Oregon Mortgage ConneXion

Upcoming Changes to HARP

2011-12-16T18:26:00.000-08:00

This week Fannie Mae has announced changes will be made to Desktop Underwriter or DU come March of 2012. DU is Fannie Mae's Automated Underwriting System (AUS) that determines a borrowers eligibility and dictates how each loan is to be underwritten for loans to be sold under their platform. The reason for the overhaul is to allow for updated findings to incorporate the expansion of Home Affordable Refinance Program, a.k.a. HARP, DU Refi, and DU Refi Plus.

The expansion, dubbed HARP 2.0 by many, will include the following changes:

Maximum Loan to Value or LTV currently capped at 105% is to be removed. No limit will be in place.
Loan Level Price Adjustments or LLPA's will be reduced and adjustments made for higher LTV's.
The caps on the LLPA's are to be reduced.

Individual lender credit overlays have made refinances under HARP extremely difficult to execute in the past. There is a great deal of skepticism as to whether or not any relief will be realized for underwater homeowners.

For a little background you can view a few other posts here.

To apply for this or any other loan program contact me today.

FHA Temporary Loan Limits Reinstated

2011-12-03T13:38:00.000-08:00

FHA Mortgage Letter 11-39 announces that the temporary limits that expired on October 1, 2011 will be reinstated under H.R. 2112 remain in effect through December 31, 2012. Case numbers pulled on or after November 18, 2011 will be subject to the new "old" limits or "new" old limits... take your pick!

Limits adjust annually within each county as the median sales price is adjusted... Check the FHA Loan Limits in your County.

To apply for this or any other loan program contact me today.

Additional Resources:

FAQ on FHA Loan Limits

HUD Mortgagee Letters

VA Funding Fee UPDATE

2011-11-22T10:03:00.000-08:00

The lowered VA funding fees that went into place a mere four days ago are no longer in effect as of today due to the signing of HR 674 as cited in VA Circular 26-11-19. The fees will revert back to those that were in effect prior October 1st, 2011 and will remain in effect on through September 30, 2016.

To apply for this or any other loan program contact me today.

Additional resources:

VA News and Announcements

Benefits for Veterans Chapter 5 Home Loan Guarantee

Oregon VA Loan Lowers Mortgage Rate

2011-11-11T16:25:00.000-08:00

The ORVET Home Loan Program lowered their rate... again. This loan program is not the same as the VA Home Guaranteed Loan Program but is underwritten, funded, and serviced by the State of Oregon ODVA through a special federal bond. The ODVA loan program is a close match to a conventional loan in underwriting, requires mortgage insurance if not putting 20% down, and allows loan limits up to $417,000. The loan is available to eligible active duty veterans for the purchase of a primary residence. The ODVA Loan carries no funding fee, typically offers a rate below market, and even lends on manufactured homes. Added benefits include payment re-amortized with a principal reduction of $3000 plus and optional loan cancellation insurance.

You can find the current rate and additional program information at the the OR VET Home Loan webpage.

To apply for this or any other loan program contact me today.

A Ray of Sunshine for the Housing Market with New Changes to HARP

2011-10-25T22:56:00.000-07:00

Good news is aglow in the mortgage industry since FHFA announced loosened guidelines to the Home Affordable Refinance Program or HARP yesterday. New guidelines are effective November 15, 2011, for the loan program which dawned March 4, 2009; at the time a refinance under HARP allowed up to 105% in loan to value. This isn't the first change we've seen however hopefully the most effective. Past changes have shed some light for underwater homeowners with an increase to permitted LTV's upwards of 125%, expanded upon loan origination dates, and extended deadlines of its availability to consumers. The program was conceived alongside HAMP which has aided borrowers in obtaining modifications but HARP did not require a financial hardship and/or mortgage payments to be past due. Performance of HARP has been lack-luster as participation is not mandatory and individual lender overlays have made it difficult to place some borrowers into a new loan. However the most recent changes have sparked lenders currently participating to accommodate the enhancements to the Fannie Mae and Freddie Mac backed loans. If we are lucky maybe even a few new lenders will lighten up and follow suit. I am hopeful for borrowers who have been left out in the dark until now to refinance into these historically low rates. Per the News Release...

