Mortgage Insurance Removal – Conventional Loan

Mortgage Insurance Removal - Conventional Financing The general consensus among consumers is that Conventional monthly mortgage insurance payments disappear when their home has 20% natural equity.  Maybe, but no so fast!  Conventional Monthly mortgage insurance (referred to as “MI” herein) elimination is either up to a mortgage servicer or it is dictated by the HPA (click here for a copy) – whichever comes first! Mortgage Insurance Removal - 2 Methods Typical MI Removal: Typically, a … [Read more...]

Stated Income Home Loans Return – It’s Different This Time

Flexible Home Loans Entering the Market Words like "stated income" and phrases like "1 day after short sale" combined with "mortgage product" remind us all of the precursory times that led to a Real Estate debacle which then led to an economic meltdown.   As a mortgage banker that has been through the before, during and after those words stir up similar connotations.  My mind flashes words careless, reckless and irresponsible across my radar. However, the resurgence of these types of … [Read more...]

Self Employed Mortgage Options Made Easier

Self Employed Mortgages Easier to Get Self employed borrowers just got a break when it comes to obtaining a Conventional Home Loan.  Over the past 12 + months we have continually seen the world of Conventional Financing ease.  Much of this right sizing has been pioneered by the Fannie Mae side equation of the Conventional marketplace.  Although, the other half known affectionately as Freddie Mac has not been idle in the easement.  The mortgage industry has seen product availability … [Read more...]

FHA Prepayment Policy Under Fire

FHA Prepayment Penalty Under Fire The CFPB has been after everyone and everything mortgage related so why not bump bellies with FHA and HUD.   This time the  CFPB is arm wrestling crying with HUD/FHA based on how they charge interest to an FHA homeowner when they payoff their loan (through a purchase or a refi).  I'm not a fan of everything CFPB but this MAKES SENSE. The CFPB sees FHA's current payoff policy as a direct violation of Reg Z. How Does FHA Charge Interest (hint...unlike ANYONE … [Read more...]

Bonds and Mortgage Rates: 30 Year Trend

2014 Proves Steady for Mortgage Rates Rates are off to a stable start in 2014. That is impressive considering that the Fed has officially begun the “tapering process.” The mortgage rate market has not yet seen a negative reaction to the official start of the Fed’s taper (Fed taper: the unwinding of the rate supporting program that started in Dec of 2009 and it is what pushed rates to historical lows). Mortgage Rates: A Picture is Worth 1,000 Words I wanted to share a very revealing visual … [Read more...]