Worthington Ohio real estate

Are you planning to get married and buy a home in Colorado, but wonder where your down payment funds will come from?

FHA has a Bridal Registry program where the money you receive as a wedding present can be used towards your down payment. Just like registering at a specialty or department store, the FHA Bridal Registry program allows you to register with a lender. Then your friends and family are able to make gift payments into an interest bearing account on your behalf.

It's a win win! Not only can your gifts earn interest, but they can be used as a down payment towards an FHA Loan.

Bridal Registry Guidelines

Bridal Registry Accounts were originally introduced in 1996, but still remain a little known fact when it comes to down payment assistance. The misunderstanding of how this program works might be the fact that it was originally only allowed by banks. Soon after, FHA modified the program and offered new flexible options and the opportunity for the newlywed to set up the account at any bank. Plus, newlyweds are now able to make deposits on their own from the gifts they receive.

Here's how it works in 3 simple steps:

• You will open a savings account at your bank prior to the wedding
• Friends and family will be given the banking information where the gifts will be deposited
• All of the gift funds can go towards the FHA required 3.5% down payment
• Anyone with an interest in the purchase cannot be party to the gift funds (i.e. realtor)
• There is no requirement that you be married prior to closing on your new home

Another huge advantage is that there are no gift letters or other documentation required other than proof of your savings account named "bridal registry account." It's that simple!

 

AGENTS:  Marketing Ideas to Spread the Word in Your State

• Explain it on your website
• Blog about it
• Let your “to-be-married couples” know about it
• Send an email to past clients
• Attend wedding fairs & distribute brochures
• Mention it at your homebuyer seminars

The great news about this program is it is available Nationwide!

 

 

To learn more: Check out our FREE Top 20 Homebuyer Secrets that can save you thousands of dollars! Plus browse our Home Buying Resources section and fill-out a free no-obligation secure online application or call us in Colorado Springs, Colorado at 719.387.1368 with any questions.

Bad credit or No credit? Check out our Credit Repair Program and get started on the path to homeownership today!

Overcome loan application stage fright by reading my Simple Steps to a Complete FHA Loan Application

Newlyweds say "I DO" to FHA Bridal Registry Gift Funds was written by Rebekah Radice.

 

Rebekah's Mortgage Grapevine (unashamed plug) provides insight, education and musings on anything from mortgage lending and real estate, to social media, marketing and all things relevant to your everday success! If you want to learn lots of cool things, have your thoughts provoked, AND be entertained, be sure to hit the SUBSCRIBE button to the right! 

 

Want to know more about me?  Just Google Me! 

 

 

Rebekah Radice | Mortgage Loan Originator

T: 719.387.1368 | Email: rebekah@rebekahradice.com | Website: http://rebekahradice.com |CO & NMLS Licensee: LMB100010938 & 288596 | Benchmark Mortgage dba Ark-La-Tek Financial Services, LLC | 12 E. Kiowa |Colorado Springs, CO 80903

 

FREE Marketing, Sales & Success Strategies for Colorado Real Estate Agents:

Find Me Online!

 

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In the past few weeks I simply tried to nod intelligently when I heard "QE2". I tried to decipher the sound "keweeetoo" but didn't get anywhere. Then when I saw the acronym "QE2", I guessed that it had to with the idea of turning around a battleship because a cruise ship is as big as a battleship. What, if anything, does this have to do with the real estate market?

I read today on Bloomberg.com: "The worst financial crisis since the Great Depression has made sustained price declines, which makes consumers and businesses less willing to spend or invest, a bigger concern to the Fed than faster inflation. For policy makers, the way to spark inflation is to increase the supply of money in the economy by purchasing bonds."

So for my equally perplexed clients and friends, I am referring back to last week's blog post from Steve Harney and the KCM Crew. He and his company, Keeping Current Matters, do a great job explaining market trends and data to real estate agents, home buyer and sellers.

