Jillayne Schlicke on 02 5, 2010 | 13 Comments
I received a call the other day from a consumer who was in the process of purchasing a short sale home. The homeowner has defaulted on her mortgage and the trustee sale auction has been postponed a few times now that this buyer's firm offer has finally reached the lender's loss mitigation decision-maker. Once the offer was accepted by the seller, the homebuyer was surprised to l…
Read MoreTim on 02 5, 2010 | No Comments
Weekend funnies: I picked up my kids from school and they spotted this hilarious scene. They took the photo from inside the car, so it's grainy. "Dad, loooook !.....it's just like the Ikea…
Read MoreCraig on 02 5, 2010 | 7 Comments
As always, this is not legal advice. For legal advice, consult a lawyer, not a blog. First and foremost, let me admit my own ignorance up front as to exactly how a buyer works with a mortgage broker. Hopefully, someone with such knowledge and experience will clarify any errors below that result from my ignorance. Indeed, this post is for my own education as much as anything else. In its current iteration, the financing contingency (NWMLS Form 22A) specifically defines "lender" as "the party funding the loan." Thus, by its very terms, the term lender does not include a mortgage broker…
Read MoreRhonda Porter on 02 5, 2010 | No Comments
Fellow Mortgage Blogger, Dan Green, does a great job on his recent interview about what to expect with mortgage rates in the near future. I highly recommend you watch this five minute video. Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, "full doc" purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced b…
Read MoreRhonda Porter on 02 4, 2010 | 14 Comments
Okay, I admit...I've been groaning, sniveling and bitching along with many other mortgage originators about HUD's 2010 Good Faith Estimate. The document has it's faults and was created pretty much…
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