The new program enhancements address several other key aspects of HARP including:

Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers;
Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac;
Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac [the Enterprises]
Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises; and
Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

Borrower Eligibility

The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:

http://www.FannieMae.com/loanlookup/
or calling 800-7FANNIE (8 am to 8 pm ET)
https://ww3.FreddieMac.com/corporate/
or 800-FREDDIE (8 am to 8 pm ET)

The program will continue to be available for loans with LTVs above 80 percent.
Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.

To apply for this or any other loan program contact me today.

Additional Resources:

Extended dates and higher LTV announced March 2010

Extended dates announced March 2011

Know your options

Making Home Affordable

VA Home Loan Public Announcement on YouTube?

2011-10-12T12:28:00.000-07:00

In my quest to find a hidden RSS feed on the VA Home Loans website I wandered, as I often do, to their YouTube channel and found this morsel...

It might be from March 2011 but it still applies. Oh, and 209 hits in 7 months? I feel validated in knowing that mortgage news just isn't sexy since little old me is generating more traffic than a huge government conglomerate! #Fail

To apply for this or any other loan program contact me today.

VA Funding Fees Clarified... For Now.

2011-10-07T13:37:00.000-07:00

The VA News and Announcements page has been updated today to advise HR 2646 has been signed into law. Circular 26-11-15 has been issued and the fees structure published. The VA is waiving the difference in fees for loans disclosed with the lower fees prior to October 6, 2011 as the increase to fee would cause a tolerance violation where the GFE and final HUD was concerned. There is a high probability that the fee will change again in the near future with pending legislation and lenders are being advised to pay close attention.

Loan Fee Structure for VA-Guaranteed Loans

Veteran Reservist/NationalGuard
First Time Use
Downpayment

Less than 5 percent ¹

* October 1, 2011 until October 5, 2011 1.40% 1.65%

* October 6, 2011 until November 17, 2011 2.15% 2.40%

* On or after November 18, 2011 1.40% 1.65%

At least 5 percent but less than 10 percent

* October 1, 2011 until October 5, 2011 0.75% 1.00%

* October 6, 2011 until November 17, 2011 1.50% 1.75%

* On or after November 18, 2011 0.75% 1.00%

10 percent or more

* October 1, 2011 until October 5, 2011 0.50% 0.75%

* October 6, 2011 until November 17, 2011 1.25% 1.50%

* On or after November 18, 2011 0.50% 0.75%

Second and Subsequent Use

Downpayment

Less than 5 percent ¹

* October 1, 2007 until October 1, 2011 3.30% 3.30%

* October 1, 2011 until October 5, 2011 2.80% 2.80%

* October 6, 2011 until November 17, 2011 3.30% 3.30%

* November 18, 2011 until October 1, 2012 2.80% 2.80%

* October 1, 2012 until October 1, 2013 2.15% 2.15%

* On or after October 1, 2013 1.25% 1.25%

At least 5 percent but less than 10 percent

* October 1, 2011 until October 5, 2011 0.75% 1.00%

* October 6, 2011 until November 17, 2011 1.50% 1.75%

* On or after November 18, 2011 0.75% 1.00%

10 percent or more

* October 1, 2011 until October 5, 2011 0.50% 0.75%

* October 6, 2011 until November 17, 2011 1.25% 1.50%

* On or after November 18, 2011 0.50% 0.75%

Refinancing Loans

Interest Rate Reduction 0.50% 0.50%

Other

Assumptions 0.50% 0.50%

Service-connected Veterans 0.00% 0.00%

¹ includes 'Cash-Out' Refinancing loans

To apply for this or any other loan program contact me today.

All Eyes Watching Status of HR 2646

2011-10-07T00:18:00.000-07:00

As we await the fate of the VA funding fee... Once signed by the president the fee will revert back to the old until November 17, 2011. Whether or not the new lower fees will be upheld at that point are questionable. The right hand does not know what the left hand is doing. Mortgage transactions are hard enough as it is... this isn't helping.

Additional Resources:

Extension of Funding fees Strike October 1, 2011, Insert November 17, 2011

VA Funding Fee Changes Recinded

2011-10-05T09:22:00.000-07:00

That certainly didn't last long... according to VA News and Announcements:

LOANS CLOSED ON OR AFTER OCTOBER 1, 2011: Due to legislation affecting funding fees that has passed both houses of Congress and is awaiting the President's signature, lenders should not submit payments for loans closed on or after October 1, 2011, until further notice. This issue should be resolved within the next several days. If the President signs the legislation, it will in effect keep funding fees at their FY2011 rates through November 17, 2011. This means the changes set to take effect per Circular 26-11-12, might only be in effect for a very short time. For cases where lenders have closed loans with lower funding fees than provided in the new bill, the Secretary, under existing authority, will waive the difference in the fees. PLEASE monitor this page for updates. We will pass on information as soon as we get it and also release a circular if and when the bill is signed.

