JB Group Weekly Tweet Recap for 2010-07-25

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Posted on in General

JB Group Weekly Tweet Recap for 2010-07-25

Home Builder Confidence Expectedly Low in July – Judging from responses to the July survey of their attitudes toward… http://ow.ly/18cHzQ # New Construction of Single-Family Homes Goes Stagnate – The U.S. Census Bureau and the Department of Housing and Urb… http://ow.ly/18dEbK # Small indications that lending guidelines are easing ever so slightly. LTV max on Jumbos & Cash Out loans improving w/some of our investors. # Administration Issues Second Monthly Housing Scorecard – The second edition of the new Obama Administration Housing … http://ow.ly/18eFkC # Existing Home Inventory Climbs. Several Issues Strain Buyer Demand http://ow.ly/18fEAw # is locking No-Cost refi's at 4.5%, 30 year fixed for loans with Fico's over 720, balances over $275k. APR=Note Rate, No Costs, Period. # FYI, HUD recently released a proposal w/some key changes, including lowering Seller concessions from 6% down to 3%. #

by jberman
Posted on in General

JB Group Weekly Tweet Recap for 2010-07-18

Reality Check – Are mortgage brokers the root cause of the housing crisis? >> http://bit.ly/9cxurh # Homelessness Rife with Hidden Taxpayer Costs – While an idealist measures homelessness in terms of the cost in human… http://ow.ly/187CWs # Loan Fraud Declines as Lenders Recognize Risks – An aggressive stand against fraud by lenders is having an impact ac… http://ow.ly/188ADq # Just posted on ActiveRain: Summit County 1st & 2nd HomeBuyers Get Special Deals from Lenders http://activerain.com/t/1746339 # Foreclosure Filings on Track to Hit 3 Million Homes. Repos Expected to Reach 1 Million in 2010 http://ow.ly/189yW2 # House Authorizes 5-Year Extension of National Flood Insurance Program http://ow.ly/18au0p # A Mortgage Market Specific Summary of the Financial Reform Bill http://ow.ly/18aPLL #

by jberman
Posted on in Mortgage Regulation

Reality Check – Are mortgage brokers the root cause of the housing crisis?

Much of the blame for the Subprime Housing Crisis has been disproportionately directed at Mortgage Brokers. As a mortgage broker/originator since 1993 and a member of a group that many blame for the housing crisis, my views are biased and probably a tad defensive. However, blaming mortgage brokers for the foreclosure problem is like blaming auto dealers for global warming. The only way to truly understand what caused the housing crisis is to break down the mortgage financing process and understand it’s complexities; both upon consumers and amongst the industry participants needed to get financing in place. The number of people, documents, & steps required to complete a transaction in order to obtain home financing makes the mortgage process one of the most complex transactions a consumer will face in their lifetime.  The process has remained difficult despite advances in technology. Increased workflow complexity is stifling production. As with anything not understood & studied, incorrect conclusions have been drawn about the […]

by jberman
Posted on in General

JB Group News Recap for 2010-07-13

HUD Releases Preliminary American Housing Survey Data – The latest iteration of the annual Department of Housing and… http://ow.ly/181HEm # Refinance Apps Increase. Originators Work in Highly Competitive Environment http://ow.ly/182Dba # From the Mailbag: Shorter Maturity Loan Terms, Good Deal or Not? http://ow.ly/28LHD #mortgage #refinance #colorado # Lack of Financing Options Inhibits International Homebuyer Demand http://ow.ly/183zUC # Financial Reform Bill Retools Lending http://ow.ly/1859XU # FHFA Looks to Reduce GSE Liability For Losses on Private Label MBS Investments http://ow.ly/186GXR # The Importance of Watching Home Equity http://ow.ly/186GLL #

by jberman
Posted on in Consumer Education

From the Mailbag: Shorter Maturity Loan Terms

Question: Can I get a mortgage for less than 30 years? Is that a good deal? – Avi, Westminster, CO The quick answer is yes & maybe. Mortgages are available in a variety of loan terms. The two most common are 30 year fixed and 15 year fixed. However, 25 year and 20 year options are becoming more popular with consumers. Many people like the idea of refinancing to a shorter term and paying off their home more quickly. In some instances, dropping the rate will offset the shorter maturity of the new loan and result in paying off faster with the same monthly investment. The second part of the question is a little harder to discern. Terms such as the 20 year and 25 year often offer little rate incentive. These options do however offer a price incentive. Typically, 12.5bps-25bps ($250-$500 on a $200,000 loan) of a price improvement for these options. So while these options are the same […]

by jberman
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