If a lender engages in a similar behavior, both lenders at either end of the deal both the referral and referee  would stand to lose their licenses due to RESPA violations. If this loan was going towards purchasing a commercial property, that would be fine but towards buying a mansion that would be a violation of RESPA. According to RESPA, the lender would be charged with taking advantage of Charlie Sheen. This is interesting as the same case is good for one scenario and a blatant violation for another scenario.

Mortgage Operational Safety Assessment (MOSA): It’s a best tool out there to measure loan repurchase risk for a lender, community bank or to whosoever is interested in mortgage lending. Right now AllRegs is giving away an introductory version of the “The MOSA Lite” first course assessment for free.

The darling little couple Fannie Mae and Freddie Mac are going to increase their incentives to push through the short sale transactions quickly. They are going to offer $1500 to servicers, $2000 to investors and up to $6000 to subordinate lien holders to push through short sale transactions rapidly. They think by offering more incentives to the folks in the transactions, they can quickly solve the problem in the housing industry. However, the increase in incentives does not change the underlying problem in the real estate industry since the investors, servicers and the subordinate lien holders already know they are whipped sufficiently and they want to stop this non-sense further. The way to end the suffering is not by offering more incentives which is not nearly enough. This problem has more to do with the systems rather than the incentives.

Currently short sales are back logged in the system with the servicers and investors not being on the same page. They are throwing a second lien and the proverbial kindergarten telephone game starts. The main problem here is the short sales department is not communicating well enough to the foreclosure department and nobody is sure at what price the short sale department is satisfied. I have been told by many real estate agents in recent times that houses get foreclosed at the very end of a time consuming short sale process. These instances are happening everywhere in the nation with no end to the stalemate in sight. Short sale processes are progressing at a slow pace with the above mentioned kindergarten game in operation and the foreclosure department is blissfully unaware of the happenings in the short sale department. The foreclosure departments in every bank or lender are pursuing their own path independently without forging any understanding with the short sale department.

Unfortunately if the house gets foreclosed by the lender, all the time consuming efforts put in for the short sale proceedings will go down the drain even when everything is ready and the deal is ready to close. This is the problem that is causing the greatest problem to the real estate industry and not the money.  Unless the communication between the short sales department and the foreclosure department improves dramatically, the heartburns continue for the people and the real estate industry.

Do us a favor and subscribe to this site for free. You can always forward and share this one with any one you think might use it. See you again soon, Wes Moore.

You might have seen news that Freddie Mac was accused of betting against homeowners whose mortgages and other bank owned homes Albuquerque were backed by them. This news is neither totally true nor untrue in the true sense. This news can be interpreted in 2 ways and I will try to enunciate the total scenario behind this allegation.

There are 2 ways in which you can invest in mortgage backed bonds or mortgages held by bank owned homes Albuquerque. One way is to invest only on the principal portion of the loan called the Principal Investment Bonds which is widely regarded as a safe investment. The second way is to invest in only the interest part of the mortgage which is considered as a risky investment but will provide higher returns to the investors which is called Inverse Floaters or Investor Floater bonds. This will be the case with bank owned homes Albuquerque as well.

The reason why Inverse Floater bonds are considered risky is when we consider a scenario where the mortgage loan is paid off in full by taking advantage of the low interest rates available now for mortgage refinance. In this case the conservative principal investment bonds receive all their monies back whereas the Investor Floater bonds backed by Freddie Mac will not receive any thing because the loan is repaid before maturity and there will be no interest payment coming in from those mortgage loans.

As a matter of fact, Freddie Mac bought roughly $3.4 Billion worth Inverse Floater Bonds which benefits the bond owners when the mortgage loans are kept at higher rates without any refinance. But the problem is this is not the charter of Freddie Mac. They have been entrusted with the task of providing home loans to homeowners through affordability.

As we see the President, the members of the Congress and even the Federal Reserve have come out openly and said that we need to have a ‘National Refinance Program” right now to focus on disposable income of American citizens which enables them to spend more money that can be put right back into the economy. This provides more jobs, more money in the hands of the people etc.

