Time to Act if You Need a High Balance Mortgage

Mortgages

Time to Act if You Need a High Balance Mortgage

Time to Act if You Need a High Balance Mortgage

The normal Fannie Mae and Freddie Mac conforming loan limit for single family homes is $417,000.  This number is supposed to be correlated with housing prices, and even though housing prices are off 20% or more in the last two years, that limit was left in place. In the recent economic collapse, the private end... Read More

Getting Government Out of Fannie and Freddie

Mortgages

Getting Government Out of Fannie and Freddie

Getting Government Out of Fannie and Freddie

The government finally weighed in on three proposals to try to end government support of the mortgage industry. The big question is: Can the U.S. housing market manage to get healthy without government support? It might be interesting to look back at the 70-year history of the government’s support of the housing industry through easier... Read More

The Mortgage Maze: Why Loans Will Be More Expensive

Mortgages

The Mortgage Maze: Why Loans Will Be More Expensive

The Mortgage Maze: Why Loans Will Be More Expensive

In a word, “Government.” Governments make rules. Rules are made to be followed, not to be broken. When you have rules, you need people to check to ensure they are followed. Now, it is quite clear that when Congress passed new laws, and various regulatory bodies like HUD and the Federal Reserve Board passed new... Read More

More Stupid Mortgage Rules from the Government

Mortgages

More Stupid Mortgage Rules from the Government

More Stupid Mortgage Rules from the Government

One of the problems with the mortgage business is that too many regulatory fingers are in the pie. Not surprisingly, none of these entities talks with any other entity. The current issue on the table is that of compensation of loan originators, or more specifically, mortgage brokers. It is probable that the genesis for this... Read More

Getting a Mortgage: It’s Better to do it Personally

Mortgages

Getting a Mortgage: It’s Better to do it Personally

Getting a Mortgage: It’s Better to do it Personally

I was intrigued by a new iPhone app, Confession: A Roman Catholic App. It’s for Catholics who want to go through the confession process on their iPhones instead of in front of their priest in a confessional. This raises the possibility of confessing while you are in the act of sinning. However, a Vatican spokesman... Read More

More Poor Mortgage Processing Issues

Mortgages

More Poor Mortgage Processing Issues

More Poor Mortgage Processing Issues

As the mortgage industry lurches along, it is clear that borrowers are getting very poor service from lenders.  Just because you have a good profile, do not expect that you will be immune to this. In a recent article I discussed one of the reasons for the poor service borrowers are getting these days was... Read More

Why Do I Have to Impound My Taxes?

Personal Finance

Why Do I Have to Impound My Taxes?

Why Do I Have to Impound My Taxes?

Lenders are increasingly asking that borrowers pay one-twelfth of their property taxes each month as part of an increased mortgage payment. This really bothers borrowers in California where it is illegal to require impounding on loans less than 90 percent loan-to-value. They have never had to do it before and now feel abused that someone... Read More

Why Mortgage Applicants are Getting Terrible Customer Service

Mortgages

Why Mortgage Applicants are Getting Terrible Customer Service

Why Mortgage Applicants are Getting Terrible Customer Service

If there is one story I hear over and over these days, it’s about the terrible service people are getting when applying for a mortgage. I hear it from consumers and I hear it from my associates in the industry. Unfortunately, some of my clients have experienced it, too. Shamefully, I will admit that one... Read More

Awaiting the True Fallout from Countrywide

Mortgages

Awaiting the True Fallout from Countrywide

Awaiting the True Fallout from Countrywide

We’re in still the throes of the mortgage meltdown, and it’s becoming apparent that the long-term damage done by Countrywide has still not fully unfurled.  Looking back, as 2007 came to a close, Countrywide Financial was reeling from liquidity problems, rumors of a potential bankruptcy, and a severe loss of market value. This is a... Read More

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