Read on if you'd like to stop fake nodding, too.

Quantative Easing and the Impact on Real Estate

by The KCM Crew on November 8, 2010 

The economy is still struggling. Employment numbers are not improving. The housing market is stagnant. The Federal Open Market Committee (FOMC) decided that a new form of stimulus was necessary to kick start the job market and the economy. They decided to ‘put more money’ into the market. The term for the new stimulus package is ‘quantitative easing’ (QE2).

We want to take a look at what happened, what it means to the economy and ultimately what impact it will have on the residential real estate market.

What Happened?

The Washington Post reported on the FOMC’s actions:

The FOMC decided this week that, with unemployment high and inflation very low, further support to the economy is needed. With short-term interest rates already about as low as they can go, the FOMC agreed to deliver that support by purchasing additional longer-term securities, as it did in 2008 and 2009. The FOMC intends to buy an additional $600 billion of longer-term Treasury securities by mid-2011 and will continue to reinvest repayments of principal on its holdings of securities, as it has been doing since August.

What Does This Mean for the Economy?

In the same article mentioned above, The Washington Post explained:

This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.

The Impact on Real Estate

Patrick F. Stone is president and CEO of Williston Financial Group, in an Inman News article, explained:

We have seen meaningful increases in commodity prices and stock prices in anticipation of QE2. With the implementation of QE2, and the hoped-for inflation, house prices will stabilize and — depending on the degree of impact and length of impact — housing inflation is a logical byproduct. Any meaningful housing appreciation will have a tremendously positive impact on the economy.

The U.S. News and World Report on their Money Blog addressed the issue of what opportunities now exist because of the FOMC action.

Interest rates have never been lower. It seems that just about every week mortgage rates set a new low. And this week the Fed is expected to undertake a second round of quantitative easing, QE2 for short, by buying up more government debt. As a result, incredibly low interest rates may go even lower.

But low rates don’t do us any good if we fail to take advantage of them.

The report went on to give the five ways one could take advantage of lower rates. Number one? Buy a home:

The combination of low rates and falling real estate prices make for a perfect time to buy a home. Particularly for first time buyers, there may never be a better time to take the plunge into homeownership than over the next year. Some say home values may still fall over the next year, so knowing exactly when to buy can be a bit of gamble. But locking in incredibly low rates on a 30-year mortgage is a great way to reap the benefits of the current interest rate environment.

Bottom Line

Interest rates will remain low and inflation will increase slowly if the Fed’s actions work as hoped.  After that, home prices will appreciate and interest rates without government intervention will return to historic norms. If you are looking to purchase, now is the time. If you can wait 12-18 months to sell, perhaps it makes sense to wait.

If you are looking to sell in the next several months, we don’t believe the impact of the government actions will take place within that time frame. Discuss your options with your real estate professional.

 

 

Search For Your Next Home Now!

 

          

          

 

This post was written by Leslie Ebersole of Baird & Warner Real Estate.

(630) 945-7935

leslie.ebersole@bairdwarner.com

    

In my home state of Minnesota, Minneapolis and Saint Paul have nearly 39 percent of homeowners under water.   I've had the question, "I'm upside down on my home, what are my options?" so many times that I wanted to prepare a menu of options for people to reference.  This article briefly outlines 9 potential solutions that may serve you well.  The target audience here is not necessarily someone who's in default on their loan but simply one who owes more than the home is worth.

