FHA deadline fast approaching. The difference waiting may cost you thousands.

APRIL 9TH FHA will start requiring new up front AND monthly mortgage insuarance  factors. The difference is potentially worth tens of thousands of dollars over the life of the loan. Email me today for a quote and to get your case number assigned Michael@michaelfoote.com

FHA Streamline Refinance MIP refund chart

Curious about FHA UFMIP refunds? What is the calculation for refunds on FHA loans up front mortgage insurance.

Don't call it a comeback I've been here for years

From Rob Chrismans email today. Are mortgage brokers making a comeback? After the financial crisis, drop in originations, regulatory tsunami (a "Reg-plosion"), and the recent exit from the sector by many large institutions, many thought the days of the mortgage broker were numbered. However, it may be too soon to count them out. According to the Q4 2011 Quarterly Data Report from the NMN, third-party originations jumped to 11.4% of all originations, or $51.3 billion, up sharply from the $29 billion brokers originated in the third quarter. Going back the previous five quarters, market share was 8.2%, 7.9%, 6.8%, 10.7%, and 11.8%. Putting things into perspective, broker market share peaked at nearly 30% in 2007. Perhaps reports of the brokers' death were exaggerated.

Changes you may not have heard about.

With the new settlement with the banks, states and lenders are expecting to see in increase in approved short sales. Since the amount of the settlement includes deductions for approval short sale deficiencies.

It looks like your entire california property tax bill is not going to be tax deductible. With the 2012 tax bill you see a breakdown between regular property tax and special assesments which are no longer tax deductible.

Also, in what may be an even bigger announcement is that mortgage insurance will also no longer be tax deductible after the expiration of that rule and 58 other. Congress failed to nenew these rules in December. Thanks! I love backdoor tax increases.

If there is good news it is that rates are still very good, the HARP II refinance is picking up steam. FHA is still offering loans to credit impaired borrowers.

Any day above ground is a good day!  

Treasury Makes Bank

Remember all the hub bub when the Treasury announced they would purchase MBS to support the mortgage market...everyone worried it was just more wasted tax dollars. Well today announced the completion of of the orderly windown and turns out they made over $25 billion from investing approx $225 over 2008 and 2009. That's a 10% return.

Where's our cut?

Filed Under Shameless Self Promotion

Looking good for the mortgage broker community. We provide a valuable service and may be the only advocate for the client left. The main difference is the Loan Originator working for a direct lender or bank has ZERO pull. The Loan Originator that controls his product between investors has better overall leverage.

HARP II Refinance, More Assets, Rate Trend

HARP II Refinance Applications. You can submit your new loan application for HARP II refinance loans. These loans offer refinance of first mortgage loans current over the last 12 months owned (not serviced) by Fannie Mae and Freddie Owned loans with fund dates prior to March 2009. #CalPropRE #MMSToday #MichaelAFoote

These loans offer zero limitation on Loan to Value and Combined Loan to Values. Second liens can be subordinated to the new first mortgage. credit score, debt to income ratios and assets requirements have been drastically reduced. Rates are sub 4% for some applicants.

In other news lenders are tightening on some programs, notably Fannie Mae will begin requiring 12 months assets for certain primary residence and investment refinances.

Rates overall are slightly higher over the last couple weeks, but are still remarkably attractive from historical perspectives.

http://www.michaelfoote.com/

Lehman BK, FHA Mortgage Insurance, HARP2

Well CNBC just announced lawyers made the biggest payday ever, billing 1.6 billion --SO FAR.... What's that like $4,500 a hour? 

FHA new MI goes into effect on April first, if you are planning on streamlining your FHA loan get your FHA case number assigned before that happens...

HARP 2 continues to be launched and we now have no CLTV limitation on DU Refi PLus loans, or loans owned by Fannie Mae. While this program will not pay off your second mortgage, it can substantially reduce your first mortgage rate and it doesn't matter how underwater you are.

It's Friday...what's going on.

Lot's of little stuff to talk about today. 24% of home sales are distressed according to a recent report. I would argue the number is much higher, and with the recent history of revising sales figures, I personally never take the first number anymore. I will wait until the first revision generally guaranteed by the release of the next quater results. One thing is for sure, we are seeing some signs of like with the HARP 2 refinance coming online and purchase activity creeping up. Mortgage applications have popped and lenders are still scrambling to hire more sales people, including the 1400 announce by Quicken today.

There was also some news about the federal moratorium program for homeowners who have or will short sold/sell or received the dreaded 1099 from their lenders. The program is set to expire end of this year, so Realtors are pushing homeowners who need to short sell to do it now rather than later. Since a short sale can easily take six months start to finish, it is an important consideration...But Congress could certainly vote to extend such a moratorium since it has little impact on our economy. But does the program encourage people to strategically default - of course it will.

FHA is raising it's premiums on mortgage insurance front and back kids...get your guides updated!

Rates have held nicely over the last few weeks with Freddie reporting a 5 bps drop in averages - which brings in calls everytime.