor, your credit card score will definitely determine whether you’ll be qualified or not. Our loan specialist whom we stumbled upon here http://www.trustlink.org/Reviews/Prospect-Mortgage-LLC-205915290 keeps reminding us that if possible, we should keep our credit rating and our credit score high. That will give us the possibility to be approved immediately.
Frank Ceizyk
Mortgage Industry Consumer Advocate,
on Mon Aug 11 2014, 10:11 AM
Perhaps the truth is Millenials are more financially educated than we give them credit for. I cringe when I hear any mortgage professional use the word ‘home’ and ‘investment’ in the same sentence. I just don’t think we can honestly say anymore that housing is an ‘investment’. I’ve used this definition over and over in posts before, but the simple truth is an ‘investment’ has to have some reasonable expectation of protection of principal and allow for some return. With the drastic fluctuations up and down in prices over the last 7 years, it’s hard to make the argument that principal will be protected, or that a return will be realized in the future. The sale of a house is backloaded with 6-7% worth of fees, so a 3.5% down payment means it will take a year or two to reach a resale breakeven assuming houses appreciate at 3% /year. Then there are pesky news reports like Home Prices to Level Off and Reverse Course Within 2 Years - Analysts that don’t exactly instill confidence in the investment value of home buying, or the outlook for appreciation in the future. Add to that it took Congressional legislation and a new regulatory agency to ‘protect consumers’ from predatory lending and it’s pretty obvious why this generation might not be knocking down our doors to become home owners.
on Fri Aug 8 2014, 4:41 PM
Locked one this AM-->thank you AGAIN to MBS Live!
Steve Chizmadia
Mortgage Consultant, MLO# 244902, American Capital Home Loans, A division of Pinnacle Capital Mortgage Coporation
on Fri Aug 8 2014, 4:41 PM
Thanks MG, I snuck 3 locks in before that reprice.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Aug 8 2014, 4:41 PM
RTRS - RUSSIA'S DEFENCE MINISTRY SAYS MILITARY EXERCISES NEAR UKRAINE BORDER ARE OVER -INTERFAX
William McGuirt
Originator / LO, Sebonic Financial
on Fri Aug 8 2014, 4:37 PM
Do you still have to hit the borrower with unreimbursed expenses for past years if they left the job and now are Reimbursed?
Jason Anker
Originator / LO, Salem Five
on Fri Aug 8 2014, 4:37 PM
lots of overlays on this one yes. I've stated FHA rules only
Victor Burek
Mortgage Planner, Open Mortgage
on Fri Aug 8 2014, 4:37 PM
but i think it is only in first 6 months, but lenders may have an overlay for year
Jason Anker
Originator / LO, Salem Five
on Fri Aug 8 2014, 4:37 PM
2011 revisoin confirms the below. 4155.2 4.7.f Second Appraisal Required on Properties Sold Between 91 and 180 Days After Acquisition A lender must obtain a second appraisal by another appraiser if •the resale date of a property is between 91 and 180 days following the acquisition of the property by the seller, and •the resale price is 100% or more over the price paid by the seller when the property was acquired.
Jason Anker
Originator / LO, Salem Five
on Fri Aug 8 2014, 4:37 PM
ML 2006-14
Victor Burek
Mortgage Planner, Open Mortgage
on Fri Aug 8 2014, 4:37 PM
yes, fha requirement if over 100% increase
Andy Pada
VP, 1st 2nd Mortgage Co.
on Fri Aug 8 2014, 4:37 PM
question is: is it a FHA requirement?
Andy Pada
VP, 1st 2nd Mortgage Co.
on Fri Aug 8 2014, 4:37 PM
we always require a second appraisal when the value has increased by more than 100% within 12 months.
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Aug 8 2014, 11:09 AM
That is usually how it goes. Gain less, lose less
Michael Gillani
President, Boardwalk Lending LLC
on Fri Aug 8 2014, 11:09 AM
Gotcha. And reversely, if Treasuries were to move back in the other direction for any number of reasons, I imagine MBS would move back the other way without underperformance, right?