All too often, when one is upside down on their home and/or struggling with their mortgage, they reach out for one to three options that they may have heard about on the news or from a friend.  What homeowners should be doing is seeking the advice of qualified real estate agents, real estate attorneys and a skilled loan officer.  But, . . . before a homeowner picks up the phone, there's a lot of homework to do!  Before one calls the professionals, they'll just be spinning their wheels until the following items are ready:

1. Know your address.  You may know it to be one thing but for these purposes, your address is whatever http://www.usps.gov/ tells you it is.  So go to this website, click on "find a zip code" and type your address.  The postal service will then give you the address it has registered for you.  This is the address that Fannie Mae and Freddie Mac use so it would serve you well to do the same.
2. Collect your financial documents.  Whether you're working with a loan officer on a loan, a Realtor on a short sale or an attorney on a bankruptcy or modification, they'll all need a complete set of your financials.  This includes 09 and 08 tax returns, W2's and 1099's.  If you're self employed, you'll need 2009 and 2008 tax returns from your business.  If you haven't filed your 09's, get it done.  You'll also need copies of your most recent paystub, most recent bank statement, most recent statement on any retirement accounts, and a copy of a mortgage statement on each mortgage you have.  Getting these documents scanned to image documents such as Adobe Reader can really speed things up.
3. Collect your legal documents.  It would be wise to, at the very least, have a copy of your mortgage note.  If you are planning on meeting with an attorney, it would be much better to have your entire closing package.  This should have been provided to you by the title company that closed your loan.  Again, getting these documents scanned to image documents such as Adobe Reader can really speed things up.
4. This isn't necessary, but it's wise.  Get a copy of your credit report at http://www.annualcreditreport.com/ (this site is truly free and not a scam).  Knowing the content of your credit will help you write letters of explanation if you're doing a mortgage loan or a hardship letter if you're doing a short sale.

Getting this done is arduous but it will prove invaluable to those you ask for help.  Now you're ready for that menu of options:

1. Fannie Mae DU Refi Plus - If your loan is owned by Fannie Mae, you may be entitled to refinance up to 125% of your home's value.  You can get a loose idea of what your home is worth at http://www.cyberhomes.com/.  To see if your home is owned by Fannie Mae, go to http://loanlookup.fanniemae.com/loanlookup/ and enter your address as it appeared at http://www.usps.gov/.  If it is owned by Fannie Mae and you owe less than 125% of the value of your home, you may be eligible for this loan.  The rates are slightly higher than normal advertised rates because of pricing add ons but they are close enough to market rates to be a heck of a deal.
2. LP Open Access - If your loan is owned by Fannie Mae, you may be entitled to refinance up to 125% of your home's value.  You can get a loose idea of what your home is worth at http://www.cyberhomes.com/.  To see if your home is owned by Freddie Mac, go to https://ww3.freddiemac.com/corporate/ and enter your address as it appeared at http://www.usps.gov/.  If it is owned by Freddie Mac and you owe less than 125% of the value of your home, you may be eligible for this loan.  The rates are slightly higher than normal advertised rates because of pricing add ons but they are close enough to market rates.  This program will not let you finance more than 5 thousand dollars in closing costs and prepaids so if your settlement charges exceed 5 thousand, be prepared to bring cash to closing.
3. FHA 115% Write Down Refi - This one doesn't have a name yet so I just made that up.  It's a complicated program and I'm not sure how successful it will be.  Essentially, if you're refinancing a non-FHA loan, you'd take a loan out at 97.75% of your home's value.  A balance may be subordinated to the first mortgage thus becoming a 2^nd mortgage but that loan may not exceed 115% of the homes value.  For any of this to happen, the existing lender/s must write down their loan balances by at least 10%.  Here is the announcement for this program.  You must be current on your mortgage to qualify for this loan.  A history of late payments will likely disqualify you for this loan.
4. FHA Short Refi - This one is a little simpler.  Essentially, you get preapproved for a 97.75% loan to value FHA refinance.  This loan will support a certain amount to be paid to your existing lender.  Whatever the loan can't support, assuming you can't come up with the difference in cash, will have to be written off by your existing lender.  You'd be surprised how many lenders are willing to do this (I know I have been).  This was officially permitted by HUD in December of 2009.  You must be current on your mortgage to qualify for this loan.  A history of late payments will likely disqualify you for this loan.
5. Modification - You do not necessarily have to be in default to get a loan modification.  If you've had any kind of hardship (i.e. involuntary reductions of income or unavoidable increase in expenses that indicates that you might go into default and you feel that you owe so much on your home and at such poor terms that you're losing your incentive to repay, that might be enough to qualify.  Many people have their own opinions on this and I don't assume that mine is the best but I don't recommend contacting your lender directly as a starting point for a modification and I don't recommend calling a pay for hire service either.  I recommend calling 1-888-995-HOPE (4673) to speak with a HUD approved counselor for free.  They will conduct an interview and serve as an initial intermediary between you and your lender.
6. Chapter 11 Bankruptcy - It's expensive, it's a long and hard process but unlike Chapter 7 and Chapter 13, a judge can order a mortgage modification under a Chapter 11 bankruptcy plan.  It is the most flexible type of bankruptcy and is thus difficult to explain.  Consult an attorney with specific Chapter 11 experience.
7. Deed in Lieu - This is where the owner of a property deeds the property back to the lender to avoid foreclosure.  Obviously, this only makes sense if you want to get out of the situation quickly and don't want the house anymore.  I highly recommend the assistance of an attorney in this to ensure that the act of deeding in lieu serves as payment in full of your mortgage to prevent both damage to your credit and the potential of deficiency judgments. 
8. Short Sale - A short sale is where a homeowner and lender cooperate to sell a home in a situation where more is owed on the home that the house is worth.  The buyer and their Realtor prepare the home for sale and market it and in exchange, the lender writes down the balance of their note to facilitate the sale.   It is less costly that foreclosure so lenders are typically willing to do this.  Often times, with the help of a good Realtor, damage to your credit can be ameliorated.  When choosing your agent, make sure they have a lot of past experience with short sales, are aware of what is changing in short sales and, preferably, they have done short sales that involve your current lender.
9. Foreclosure - Now I hesitate to even mention this but a fact is a fact.  Foreclosure is an option.  If you're upside down and you can't make your payments, sometimes you just have to let go.  Too many people think the sheriff's sale is the end.  It's just a step in the process.  Although it varies by state, foreclosure is usually a 9 month process.  So, 9 months of living there and then you move out.  It's an ugly option. . . but it's an option.

