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"Underwriting Guidelines"
Years ago, there was a lot of buzz about the futureof mortgage lending, and how we were going to seethe day when we would be doing paperless loanfiles. Ha! Even when the loans were being created withvery little documentation, paper files still existedbut they were very skinny. Now that the emphasis is on creating loans [...]
Continue Reading →Have you been watching the Winter Olympics? The results of some of the sports are clear cut -the fastest time wins the medal like in bobsled,alpine skiing, speed skating. Other sports, however, are judged and theresults may be more subjective – ice skating,ski jumping, and the wild snowboarding trickevents. Condo approvals by lenders tend to [...]
Continue Reading →As we close out 2009, it gives me an opportunityto look back and also make some acknowledgements. This last year put us further along a path that begana few years back. There is no debate that there were lots of abuses inthe mortgage business. Originators took advantageof borrowers. Borrowers blindly followed withoutquestioning where they were [...]
Continue Reading →Updates: Every year about this time, we get an update forthe new conforming loan limits. Conforming loans are those that are eligible to besold to FHLMC (Freddie Mac) and FNMA (FannieMae). For the 5th straight year, the limits are as follows: Single family home $417,0002-unit properties $533,8503-unit properties $645,3004-unit properties $801,950 As I mentioned in [...]
Continue Reading →In the go-go days of rapid price appreciation, therewas a big wave buyers who made property purchases,maybe did some cosmetic improvements, and then offeredthe home for sale at a vastly increased price. This practice became known as “flipping”, and therewere even TV programs devoted to the trials andtribulations of people involved in the practice! In [...]
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