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GMAC ignoring lock. What now?

I thought I'd done it all right: Excellent credit (782), documented income, 70% LTV, watched rates waiting til just the right time, applied and locked a great rate at the end of October. I'd heard of the troubles in the industry, but this is my 5th mortgage/refi, I thought it wouldn't be...

Posted to Mortgage Questions (Forum) by tim reason on Fri, Dec 17 2010

Double Counting Loan Production Stats? Servicing Values in Question; Terminated DE Approvals; Ginnie Net Worth Info; Principal Curtailment Compliance;

I am so confused by numbers. 3rd quarter origination data is out.... Wells, in spite of back-office back ups, was #1 with $102 billion originated and a 25% market share. BofA was #2 at $74 billion & an 18% market share. Then came Chase, Citi, US Bank, GMAC/Ally, PHH, Quicken, SunTrust, and finally...

Posted to Pipeline Press (Weblog) by Rob Chrisman on Wed, Nov 10 2010

Jumbo 15 year refinance - DENIED

I submitted for a loan refinance (via mortgage broker) and have been denied. This is probably not an uncommon occurrence in this day and age but there is more to this story. I purchased the home 6 months ago and obtained a 30 year Jumbo fixed mortgage at 6.125%. Rates on a 15 year fixed mortgage have...

Posted to Mortgage Questions (Forum) by Adam Loew on Thu, Oct 21 2010

Re: Can I Refi my mortgage?

Dear Sherry, I am assuming your loan value is low because when you purchased it needed PMI? If the loan is owned by Fannie or Freddie, which I am assuming it is they have a REFI Plus program or LP Relief program. (Fannie/Freddie is the later) Some lenders can go as high as 95% and some as high as 100...

Posted to Mortgage Questions (Forum) by Ronald A. Giannamore on Thu, Sep 2 2010

Re: [Poll] HR 3044: To Impose 18 Month Moratorium on HVCC

Sorry, my fellow readers, I made a mistake; My Apprasier friend told me that it was $200.00 per "drive-by" appraisal for these multi-million dollar homes that he was offered. Not $250.00. Today, I got another complaint from another great client of ours. We are doing a no cash-out refinance...

Posted to Member Polls (Forum) by kit picard on Thu, Jul 2 2009

Re: [Poll] HR 3044: To Impose 18 Month Moratorium on HVCC

Okay, you hear crazy things every day, This one would be another for the abuse that the appraisers are getting from HVCC and the continuous rape of the Appraisal Management Company...I have an appraiser who has been in the real estate appraisal business for 30 years. He got 20 orders from an Appraisal...

Posted to Member Polls (Forum) by kit picard on Wed, Jul 1 2009

Re: [Poll] HR 3044: To Impose 18 Month Moratorium on HVCC

Hi, Dan, I have been in the mortgage business for 23 years and have always selected fee appraiser with utmost intergrity and diligence in their appraisals. I have to say, because of that, the appraisals that we sent to the lenders and reviewed by the lenders' appraisal departments had never given...

Posted to Member Polls (Forum) by kit picard on Tue, Jun 30 2009

[Poll] What presents the biggest barrier to getting refinances approved?

Plunging values, job losses, tightening underwriting guidelines--which have proven the biggest obstacle to your clients? [Poll]

Posted to Member Polls (Forum) by Liz Freeman on Wed, Jan 28 2009

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