This begs the question we have to ask our self whether the Refinance programs floated by Freddie Mac and Fannie Mae are hurting any chance of recovery quickly because refinances are pretty good to provide stimulus to the economy but bad for Freddie Mac as it is bad for their Inverse Floater Bonds. This is the case with bank owned homes Albuquerque situation as well.

My point is Freddie Mac should never invest in those Inverse Floaters bonds as there is a conflict of interest with their original charter and this situation needs to be looked into quite urgently. This is like Philips Morris selling cigarettes and opening a lung cancer center.

We also see in the newspapers that President Obama is also calling for a National Refinance Program. He suggests this should be done through the FHA. Considering the dwindling capital reserves of FHA and their delinquency rate of 9.6% with increasing foreclosures and short sales, both of which will continue to tax the FHA and FHA may not be in a best position to carry out the National Refinance Program.

It is also suggested to levy a surcharge or tax the banks to cover up the capital shortfall of the FHA and implement the National Refinance Program. But this has been received by the banks very, very poorly. The point here is more levies or tax on the banks will result in “More Cost to the Consumer” as the banks will pass on the levy to the ultimate consumers to protect their profits.

This is pandemonium all round and don’t hold your breath by any means. This is a piece of news which will certainly interest you. If you want live like the President of America here’s the chance. President Gerald Ford’s Rancho Mirage home is up for sale at $1.699 Millions. This 6 bedroom, 4.5 bathrooms home boasts of many facilities and you can also have the original furniture at an undisclosed price. This one would be one hell of a deal for the investor, the listing agent and the realtors.

Coming back to the Freddie Mac issue, there is a clear conflict of interest between its charter and the way it is conducting business in the market. Unless this anomaly is removed, the chance of housing recovery happening soon looks a distant possibility.

Do us a favor and subscribe to this site for free. You can always forward and share this one with any one you think might use it. See you again soon for more information on Bank Owned Homes Albuquerque, Wes Moore.

The latest post coming out from the banking major Wells Fargo is they are unconcerned with rising FHA mortgage loans Albuquerque delinquencies in their portfolio. The fact of the matter is FHA delinquencies went up from 8.17% to 9.3% which means somewhere in the ballpark roughly about 690,000 FHA loans are horribly delinquent and are on the verge of foreclosures.

The idea is to get FHA Mortgage Loans Albuquerque portfolios and everybody else’s portfolios into the new HARP program which is Home Affordability Modification Program before they get into the point of foreclosure which is to target 4 million homes which refinance every year. Even with the new guidelines, lenders would get up to 900,000 homes for refinance. As we see and hear from seasoned observers of the real estate industry, HAMP modifications are also seeing rising delinquencies and foreclosures in recent times. So HAMP is not able to stem the tide and FHA is beginning to feel the bite.

Now coming back to Wells Fargo, in a conference call a few days back, CFO Tim Sloan said that the rising FHA foreclosures is primarily due to growth in FHA/VA portfolio over the past two years and subsequent seasoning of these loans. Actually this piece of information is very interesting and the rise in foreclosures due to these FHA loans given in the past two years is really surprising and astonishing. This means that homeowners who bought after the meltdown on a clear book of business are also under pressure to repay even with more watchful and considered underwriting of FHA mortgage loans. This is a worrying signal for the FHA mortgage industry and the real estate market as a whole.

Those homeowners who bought homes in the past two years definitely would have a cheaper monthly payment outgo in mortgage payments than a fair market rent payable on a comparable home. So for those homeowners letting a home go into a delinquency and subsequent foreclosure doesn’t make any sense and moving or relocating means using more personal income on rental housing payments.

The reason for this is pretty complicated. Firstly walking away from a signed promissory note of a mortgage obligation now seems to be socially acceptable and we are seeing it happen all the time and it is constantly being reinforced by our elected officials. Just a couple of days ago we saw the new Attorney General Eric Schneiderman offering 1 Million Dollars to defend those homes currently in foreclosure that was built on the presumption that homeowners were somehow tricked into buying homes and promissory notes that homeowners have signed were somehow to their detriment and not to be considered as binding at all. It means that all promissory notes of mortgage loans are being signed by Robo signers for Robo promissory notes for foreclosures by people who are not making any payments for mortgage loans.