When we are under stress, we often reach for the first or easiest option that might get us away from the cause of that stress.  In the case of the underwater homeowner, that can be a huge mistake.  Few know how many options they really have and, if these options are weighed carefully, they can learn that with some effort on their part and the help of qualified professionals, they can get away from their problem with a good solution in hand.

Please remember that all four of these loan types are very difficult and consequently, you'll need an excellent loan officer.  Managing your legal risk in a deed in lieu situation or conducting a Chapter 11 requires a seasoned and sophisticated attorney.  Proper execution of a short sale is both a science and an art so, if that's the route you take don't make a quick decision on a Realtor.  Just because they advertise as a short sale expert doesn't make it so.  Choose your professionals wisely, be deliberate in choosing the solution that you want and be organized and you'll find that you're closer to being stress free again than you think.

My heart goes out to you for your situation and, . . . if misery loves company, . . I'm right there with you!

Charles Dailey

612.234.RATE (7283)

charles@charlesdailey.com

Do you feel that pricing a home is a little like throwing darts these days? Sometimes you hit, most times you miss?

At the end of the day Realtors have a next to impossible job trying to help clients price their home. I don't think I ever met anyone that wants to lose money but most homes we price today should reflect a lower price than a few years ago. Now I'm on the mortgage side of things but I hear the same things. My house is worth XXX,XXX due to:

"I have nicer landscaping."

"I just replaced the carpets."

"I just repainted the walls."

"I just had the bathroom toilet fixed."

"I had my furnace replaced last year."

Realtors work very hard with comparables, pictures and stats to help support the price. I'm not saying that these upgrades are not important. They just don't really add value. They add eye and curb appeal to help a potential client say yes to the listing.

What goes into a Lender's Appraisal?

