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
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).
Charlie Sheen, Muammar Gaddafi and Uncle Sam walk into a bar. Who will pay? Gaddafi hates America so much that all of his money is tied up in U.S. banks and investments. Charlie ranted his way out of his billion dollar T.V. show plus he isn’t sure rehab allows drinking with non-strippers. Uncle Sam is the only one of three that has a job and he can’t pay due to budget constraints.
It’s official. Our government is slowing killing the Arizona housing market.
President Obama torpedoed the already distressed home financing industry by announcing the gradual raising of down payments to a minimum of 10% on conventional loans. He touted a 2009 survey by the Federal Reserve Bank of St. Louis that reported…