Comments on: Mortgage Rates on a Summer Day & Adverse Market Pricing http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: A Word on Friday Rates | Seattle Real Estate ~ Rain City Guide http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-324580 A Word on Friday Rates | Seattle Real Estate ~ Rain City Guide Sun, 07 Sep 2008 15:57:33 +0000 http://raincityguide.com/?p=2124#comment-324580 [...] are trending (thanks to The Tim’s addition of the up/down arrows).   If someone’s credit score is off by one digit or if the closing is taking place a few days longer or shorter, the rate may very well reflect [...] [...] are trending (thanks to The Tim’s addition of the up/down arrows).   If someone’s credit score is off by one digit or if the closing is taking place a few days longer or shorter, the rate may very well reflect [...]

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323841 Rhonda Porter Tue, 26 Aug 2008 00:04:59 +0000 http://raincityguide.com/?p=2124#comment-323841 sorry Kary...I've addressed 4506T's before...but I'm not on this post. A 4506T is a form that lenders may use to verify that the income used on the loan application matches with what the borrower has reported to the IRS. This form is used to detect income fraud. sorry Kary…I’ve addressed 4506T’s before…but I’m not on this post. A 4506T is a form that lenders may use to verify that the income used on the loan application matches with what the borrower has reported to the IRS.

This form is used to detect income fraud.

]]> By: Kary L. Krismer http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323840 Kary L. Krismer Tue, 26 Aug 2008 00:01:00 +0000 http://raincityguide.com/?p=2124#comment-323840 That's silly. Why would they require a 4506T? Wouldn't a 2508S be much better? (In other words, what's a 4506T?) :D That’s silly. Why would they require a 4506T? Wouldn’t a 2508S be much better? (In other words, what’s a 4506T?) :D

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323839 Rhonda Porter Mon, 25 Aug 2008 23:58:01 +0000 http://raincityguide.com/?p=2124#comment-323839 Jillayne, thanks for that--my first reaction was "no way"...but... "That three of the five top states for fraud are those with deeply-troubled local markets is telling, and suggests strong growth in scamming of troubled homeowners; it also likely shows just how far some troubled borrowers will go to get a new loan." http://www.housingwire.com/2008/08/25/for-2008-vintage-fraud-abounds-in-florida-california/ Jillayne, thanks for that–my first reaction was “no way”…but…

“That three of the five top states for fraud are those with deeply-troubled local markets is telling, and suggests strong growth in scamming of troubled homeowners; it also likely shows just how far some troubled borrowers will go to get a new loan.”

http://www.housingwire.com/2008/08/25/for-2008-vintage-fraud-abounds-in-florida-california/

]]> By: Jillayne Schlicke http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323838 Jillayne Schlicke Mon, 25 Aug 2008 23:45:42 +0000 http://raincityguide.com/?p=2124#comment-323838 Rhonda there was an article on housingwire this morning indicating the mortgage fraud in the 2008 vintage pool of RMBS is very high. Rhonda there was an article on housingwire this morning indicating the mortgage fraud in the 2008 vintage pool of RMBS is very high.

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323837 Rhonda Porter Mon, 25 Aug 2008 22:14:03 +0000 http://raincityguide.com/?p=2124#comment-323837 One major lender is requiring 4506Ts on all loans excluding FHA/VA... lots of quality control going on...wonder why? One major lender is requiring 4506Ts on all loans excluding FHA/VA… lots of quality control going on…wonder why?

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323836 Rhonda Porter Mon, 25 Aug 2008 22:13:16 +0000 http://raincityguide.com/?p=2124#comment-323836 I posted rates this morning @ http://tinyurl.com/ratesAug25 and Friday you'll find rates here @ RCG. :) I posted rates this morning @ http://tinyurl.com/ratesAug25 and Friday you’ll find rates here @ RCG. :)

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323720 Rhonda Porter Sat, 23 Aug 2008 14:40:02 +0000 http://raincityguide.com/?p=2124#comment-323720 Increased cost for lock extensions w/a major bank we work with: Number of Days Extended Current Price Adjustment New Price Adjustment effective 8/20/2008 15 -0.188 -0.625 30 -0.375 -0.750 45 -0.500 -0.875 60 -0.625 -1.125 (the first column is the old cost and the second is the new--in case this post comes out jumbled). Increased cost for lock extensions w/a major bank we work with:

Number of Days Extended Current Price Adjustment New Price Adjustment effective 8/20/2008
15 -0.188 -0.625
30 -0.375 -0.750
45 -0.500 -0.875
60 -0.625 -1.125

(the first column is the old cost and the second is the new–in case this post comes out jumbled).

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323719 Rhonda Porter Sat, 23 Aug 2008 14:38:00 +0000 http://raincityguide.com/?p=2124#comment-323719 Noticing more lenders that are all ready implementing the new adverse market fees (so that once the loans are sold to Fannie, they're priced correctly)...as I'm going through my emails...I'll keep posting significant changes on the last rate update. Noticing more lenders that are all ready implementing the new adverse market fees (so that once the loans are sold to Fannie, they’re priced correctly)…as I’m going through my emails…I’ll keep posting significant changes on the last rate update.

]]> By: Rhonda Porter http://raincityguide.com/2008/08/15/mortgage-rates-on-a-summer-day-adverse-market-pricing/#comment-323706 Rhonda Porter Sat, 23 Aug 2008 03:55:10 +0000 http://raincityguide.com/?p=2124#comment-323706 Sorry I didn't post rates today...I'm just back from a family vacation on Lake Roosevelt. I will tell you that I'm going through emails and some lenders are beginning to cut back on "alternative credit" with FHA mortgage loans. Sorry I didn’t post rates today…I’m just back from a family vacation on Lake Roosevelt. I will tell you that I’m going through emails and some lenders are beginning to cut back on “alternative credit” with FHA mortgage loans.

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