In other words, we can say that we have created a National climate where not making a payment is a reasonable option, even when you are in a position to make a payment. It begs the question that where on your promissory note does it say that until I feel I do not want to do the payment any more. That’s the message coming out from the actions of our elected representatives.

The first time FHA Mortgage Loans Albuquerque homebuyers who feel the weight of the obligation from day one of buying a home than at any point of their life feel that the equity in the home has gone down the drain and feels reasonable to let the home go into a foreclosure as the binding clause in the FHA mortgage loan papers has been compromised in today’s market.

The statement of Wells Fargo’s officials that they are not concerned about rising FHA Mortgage Loans Albuquerque delinquencies may be correct a few years age due to bad loans, balloon payments, adjustments, rent is cheaper than owing a home, free falling equities in homes etc; but at this point of time it’s strange and absurd. It is more of a systemic problem in the real estate industry which is not at all considered in this whole debacle. The promissory note which 20 years ago was binding on the mortgage homeowners is completely compromised now. Until every one feels that the promissory notes on which they have signed and taken a mortgage loan is binding, the end of the housing mess will remain a mirage towards which we seem to walk all the way but never seem to get to it.

The mindset in the mortgage industry is we don’t refinance any loans right now, but wait for you to default on your loans to modify the loans. If you can’t modify the loan, you can simply walk out of the home. The rising delinquencies in the FHA Mortgage Loans Albuquerque must be a cause for concern and until our approach and attitude to the promissory note is changed, we will never solve the housing crisis.

Personal accountability has gone and we have to ask where it has gone right now. We have identified the problem in the housing crisis and its worse effects. I think we have to start with us as originators and real estate sales people because we’re dealing with these clients. We have to convey to first time homeowners and all those venturing out to invest in the real estate market that personal accountability should be brought into play by every one and fulfill all the obligations in the promissory note like paying off the mortgage loans in full without walking away from the homes after 2 or 3 years in the home without caring for the disastrous consequences. We should make it a point that our word in the promissory note is binding, until and unless we fix this personal accountability, we will see the same mess happening again and again in the housing industry. Each and everyone in the housing industry a buyer, lender, seller or a sales agent must take it to their heart and take forward that personal accountability factor while moving this week.

Do us a favor and subscribe to this site for free. You can always forward and share this one with any one you think might use it. See you again soon for more FHA Mortgage Loans Albuquerque, yours Wes Moore.

Refinancing Mortgage Albuquerque Loans:

Things may not be as tough as you think in Mortgage Albuquerque when you hear that Fannie Mae is thinking of 1 Trillion Dollars in origination this year which is more than 200 to 300 million Dollars in financing this year.

 

You must remember that they have taken away the LTV requirements in Mortgage Albuquerque meaning that those who’re hopelessly upside down in their mortgages can now take advantage of the historically low interest rates.

In fact, the New York Federal Reserve President William Dudley has called for more broadly available refinances for all Americans. His reason is very simple and straight forward. He says it will lower interest rates, drop the monthly payments which will put more money into the hands of all Americans which can then be dumped back into the economy that will create more jobs etc. Refinance loans in Mortgage Albuquerque are essential for the struggling real estate industry and don’t put them in the deep freezers because they are not dead.

How to service potential clients:

We will now check that out. 90% of the realtors and the lenders in the real estate market in Mortgage Albuquerque do not have a blog as I do it right here and we also know that upwards of 85% of potential homebuyers make their intentions of home buying known or make a home buying decision by going online which doesn’t make any sense. Your past clients or potential clients are going to your competitor’s sites like zillow.com where the information is captured, which is then sold back to you or may be to your competitors. Why I am stressing this point is because you need to have a stronger online presence to capture potential clients because when you want to catch the fish, you have to behave like a fisherman.

Check out the statement made by Jamie Dimon, the Chief Executive of J.P. Morgan Chase on the housing mess in his quarterly conference call last Friday that all the real estate problems can be fixed without much hassle. He said the only one problem right now is no one is captaining the US housing meltdown and is a ship without a captain. He said we need to deal with foreclosure delays, fate of Fannie Mae and Freddie Mac, the conflict between the house owners and the servicers of the first and second mortgages and the pending rules. There is still no unanimity on the rules to be put in place to overcome this housing crisis. Having said those words, he is missing most of those things required to fix the housing mess.