For Fannie Mae, Click here

For Freddie Mac, Click here

For FHA, Click here

Most homes are financed. So these appraisal standards are important when you price. Remember we are in a Lender's Market. Nothing will turn a buyer off more than working hard on a price agreement only to find out the appraisal comes in short. So to best serve our clients remember that most of the weight for your pricing strategy must be Lender comps.

 

At your service,
Tony Grego
Senior Mortgage Banker  American Bank - Indianapolis, IN Branch
www.getmyratequote.com
www.tonygrego.com to learn more about me

317-348-0280 direct line
317-536-3754 fax
"Bankers with vision, helping people with dreams!"

I wanted to take a moment to make sure you are familiar with events surrounding a sweeping set of policy changes for FHA announced earlier this week. The announcement details the changes that Secretary Donovan promised to deliver by the end of January when he testified before Congress last month.

 

The new policies are designed to strengthen the FHA's capital reserves so we can continue to fulfill our mission of serving underserved communities.  In addition, we were determined that these changes should support, not disrupt, the nation's housing market recovery.  Bringing these changes to market has been the result of a lot of hard work and long hours.  And, I am proud to have worked with so many of you on this initiative.

 

What changes will be implemented?  We announced the following on January 20:

1. Increase the up-front mortgage insurance premium (MIP) to 2.25%;
2. Update credit score and down payment requirements for new borrowers;
3. Reduce seller concessions to three percent, from six percent; and
4. Implement a series of significant measures aimed at increasing lender enforcement. 

 

When combined with the risk management measures announced in September of last year, these new changes are among the most significant steps ever taken by FHA to address risk.  Additionally, by continuing to provide affordable, responsible mortgage products, FHA will support the housing market's recovery.  Importantly, FHA will remain the largest source of home purchase financing for underserved communities.

 

Let's go into more detail:

 

Announced FHA Policy Changes:

 

1.      Increase the MIP to build up capital reserves and bring back private lending.

o    The first step will be to raise the up-front MIP by 50 basis points to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge.

o    If this authority is granted, then the second step will be to shift some of the premium increase from the up-front MIP to the annual MIP.

o    This shift will allow for the capital reserves to increase with less impact on the consumer because the annual MIP is paid over the life of the loan instead of at the time of closing.

o    The initial up-front increase is included in Mortgagee Letter 2010-02 and will go into effect in the spring.

 

2.      Update the combination of credit scores and down payments for new borrowers.

o    New borrowers will now be required to have a minimum credit score of 580 to qualify for FHA's 3.5% down payment program.  New borrowers with less than a 580 credit score will be required to put down at least 10%.

o     This allows the FHA to better balance its risk and continue to provide access for those borrowers who have historically performed well.

o    This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.

 

3.      Reduce allowable seller concessions from 6% to 3%.

o   The current level exposes the FHA to excess risk by creating incentives to inflate appraised value.  This change will bring FHA into conformity with industry standards on seller concessions.

o   The change will be posted in the Federal Register in February, and after a notice and comment period, would go into effect in the early summer.

 

4.      Increase FHA lender enforcement.

o    Publicly report lender performance rankings to complement currently available Neighborhood Watch data which will be accessible via www.hud.gov on February 1.

§  This is an operational change to make information more user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.

o    Enhance monitoring of lender performance and compliance with FHA guidelines and standards. 

§  Implement Credit Watch termination through lender underwriting ID in addition to originating ID.

§  This change is included in Mortgagee Letter 2010-03 and is effective immediately.

o    Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.

§  Specifications of this change will be posted in March, and after a notice and comment period, would go into effect in early summer.

o    HUD is pursuing legislative authority to increase enforcement on FHA lenders.  Specific authority includes:

§  Amendment of section 256 of the National Housing Act to apply indemnification provisions to all Direct Endorsement lenders.  This would require all approved mortgagees to assume liability for all of the loans that they originate and underwrite.