I will montor the website closely for upcoming changes... an RSS feed would be helpful although I've heard that "Military Intelligence" has been dubbed an #oxymoron

To apply for this or any other loan program contact me today.

USDA Rural Development Implements Annual Fee

2011-10-01T15:34:00.000-07:00

*** UPDATE - Effective 12/7/2011 USDA SFH has announced the Upfront Guarantee Fee will increase from 1% to 1/5% ***

Effective today mortgage loans granted by USDA Rural Development, aka Guaranteed Rural Housing Loan Program, will carry an annual fee in addition to the upfront guarantee fee. The upfront fee will decrease from 3.5% of the loan amount to 2% on purchases and ~~remains at 1%~~ for streamline refinances. The annual fee will be assessed at .3% of the principal balance of the loan beginning with the original loan amount in the first year and recalculated each year thereafter for the life of the loan. Borrowers will pay a monthly installment to the lenders who will in turn pay the annual fee to USDA. The USDA Rural Development loan remains a viable option for home buyers seeking to purchase a home with little to no down. The mortgage program is income contingent and only available in eligible areas. To apply for this or any other loan program contact me today.

Additional Resources:

AN 4551

Property Eligibility

Income Limits -Guaranteed / Moderate Income

Income Limits -Direct / Low Income

FHA Loan Limits Decreased

2011-10-01T11:10:00.000-07:00

As of today the temporary FHA loan limits have expired and home seekers in the market to purchase a higher priced home may have to shell out a little more for the down payment on their home mortgage. The loan limits were increased in 2008 through the Economic Stimulus Act in a effort to resuscitate the housing market. The limits are based on the median sales price and vary by county. To find the FHA limit for your area search HUD's link here.

There are still low to no down mortgage options for home buyers in a higher price range. There's the VA loan for qualified Veterans, USDA Rural for qualified properties and incomes, HomePath and HomeSteps for Fannie and Freddie REO's, or Conventional paired with your choice of mortgage insurance. This may be structured either as a monthly premium, a split or single premium which may be financed into the loan. Comparing loan programs is critical when buying a home, make sure you take the time to clearly understand all of your financing options options. If you would like more information you may contact me for an appointment.

Additional resources:

FAQ on temporary limits

HUD Market Analysis

Mortgagee Letter 11-29

VA Decreases Funding Fees

2011-09-24T08:27:00.000-07:00

It is refreshing to know that the VA is decreasing the upfront funding fee on its guaranteed loan program for Veterans while other government mortgage programs like FHA and USDA have increased their fee structures. Currently Veterans have the lowest default rate according to the most recent Mortgage Bankers Association Delinquency Survey. The change comes after the passing of Public Law 112-26, Restoring GI Bill Fairness Act of 2011 and there is a possibility the funding fees will change again should Congress pass additional legislation. Lenders are encouraged to monitor the VA website for any upcoming changes to the fee structure.

Effective on loans funded on or after October 1st the VA will reduce the funding fee as follows:

VA Funding Fee Table - View the VA Circular

For more information on the popular loan program for Veterans or to see if you qualify contact me, I would be happy to help.

Oregon Foreclosure Process Debatable: MERS vs. Non-judicial statutes

2011-05-31T12:31:00.000-07:00

In the wake of the mortgage meltdown and heightened foreclosures an Oregon Judge is questioning not only the validity of MERS but seemingly Oregon's non-judicial foreclosure process according to the AP in this article found in The Statesman Journal. Personally I've questioned this common practice known in the mortgage industry as MERS or Mortgage Electronic Registration System since I began originating mortgage loans in 2005. The system bypasses county recording processes and allows the trust deed to simply transfer with each sale of the note. Not only are counties cheated from revenue due of recordings but the title history is not being updated with each change of investor. However there are more facets to be considered involving the outcome of the MERS mess and the manner in which the mortgage, title, and judicial interests can move forward.

