[Big Banks Win Again] WaMu’s bad loans may be $29B windfall for JPMorgan – http://budurl.com/ub92 (can’t wait for the case studies in 5yrs.) # ML 09-15 re-released. Borrower can’t use for 3.5% FHA downpayment requirement. Uses: Fees, Buydown Rate%, ReImburse Downpayment post-close. # Powered by Twitter Tools.
REBarCamp lifts off in less than 24 hours. Over 465 people are currently registered for this event! Last night, Kristal Kraft (organizer of REBC Denver ’09) and I spent about 15 minutes diving a bit deeper into REBC Denver. Kristal highlights some of the speakers and offers some tips for people coming to their first BarCamp. Give it a listen and see you tomorrow! For more information visit http://rebarcamp.com/denver [display_podcast]
Mortgage rates fell after the Federal Reserve released its April 28-29, 2009 meeting’s internal notes Wednesday. Officially known as “Fed Minutes”, the report is an in-depth account Federal Reserve’s last get-together, detailing the discussions and decisions that create our country’s monetary policy. It’s the lengthy companion to the Federal Reserve’s brief, post-meeting press release. For comparison’s sake, the Federal Reserve’s April 29 announcement contained 383 words. The minutes of that same meeting held 5,754 words. The extra words offer extra details about what the next monetary steps might be for the nation’s policymakers. This is a big deal to markets because investors are always looking for clues about what’s next — especially considering how the April Fed Minutes showed that group discussed increasing its $1.25 trillion mortgage market commitment to something bigger. Remember that the Fed’s mortgage-buying program is largely credited with keeping mortgage rates low this year. If there’s more buying ahead, that should help rates stay similarly low. Mortgage rates fell […]
Just posted, “Consumers: Watch out for bogus mortgage closing fees…” http://budurl.com/4srk # The HVCC is already impacting us. My consumer is losing hundreds in closing cost credits. Might lose 95% FHA cash-out lock. Wells Fargo=FAIL # Powered by Twitter Tools.
I received an email from my home office a few days ago. Apparently some originators are charging bogus fees. I can’t believe this type of behavior still needs to be addressed. Greed The days of originators (not including bankers) making 2% or more on a loan are gone. Charging bogus ‘handling’ fees is a short-term strategy and a disservice to consumers and the industry as a whole. Consumers If you are looking into refinancing and you think you are being charged excessive discount points &/or ‘broker’ fees in addition to origination fees on the good faith estimate, give us a call today for a ‘fairness’ quote. We will tell you if you are being charged too much and what you can do about it. Regards ~ JB “TB&W has received clarification from both HUD and VA regarding allowable fees. This is not a change to either HUD or VA policy, this is a clarification of their existing policies. Discount Points […]
by jberman