I have noticed another problem which is causing a lot of heartburn to the home owners more so in Mortgage Albuquerque. The other day I spoke to a realtor who was working on a Bank of America short sale proceedings for the past 6 months.  Then suddenly 2 days prior to closing of the short sale process, the house got foreclosed without any notice or intimation because the Short Sales department and the Foreclosure department weren’t communicating with each other and dropped the bombshell of foreclosure. The realtor was convinced that such things are happening all over the country.

When a Chief Executive of Jamie Dimon’s stature complains that no one is in charge of the housing industry, this a largest systemic problem that’s affecting more than one lender. At this moment we need to have all the CEO’s tackle this problem and straighten out the working of each mortgage company so that communication gaps are eliminated and there is proper news flow from each department which will provide perfect coordination between the departments of the companies. It is better to clean up own backyard before speaking on the larger ills ailing the industry.

Do us a favor and subscribe to this site for free. You can always forward and share this one with any one you think might use it. See you again soon, Wes Moore for more Mortgage Albuquerque news.

We often talk about what to consider when buying a house in Mortgage Albuquerque, but today we’re going to talk about selling your home.

When it comes to selling your home in Mortgage Albuquerque, the most important thing you can do is to set the price right at the very beginning. In fact, if you ask any real estate professional in Albuquerque out there in the market, they will tell you that for any house to sell quickly, it has to be priced correctly.

Most people will turn to online sites like zillow to try to figure out what their house is worth, rather than asking a local real estate professional in Mortgage Albuquerque.

The problem with this approach is it may deliver to you a ball park estimate of home price and more often than not, it will not be very accurate in line with market conditions and estimates. All these online sites do not take all the essential elements into consideration to determine accurately the price of your home. This requires the help of your local real estate professional in Mortgage Albuquerque to help sort out the things about your home and then determine the value that your home’s worth.

For example, there might a 3 Bedroom, 2 Bathroom home in a different neighborhood that’s next to your 3 Bedroom, 2 Bath home that’s valued by an online site at $200,000. However, your neighborhood may have nice amenities that may appeal to prospective buyers. Hence, your home might be worth more than the estimate given by the online sites. This is something that all online sites cannot account for and provide you a wrong estimate of the worth of your home.

Listen guys, if you’re considering selling your home, you must price it right and the best way to figure it out is by asking a local real estate professional. They can help you directly or at least show you the right direction.

Do us a favor and subscribe to this site for free. You can always forward and share this one with any one you think might use it. See you again soon, I am Wes Moore.

More useful Mortgage Albuquerque information in subsequent posts.

As informed earlier in some of the columns of this blog, Richard Cordray was in the running for the Head of CFPB. It turns out that he not confirmed for that post by the US Senate Republicans. The question now is who’s going to be the next chief of CFPB and if find that out, he’ll let you know as quickly as possible for the benefit of Mortgage Albuquerque consumers.

Johnny Isakson may be one of the contenders for that post. He introduced a new bill that would replace Fannie Mae and Freddie Mac with a government owned entity which on one day will be supposedly sold to the private sector. Johnny Isakson wants to replace a couple of quasi-government agencies (Fannie Mae and Freddie Mac) with another quasi-government agency.

Is this bill suggesting that am I missing something here? Check this one out. The new agency would be called Mortgage Finance Agency MFA. So here’s the deal about this MFA. MFA would charge a fee to the qualified mortgage backed securities in exchange for the guarantee it provides to the mortgage loans in Mortgage Albuquerque, much like that Jimmy Mae does now. The idea behind this is to allow the government to create a giant slush fund which they can use in the event of another catastrophic profit meltdown in the housing market.

Look, here’re our concerns regarding the MFA bill which they claim is an exacerbated or catastrophic claim that’s not likely to occur again with the big concern is as follows. First of all, the government is going to charge a fee. Not thinking about the future catastrophic meltdown, first let’s first get out of this catastrophic meltdown in Mortgage Albuquerque and rest of the nation.

Now, here’s the problem. The government is going to charge a fee which begs the question that who pays that fee to the MFA? Naturally the end consumer will have to bear the brunt and will have to pay that fee to MFA. Once again instead of trying to help the consumer to overcome this meltdown in Mortgage Albuquerque and other mortgage markets, the government is trying to put their hand into the pocket of the consumers which is not a good idea in the prevailing real estate market conditions.

