February 2010
1 post
The Buzzz blog now at the-buzzz.com this blog now... →
August 2009
2 posts
SECURITIES FINANCING - A PERFECT ALTERNATIVE TO...
A Securities Loan allows investors to borrow against their securities portfolio to create liquidity while staying in the market and enjoy the benefits of dual appreciable assets at once.
• Can borrow up to 80% or more of the value of your security
• No HUD Guidelines
• No geographical boundaries
• No maximum loan amount
• Interest Rate can be as low as...
July 2009
3 posts
Bay Area Home Values and Foreclosure Filings...
The shift has changed almost instantaneously here in the Bay Area from a cold and quiet climate to multiple offers, overbidding, and a LOT of buyers writing offers! According to the SF Chronicle “Bay Area home prices rose month-over-month for the third straight time as sales reached their highest level in three years in June, fueling hopes that the limping real estate market is slowly beginning...
HARP Guidelines Allow for 125% LTV.
The Home Affordable Refinance Program was designed to assist borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac owned mortgage loan. Unfortunately due to rising unemployment levels and increasing foreclosure rates, demand for housing has weakened and property values have continued to decline, which has blocked many borrowers from utilizing...
Garricks 4th of July Roman Candle Emporium →
June 2009
2 posts
Homeownership is no Longer a Realistic Way to...
I read an interesting article yesterday that said nearly half American adults who participated in a recent survey said they no longer believe that homeownership is a realistic way to build wealth, reported by the National Foundation for Credit Counseling.
The findings, from a recent survey of about 1,000 people, run counter to the long-held perception that a home should be part of a...
May 2009
1 post
Significant Rate Increase???? -...
The bubble in the mortgage markets finally and with super hyper speed, blew up today. After holding and holding, while the 10 yr note rate climbed, mortgage rates jumped today to levels not seen in many months. We have been warning the mortgage markets couldn’t hold on forever while treasury rates increased. Mortgage lenders became way too complacent with hedging risk, believing apparently...
April 2009
4 posts
“Oh! This escrow is with the REO dept….Please...
Sound Familiar? That’s what I was told today right before I entered a seemingly endless world of run around and horrible service!
When I called the escrow company someone picked up right away and everyone was quite pleasant, however, as soon as I went to the REO department it was a different world. What is going on with these title departments? Emails take at least 4 hours to return and that...
Fannie and Freddie rolled out their DU Refi Plus...
Fannie and Freddie rolled out their DU Refi Plus this week. In a nut shell, these Limited Cash Out refi’s allow a greater level of flexibility for Fannie & Freddie serviced homes. To clarify, if the loan was original sold to Fannie or Freddie for servicing then they may be elegibile. To determine whether they are presently serviced by Fannie or Freddie you must access their site. The...
7 tags
March 2009
3 posts
The Reverse Mortgage Boom
I have had several requests for reverse mortgage all over the Bay Area recently. The scenario today was a gentleman aged 70 had a retirement of 400K in 2005 which is now worth 120K. He told me he was “practicing jumping from his kitchen chair”. He said it jokingly but it made me wonder.
For him, the reverse mortgage is the perfect solution! New guidelines value reverse mortgages up to $625,500...
8 tags
Does Fannie Mae or Freddie Mac Own Your Mortgage?...
Key details have begun surfacing about the extraordinary refinancing deals that President Obama’s foreclosure-prevention plan will offer an estimated 4 million to 5 million U.S. homeowners.
Obama’s plan aims to help borrowers who are current on their loans, but can’t refinance into today’s low rates because these homeowners have little or no equity in their properties.
...
February 2009
6 posts
http://www.HomePurchaseBootCamp.com →
Are Brokers Going the Way of the Dodo Bird?
Doom and gloom, doom and gloom… If I have learned nothing else from the last 18 months, it’s that things will be changing dramatically on a constant and regular basis, and that the doom and gloom broker-Armageddon scenarios tends more toward hype than reality. Rather than polishing my resume I’m polishing my performance with my prospects, loans in process, and referral partners....
…IF AND ONLY IF their mortgages are owned or...
“The American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy but also the stability of families and neighborhoods,” OBAMA said. “While this crisis is vast, it begins just one house and one family at a time.”
So the stimulus package has been signed and it only helps homeowners who have mortgages backed by Fannie Mae and...
The Perfect Storm – Low Rates= Extended...
With rates jumping down in December and loan submissions tripling due to this we have another crisis on our hands. At First Priority Financial alone our business went up 30% in December (mine more). In January we doubled our normal production. Our numbers mirrored that of the industry. So basically we took all this new found business and shoved it into an industry that had experienced many...
What are we supposed to do…WAIT????
So – I think I always maintain a positive attitude especially considering what has happened to my industry as a mortgage broker in the last couple years. Today I was calling prospects I haven’t talked to since December of 2008 to see when they were ready to “jump”. I was amazed to find out that most of the best qualified buyers who have been– “WAITING” for “THE BOTTOM” or “TO SEE WHAT HAPPENS” or...
January 2009
4 posts