§  Legislative authority permitting HUD maximum flexibility to establish separate "areas" for purposes of review and termination under the Credit Watch initiative. 

 

Note:  This would provide authority to withdraw originating and underwriting approval for a lender nationwide on the basis of the performance of its regional branches.

 

In addition to the changes I have outlined, we are continuing to review FHA's overall response to housing market conditions, to evaluate its mortgage insurance underwriting standards, and to improve its measures to help distressed and underwater borrowers through FHA/HAMP and other FHA initiatives going forward.

 

I know this is a lot of information to absorb.  Listed below are links to some of the major stories about the announcement.  I promise to keep you aware as we implement these changes going forward.

 

Wall Street Journal (Nick Timiraos, 1/20) "FHA Sets Tighter Lending Requirements" The Federal Housing Administration is implementing more-stringent lending requirements and higher borrower fees to cushion against rising defaults and stave off the need for a taxpayer bailout of the agency. LINK

  

Washington Post (Dina ElBoghady, 1/20) "FHA plans to require borrowers to produce more cash for downpayments" The Federal Housing Administration plans to increase the amount of up-front cash paid by all new borrowers and to require higher down payments from those with the poorest credit, according to agency officials. LINK

  

Chicago Tribune (Mary Ellen Podmolick, 1/20) "FHA homeownership rules to change" The Federal Housing Administration announced changes Wednesday that will make it more expensive for homebuyers to secure agency-backed mortgages while some consumers will be priced out of the housing market. LINK

  

CNNMoney.com (Tami Luhby, 1/20) "FHA loan requirements will make it harder to get a mortgage" It's going to be harder to get a government-backed mortgage from now on. LINK

CNBC.com (Diana Olick, 1/20) "FHA Boosts Insurance Premiums to Cushion Defaults" In a move to shore up the FHA's beleaguered balance sheet, Commissioner David Stevens on Wednesday announced big changes at the government mortgage insurer that now backs about half of all home loans to the nation's minorities. LINK

 

I want to thank you for your efforts to keep this housing system on track. The role of the Real Estate Agent, Mortgage Lender, Settlement Service Provider, and all who make the dream of homeownership a reality, is critical to stabilizing this economy.  Your work is for a good cause.  We really are making a difference in people's lives.  Thanks for the partnership!

Before I explain that question, let me ask you this one: "How long have you been in the business?" Ever have someone ask you that? Here's my answer, and it will really make you think!

I was in the business before we had the Equal Credit Opportunity Act (ECOA). ECOA went into law in 1976, and protects against discrimination based on race, color, religion, national origin, sex or marital status, or age.

So, you ask???

Well, when I was first in this business, if I were taking a loan application from a married couple that were of child bearing age and they wanted her income to be taken into consideration, I would have to document their birth control procedures!!

Yep! That's right! A letter signed by the two of them certifying they did not intend to have children, why, and then explaining their form of birth control would sometimes suffice, but not always! Imagine having to ask THAT question at the face to face loan application (which a face to face was the only kind of loan application we could accept)! Remember, back then maternity leave was not protected by law. Thus, if the wife were to get pregnant, there would be no guarantee that she would get her job back. So job stability could not be established, disallowing the income from being taken into consideration.

And to think today we're all uptight about a new Good Faith Estimate and HUD!

"We've come a long way, baby!" (Do you know what advertisement that line was used in?)

This post is included in the brand new "Financing Friday" group, which we invite you to join.

---

Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Starkey Mortgage.

 Ruth Vogt, Colorado Regional Manager

 Colorado #LMB100023827, NMLSR# 257576

   www.MyLenderOfChoice.com

   rvogt@wrstarkey.com

 

          

 

by Twitter Buttons

Today I will be announcing a series of changes to FHA that will affect some of you. As you read about them, please note a few key points.