Secondly, the government is going to put together a fund. Do you feel comfortable with the government not reallocating money for other than intended purpose? I don’t feel it as correct and you may also feel the same as you need not look any further than social security. According to David Stevens of mortgage bankers association, this could hinder liquidity which will mess up the condition even further in Mortgage Albuquerque and other real estate markets.

Certainly this is not going to help our cause. This whole deal looks too much like the situation where we are with Fannie Mae and Freddie Mac at this point of time. Instead of creating another bloated government bureaucracy, if you’re going to reform you have to start the reforms in the already existing stinking government agencies Fannie and Freddie. We don’t see the new bill MFA coming into existence in the near future at least up to the coming elections. After the elections, we have to see how well bipartisan politics really work on the ground.

We just heard that the Congress just passed a bill that made it universally illegal to text a message while driving a car. Though it might be a bill, we think in the overall scheme of things, it shouldn’t be that high up right now.  Now, bipartisanship might not work, this might be one case that benefits the real estate industry by not creating Johnny’s new group in Mortgage Albuquerque and other mortgage markets.

Please subscribe to this blog for further information and please forward this to someone whoever might be able to use it and see you again soon, right here on this blog for Mortgage Albuquerque news.

One of the main considerations when it comes to buying a home in Mortgage Albuquerque is “Where to get your mortgage, whom do you talk to, what kind of a loan can you get, what’s your payment going to be and the big question that’s everybody is concerned about is “What’s your interest rate “?

Well, to get these answers most people will turn to the Internet. There are a lot of online Mortgage Albuquerque rate sites that put information in to get some rates out of these sites, after that get directed to that mortgage company that’s supposed to deliver that interest rate to you.

Well, here’s the problem, guys, it’s typically just an advertising gimmick. These sites are throwing out the bait and try to hook you in. Once they get them, they typically line them up and get them a completely different interest rate than that what’s quoted on the internet site. Look guys, getting a Mortgage Albuquerque loan is complex and it requires a professional to gather quite a bit of information from you in order to give you an accurate interest rate quote.

So how do you find the right person to talk to? Well, ask someone you know and trust who has recently got through the experience of getting a Mortgage Albuquerque loan,  may be a family member, a co-worker or a friend. By doing this who can find a mortgage professional who’s honest, does a great job and gets you the loan. Of course, there’s a perception that with all the legislation being put in place time to time, the bait and switch operators may find it difficult to lure unsuspecting mortgage loan seekers, which is not totally true.

The problem with online operators is they will be trying to get precise information of potential unsuspecting clients. Instead of depending on the online sites and rates, it’s always advisable to depend on some one you can trust and on someone who has worked with your friends or family members in the recent past to get your Mortgage Albuquerque loans. This is the best way to obtain a mortgage loan. Somebody may be trying to choke you with higher interest rates and please do not fall prey to such operators.

Please subscribe to this blog for further information and please forward this to someone whoever might be able to use it and see you again soon, right here on this blog for Mortgage Albuquerque news.

David Vitter the US Senate member from Louisiana,wants to make FHA loans more expensive for your Mortgage Albuquerque clients and he wants to derail the entire housing recovery, if in fact we’re really experiencing a housing recovery.

He wants to allow the HUD Secretary and FHA Commissioner to use all available methods under law to recapitalize the MMI Fund to its statutorily required 2% capital reserve ratio within 2 years, think about this. Okay, how he is going to accomplish that? Well, there is only one way and that’s to raise mortgage insurance premium to the highest levels allowed under the current congressional mandate. It’s pretty simple stuff, guys doing business in Mortgage Albuquerque.

FHA makes money and then, they give the money they make to HUD. HUD then reallocates the money to stuff they want to do and spend on which may be on individuals, groups which they cannot really spot themselves. Then HUD refunds FHA, but because they pool more money from FHA than they give back, that is strange and FHA’s bottom line is strangely upside down which we call creative book making.

