Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]

What’s That Letter Say?

You know you’ve seen one.  A preapproval letter given to you by the buyer’s agent proving, or attempting to prove, that the buyer is qualified and has applied for a mortgage to buy your client’s Trump Tower condo.  But you’re a little suspicious.  Or should you be?  What can you look for in a preapproval [...]

Check Your Warranty

If your buyers are interested in something quaint around Grant Park, like a nice condominium at Aqua or Metropolitan Tower, they’re not alone.  Chicago-area condos, while still in recovery mode might just be ready for uptick in sales.  And as you and your buyer shop for that perfect condo, remember; condo financing has a few [...]

Homebuilder Confidence Rises to Highest Level Since 2006!

  "Confidence among U.S. homebuilders climbed in December for the eighth straight month, reaching its highest level in more than six ears and adding to signs the real-estate market is aiding the economic expansion.   The National Association of Home Builders/Wells Fargo index of builder confidence increased to 47, the highest since April 2006, from a revised 45, the Washington-based group [...]

Fannie and Freddie Set Timeline Requirements for Short Sales

By: Carrie Bay 04/17/2012 Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days. The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency [...]


Beginning April 1, the up front mortgage insurance premium (UFMIP) will increase to 1.75% from 1% of the base loan amount.   FHA buyers will pay an additional $750 up front fee for every 100K borrowed.   In addition, the annual mortgage insurance premium (MIP) will increase between .1% and .3%. Now may be a great time for FHA buyers [...]

Fannie Mae Online Offers

Fannie Mae has recently integrated an online portal where real estate agents submit their buyers' offers.  Offers on Fannie Mae owned REO's are no longer to be submitted to the listing agent; allowing for documentation purposes to avoid miss-communication to all parties.   Many agents have already submitted an offer for a buyer through this process to find they are spending a [...]

Close today, Start your Job on 60 days

    I will now be able to close loans when a borrower will start a job after the date of the note: Future income must be documented with a formal offer/contract from the new Employer stating all pertinent information (start date, salary, etc.) and be non-contingent.  It must be signed by the employer & [...]

Update to HARP 2.0

DIRECTLY FROM FANNIE MAE "During the weekend of March 17, 2012, Fannie Mae will update Desktop Underwriter Version 8.3 to implement enhancements to DU Refi Plus (HARP) The following enhancements will be made in DU to expand eligibility. Maximum LTV ratio for DU Refi Plus loan casefiles is being removed for DU Refi Plus fixed-rate [...]

HARP 2.0

On "October 24, 2011, the government's FHFA announced its revamped HARP refinance program. HARP is "the mortgage for underwater homeowners"; an appraisal-less refinance for loans backed by Fannie Mae or Freddie Mac. It's the conforming mortgage equivalent of the FHA Streamline Refinance. Since the FHFA announcement, this website has logged 1,727 HARP Refinance requests via [...]