Drew's Mortgage News

A History of Mortgage Rates – the Lowest Since 1971

dsygit@thelendingedge.com — Sun, 18 Jul 2010 19:07:00 GMT

What are homeowners and homebuyers waiting for?

How are Loan Originators doing with the SAFE Act Testing to be Licensed?

dsygit@thelendingedge.com — Sun, 18 Jul 2010 19:05:00 GMT

On July 30, 2008 President Bush signed into law the Secure And Fair Enforcement for Mortgage Licensing Act (SAFE). The first time Loan Originators (LO) have been required to be licensed at the federal level.

Homebuyer Tax Credit – Closings to be Extended until September 30th

dsygit@thelendingedge.com — Sun, 18 Jul 2010 19:03:00 GMT

Both the House & Senate approved a bill to allow homebuyers with purchase contracts dated by April 30, 2010 to close on their transactions until September 30, 2010. The bill was signed by President Obama into law.

Strategic Defaulters (Walk-aways) – FNMA has had Enough & Will Pursue You

dsygit@thelendingedge.com — Sun, 18 Jul 2010 19:01:00 GMT

June 23, 2010, FNMA released announcement SEL-2010-08 outlining changes to penalize homeowners that can afford their mortgages, but choose Strategic Default and walk-away from their mortgage responsibilities.

FNMA Pushing Lenders to Pull New Credit Reports Right before Closings!

dsygit@thelendingedge.com — Sun, 20 Jun 2010 12:30:00 GMT

As of June 1, 2010 FNMA guidelines now require lenders to pull a new credit report right before closing a loan in addition to the credit report pulled at application.

Do Realtors Care about Lender Experience & Knowledge?

dsygit@thelendingedge.com — Sat, 22 May 2010 13:02:00 GMT

A couple of brave Loan Originators pointed out that LO's could do the same thing to agents and recommend buyers & sellers shop solely for the agent willing to work for the lowest commission.

Short Sale Legal Issues Affecting Real Estate Agents Part #5

dsygit@thelendingedge.com — Sun, 16 May 2010 00:22:00 GMT

These legal & tax issues may not come up on every short sale, but if they do come up & are missed, the ramifications could lead to a lawsuit against an agent. Most of these are serious legal or tax issues. An agent should proceed with extreme caution if they choose to address these on their own or ignore them.

Short Sale Legal Issues Affecting Real Estate Agents Part #4

dsygit@thelendingedge.com — Sat, 08 May 2010 17:59:00 GMT

Here are some common activities that occur during a short sale transaction where real estate agents may be leaving themselves vulnerable to a lawsuit without being aware of it:

Short Sale Legal Issues Affecting Real Estate Agents Part #2

dsygit@thelendingedge.com — Wed, 28 Apr 2010 02:54:00 GMT

Agents will be dealing with more & more short sales, both on the listing and sale sides, as the Obama administration's HAFA Program gains traction and meets its goal of decreasing foreclosures by turning them into short sales. So, you can either jump on board the "short sale train" or get run over by it.

Short Sale Legal Issues – Part #1

dsygit@thelendingedge.com — Sun, 25 Apr 2010 03:30:00 GMT

This series of posts is meant to assist real estate agents & sellers in recognizing:

Legal & Tax Issues sellers are exposed to through a short sale.
The legal liabilities agents may expose themselves to when representing short sale sellers.

The Few, the Proud, the Michigan Homebuyers Entitled to a 1 Year Extension on the Tax Credit

dsygit@thelendingedge.com — Mon, 12 Apr 2010 13:48:00 GMT

"Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit. An eligible taxpayer must buy or enter into a binding contract to buy a home by April 30, 2011, and settle on the purchase by June 30, 2011."

FHA to Encourage Principal Writedowns for Upside Down Homeowners

dsygit@thelendingedge.com — Thu, 08 Apr 2010 14:10:00 GMT

If you’re an upside down homeowner that’s current on your non-FHA mortgage and you owe more than 115% of your home’s current value, FHA may have a deal for you!

After Wasting Billions, Obama Admits he was Wrong

dsygit@thelendingedge.com — Sun, 28 Mar 2010 02:23:00 GMT

Friday, March 26, 2010 marks a new level of federal commitment to bail out the U.S. housing market. Just don’t ask who’s going to pay for it.

Michigan Transfer Tax – are You an Exempt Seller?

dsygit@thelendingedge.com — Sat, 20 Mar 2010 20:35:00 GMT

Back in April 2008 Michigan Attorney General wrote an opinion on Michigan Transfer Tax exemptions.

Short Sales to get Easier?

dsygit@thelendingedge.com — Fri, 19 Mar 2010 02:11:00 GMT

April 5, 2010 the Home Affordable Foreclosure Alternatives (HAFA) - Short Sales & Deeds-In-Lieu of Foreclosure update to HAMP kicks in.

Improving Rules for Loan Modifications – Improving Results?

dsygit@thelendingedge.com — Fri, 19 Mar 2010 02:09:00 GMT

The government tries to keep lenders honest when evaluating homeowners for Loan Modifications. Approvals of loan modifications are increasing.

FHA Raising Upfront MIP April 5th

dsygit@thelendingedge.com — Fri, 19 Mar 2010 02:08:00 GMT

Shoring up loan losses seems to be the reason for this latest change, more may be coming this summer.

Obama’s $1.5 Billion Housing Crisis Hush Money Plan

dsygit@thelendingedge.com — Sat, 27 Feb 2010 20:59:00 GMT

President Obama's recently announced allocation won't do much for the Housing Crisis, something he's well aware of. He's just trying to quiet his critics.

Upside Down Loans: Rules for Wall Street vs. Rules for Main Street

dsygit@thelendingedge.com — Sat, 06 Feb 2010 22:34:00 GMT

Wall Street firms walk-away from upside down properties and it's a business decision. While homeowners with upside down loans who do so are deadbeats?

Second Lender Encourages Fraud on a Short Sale

dsygit@thelendingedge.com — Fri, 29 Jan 2010 11:18:00 GMT

Homeowners & Agents Beware – following this lender’s advice could be illegal and land you in jail.