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Lenders Articles

Posted on January 30  
The U.S. housing market continues to struggle. Housing starts have dropped appreciably from as recently as a year ago, and builders' financial results are plummeting as they write off land positions and options that no longer seem realistic. It's a malady that has plagued the likes of Centex (NYSE: CTX), KB Home (NYSE: KBH), Toll Brothers (NYSE: TOL), and Beazer (NYSE: BZH), to name but a few. And with housing prices continuing to drift lower in many locations -- including parts of Florida, wher.... Read More...
Posted on June 23   By Justin McHood
Late last week, I got an email from a lender with something I haven't seen for a while -- a stated income loan offering. Are stated income loans making a comeback? They are at one lender - which means that other lenders are likely to follow suit soon. Highlights of the Stated Income loan offered at this lender: 720 Minimum Fico Required Self Employed Only 70% - $1,500,000 Purch./Rate - Term — Owner Occupied 60% - $1,500,000 Cash Out — Owner Occupied 60% - $1,000,000 Purchase — Non.... Read More...
Posted on May 09   By Justin McHood
That's actually the punchline. Sorry. Tough room. But seriously, folks, I don't mean to make light of what is a very, very unfortunate situation. What "situation," you ask? Ah, well. Goldman-Sachs, the venerated Wall Street investment firm, has gotten itself into a bit of hot water with the SEC. And the Justice Department. And pretty much every American taxpayer. There are probably some other folks who're more than a bit upset with them, but you get the idea. What'd they do? Well, for start.... Read More...
Posted on April 20   By Justin McHood
When choosing a loan officer to work with, many times it can be confusing. There are the larger lenders who all operate slightly differently, the mortgage banks and the mortgage brokers. Depending on where the loan officer works, they will have access to different tools that will help make the loan process smoother (or more difficult). In a perfect world, you would probably want your loan officer to have as much local decision making on your file as possible - because in my experience anytime d.... Read More...
Posted on March 30   By Justin McHood
It has been my experience in life that before something goes mainstream and everyone knows about it, people usually work on it behind the scenes for a long time. I suspect the HEFI program (explained to me by Equidebt Solutions recently) is no different -- it is complex enough that I bet someone has been working on this solution for a long time -- and I just heard about it. What's A HEFI? HEFI stands for Home Equity Fractional Interest and it may end up being just the solution to lead us all .... Read More...
Posted on February 21   By Justin McHood
It wasn't all that long ago that a busboy could walk into a mortgage lender, say he made $100,000 per year and get a home loan based on that number. The loan programs that were available had all different kinds of names, but they all pretty much did the same thing -- allow people to get qualified for a mortgage without proof that they could qualify. Fast forward to today's mortgage market. Guidelines are tighter than they have been in years, loans are tougher to get and people are generally le.... Read More...
Posted on February 17   By Justin McHood
Here is the first thing like this I have seen - but possibly not the last: Approximately 2,700 homeowners who had a loan with Countrywide are getting a check for just over$6,000 and total almost $17 million as a result of a settlement with the Florida Attorney Generals office. According to the Florida Attorney Generals announcement: Attorney General Bill McCollum today announced that more than 2,700 people will receive checks from a 2008 settlement his office obtained with Countrywide Fina.... Read More...
Posted on January 25   By Justin McHood
With the passage of the SAFE Act nearly 2 years ago, the entire mortgage industry has taken steps toward licensing loan officers and managing that licensing process. And now consumers can easily lookup the information in the NMLS system with the launch of NMLSConsumerAccess.org. The NMLS Consumer Access site gives consumers free access to data regarding the disciplinary actions, employment records and aliases of loan officers that are registered with the NMLS system. About The SAFE Act The S.... Read More...
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