Mortgage / Finance

Anybody that's hung around the ActiveRain “water cooler” for any length of time understands the value of the relationships built on the site. AR is so much more than a social networking site, however.


It's also the place to get up-to-the-minute information on topics that affect your clients. Ask yourself: what's the most confusing aspect of buying a home for the real estate consumer? The answer is most likely financing the purchase. Credit scores and how they affect the mortgage rate, types of loan products, points, fees – whew! -- there's a lot to know about mortgages.


To serve your clients effectively you need to know about this stuff and keep abreast of changes in the mortgage industry. Thankfully, ActiveRain is not only popular with real estate agents and brokers but with finance professionals as well.


Whether you're an agent trying to figure out what the Fed's latest move means to your clients or a mortgage pro who needs input on how to build relationships with real estate agents, ActiveRain is the place to tap into a wealth of knowledge.

Trending blogs on Mortgage / Finance
By Jeff Jensen
(The Federal Savings Bank/Lending in 50 states)
Comments 0
Mortgage backed securities (MBS) market closed up 3  basis points today at 104.41 having closed 303 points above support offered by the 200 day moving average. The conforming rate is at 2.625% today. My jumbo pricing is now sizzling! The 30 year jumbo for $1 million was at 3.75%. Whether in New England, the Mid Atlantic or the Midwest or anywhere else in the U.S. history tells us it is time to refinance!! Please call me at 203-981-8282.
By Mike Bjork
(Evolve Bank & Trust)
Comments 1
http://MikesDailyMarketReport.com: This will be a light week, this week, in terms of economic data being released. We have to data to report today, so the Markets are taking their queues from the news. Stocks are in Mixed Territory, as the DOW is the lone index in the Red. This week, we'll see Earnings Reports from the Technology Sector. Cases of Coronavirus continue to increase, as Gov'ts in both the US and EU reconvene this week to discuss the next phase of Stimulus/Recovery packages for their respective economies. The US Congress is facing mounting pressure as the $600/week Unemployment expires this week. It was reported a few weeks ago that 2/3 of the recipients were making more money on Unemployment than going back to work. Look for a possible long disputed negotiations from both s...
By Robert Rauf
(HomeBridge Financial Services (NJ))
Comments 4
  F Words: Should I show someone a home if they are in Forbearance? what if they are furloughed?  The answer to both questions above  is probably “NO”.  F words in the mortgage world are typically bad.  The Biggie of course is Foreclosure- that causes a 7 yr waiting period for Conventional loans (unless part of a bankruptcy) and 3 year wait for FHA.   For today I wanted to focus on the two Fs we keep hearing about during the pandemic: Forbearance and Furlough. Forbearance means you have called your lender and said “I cant make my payment”  We have had agents in our area showing clients homes who are currently NOT making the mortgage payment on their current home.  Plain and simple- if you are not up to date on your current mortgage, we cannot lend you money on a new home.  There is good...
By Bob Thompson 562.344.5626 Alternative Documentation, RT Capital Advisors, Inc.- Commercial/Residential
(RT Capital Advisors, Inc. CEO)
Comments 0
Stated Income 1st Position Loans Stated Income, Verified Asset - Purchase or Refinance Loans Fix and Flip or Long-Term Hold - Loan Amounts to $5,000,000.Commercial or Residential Loans for Non-Owner and Investment properties up to 75%  ARV (after repair value) Terms: 30 year fixed, 3/1 ARM or 1-year Fix and Flip. No Income verification needed. 3 months PITI reserves needed post-closing.Rates from 6.99%. Rate buydown available. 600 minimum FICO score required. NO minimum FICO needed for Fix and Flip Investor financing. 21 day close of escrow. Interest reserve options.Any amount of properties allowed. In Bankruptcy or Foreclosure OK.Unlimited cash out. No title seasoning required.Available: Nationwide except IL, MN, ND, NV, SD and TN.Fees: 1.5 points + $775 processing in the transaction.
By Bob Thompson 562.344.5626 Alternative Documentation, RT Capital Advisors, Inc.- Commercial/Residential
(RT Capital Advisors, Inc. CEO)
Comments 1
Home Equity Line of Credit (HELOC) Stated Income-Verified Assets (SIVA) Owner-Occupied, Non-Owner Occupied and Second HomesSFR's, 2-4's and Condos.600+ FICO needed. BK and Lates OK after 2 years seasoning.Loan amounts from​$150,000 - $5,500,000. Up to 60% LTV to $1,000,000 loans outstanding (including new HELOC)Up to 50% LTV to $5,500,000.1 floating over WSJ Prime in 1st position.2 floating over WSJ Prime in 2nd position or paying off liens.10 year draw period, 20 year amortization.3 monthly repayment options available interest only, .5% or 1.5% of outstandingMust provide proof of at least 20 months of PITIA reserves owning more than one property and with a borrower addressed VOD otherwise, 36 months of PITIA reserves.​ Available only in: The NYC Boroughs, Las Vegas, CA (most of the Bay...
By Bridget "Mortgage Mama" McGee, Maryland Mortgage Mama NMLS#196068
(SWBC Mortgage 410-960-2061)
Comments 54
