Archive for January, 2007
Stated Income – Not a License to Lie
Stated income loans are around for a reason, they’re designed for those people who are self employed, work in a business where income in generally earned via tips (cash). Stated Income loans were not designed to inflate your income so high that you’ll qualify for the home. Remember you still have to make those mortgage [...]
NAMB Criticizes Licensing Initiative
A regulatory initiative that would establish a nationwide licensing standard for mortgage originators is “fatally flawed,” according to the National Association of Mortgage Brokers. According to NAMB, the registration system sponsored by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators is deficient because it focuses on the mortgage broker [...]
I’ve Fallen and I Can’t Get Up – Bond Prices Last Week
When Bond prices fall, home loan rates are on the rise. But could Bonds get to their feet this week and help home loan rates improve? This coming week will certainly provide some “juice” to trade on, and likely cause some motion – but the direction of that movement will fully depend on the flavor [...]
Strategic Financing: The Solution to Today’s Changing Market
Interpreting one of the main challenges of today’s mortgage market isn’t as difficult as it might seem. With interest rates on the rise, a lot of consumers are extremely troubled by the negative effects of increasing interest rates on their Adjustable Rate Mortgages. Each month, they are forced to watch hopelessly as their monthly payments [...]
Feds Investigating Home Builder Mortgage Programs for Consumer Abuses
Most American home builders don’t need new problems at the moment, but they just got one: Federal regulators confirmed last week that they are aggressively investigating allegations that builders around the country are pressuring or requiring purchasers to use their mortgage financing affiliates illegally. Under the federal Real Estate Settlement Procedures Act (RESPA), builders and [...]
RESPA – Understanding HUD’s Consumer Protection Laws
It’s a new year and I thought it important to review RESPA. I have numerous clients and Realtors ask me what type of referral fee I offer – In the spirit of RESPA I have to say none. In response I always get the name and company of the Realtor or Mortgage Originator that’s offering [...]
60 Day Eviction Notice Now Law in California
A new law that took effect January 1, 2007 may be of interest to those of you who own residential rental property. California Civil Code Section 1946.1 increases to 60 days the amount of notice a landlord must provide to terminate certain leases. To terminate a month-to-month tenancy or other periodic tenancy where the tenant [...]
