All Posts Tagged With: "mortgage"
Servicers “Fail” Mortgage Modification Expectations
With more than a million borrowers signed up for mortgage modification programs the overall result is that most are wildly unhappy with their loan servicers.
According to J.D. Power and Associates, mortgage servicers often fail to deliver on certain best practices during the loan modification process, “including providing and meeting a time frame for approval; not [...]
100 to 1 — Obama Mortgage Modification Plan Tops Bush
Just about every posting regarding the Obama mortgage modification program says it’s a dud. Those on the left say not enough has been done, those on the right say too many homeowners are washing out of the program. What’s too often left out is any sense of context.
The reality is that the Obama loan modification [...]
Regulators Offer “Reputation Risk” Advice To Reverse Mortgage Lenders
A gaggle of federal regulators are advising reverse mortgage lenders to avoid “reputation risk” by focusing “on the need to provide adequate information to consumers about reverse mortgage products; to provide qualified independent counseling to consumers considering these products; and to avoid potential conflicts of interest.”
Big deal. After all, reverse mortgage borrowers are already required [...]
Should The FHA Insure Luxury Condo Loans?
Last week Senator Charles Schumer (D-NY) announced an effort to increase the size of FHA builder loan guarantees for new housing units in major cities. Now Bloomberg News is reporting that FHA loans are being used to finance the acquisition of luxury apartments in New York.
“The Federal Housing Administration agreed in March to insure mortgages [...]
Military Borrowers Squeezed Out of Distressed Markets
Purchasing a home in a distressed real estate market can present some unique challenges for military buyers, not just in hard-hit states like Nevada and California but across the country.
Active duty service members and veterans in some parts of the country are getting pushed out of the foreclosure market, hampered by a combination of cash [...]
Credit & Underwriting Standards Tighten for VA Borrowers
VA loans have weathered the foreclosure crisis better than their major lending counterparts. But they certainly haven’t been immune to the overall tightening that’s taken hold of the industry.
The result is that these highly flexible and forgiving loans aren’t quite as forgiving as they once were.
Tighter Underwriting
More restrictive credit and underwriting standards have no doubt [...]
What’s A Private Transfer Fee In Real Estate?
Usually when we think of a real estate sale we think that the interest of the seller ends with closing. It is, after all, called “closing” for a reason.
Now, however, some sellers are trying to maintain a financial interest in a property for decades after it’s been sold, not with a mortgage or a loan [...]
Responsibility: But Didn’t The Borrower Sign The Mortgage?
It hardly seems unfair. Aren’t borrowers responsible for the loans they take out? It’s not like someone is held at gunpoint and forced to accept the worst loan lenders can concoct.
That’s the thinking of a considerable segment of the population, a segment represented in some of the email I receive as well as in the [...]
What Is A Mortgage Loan Worksheet?
Starting in 2010 the government introduced a new Good Faith Estimate form which required lenders to spell out loan costs in very precise and standardized language — information which lenders must honor at closing.
The new form from HUD has raised a question among some lenders as to whether a pre-approval letter or a pre-qualification letter [...]
How The VA Funding Fee Really Works
VA loans are built to minimize the financial impact on military members who qualify for the program. Credit and income requirements are generally more lenient than conventional loans and sellers are allowed to pay a sizable portion of closing costs and concessions. On top of that, the Veterans Administrations caps what veterans can pay in [...]
29Jun2010 | Chris Birk | 0 comments | Continued
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