If MERS is upheld to be the straw-man it's been dubbed then massive pandemonium will certainly unfold. Think about it... Court systems will become overrun by borrowers who now feel they own their house outright because the proper chain of title never occurred. They may already feel shafted by robo-signers and sloppy work headed into the foreclosure. Some of those being homeowners who were told their loans were being modified but then served eviction papers by the sheriff. One might not even be delinquent to challenge this giving a new meaning to the term strategic default at the taxpayer's expense. A few title companies have stopped issuing title insurance to date on foreclosed properties because of the liability in the clouded title... Will the rest follow? Let's not forget the overall, long-lasting, and crippling toll that all of this will take on Oregon's housing market should this unwind past foreclosures as well.

Enter Oregon SB 519 an emergency bill in Senate headed to public hearing and work session scheduled for today is currently passing 28 - 1. The bill addresses the bidding and redemption rights of home-owners but it broadens the definition of entitled parties to include the likes of MERS but keeps Oregon's non-judicial foreclosure process intact. I feel strongly this bill is needed in order for Oregon's housing market to move forward. Although many feel they have been wronged by creditors BUT simply put you are in default of your promissory note. New Jersey and Vermont have passed similar bills and MERS has amended it's policy regarding the naming of MERS as the foreclosing party. Be it not enacted the possibilities outlined would have unarguably devastating effects. I will be watching this bill steamroll through passage in Oregon and keeping watch for other states to follow suit.

CFPB Opens Discussion for New Mortgage Disclosures

2011-05-18T21:47:00.000-07:00

Just in... the mortgage industry is getting a new form in the near future. In case you don't follow daily mortgage news, change is not usually well received in our industry but I think this might actually make a few disgruntled mortgage brokers happy. The CFPB or The Consumer Financial Protection Bureau posted this easy-to-take-survey today regarding the new GFE (Good Faith Estimate) and TIL (Truth in Lending) disclosures dubbed KNOW BEFORE YOU OWE on their blog today. They want YOU to weigh in on the form you like and why. There are two surveys to choose from that are catered to consumers or insiders to the industry. They've even got it set to share on facebook, tweet and email away to you friends, past clients, prospects, and colleagues if you are in the biz... hint, hint. Honestly, I'm impressed!

I personally "voted" for Option A for the following reasons and provided the following feedback:

1: The layout is simple and to the point but the summary information is key and should be showcased. I would prefer the two columns actually be set above the banner. Most important the "Monthly Taxes & Insurance" should breakout the taxes, hazard insurance, and mortgage insurance, lumping the two types of insurances together is confusing.

2: The layout is easier to read when it is side by side and is without all the extra images that are in Option B. However the years range 9-30 the reason for the drop in the taxes and insurance is not clear without a breakout of the mortgage insurance & the taxes and hazard insurance.

3: I found this form easy to read but the seller credits and the lender credits should be separated so buyers can be clear of who brings what to the transaction. Plus there is no signature and date line, nor does either form disclose whether your rate is locked in or floating as this is very important information.

Overall this is a major improvement over what the GFE is currently...A three page nightmare that not one client has understood. Thank you CFPB for a job well done.

Private Mortgage Insurance Making a Comeback

2011-04-29T10:48:00.000-07:00

Private Mortgage Insurance has always had such a stigma, I have had numerous conversations with clients who were dead set against it and wouldn't consider PMI. Certainly the payments were higher but in some cases it would prove to be the savvy choice in the long run. As a newer loan officer I can remember calling up a wholesale account executive and she said to me "Why on earth would you want to have MI? That's just dumb!" It was then when I made the one of the greatest mistakes I could have ever made in any business... I doubted myself. I took what she said to heart and stopped having the conversations with my clients. I would put them into 80/20 loans and sold them on the blended rate compared to other products. FHA wasn't an option to many of us as smaller broker companies until after FHA bond requirements were lowered, the market had dried up, and loose underwriting became a thing of the past. Revisiting those clients' needs today had we gone with the MI I may have been able to better serve them under HARP. Not an easy pill to swallow but I know I am not alone in this boat and when the competition is force feeding not-so-great products it's hard to go against the grain, harder still when you are trying to establish yourself in shark infested waters.

Having put my big girl panties on and moving up in the world of lending, I am rethinking that dialog about PMI as it IS a legitimate option. Especially now when comparing the new FHA premium to a single or split premium product. In addition, the competition is returning to the Mortgage Insurance market, couple that with online pricing engines and we have a simple way to shop MI rates to ensure clients really do have better options laid out for them. Now, when discussing product options with borrowers I am not going to allow that doubt to get the better of me. In regards to the AE as we call them, I question why I let her get to me, she rarely returned my calls and she really wasn't very kind, but I thank her for the lesson in confidence. I have said it a few times here, it was even my tag line for a while... "Ignorance is bliss, hindsight is 20/20, but knowledge is power."