Creative book making that Vitter wants your Mortgage Albuquerque clients to finance through higher mortgage insurance premiums. Look, this will keep focus away from the escrow tables and end up killing potential deals which leads to a situation “higher the costs, fewer the purchase attempts”. He also wants to impose penalties if the congressional mandated FHA fund fails to maintain a ratio of 2%.

So, if they go broke, where will they find their money? How will it help charging them money or penalty for not having money, if they don’t have money at all and how does it help FHA? The Vitter bill also prohibits secret bailout of the FHA by the Treasury Department.

Let’s think about this. If you’re going to bail out everyone out there including foreign governments, GM, AIG and Merrill Lynch, why not bail out the one agency that can actually help people help themselves. Why not make it a priority to finance in a responsible fashion the one agency that will make more people homeowners in Mortgage Albuquerque, that’s if you think homeownership is vital to our recovery.

Listen man, FHA ,whatever they might be looking to get in the form of bailout money, which may be around $50 billions, compared to the $7.7 Trillion the Federal Reserve gave to several groups, businesses etc is way below the money offered by the Federal Reserve that is spent blindly and is certainly not in the same ball park or same league, and our point is why not FHA get the bail out money without any further questions. At least they can do some good to American people specially in Mortgage Albuquerque.

Listen guys, FHA on its own feet is okay, but with HUD bleeding its profits, the picture is not rosy and its position is not good. Start off by not bleeding FHA and then complaining that it’s dying. Let’s just leave the premiums alone. Let’s not bleed our Mortgage Albuquerque clients of more money, haven’t they given enough?

Okay, when it comes to bailout, if the senate guys follow those 2 affirmations and suggestions, you probably won’t need one buck. If you do guys, let the previous bailouts whatever that did; please do not show the stick which is housing recovery.

Finally my suggestions to the sales people toiling in the Mortgage Albuquerque hard market. This Vitter bill is ridiculous and FHA loans can be marketed as usual by focusing on their strengths like low down payment, low mortgage insurance premium etc and get some deals in the pipeline through marketing efforts.

Instead of bothering about the Vitter bill and getting into a pigeon hole by being negative, you can move forward and focus on the strengths and silver linings of FHA Loans and close some deals without bothering too much. FHA loan products are too good to ignore and all the marketing people are advised to focus on them relentlessly in Mortgage Albuquerque.

Mortgages are essentially getting in coming with a title “Qualified” in order to be compliant. Now what that means is that all the lenders in  Mortgage Albuquerque  have to qualify the borrower and make sure that they can actually make the payment and make sure that the loan doesn’t have a pre-payment penalty  or not-interest only and that’s not amortized for any length longer than 30 years.

Let us seriously for a second, talk about Full Doc 30 year Fixed rate Loan available in New Mexico in Mortgage Albuquerque. Basically we’re going to talk about the only loan that is being offered right now.

The whole world must recognize the fact that what’s happening right now, right before us is each and every loan currently seems to meet the qualifying mortgage standards, but the sad fact is stated income loans are making a roaring comeback, just like John Travolta made a comeback from the dark years of the Saturday Night Fever to make Pulp Fiction.

It could happen that stated income deals could also comeback. Well, they need to be qualified to meet the legal definition of SAFE Harbor Act. So, as far as I can tell all loans regardless of the title, need to be full Document, of course.  The QM is intended to ensure bad loans won’t return because of this reason. If a lender in Mortgage Albuquerque chooses to go off the reservation and make loans that do not meet the qualifying mortgage standard, they do not have the SAFE harbor, exposing that lender to possible litigation. Guys, to tell you right now, no lender at all wants to have a loss.

Here’s one problem as far as we can tell. Well, there is a little thing that’s being bantered about which is “Rebuttal Presumption of Compliance”. What this will do, according to some sources is to throw all foreclosures into court to determine if the standard of qualifying mortgage has been met. Now, here’s the kicker guys, here’s what you need to understand and if this takes place, the insistence of not bringing back stated income loans can be compromised. After all if all the foreclosures are going to be challenged because of the Rebuttal Presumption of Compliance plans , then there is no SAFE harbor for all the lenders and at that point why not bring back stated income deals, after all every deal is going to end up in court.