  Should I Put My Girlfriend or Boyfriend On The Deed to the House?   I got a call from a young lady buying her first home.  She asked about putting her boyfriend on the title to the home.  They plan to be married eventually, but have no current plans.  Some things to note:  All of the money that is being put into the home for down payment and closing costs is coming from her accounts, adding him to the mortgage would hurt their ability to qualify for the home and they plan to share expenses. The borrower is going to have to make her own decision based on all the information available. There are many things to consider when purchasing a home with someone other than a spouse. 1.   Some loan programs/lenders will not allow a person who is not on the mortgage to be on the deed.    They do ...
By Ken Blaudow
(Indy Mortgage)
Comments 30
Their has not been a time in history where the FHA 203k Streamline Rehab Loan has been as important is it is today in financing homes in America. Here are the most Frequently asked Questions and Answers on the FHA 203k Streamline Rehab Loan. br />You can find more info at www.indymortgage.com
By Ken Blaudow
(Indy Mortgage)
Comments 29
Buy A HUD Home With Only $100 Down! All HUD owned homes for sale in Indiana can be purchase with a FHA loan with the down payment of only $100. HUD will pay as much as 3 percent of the sale price to offset closing costs, plus it will finance the transaction. Lists of HUD properties available under the program for sale in the state of Indiana can be found on the HUD page . Below are several items from the HUD FAQ regarding the program. For specifics, speak with real estate brokers that are approved by HUD to write offers on these properties. Frequently Asked Questions on FHA $100 Program Q: Which properties are eligible for the $100 down payment incentive? A: Any property listed as available for FHA financing (203B, 203B with repair escrow and 203K) will be eligible. However, the purcha...
By Jeff Jensen
(The Federal Savings Bank/Lending in 50 states)
Comments 0
Mortgage backed securities (MBS) market closed down 12  basis points today at 104.38 having closed 299 points above support offered by the 200 day moving average. The conforming rate is at 2.625% today. My jumbo pricing is now sizzling! The 30 year jumbo for $1 million was at 3.75%. Whether in New England, the Mid Atlantic or the Midwest or anywhere else in the U.S. history tells us it is time to refinance!! Please call me at 203-981-8282.
By Jeff Jensen
(The Federal Savings Bank/Lending in 50 states)
Comments 0
The housing sector has rebounded from the brief dip it took during the pandemic induced shutdown. June Housing Starts jumped 17% from May to an annual rate of 1,186,000 units versus the 1,180,000 expected. Starts are down 4% from last year which is attributed to the declines seen during the shutdown. Building Permits, a sign of future construction, rose 2% to 1,241,000. The housing sector continues to be a bright spot in the U.S. economy.Hopes of fresh stimulus from Congress along with strong housing data is offsetting the big surge in virus cases as the week comes to a close. Congress will be back from its July recess on Monday and with Democratic and Republican leaders agreeing that some type of coronavirus stimulus needed, they are $2 trillion apart. Many Americans are still unemploy...
By Richa Nayyar
(Coming service)
Comments 0
With assurance in internal Audit practices, 20 years of experience will be available. The focus of stuart rubin will be on assisting the organization for assisting and directing. Several tools will be delivered to the person for assessing the system control. The working of the organization will be great to get the desired benefits. The power of the owner on the real estate will be sufficient with proper guidance. The satisfaction of the consumer will be great with Stuart assistance.With the hands-on expertise, the regulations and standards will comply with the business owner. The practices will lead to risk management and customer privacy. The implementation of the right system will be there under the guidance of the experts. Either it is real estate or internal audit, a complete consul...
By Jason E. Gordon, Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
(AmeriFirst Financial Inc, San Diego, CA)
Comments 2
In life, we are accustomed to advanced warning for changes impacting the law and/or tax codes.  We often see the words "Effective January 1st" before details of the impending changes.  In the mortgage industry, we often hear the words "Effective Immediately" with respect to changes (i.e. we are not given any advanced notice).   Amidst a global pandemic like COVID-19, you can reasonably expect many "effective immediately" changes to emerge.  Below are the latest updates with regards to income calculation for Borrowers impacted by COVID-19.  I recommend you notify any pre-approved clients of the changes to insure they will remain approved in light of these changes. I warn you in advance, the details below are a painfully boring read, but this information provides details of the developing...
By Mike Bjork
(Evolve Bank & Trust)
Comments 0
http://MikesDailyMarketReport.com: Housing Starts improved to 1.19 million annualized units in June; and Building Permits increased to 1.24 million annualized, as they begin to reach pre-covid levels. However, Consumer Sentiment dropped from 78.1 to 73.2 in July, as Covid cases rise and Government officials add more restrictions and closures. Stocks have been Up and Down already this morning. They started in Positive Territory early on, due to optimism for more Stimulus, as Europe passed their recent package. Then they turned negative on the Consumer Sentiment data. Now, it's mostly Mixed, as the DOW is the lone index in Negative Territory. MBS started the morning in positive territory, but has since, moved into the Red (Down 2bps), as it did late yesterday (being in Positive territory ...
By Dave Benneton, Fast Cash Offers
(Digital Bullet)
Comments 0