FHA fell below is legislated requirement to have 2% in excess capital for reserves above and beyond forcasted losses. Being below this 2% requires me, by law, to make changes to get the funds reserves back over 2%. Virtually all of the losses are from 2006, 2007, and 2008 book years. These are the worst years in the housing crisis from an origination standpoint and they contained programs like the SFDPA (seller funded downpayment assistance) that have extremely high default rates.

The changes announced today will get the reserves up and put in place some controls to protect the fund and FHA for the long term, while making sure not to overly, adversely, impact this housing market at a critical time.

You can read about these in any major newpaper today or perhaps tomorrow, but please understand that these are necessary to keep FHA functioning. Without some tightening, we would be under extreme scrutiny and the lack of fiscal soundness could threaten FHA for the long term.

The housing market is slowly coming back to life in many markets across the country. Let's keep working at making this american dream of homeownership be part of a safe and responsible system for the long term.

Thanks for listening and for being a professional in this industry - it's why I post here in active rain - this place is filled with real pros.

Have a geat day.

This seems to be the question of the hour.

How do I find out if Freddie Mac or Fannie Mae has my loan??

To find out if either of these two giants have your loan you need to first call your lender or loan servicer (the one who sends you a mortgage statement every month) and ask them if one of the two have your loan. If they do not want to tell you because some might not or if you do not feel comfortable with the customer service reps answer then you can find out directly from Freddie Mac or Fannie Mae by clicking the direct links below or calling the toll free numbers:

• Does Freddie Mac have my mortgage online request form
• 1-800-FREDDIE (8am to 8pm EST)

• Does Fannie Mae have my mortgage online request form
• 1-800-7FANNIE (8am to 8pm EST)

Once you know who has your loan you can then see if you qualify for the new refinance program that begins today for homeowners throughout America that are current with their mortgage payments but have not been able to qualify for a refinance due to the loss of value in their home. 

Should you have any questions please feel free to contact me. I will be happy to answer any questions you may have. 

 

 

 

On January 25, the National Mortgage Licensing System and Registry (NMLS) will be online and available to the public.  Realtors and buyers alike will be able to easily find critical information about loan officers.  Because implementation dates vary by jurisdiction, not all loan officers will be searchable in the system right away but, soon enough this will be a very valuable tool.

The available information is pretty comprehensive unlike most current license lookup services.  Rather than list what information will be searchable, let’s take a look at what questions this search will answer:

1.       Is this loan officer experienced?

2.       Has this loan officer had job gaps in his/her career (last 10 years)?

3.       Does this loan officer tend to stay in one place or bounce around from place to place (last 10 years)?

4.       How long has this loan officer been at their current place of employment?

5.       What are the loan officer’s qualifications in financial services related businesses (last 10 years)?

6.       Does this loan officer work for a branch company and, if so, where’s the corporate headquarters?

7.       Is this loan officer engaged in any other businesses?

If a borrower or Realtor wants to exercise due diligence on a potential experience with a loan officer,  this will be of significant use.  If one uses this tool to research the loan officer, and to some extent their company, they may have further questions about the mortgage company.  There are more options than the BBB, rip off  report and other consumer ratings agencies to do this.

HUD uses a program called Neighborhood Watch to analyze patterns of loans that become delinquent within the first 2 years of origination.  It serves as a good barometer of the quality of loans originated by a FHA mortgagee and it can be searched all the way down to the individual branch of that mortgagee (a good "compare ratio" is below 100 by the way).  It is VERY uncommon for Realtors or borrowers to use this as a tool but it’s a real weapon and, I think, should be used.  It's also a sign of things to come.

It would not surprise me if ultimately the NMLS Unique ID number for each originator becomes required to be added to each loan application.  Using that information FHA, Fannie Mae and Freddie Mac would be able to track loan performance from the mortgage company to the branch and all the way down to the loan originator.  I am not a big believer in the short term benefits of continuing education and testing but this addition of a public search feature to the NMLS and the future possibilities for loan officer tracking ARE an exciting and useful addition.