All Posts Tagged With: "fees"
Should Government Set Mortgage Rates?
With all the talk of getting a new mortgage there’s one question which no one seems ready to touch: Why doesn’t the government ought to set mortgage rates? At first this may seem like an audacious idea, a violation somehow of the free market absolutism preferred by so many businesses and industries — at least [...]
26Sep2011 | Peter G. Miller | 0 comments | Continued
How The FHA Is Sinking Mortgage Borrowers
Millions of people have financed and refinanced with FHA mortgages, but what used to be a financial safe-haven is increasingly not-so-attractive. Higher costs and gotcha clauses are making the FHA less unique and more expensive every day. Don’t believe it? Let’s look at some facts: Lender Fees With most forms of mortgage financing lenders have [...]
23Jun2011 | Peter G. Miller | 0 comments | Continued
Should I Pay More Points For A Lower Mortgage Rate?
The answer most often given no doubt looks at current mortgage rates and while interest is a big part of the answer, it’s not the only cost paid by borrowers. There is also an origination fee and, often, also one or more points. The origination fee is a charge to compensate the lender for his [...]
6Jun2011 | Peter G. Miller | 0 comments | Continued
Less FHA Mortgage Loan Demand Undermines American Home Prices
A small change in FHA guidelines has now hit the market and the result has been both immediate and devastating. “Purchase applications fell last week, driven primarily by a sharp decrease in government purchase applications as new, higher FHA premiums went into effect,” said Michael Fratantoni, the Mortgage Bankers Association Vice President of Research and [...]
2May2011 | Peter G. Miller | 0 comments | Continued
Despite Wall Street reform mortgage banker profits surge
Despite worries that the Wall Street reform legislation passed last summer would crimp earnings, the Mortgage bankers Association is reporting that profits per loan soared in the third quarter. “Independent mortgage banks and subsidiaries made an average profit of $1,423 on each loan they originated in the third quarter of 2010, up from $917 per [...]
15Dec2010 | Peter G. Miller | 0 comments | Continued
Who Pays Foreclosure Fees?
The foreclosure process is a big business, a reality which is not good news for those who face the loss of their home. However, who pays various foreclosure fees and costs depends on who winds up with the home. Missed Payments If an owner has missed one or more payments the lender will threaten to [...]
24May2010 | Peter G. Miller | 0 comments | Continued
What’s A Typical Foreclosure Fee?
When a lender seeks to foreclose a number of fees can arise. There will be, for example, a foreclosure fee paid to an attorney. If the property is auctioned off then the local sheriff or court will want a fee. There are typically an assortment of fees to be paid just to get the matter [...]
17Feb2010 | Peter G. Miller | 0 comments | Continued
Tales Of A Big Bank Refugee
In the eyes of big banking I am a sinner of the first magnitude. My offense is not over-drafts or bounced checks, but rather the undeniable fact that I am self-employed. I last held a job in 1971, and since then have managed to cobble together a reasonable existence as an author and consultant. Clients [...]
4Nov2009 | Peter G. Miller | 0 comments | Continued
Appraisal Worries Really About The Future
Tim writes and points to a number of problems he sees with the Home Valuation Code of Conduct (HVCC). Fair enough. Let’s look at what he offers: >>>Instead of a majority of valuation assignments going to appraisal managment companies we now have virtually ALL assignments being controlled by these joint venture arrangments. Notice how the [...]
22Jul2009 | Peter G. Miller | 0 comments | Continued
Appraisers Seek Sensible Reform
There’s been considerable debate regarding the Home Valuation Code of Conduct (HVCC), the agreement to curb appraisal abuses worked out between New York Attorney General Andrew Cuomo, Fannie Mae, Freddie Mac and their then regulator, the Office of Federal Housing Enterprise Oversight (OFHEO). A number of leading real estate and lending trade associations are seeking [...]
14Jul2009 | Peter G. Miller | 0 comments | Continued
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