A few years ago, it took little more than a smile to be a mortgage lender. There were 13,000 people writing home loans in Washington alone, but we all know the consequences of the no-doc, liar loan bust: defaults by millions of borrowers, failing banks and ultimately, the worst recession in many decades. But the pendulum has swung the other way. Last week, federal regulators published the rules that will implement the Secure and Fair Enforcement for Mortgage Licensing Act of 2008,...Continue Reading!
In The News Category
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The Federal Housing Finance Agency (FHFA) has sent a final rule to the Federal Register establishing new housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2010-2011. The Housing and Economic Recovery Act of 2008 (HERA) required FHFA to establish housing goals for the Enterprises for targeted segments of the mortgage market. In previous years, the Department of Housing and Urban Development (HUD) set overall goals that measured the combined performance of single-family and multifamily mortgages. In contrast, the...Continue Reading!
Anyone that works in the real estate industry knows that a short sale transaction can take months to be approved and closed. While short sale approvals can be completed in a short timeframe, the reality is that short sales usually take three to four times as long as a regular sale to finally get to the closing. From the time the Realtor actually gets the property under contract to the time the lender approves it, it could take anywhere from 30...Continue Reading!
In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today will begin providing an additional refinancing option for underwater borrowers. Originally announced in March, this enhancement of Federal Housing Administration (FHA) refinance program will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lien holders agree to write off at least 10% of the unpaid principal balance...Continue Reading!
A growing number of homeowners are finding out what it means to be a landlord after failing to sell their homes in today’s economy. With home prices down nationwide, many don’t want to take a huge loss when they decide to move. They want to wait to see whether they can rebuild their equity—so they rent. “People just really don’t want to be landlords, and they really have no choice,” said Dennis Dickstein, a Realtor at Real Estate One in Farmington...Continue Reading!
Mortgage rates moved higher this week, with the average conforming 30-year fixed mortgage rate climbing to 4.58%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.37 discount and origination points. To see mortgage rates in your area, go to http://www.bankrate.com/funnel/mortgages/. The average 15-year fixed mortgage inched up to 4.06%, and the larger jumbo 30-year fixed rate rose to 5.23%. Adjustable rate mortgages were both up this week, with the average 5-year ARM jumping to 3.91%...Continue Reading!
The U.S. Department of Housing and Urban Development announced that it is making approximately $110 million in grants available to help eliminate dangerous lead-based paint from lower income homes and to protect young children from lead poisoning. The grants to states and local governments are being offered through HUD’s Lead-Based Paint Hazard Control and Lead Hazard Reduction Demonstration Programs. “These grants are critical for states, counties and cities who are on the front lines of protecting our children from dangerous lead...Continue Reading!
Most sellers have an emotional connection to their home and feel it deserves top dollar when sold. Everyone naturally wants to get the most money for his or her product, but "sellers must not be hasty with this all-important decision," cautions real estate expert Robert Jenson, a CEO of a luxury Las Vegas real estate purveyor. "The most common mistake that causes sellers to get less than they hope for is listing the sale price...Continue Reading!