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Fraud continues to be an issue , both currently and in the past. For example, in Citi's latest bulletin, "Correspondents must have policies and procedures in place for fraud detection, prevention, training and reporting that comply with Fannie Mae, Freddie Mac, and CitiMortgage requirements for each...
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6 months ago I purchased a home with a 30 year FHA loan at 5.22% with PMI. Should rates go low enough, I want to refinance to a conventional 15 year mortgage. I also asked my loan originator about getting an 80/20 loan to avoid PMI. She said I would need a home equity loan to do this, but that there...
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A brief history of Veteran's Day straight from the Department of Veteran's Affairs ... Veteran's Day, an act approved May 13, 1938, made the 11th of November in each year a legal holiday—a day to be dedicated to the cause of world peace and to be thereafter celebrated and known as "Armistice Day...
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[Scenario] Looking for anyone that can do 70-80% LTV on an investment property, jumbo loan amount. thanks, craig CR Mortage
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Regarding loan production, what does the MBA think is going to happen next year? The MBA thinks that production volume will drop about 30% from about $1.4 trillion this year to about $1 trillion in 2011 . Basically the sluggish economy, existing credit guidelines, and expectations that rates will creep...
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[Scenario] I am looking to refinance my 30 year 4.875 FR mortgage. I refi'd from a 2004 5.875 FRM into a 30 year 4.875 FRM (no points and 4K closing costs). I was happy and never thought I would get to refi again. Well, that time has come and now I am looking to get into a 15 year FRM. I have always...
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This all depends on a couple of items. Did your loan have a prepayment penalty?. If so, I would recommend you wait until that period of time is over.Call your lender and ask. If you do not have a prepayment penality. Know that most loans have at least some closing costs. If your present loan rate is...
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This news just flashed across my terminal: --------------- WASHINGTON, Sept 28 (Reuters) - As many as 30 million U.S. homeowners would be able to refinance their mortgage at record low interest rates regardless of their income, credit history or loan-to-value ratio under a plan to be unveiled on Tuesday...
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[Scenario] Less than 75% LTV Client would pay it down to 70% LTV Wants a 5/1 ARM. Collier county, condo, jumbo loan, The answer I get is 65% LTV. All he wants is a 5/1 ARM at around 5%.
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A pirate with an eye patch seemed sad at the bar. The bartender asked, "What's wrong?" The pirate replied, "Arrrgh, they wanted me to be a teacher - but I only had one pupil!" Learning is a constant activity in mortgage banking. Should an originator or broker shrug and ignore stories about how more than...