With mortgage interest rates at historic lows, now is an excellent time to refinance an existing home loan. Refinancing makes sense for borrowers who have fixed-rate loans at much higher rates than what lenders are currently offering. FHA refinance loans are a popular option due to their favorable terms for borrowers. What is Refinancing?Refinancing replaces an existing mortgage with a new mortgage. The new loan may have a lower interest rate or a shorter term, helping borrowers save money in the long run. Refinancing can also help borrowers eliminate their private mortgage insurance premiums or take out cash for home improvements, making them a good option for any borrower who meets the lending requirements. FHA Refinance Loan OverviewThe Federal Housing Administration, an agency of th...
By ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists
(ReadySetLoan Condo Team LLC)
Comments 9
That Doesn’t Count Towards the 10% Reserve ContributionIt’s budget season for many condominiums who run on a calendar year and we have run across an issue with several of our clients and potential clients.  Everyone knows that FHA (and Fannie/Freddie) require that a condominium contribute 10% of its budget to the reserve fund each year.  So when don’t the contributions count towards the 10%?When the funds are already delegated to fund an existing liability.  We have seen this many times but let’s take a recent example:A condominium client’s budget is $450,000 so the minimum that they should be transferring annually to reserves is $45,000.  On the budget, the reserve transfer line item is $130,000.  So they should be good, right?  Not in this case.  What the operating budget doesn’t show...
By ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists
(ReadySetLoan Condo Team LLC)
Comments 9
9 Types of Condo Projects that Must be Reviewed by HUD/HRAPWhile HUD allows lenders with Direct Endorsement authority to review and approve condominium projects on HUD’s behalf (DELRAP), there are 9 different circumstances where the condominium must be reviewed directly by HUD (HRAP). Condominiums in Florida.  Due to the issues in the condominium real estate market in Florida, all condominium project approvals must be reviewed by the Atlanta Homeownership Center. In Bankruptcy or Receivership.  The fact that the condominium project or the developer is in bankruptcy or receivership is not an automatic disqualification for project approval but it must be reviewed by HUD. Manufactured Housing Condominium Projects (MHCPs).  MHCPs are not considered Site Condo Projects and must be reviewed b...
By ReadySetLoan Condo Approval Team, The FHA/VA Condo Project Approval Specialists
(ReadySetLoan Condo Team LLC)
Comments 7
More About FHA’s Stance on Condominium Leasing RestrictionsTwo weeks ago, I published an article about some recent clarifications by FHA regarding condominium leasing restrictions.  The article created quite a buzz and generated many calls and email inquiries regarding its content.  This is a follow-up article addressing some of those questions.The section of the National Housing Act, 24CFR203.41, states that properties encumbered with FHA-insured loans must have free assumability with no restrictions except as stated in the section.  This includes leasing and conveyance restrictions which impact a unit owner’s ability to sell or lease the unit or reduce the unit owner’s proceeds upon the sale of a unit.Is there an FHA document that states these restrictions?  The document by which the ...
By Mike Bjork
(Evolve Bank & Trust)
Comments 0
http://MikesDailyMarketReport.com: Initial Jobless Claims dropped down slightly to 1.30 million people applying for first time benefits. Retail Sales rose 7.5% in June; and when you exclude Autos, it rose 7.3%. Manufacturing in the Philadelphia Region continues with strong numbers, as the Philly Fed Index reports it dropping from 27.5 in June to 24.1 in July; however, it was higher than it's estimates of 18.1. Business Inventories dropped 2.3% in May. Stocks are Down this morning, as they receive Q2 Earnings Reports. China reported less favorable consumer data, which has investors a bit concerned; as well as the tensions building between them and the US. MBS is Up 17bps, which will have Lenders come out with better pricing on their Mortgage Rates this morning. Yields have come down a bi...
By Joe Petrowsky, Your Mortgage Consultant for Life
(Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)
Comments 4
“Couldn’t Say it Better Myself”    The CEO of a lender is called up for a CFPB exam. He's really flustered and goes to his compliance VP for advice."Make sure you dress up like a guy who is on the edge of losing money. It will convince the regulator that you are not hiding anything."Not satisfied, he goes to his lawyer. He is told: "Dress in your best suit. If you look like a confident businessman, the CFPB won't give you too much trouble."Unable to make head or tails of this, the CEO goes to his Rabbi. The Rabbi says: "You remind me of a young woman who came to me for advice. She was worried about what to wear for her wedding night. She aunt told her to dress plainly so her husband would think she was pure and innocent. Her mom told her to wear something revealing so he would be excite...
By David Krichmar, DaveYourMortgageGuy.com
(www.DaveYourMortgageGuy.com - Legend Lending)
Comments 0
Conventional 30 year Mortgage: 2.625%Credit score:740LTV:75%Loan Amount:$300kAPR: 2.995%FHA 30 year: 2.875% Credit Score:740LTV:96.5%loan amount:$300kAPR: 4.04%Conventional 15 year: 2.25%Credit score:740LTV:75%Loan Amount:$300kAPR: 2.365%Rates are Subject to ChangeCall me today if you are thinking of refinancing or buying a home, for the best mortgage rate possible.