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Home  » Directory  » Ted Rood
Ted Rood
Senior Mortgage Consultant,  Wintrust Mortgage
55 Westport Plaza,  Suite 755
St Louis,  Missouri  63146
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"Think we can all agree that programs like HARP that help equity challenged borrowers reduce their monthly mortgage payment help prevent foreclosures, but principal reductions without reduced payments don't alleviate excessive mortgage payments. Expanding HARP would help struggling homeowners without the need for principal reductions. If we start reducing principals on current loans, MBS purchasers may well demand significantly higher returns, raising fates for all!"    View Comment
"Let's see, FHA is $16,000,000,000 in the hole. Our best and brightest's solution: Raise rates for both refinances and purchases, giving borrowers ample motivation to drop their FHA loans. That should really help that cash flow issue."    View Comment
"Industry spokesmen disputed the 40 million error projection, stating "we have resolved several of those, and are now down to only 39,999,861 current errors. We will work on more of them as soon as 60 Minutes airs a full hour show stating their sincere apologies for hurting our feelings and potentially getting the CFPB's panties in a bunch.""    View Comment
"Nice that the median price came up 25K 2012 vs 2011. Can bet that most of the cash buyers were getting bang for their buck, doubt that many were paying top retail $ for their new homes. Hopefully increasing cash sales won't curtail the rising sale prices!"    View Comment
"This sounds too good to be true. Let's hope the actual investors don't torpedo it the way Wells (and others) did with the reduced MIP FHA streams in 2012. The program started June 11, and Wells had pulled out of it (first of many investors) before the end of the month!"    View Comment
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Forum Posts
"Hi John, All lenders are requred to use FHA's endorsement date when determining eligibility for HUD's reduced MIP FHA refinance program. Since your loan (for whatever reason) wasn't endorsed before 5/31/2009, if you do an FHA streamline your monthly MIP premium will more than double, AND you'll get hit with a 1.75% upfront MIP cost. Most FHA loans written by early April, 2009 were endorsed before 5/31, but there is no set time between closing and endorsement dates. It's very possible..."    View Post
"Loan Scenario View All Post A Scenario Loan State: California Loan County: --- Loan Type: Refinance (Rate and Term) Loan Amount: $265,000 Property Value: $335,000 LTV: 79% FICO: 622 DTI: 40 Occupancy Type: Owner-Occupied Property Type: Single Family Residence Have a potential FHA stream, perfect mortgage but scores are 629 and 622. Not sure on income qualifying, haven't addressed with borrower yet. I can't do with those scores. Any options out there?"    View Post
"Loan Scenario View All Post A Scenario Loan State: Washington Loan County: --- Loan Type: Refinance (Rate and Term) Loan Amount: $280,000 Property Value: $300,000 LTV: 93% FICO: 589 DTI: 40 Occupancy Type: Owner-Occupied Property Type: Single Family Residence Have an FHA stream I hoped to do in Washington but can't due to 589 score. Mortgage is fine, had two consumer lates recently. Anyone able to do WA loans who can get an FHA done with these scores?"    View Post
"Will your employer find a way to "work around" the Fed's YSD ban, allowing originators to still make YSD/overage?"    View Post
"I work for a major insurance company now in the mortgage business as well. Over the past 2 months, we have seen dramatic increases in "risk aversion", denying loans despite DU approvals with 720 scores, sourcing ANY deposit in checking accounts, ect. My poll question suggestion is: In the last two months, are you finding loan conditions: Much more stringent, everything is harder. A little worse, but nothing that significant. About the same as they were. Thanks, Ted Rood"    View Post
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