In a series of Mortgagee letters released by the FHA in September 2009, one particular announcement has caused major concern among mortgage brokers and small correspondent lenders about their ability to continue offering FHA mortgage loans due to the new licensing structure mandated by HUD. Tony Gallegos address the…
There has been a lot of recent news about FHA Commissioner David Stevens announcing that the FHA may see its 2% capital reserve requirement fall below the minimum level set by Congress. The concerns of unemployment , combined with the gaining FHA market share are certainly factors that would…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Q. The bank (my first lender was WaMu/Chase) took acquisition of my property on 08/19/2008. WaMu sent me a…
The California State Bar plans to suspend James Parsa of Costa Mesa-based the Parsa Law Group from practicing law, citing “moral turpitude” related to a prior conviction of having sex with a minor. The suspension is scheduled to begin on Oct. 16, but Parsa’s attorney is seeking to stop…
The Mortgage Bankers Association yesterday released a statement to a Senate subcommittee saying the system of turning loans into securities needs to be fixed and returned to its former glory. Securitization provides liquidity and disperses risk, according to the association. (Download the MBA Statement ) When it comes to…
Union Bank of California showed the largest increase in market share from 2007 to 2008 in Los Angeles County when analyzing Home Mortgage Disclosure Act (HMDA) data that just became available. Take a look at the top ten movers in LA County from 2007 to 2008.
Read more here –…
Officials with the County of Orange want to expand a home-buyer tax credit that they had refused to give out when home loans turned wacky during the housing boom. Now that first-time home buyers are again using fixed-rate loans — which county officials see as viable long-term financing —…
“How Many A.D.D. kids does it take to screw in a light bulb? …wanna go ride a bike? If you don’t have days like this – pleassseeee skip the rest of this post series – it’s not for you. Not only will it confuse the living daylights out of…
Steve Thomas at Altera Real Estate in Aliso Viejo reports that the number of O.C. distressed properties (homes listed by agents as foreclosures or short sales) was 2,346 last week, -38 vs. two weeks earlier or a -1.6% change. Thomas also notes: There are currently 320 foreclosures for sale…
Randy Johnson, president of Independence Mortgage Co. in Newport Beach, author of “How to Save Thousands of Dollars on Your Home Mortgage” and a mortgage broker since 1983, answers questions… Mitch in Dallas, TX asks: Q. I purchased a home for $110,000 in 1978 now worth somewhere between $750,000…