Reason 8,675,309 why "Financial Reform" Fails to Reform

2011-03-16T05:53:00.000-07:00

I am not against the idea of protecting consumers. I have been an advocate for clarifying the muddied mortgage waters. I subscribe to the "knowledge is power" mentality. However where the Frank Dodd bill is concerned I can agree the so called reform is overkill. Note this link includes only a summary as I imagine the 2,319 pages are burdensome in more ways than one. I am facinated by the bills' sponsors... I got their number ;) Regardless this legislation WILL have an impact on home buyers in Oregon's real estate market.

There are many loan officers [originators, brokers, bankers] that are crying the sky is falling, again, over the loan officer compensation but a few of us are just going with the flow. We will adapt like we have to NMLS, HUD's "better" GFE, HVCC [appraiser independence], MDIA, and a few other acronyms that are lost on you. While all of these recent changes have some positive impact they also have their share of flaws and unintended consequences. The addition of the Frank Dodd financial reform continues to paint loan officers into a corner and hits the consumers right where they tout they are trying to protect you... YOUR WALLET! I don't know if I would call it a "slush fund" but higher profit margins to compensate for losses passed on has a similar taste. Interesting and topic worthy none the less.

Senators Rally to Delay LO Compensation Fed Rule
Thanks

FHA changes MI Premiums... again!

2011-03-09T16:25:00.000-08:00

Last year I remember an almost daily reminder to my real estate agent contacts that the FHA upfront premium was increasing to upwards of 2.25%. This increase lasted for all but six months or so before it was adjusted back down to 1% if you were over 95% loan to value however the monthly mortgage premiums were increased to as much as .90% at the same time. HUD is again implementing changes to help stabilize the FHA program which gained popularity as the mortgage meltdown led to the abomination of the 80/20 programs and like.

The new increase of .25% will be effective on all FHA loans with a case number assigned on or after April 18th, 2011. Pushing the monthly mortgage insurance to a whopping 1.15% when putting less than 5% down or 1.10% with a down payment of 5% or more.

With that said time is again running out for prospective home buyers to keep a little extra cash in their pockets. This FHA change coupled with an increased lender fees to counteract the increase in admin costs to adhere with the newer GFE (good faith estimate) and the upcoming changes to loan officer compensation will undoubtedly hurt the average consumer's bottom line.

Record low mortgage rates still no one is biting

2010-09-29T21:31:00.000-07:00

USA Today ran an article that caught my eye today. It really sums up the the variety of issues regarding today's mortgage lending environment both nationally and here in Oregon. It amazes me still the number of qualified consumers who are not ready to pull the trigger on a purchase or refinance. Let me rephrase that... "What are you waiting for?!"

If you have 1) a consistent monthly income 2) dare I say equity 3) halfway decent credit 4) patience 5) an ally, like me, you are doing yourself a disservice by not at least investigating your options. A little planning could make the difference between being penny-wise or a knucklehead.

Whether you want to reduce your monthly outgoing expenses, save tens of thousands by cutting your term in half, or take advantage of an all time high affordability index have a plan.

I offer free consultations for those serious and also for those who are flirting with the idea, so drop me a line. I hope to hear from your sooner than later.

USDA Funds Available with the Signing of H.R. 4899

2010-07-30T13:10:00.000-07:00

Back in March USDA announced it was quickly exhausting funds for the popular Rural Development loan program. This type of mortgage loan offers 100% purchase financing for eligible properties and caters to low income families. Its demand has grown over the last couple of years with the days of 80/20's long gone to the extent that funds would run out halfway into the fiscal year. With many supporters this self sustaining program now has the funding needed to see it through October and hopefully avoid future "droughts". A Guarantee Fee increase from 2% to 3.5% (which can be added into the loan) will help to provide future funding. To offset the fee this loan carries no mortgage insurance and a competitive rate. The bill signed yesterday by President Obama also included funds for military, relief for Haiti, and the oil spill in The Gulf.

Senator Dodd's S3217 and its 205 Amendments

2010-05-11T15:17:00.000-07:00

I'm on my Soap Box again! What a joke this is... over regulation is not the answer. My two cents.

