The Federal Housing Administration's (FHA) recently introduced TOTAL Mortgage Scorecard has incorporated differences between FHA Loans and products from Fannie Mae® and Freddie Mac® via an automated underwriting system (AUS).
Here is some information about fraud that could save some of you from a lot of trouble. If you have not had borrowers ask you to sign their names to expedite a transaction, you likely will.
In two recent, separate instances, individuals - including licensed mortgage brokers, loan originators, appraisers and other coconspirators - were convicted of engaging in fraudulent practices known in the the finance industry as creating "straw" transactions or "property flipping".
When trying to obtain the best mortgage rate compare offers from several lenders or brokers. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest rate is not enough.
We have a wonderful opportunity in marketing something unique for this time period. We have various amortization terms that we can offer borrowers. There has always been amortization, as part of the loan terms, but have we really used it to sell people on a loan?
Getting a mortgage and purchasing a home plays an important role in an Americans life these days. Generally people cannot afford to purchase a home outright with cash reserves, so they opt instead to begin looking at getting a mortgage and purchase a home.
Five or six times a month, we handle short-sales negotiations with lenders. There don't seem to be many companies that know what a short sale is, much less how to work with mortgage brokers, investors and lenders on negotiating short sales.
During the last 3 years, we have experienced a tremendous appreciation in the priced of homes in Palm Beach County, with a 30% increase in the last 12 months. This has created a situation where the average wage earner is not able to afford a home.
Foreclosures start when something really bad happens - a lost job, death, illness, accident, divorce, drug problem, separation, problem with a family member, gambling, etc. The results are heartbreaking and add up to the loss of a home.
Some individuals start planning for their retirement in their twenties and as such can save conservatively and still never worry about their retirement. However, there are many individuals in their 40s and 50s who have not begun saving for their retirement
What kind of property would you buy if price had no limit? Do you picture a log cabin along a secluded lake or an empty lot that could hold a tall building? The purpose of real estate is not just to provide shelter;
Is Your Credit Out Partying While You're Stuck At Home Paying Bills? Did you know that you aren't the only person who can gain access to your credit history? Certain people and institutions are permitted to legally view your credit history; many times, this can be done even with notifying you.
As loan originators, you are trained loan programs, how to pre-qualify, how to complete a loan application and related forms, but are you trained to manage peoples' debts? You are not a financial planner, CPA, or licensed securities agent. You are a debt manager.
Almost every aspect of loan origination and processing can be controlled. However; are you constantly doing "catch up", crunching past deadlines and promised delivery dates? You are caught up in the thick of thin of things.
Notes: Time and time again, you see the ads for "free credit repair". Well, do you really think someone is going to repair your credit for "free"? Also, did you know that anything someone else can do to repair your credit, you can do yourself?
The industrial Development Authorities of the City of Phoenix and Maricopa County have joined together to offer up to $100 million dollars to help first-time homebuyers obtain FHA, VA or other eligible loan or conventional financing to purchase a home anywhere in Maricopa County.
When it comes right down to it there are basically two consumer schools of thought presently within the loan financing public. I must admit that there are a few more, however; not as prevalent as two we encounter on a daily basis.
Most of us need a bit of help when it comes to personal finance. We're bombarded by stores and companies offering us their cards but as soon as we make a slip and forget a payment they're down on us from a mighty height with excessive charges.
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