Does Fannie or Freddie own your loan? You know you can refinance now up to 105% of value right? What about the new HARP 2.0 program that will allow unlimited loan-to-value?
Here is an update for HARP 2.0:
The HARP 2.0 program will not be available until late March of 2012 for borrowers who are upside down by more than 25%.
To remind, Fannie Mae and Freddie Mac loans executed before May 31st, 2009 are eligible.
The HARP 2.0 loan approval process must utilize the Automated Underwriting Systems (AUS) for Fannie & Freddie; underwriting engines which unfortunately won't support the HARP 2.0 updates until March 2012.
We can offer the updated HARP 2.0 features as soon as the AUS engines recognize the new HARP II guidelines, and once lenders publish their guidelines. I will continue updates as we learn of any new information, particularly in the event the implementation timeline changes.
Want to know what you can do now, or to get an application on file?
Do this:
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
http://www.FannieMae.com/loanlookup/
https://ww3.FreddieMac.com/corporate/
• The program will continue to be available for loans with LTVs above 80 percent.
• Borrowers must be current on their mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
What should you do?
I anticipate a significant response to this program. Here's what I recommend:
Once you have determined you have a loan owned by Fannie or Freddie, and you meet the criteria based on the above information, you will need an application on file for us to begin your refinance. The quickest way to start and move forward is to provide me with an on-line application here:
Thursday, January 26, 2012
The Fed Surprise-Review Your Mortgage Now
The bond and mortgage markets opened better yet again this morning, still reacting to the Fed’s surprise yesterday saying the Federal Funds rate would stay at 0.00% to 0.25% clear out to the end of 2014. Prior to yesterday the Fed was saying mid-2013.
The motivation from the Fed is that the central bank has lowered its forecasts for US growth this year and next. Fed Chief Ben Bernanke apparently is now more concerned about growth than he was six weeks ago.
What does all of this mean to you and me? Mortgage rates will stay low and it’s time for an annual review of your mortgage.
Many of you are already proceeding with reviewing your refinance options and anyone interested in interest rate or interest cost reduction should be looking at this right now.
How low will rates go? That’s a very good question; we have been at or near historical lows for quite some time. One thing is for certain; those who act first will be done first.
What should you do? Call or e-mail me for an analysis, If you want faster action, you can apply on my website and I will evaluate your situation and advise you before proceeding: https://0990471896.secure-loancenter.com/WebApp/FullAppLogin.aspx.
The motivation from the Fed is that the central bank has lowered its forecasts for US growth this year and next. Fed Chief Ben Bernanke apparently is now more concerned about growth than he was six weeks ago.
What does all of this mean to you and me? Mortgage rates will stay low and it’s time for an annual review of your mortgage.
Many of you are already proceeding with reviewing your refinance options and anyone interested in interest rate or interest cost reduction should be looking at this right now.
How low will rates go? That’s a very good question; we have been at or near historical lows for quite some time. One thing is for certain; those who act first will be done first.
What should you do? Call or e-mail me for an analysis, If you want faster action, you can apply on my website and I will evaluate your situation and advise you before proceeding: https://0990471896.secure-loancenter.com/WebApp/FullAppLogin.aspx.
Thursday, January 5, 2012
How's that Dodd-Frank thing working out for us?
Think all the new Dodd-Frank rules have impacted us yet?
You and I as the “consumers-at-large” in this debacle have yet to write the check on this. It appears we haven’t even paid 1/4 of the bill yet.
Can you believe that regulators have missed roughly three-quarters of the deadlines for implementing the Dodd-Frank financial reform law through 2011, according to a new report?
So far, 200 deadlines for drafting rules to implement the Wall Street overhaul have come and gone, and regulators have met only 51 of them, according to the law firm of Davis Polk.
Another 200 rulemaking requirements stemming from the law still await regulatory action. Just 21.5% of the rulemaking requirements have resulted in finalized rules, while 38.75 percent currently have proposed rules. Another 39.75 percent of rules that ultimately will have to be implemented to make the law a reality have yet to be proposed.
This piece of work was bad legislation to begin with, and it’s still bad legislation. It will continue to cost consumers for years to come. It was formulated and implemented by legislators that do not understand the mortgage business and felt they needed to show the world they had the guts to stand up to Wall Street.
In the sad but true department, Wall Street played its role in all of this, but there’s plenty of room for finger-pointing. As I’ve said before, the best action now is to find the cheapest and most efficient way out of the housing and credit market messes.
This isn’t it.
Here's the report:
http://www.davispolk.com/files/Publication/0070db24-e562-4666-832c-03ad96defd42/Presentation/PublicationAttachment/b1836732-9b89-46be-a9e5-07c77a08d62a/Jan2012_Dodd.Frank.Progress.Report.pdf
You and I as the “consumers-at-large” in this debacle have yet to write the check on this. It appears we haven’t even paid 1/4 of the bill yet.
Can you believe that regulators have missed roughly three-quarters of the deadlines for implementing the Dodd-Frank financial reform law through 2011, according to a new report?
So far, 200 deadlines for drafting rules to implement the Wall Street overhaul have come and gone, and regulators have met only 51 of them, according to the law firm of Davis Polk.
Another 200 rulemaking requirements stemming from the law still await regulatory action. Just 21.5% of the rulemaking requirements have resulted in finalized rules, while 38.75 percent currently have proposed rules. Another 39.75 percent of rules that ultimately will have to be implemented to make the law a reality have yet to be proposed.
This piece of work was bad legislation to begin with, and it’s still bad legislation. It will continue to cost consumers for years to come. It was formulated and implemented by legislators that do not understand the mortgage business and felt they needed to show the world they had the guts to stand up to Wall Street.
In the sad but true department, Wall Street played its role in all of this, but there’s plenty of room for finger-pointing. As I’ve said before, the best action now is to find the cheapest and most efficient way out of the housing and credit market messes.
This isn’t it.
Here's the report:
http://www.davispolk.com/files/Publication/0070db24-e562-4666-832c-03ad96defd42/Presentation/PublicationAttachment/b1836732-9b89-46be-a9e5-07c77a08d62a/Jan2012_Dodd.Frank.Progress.Report.pdf
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