It's Beer Thirty on Friday April 30, 2010

2010-04-30T16:41:00.000-07:00

Our phones were eerily quiet this week, even today with the looming end of days where the Home-Buyer's Tax Credit is concerned. I am kind of happy to see it end, although in the lending realm I don't see a true end until the loans must close which is June 30. I didn't really see as many borrowers rush through after the extension was announced but maybe a handful of pre-qualifications. Many buyers were not able to find a suitable home for their needs at the prices they were expecting. Honestly speaking I would sacrifice the credit for the right timing and most importantly the right home. Rates are still very low and I don't see prices going anywhere soon so not to worry... not that you were ; )

Breath in Faith, Breath out Fear.

2010-04-12T11:19:00.000-07:00

This past year I have spent assisting one of our Branch Managers and also acting as support for the other Loan Officers in our office here in Oregon City. I am very grateful for the experience which has been the foundation for new friendships, networking opportunities, and training that is hard to come by in this industry. I have found it necessary to take a step back so that I can better focus on my individual growth within my career as a Mortgage Consultant here with Sunrise. So many changes have come about in this last year where I have had the notion but never quite the time to blog about it. I have missed it and I look forward to logging in and posting with less randomness in the future. A quote from a realtor on a flipping show (long ago obviously) has stuck with me "Breath in Faith, Breath out Fear." This has been my mantra these days... Pray with me unless you are not one to believe in prayer then I will gratefully accept "Good Luck" :)

Travel Portland on YouTube

2009-09-18T09:19:00.000-07:00

Portland, P-Town, PDX... Whatever you call it chances are if you live in Portland, or in one of its many suburban areas, you love it here. I was born and raised in Portland myself and am proud to call it home. This snippet was sent to me by our lovely office manager just because it's really cool... if you are considering a move to Portland this little clip is one to watch and if you already do call Portland home you'll be reminded why.

Taylor, Bean & Whitaker Cease Operations

2009-08-05T11:20:00.000-07:00

I am not usually one to post about lenders closing its doors (cause I don't have that kind of time) but this one was a biggie! I have one less lender left that lends on Manufactured now :( Read on for a press release from TBW.

August 5, 2009 TAYLOR BEAN MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATETLY OCALA, FLORIDA – TAYLOR, BEAN & WHITAKER MORTGAGE CORP. (“TBW”) RECEIVED NOTIFICATION ON AUGUST 4, 2009 FROM THE U.S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, FREDDIE MAC AND GINNIE MAE (THE “AGENCIES”) THAT IT WAS BEING TERMINATED AND/OR SUSPENDED AS AN APPROVED SELLER AND/OR SERVICER FOR EACH OF THOSE RESPECTIVE FEDERAL AGENCIES. TBW HAS UNSUCCESSFULLY SOUGHT TO HAVE THE TERMINATION/SUSPENSION DECISIONS OF EACH OF THOSE AGENCIES REVERSED. AS A RESULT OF THESE ACTIONS, TBW MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATELY. REGRETTABLY, TBW WILL NOT BE ABLE TO CLOSE OR FUND ANY MORTGAGE LOANS CURRENTLY PENDING IN ITS PIPELINE. TBW IS COOPERATING WITH EACH OF THE AGENCIES WITH RESPECT TO ITS SERVICING OPERATIONS AND EXPECTS TO CONTINUE TO SERVICE MORTGAGE LOANS AS IT RESTRUCTURES ITS BUSINESS IN THE WAKE OF THESE EVENTS. WE UNDERSTAND THAT THIS COULD HAVE A SIGNIFICANT IMPACT ON OUR VALUED EMPLOYEES, CUSTOMERS AND COUNTERPARTIES, AND ARE VERY DISAPPOINTED THAT A LESS DRASTIC OPTION IS UNAVAILABLE.

Fannie Mae Unleashes Home Path

2009-07-14T21:51:00.000-07:00

A new loan program has been introduced by Fannie Mae, welcome Home Path. A loan program made available to purchase Fannie Mae owned homes. It gives the FHA Loan a run for its money, although the rate is slightly higher much like LPMI (lender paid mortgage insurance) programs.

3% down in comparison to the FHA requirement of 3.5%
No appraisal is required
Seller concessions allowable up to 6%
No Mortgage Insurance

For more information or to search Fannie Mae's listed homes visit http://www.homepath.com/