Mortgage Processing News from Theresa Furzland
Friday, March 23, 2012 - 7:40pm
Have you ever played this game at the fair? You have to hit the little buggers with a padded stick when they pop out of their holes. They pop their heads up and back down and you scramble to bop them before they disappear again.
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Being in the Mortgage business these days I feel like we’re playing the game on a daily basis.
Agency...
Friday, February 24, 2012 - 8:38pm
I my role as a Loan Originator, it has come to my attention that this phrase is becoming a major part of our vocabulary these days. Let me give you a few examples from recent conversations I have had with clients.
...You are very well qualified; a refinance to today’s rates would give you significant savings on a monthly basis. But, because your value is low you will not qualify for the program...
Thursday, January 26, 2012 - 7:58pm
In December I promised to be giving updates on the new HARP refinance programs as details emerge, and so being good to my word I am returning to the subject. Unfortunately there are not many details to talk about, and what there is to say is almost guaranteed to give you a headache.
For the most part we are holding our collective breaths waiting for Fannie to roll out the new DU portal in March...
Friday, January 13, 2012 - 5:20pm
So here we are, 2012 is underway. Speculation about what this year is going to bring is of course a popular subject these days and the doomsday crowd is getting ready for a party. I hope they are all around to suffer the “hangover” in 2013 since that would mean they are wrong again.
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The funny thing about the doomsday prophecies is that...
Friday, December 30, 2011 - 5:03pm
2012 is here. A year of promises to be made and a year of prophecies. Promises of positive change and prophecies of imminent doom. Whichever it may be I think we can be assured that it is going to be yet another year of change in our industry. So in other words…the same old thing.
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It is tempting to spend time wondering what this New...
Friday, December 9, 2011 - 5:50pm
The new HARP refinance program has been released as of the first of this month. This program is expected to help consumers who have been unable to take advantage of low interest rates and the opportunity to lower their payments due to falling house values which has resulted in homeowner’s being “underwater”
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There are still many hurdles...
Friday, November 11, 2011 - 7:44pm
It would feel redundant right now to talk about the mortgage crisis, the financial meltdown, the homeless or really any subject that deals with the issues being discussed by the “Occupy” movements that highlight the controversy of the 99% versus the 1%. We need to talk about solutions.
Corruption has been identified at every level of the process; therefore pointing blame is also a redundancy that...
Saturday, October 29, 2011 - 12:17am
With the interagency review requiring reform, review of loan files and now the media attention brought by the Occupancy protests are all putting pressure on the large servicers to “clean up their acts”. It seems we may be seeing some positive progress in the form or realistic reform.
The Interagency Review which was issued in April calls for each of the 14 regulated servicers to conduct a review...
Friday, September 2, 2011 - 5:40pm
As I was going through some of my old paperwork the other day, getting ready to move my office, I came across this old gem. Dating before credit scores, these Scales of Justice are just as important today and so I thought I’d share them with you.
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Compensating Factors:
1. Perfect Credit
2. Excellent Long Term Credit
3. Substantial...
Friday, July 15, 2011 - 5:21pm
The completion of the loan application form can make the loan process smooth or a nightmare. A complete application with the proper supporting documentation versus an inaccurate application can make all the difference in the world. We all know this, it is mortgage 101, however to this date it is one of the biggest concerns/problems in the system. The problem I think is that often times the...
Friday, July 1, 2011 - 4:28pm
Well...
I’m going to start with a short background of my career and a hint about the future subject matter you are likely to see from me.
I have worked in the mortgage industry for 25 years now and you could really say I’m a “lifer” as my father’s family was also in the industry as realtors, lenders and appraisers. My own experience has ranged from one end of the spectrum to the other it seems. I...
Friday, June 17, 2011 - 1:22pm
CREDIT CAPACITY COLLATERAL
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When an underwriter is presented with a loan request package, their job is to determine whether the potential borrower will pay back the loan or not. There are many tools available to today’s underwriter and most of the determination is handled by complex computer programs that are designed to weigh the risk...
Monday, June 13, 2011 - 8:16am
I sat down at my computer tonight and thought I’d see how many acronyms I could rattle off the top of my head. Here is my 10 minute effort: (and if you know what they all stand for – you’ve been in this business too long!)
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RESPA TILA GFE GSE FACTA FNMA FHLMC FHA VA USDA RD CD REO DOM LTV CLTV HCLTV DTI VOE VOM VOR VOD W2 1099 4506 URAR...
Monday, June 6, 2011 - 12:20pm
I’ve been writing about the different perspectives of the mortgage industry and it has really been an interesting mental activity for me.
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Not only did I get the opportunity to appreciate the wide variety of experience I have had the fortune to acquire over the years, it also makes me feel old.
Not only did it make me realize how many...
Friday, May 27, 2011 - 9:41am
The recent mess with the foreclosure paperwork (or lack thereof) can serve as a reminder to all of us about the importance of due diligence and complete and accurate loan files and not to let automation make us complacent.
Need FHA Training? CLICK HERE: http://www.FHA-Classes.org
The word of the day is data integrity. While many want to point blame at the Mers system for the confusion and lack...
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Recent Mortgage News
Too much agreement means more entitlementsWashington Post... a counterproductive federal intrusion in primary and secondary...
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eNewsChannelsCan you refinance an underwater home without HARP?KFVSA lot of homeowners with underwater mortgages would like...
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Fri, May 11th, 2012
Over the past 5 years I have had many conversations with people regarding the housing market which invariably becomes a discussion as to who is at fault for the collapse in 2007. Depending on who you...
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"There is an exception," said Ray Brousseau, executive vice president with Carrington Mortgage Services. "FHA's 203(k) program lets you buy the house you want now and then provides the money you need...
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