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Aug 8 2014, 11:09 AM
Well, considering I wrote that last night and they're already widening, yeah... The more we rally on geopolitics and Europe-related save-haven demand, the more MBS will underperform. Rather than 'catch-up' in that scenario, they'd simply reach a range of maximum underperformance where they'd at least be moving as much as Treasuries, but not necessarily making up ground.
Michael Gillani
President, Boardwalk Lending LLC
on Fri Aug 8 2014, 11:09 AM
MG, I read the Day Ahead and have one question. Do you anticipate the gap between MBS and Treasuries to widen if Treasuries continue to push new lows? Or can we expect or at least hope that MBS will play catch up next week if the bond rally persists?
on Fri Aug 8 2014, 11:09 AM
Still no MBS love
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Fri Aug 8 2014, 11:09 AM
Bloomberg reporting US military aircraft strike on Islamic state artillery -Pentagon
Victor Burek
Mortgage Planner, Open Mortgage
on Fri Aug 8 2014, 11:09 AM
Stocks appeared to get a boost after Russian news agency RIA said Russia is seeking to de-escalate tensions with Ukraine. Russia and the West have been tussling over the Kremlin’s support of separatist forces in Ukraine,
Victor Burek
Mortgage Planner, Open Mortgage
on Fri Aug 8 2014, 11:07 AM
Blasts are rocking Gaza, smoke is rising over the city, apparently from an Israeli air strike, Reuters reports. This comes after Israeli authorities ordered military to respond to “at least 18 rockets from Gaza” by attacking “terror sites,” the army said.
JRS
Secondary Marketing Manager, Georgia Banking Company
on Thu Aug 7 2014, 4:20 PM
Agreed. Never like floating through to a Friday though. And the Ukraine issues continue to occur and then dissipate into nothing.
Andy Pada
VP, 1st 2nd Mortgage Co.
on Thu Aug 7 2014, 4:20 PM
but it seems to me the effects of Ukraine and other geopolitical events seem to ebb and flow.
Victor Burek
Mortgage Planner, Open Mortgage
on Thu Aug 7 2014, 4:20 PM
my only concern with floating would be stocks have pulled back a bunch in Europe and they could have a relief rally tomorrow which probably wouldn't help us
Victor Burek
Mortgage Planner, Open Mortgage
on Thu Aug 7 2014, 4:20 PM
looks like issues with Ukraine is driving this...that is not likely to be solved overnight
JRS
Secondary Marketing Manager, Georgia Banking Company
on Thu Aug 7 2014, 4:20 PM
You think this rally's going to hold through until tomorrow?
Andy Pada
VP, 1st 2nd Mortgage Co.
on Thu Aug 7 2014, 4:20 PM
I want to believe...
Jason Anker
Originator / LO, Salem Five
on Thu Aug 7 2014, 4:20 PM
depends on the close today, if we close where we are now it's float boat time
Victor Burek
Mortgage Planner, Open Mortgage
on Thu Aug 7 2014, 4:20 PM
definitely wouldn't lock anything unless you get a reprice
Nate Miller
Mortgage Loan Officer, First Financial Services, Inc.
on Thu Aug 7 2014, 4:20 PM
if I get a rp better i will
Victor Burek
Mortgage Planner, Open Mortgage
on Thu Aug 7 2014, 4:20 PM
if I had one closing in less than 10, I would maybe
Andy Pada
VP, 1st 2nd Mortgage Co.
on Thu Aug 7 2014, 4:20 PM
who is locking in?
Matthew Graham
Chief Operating Officer, Mortgage News Daily / MBS Live
on Thu Aug 7 2014, 11:30 AM
Indeed there was a big block sale in TSY futures just now, theoretically when this happens around 9:30, it's setting up for some trading goal that depends on cash equities being open. Today however, it's not readily apparent in the major averages (usually we see a corresponding move in the S&P).
 

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