Why overpay for a home by overpaying for a mortgage? My role as a loan officer is to put education at the top of the list for homebuyers & prepare them to get the most value. In 2008 I was awared the NAMP Integrity Seal (ethics & professional commitment to consumers), also received CRMS & CMC designations. Less than 1/2% of all loan officers have achieved these levels of recognition.
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Jumbo 30 year fixed rates are now in the low 5% area while Jumbo 7/1 & 5/1 rates are around 4%. The recent increase in mortgage rates for conforming loans (up to $417,000 in the Chicago area) has closed the gap between Jumbo and conforming fixed rates to 1/2% or less. For so many that have been...
Today's news shows is another example of the FED being "out of touch" with the real world. By Dave Clarke WASHINGTON (Reuters) - Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan, under a proposal released by the Fed...
Underwriting nightmare for April 2011 Futures trader reports income over $500,000/year for 2008, 2009, and 2010. Underwriter's calculation shows $200/month. Explanation is that underwriting guidelines believe that Schedule D Gains and Losses result from asset sales for more or less than cost. W...
Reason exists - the April Fools Day implementation of a Fed Rule that would hurt mortgage broker flexibility has been delayed as the Court reviews the case. Probably the biggest surprise is that REASON prevailed at least for one weekend. Why did the Court wait this long? Is this a sign that t...