Carl Snyder's (carlsnyder) Blog

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Mortgage and Lending - HomePlus Mortgage
RECENT BLOG POSTS
President Obama signed into law Friday H.R. 2112, a bill that among other things has raised the mortgage limit on Federal Housing Administration (FHA) loans. On October 1st of this year, the lending limits for high cost areas was slashed, with the national maximum being reduced from $729,750 to $...
11/22/2011
Good news! In a compromise negotiated Tuesday, Congress agreed to restore the $729,750 conforming loan limit for FHA mortgages.   Some purchasers prefer FHA to Fannie and Freddie and some the opposite, but virtually every transaction that would have closed as a Fannie or Freddie loan can now clos...
11/16/2011
  Consumers applying for a mortgage will be sharing more of their personal information with lenders next year.  FICO scores have been based on a person's credit history. But now, tools are being developed to help the lending industry dig deeper. Fair Isaac Corp., and CoreLogic recently announced ...
11/14/2011
  Yesterday, Oct 24, 2011, President Obama announced changes to the Making Home Affordable Refinance Program (HARP) so that a person can refinance a first mortgage that is upside-down.   That mortgage must be owned by Fannie Mae or Freddie Mac on or before May 31,2009. The changes announced yeste...
10/25/2011
Continuing to see a trend in jumbo guidelines becoming more liberal. For instance, here are the latest changes of one investor: As of 10/14/2011, enhanced Jumbo guidelines on Appraisal Requirements, Acreage and Second Home DTIs: Only one appraisal required up to 1.5 Million. Acreage increased fro...
10/14/2011
This is big news. B of A has exited the correspondent channel on August 31, 2011. Loans purchased from correspondents accounted for 47 percent of B of A's mortgage originations, or $27.4 billion, in the 1st quarter of 2011, said Inside Mortgage Finance.The biggest U.S. bank plans to cut 3,500 job...
09/01/2011
  There are a few areas in San Diego County where housing prices have increased this year. A Union-Tribune analysis of sales and prices compares half-year numbers in 2011, from January to June, to the same period in 2010. Bear in mind that in the first half of 2010 homebuyer tax credits drove sal...
08/31/2011
On Monday August 22nd, Mortgagee Letter 2011-30 announced that the deadline for the new Uniform Appraisal Dataset (UAD) requirements has been pushed back to January 1. It will apply to appraisal guidelines for FHA financed purchases (with case numbers assigned on or after Jan 1), and appraisal gu...
08/30/2011
One of the interesting aspects of the U.S. credit rating downgrade from AAA rating from to AA+ is that S&P has been signaling they would make this move for several weeks prior to the announcement on August 5th. It was not a big surprise to investors. In my view, as far as U.S. equity markets are ...
08/17/2011
San Diego scores a 15 on Trulia’s Rent vs. Buy Index for the latest quarter of 2011. San Diego is cheaper to buy than rent! The index tracks whether buying a home or renting is less expensive in America’s 50 largest U.S. cities by population. The price-to-rent ratio for the 50 largest U.S. cities...
08/16/2011
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