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Fred Kreger
151 followers -
California Mortgage and Certified Mortgage Professional
California Mortgage and Certified Mortgage Professional

151 followers
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An article from The Washington Post: What will it take for homeowners to crack open the ‘credit box’? David Stevens, chief executive of the Mortgage Bankers Association argues that Fannie’s and Freddie’s automated underwriting systems continue to impose high fees on borrowers with low FICO scores and down payments. Stevens also criticized the Justice Department for effectively discouraging participation in FHA’s low down-payment loans by demanding huge financial settlements and filing lawsuits against lenders who make even the most minor errors in underwriting or documentation.

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An article from The Washington Post: One-third of realty transactions are plagued by delays, some of them fatal. National Association of Realtors found that 32 percent — nearly one-third — of all transactions encountered delays of some sort. That’s probably higher than you imagined.
The big three:
●Buyer financing setbacks.
●Home inspection issues.
●Appraisals that diverge from the agreed-upon contract price.

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An article from The Washington Post: Mortgage applicants may benefit from changes in credit-scoring system.

The biggest players in the mortgage field are under pressure from federal regulators and Congress to adopt more-inclusive and updated credit-scoring models that incorporate non-banking forms of credit, such as rent, utilities and cellphone payments to supplement what’s in consumers’ standard credit files. For people who have thin files with minimal data at the national credit bureaus — or no files at all — the changes could bring tangible improvements.

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An article from The Washington Post: Classic Christmas tree bill has goodies for ordinary homeowners. Homeowners and mortgage borrowers count as special interests on Capitol Hill, and this year’s Christmas tree is sprinkled with tax benefits for them as well. Some could even lower your next tax bill.

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An article from The Washington Post: Home equity has surged in the past year; fewer owners are underwater. It was a good year for growing home-equity wealth for millions of Americans. Let’s hope 2016 is as fruitful.

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An article from The Washington Post: Creditworthy buyers get extra flexibility from Fannie Mae. On Dec. 12, giant investor Fannie Mae goes live with its new HomeReady program, which is aimed at creditworthy buyers who need extra flexibility on debt-to-income ratios, down-payment cash and the sources of the funds they intend to use for ongoing monthly payments.

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An article from The Washington Post: FHA rules for financing condo sales draw protest from 56 House members. The coalition’s complaints come in the wake of sharp criticism from consumers, condo association boards, builders and real estate agents over the Obama administration’s failure to maintain the FHA’s once-prominent role in helping to finance condos, especially in the starter-home, moderate-price ranges.

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An article from The Washington Post: New rules for lenders seem to be raising costs for mortgage customers. Though the new disclosures are widely regarded as improvements over the ones they replaced — the traditional good-faith estimates, truth in lending and HUD-1 settlement forms — there have been concerns for months that the reformed process would increase the typical time span between loan application and the final closing.
What has received less attention, however, are the impacts of longer timelines on how much consumers pay to do the deal. Now those increases are coming into clearer focus, as lenders take new applications and quote rates and fees.

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An article from The Washington Post: Insurance plan allows homeowners to guard against down-payment losses.Good deal or not? It might make sense for you if unexpected economic reverses depress property values in your state. It might make sense as peace-of-mind coverage. But do the math and figure the likelihood that the premium you pay — which could raise your interest rate for long beyond the point where your coverage expires if it’s included in your mortgage rate — is worth the payout you’d receive.

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An article from The Washington Post: Real estate equity continues to grow, according to a Federal Reserve report.With another 5 percent gain in home prices between now and July of next year, CoreLogic estimates that an additional 800,000 homes now in negative equity should cross the line into positive equity positions.
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