Further potential for additional litigation against lenders in Mortgage Albuquerque through this is possible. Change to the qualifying mortgage is going to make lenders hesitant to lend and when they do, it’s going to cost money, more expensive once again to your clients. The CFPB which is taking control from the Federal Reserve is in charge of this very very important change. Guys, do you see the potential for this to do the damage, wrong? Well, I do. The qualified mortgage, the whole SAFE harbor and the whole of CFPB is a rudderless ship. It’s a ship without a captain. Nobody is in charge and it doesn’t look to be changing any time soon. Yet, this is what we get and this is what your clients get.

Okay, so here’s the deal, guys, right now the CFPB is trying to create a situation to where we are going to have better loans for clients. The problem is what they are proposing here is what’s exactly going on right now. The fall out from what they do with the qualifying mortgage is to create a situation where we can have more litigation against our banks. I am telling you right now, litigation against our banks is what’s hurting the industry. At the end of the day only one who pays the price for this is your clients. It’s going to be in the form of higher payments, higher mortgages, higher rates and longer terms. I am telling you right now that’s going to be problematic and what makes it more troublesome is the fact that there is nobody running the CFPB, yet they are the ones in-charge of this. It’s enough for you to throw your arms to rise and say I wish I have my white hat and tie.

So in the end, what’re we going to tell to the sales people? Just go and work man. Just roll up your sleeves and sell some darned houses, man. In the meanwhile, we will keep you posted on what the heck is going on over there in Mortgage Albuquerque.

Hi, I’m Wes Moore, Welcome to moore4yourmoney, Moore TV. First, this week I want to say a big thank you to the elite 25 realtors in Mortgage Albuquerque for choosing myself and Superior Mortgage Services once again as their preferred lender again this year. It’s an honor to be associated with the top 25 luxury home realtors in Albuquerque area.

Second and at the other end of the spectrum from luxury, I want to say congratulations to Jonathan on the closing of his first home in Mortgage Albuquerque last week.

Jonathan utilized the New Mexico Mortgage finance authority’s mortgage saver plus program that allows low to moderate income first time buyers to get into a home with only $500 down, get an awesome interest rate on the 30 year fixed rate loan and his payment is comparable to his rent. And I want to say thanks very much Daniel for entrusting Jonathan, your client with me.

Also some of you may know I am a certified instructor for the mortgage education foundation that means I teach other loan officers. 2011 is the first year, we as loan officers have had to take continuing education. Last year we had to take our initial education, get licensed, this year we are continuing it. Well, our first 8 hour’s course is on Friday and if you know a loan officer, who hasn’t taken the scores yet, have them call or email me and I’ll make sure they will get signed up.

One of the things that I would like to do every week is tell you something that you don’t know that’s a value to you. So I am introducing a segment called “Did you know”. So, on that note, did you know that on VA financing in Mortgage Albuquerque, a seller may pay up to 4% of the sales price to pay off a veteran’s debt.

That’s right, let’s say that you’re selling a $200,000 home and have a VA buyer that wants to buy, but he won’t qualify because his ratios are out of whack because he’s got a $400 car payment that he owes 8000 bucks or even 7000 bucks. Well this seller can pay off that car payment at closing to bring the buyer’s debt ratio down so that the veteran can buy a house in Mortgage Albuquerque. That type of loan should make you $25000 over your lifetime and that’s my goal to make you more money.

Now let’s talk about the loan of the week in Mortgage Albuquerque. Yesterday I had an appointment with a man, the key man who had just finished watching 342 hours of tapes on how to invest in real estate. He was very excited and was sure he knew everything about real estate properties as ducks in a row. It was actually funny in a way he used every catch phrase as you see on these late night TV shows. The late night TV show had told him that he could get credit cards and pull the cash on those credit cards for the down payment. Well, that’s true except you can do it if you’re financing through a lender. So Fannie and Freddie will not allow unsecured borrowed funds to be used for down payment. The good news is he came to a seasoned loan officer in mortgage Albuquerque and I suggested that he go get a home equity loan against his friend’s clear primary residence, use it for the down payment. So, it’s all going to work out. The moral of the story is “don’t believe everything you see on TV”, unless of course it’s Moore TV. So until next time, I’m Wes Moore.

Keep visiting this blog for further news on mortgage Albuquerque which should save money for you while looking for a home in New Mexico.