The big, bad sheriff of lending, The Consumer Protection Financial Bureau (CPFB) thought it built a tamper proof fence corralling “bad” loans by holding the lending industry hostage and implementing tough approval guidelines. The old saying if you build a tall fence, someone will build a taller ladder, has proven true.
Question: Why are some lenders pulling another credit report before funding a loan? Could that prevent a loan from closing?
Answer: Undisclosed Liabilities – Fannie Loan Quality Initiative FAQ (5/28/10 & 6/7/10) the boring title for another exciting change in our industry. (Think positive thoughts)
Before you pound your head on your desk
Good morning, I am April Gerdes with The Mortgage Advantage, and I would like to talk about volunteering this morning. With our economy in the position it is – how could you not be a little frustrated? Sad? Or maybe even a little depressed. Whether you are a real estate agent, and you have had more deals fall apart than
President Obama and Secretary of Treasury Timothy Geithner are navigating us through the freeway of the deepest recession since the 1930’s. Along for the ride are their BFF’s: Paul Krugman, winner of the Nobel Memorial Prize for Economic Sciences in 2008; Larry Summers, resident bank lover and expelled President of Harvard University, and Paul Volker, the 82 year old former
When there is a direct relationship between any of the parties to a real estate transaction, (including borrower, client, employer, lender, broker, appraiser, seller or builder) the transaction will be considered non-arm’s length. An Arm’s Length transaction would then be a transaction where all the parties involved are entirely independent of each other and have no reason for collusion. Who
When can I buy a new home?
The calls are coming in from former short sale homeowners that now want to reenter the housing market. The rumor that FHA will finance homes immediately after a short sale is as likely as Lindsay Lohan staying out of jail. FHA Mortgagee Letter 09-52, is very specific on their guidelines (I know, it shocked me, too, a government mandate that is clear and concise).
