Archive for the ‘mortgage lenders’ Category
Is it true that mortgage lenders specifically targeted black families in order to make a quick buck?
A recent report indicated that black families who bought homes within the last 3-4 years were hit the hardest by this mortgage cash due to predactory lenders.
How do people live with themselves knowing they played an active role in mortgage crisis by putting raw meat in front of a hungry lion? These lender know that 95% the people being approved for loans wouldn’t be able stay in those and homes after a short-time, and yet they still pushed forward.
Shame on these corporation and those Fat Cat’s.
you may "friend" are a TOLL looking for a fight.
Lenders DID NOT do this. In fact, it was the black caucus of congress that actually push Freddie and Fannie into loosing credit requirements to increase home ownership for non-whites.
More banks on the way ….
Recommended read:
Bank failures to surge in coming years
IndyMac, Corus, UCBH under pressure as credit crunch slows economy
By Alistair Barr, MarketWatch
Last update: 6:27 p.m. EDT May 23, 2008Comments: 394SAN FRANCISCO (MarketWatch) — By April, Gary Holloway was almost three years into retirement
http://www.marketwatch.com/news/story/weekend-edition-bank-failures-surge/story.aspx?guid=%7B2FCA4A0C%2D227D%2D48FE%2DB42C%2D8DDF75D838DA%7D
Many more bank failures likely after IndyMac
Sun Jul 13, 2008 5:16pm EDT
By Jonathan Stempel – Analysis
NEW YORK (Reuters) – U.S. banks may fail in far greater numbers following the collapse of the big mortgage lender IndyMac Bancorp Inc (IMB.N: Quote, Profile, Research, Stock Buzz), straining a financial system seeking stability after years of lending excesses.
More than 300 banks could fail in the next three years, said RBC Capital Markets analyst Gerard Cassidy, who had in February estimated no more than 150.
Banks face pressure as credit losses once concentrated in subprime mortgages spread to other home loans and debt once-thought safe. This has also led to investor worries about the stability of mortgage finance companies Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz); IndyMac is not related to either.
While analysts declined to say which banks will fail next, several smaller lenders and one large one, Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz), appear already to have elevated levels of soured loans, relative to their sizes.
“You have to look at companies with the greatest exposure to the highest-risk assets, which include construction loans and exotic mortgages,” Cassidy said. “The final nail in the coffin for any depository institution would be a funding crisis where it is unable to gather deposits at reasonable cost, or wholesale funding markets are cut off.”
The Federal Deposit Insurance Corp seized IndyMac on Friday after a bank run in which panicked customers withdrew more than $1.3 billion of deposits in 11 business days….
http://www.reuters.com/article/email/idUSN1336701420080713?sp=true
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Blowing the Whistle on Mortgage Fraud
Mortgage fraud is pervasive in America. The mortgage companies are not the victims. They are the culprits! Find out if they have victimized you, putting you into a mortgage that you can’t afford in order to swindle you out of your home. Use federal laws like TILA & RESPA, in addition to state laws, to protect yourself from predatory lenders.
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Is my credit score affected when I shop around for mortgage lenders?
I am shopping around for a mortgage lender. Each time I submit a pre-approval application they pull my credit, right? How does this affect my credit score? I seem to remember hearing somewhere that as long as all applications are done within a certain amount of time, all applications are counted as one. Is this correct? How long is my window of opportunity?
Thanks
If you’re looking for a mortgage or an auto loan, you may want to check with several lenders to find the best rate. This
can cause multiple lenders to request your credit report, even though you’re only looking for one loan.
To compensate for this, FICO® scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. When you need an auto or home loan, you can avoid lowering your FICO® score by doing your rate shopping within a short period of time, such as 14 days.
Hope this has answered your question.
Here is a link to download a booklet from FICO about scoring.
Besides Silver Hill Financial, what commercial mortgage lenders are out there?
I am looking to break into the commercial mortgage industry and work for a lender as an account executive. The account executive calls on/visits commercial mortgage broker shops and basically educates mortgage brokers on products and programs and ultimately funds the broker’s client’s loan with his or her bank. The only companies that I have really found who do this and have available positions such as this are Silver Hill, CIT and a couple random others. I have previously been an account executive, but on the residential side. Any help?
equity one , interbay
How Do Mortgage Lenders Qualify Your Income?
How much do you make a year?
This is one of the first things a mortgage lender will ask and one of the top 3 things that they really care about on a mortgage application.
Why?
Because this is what is going to tell them how much you are worth. Sounds shallow and harsh but its a reality.
No one likes to be working pay check to pay check and the banks dont like making you live that lifestyle either. Morally it isn’t good for PR but also, if you are walking that close to the edge every month then the chances of you missing payments becomes greater. If your cars engine konks out then you may have to skip your mortgage payment in order to get it fixed or you could get the flu for 4 days and take time off work which makes your short this month, and so on.
Basically, this situation isn’t good for anyone so in order to prevent this, banks have different methods of qualifying your income.
So what do I mean by “Qualifying Your Income”? Why isn’t it more cut and dry or why can’t they just take your word for it? Well….. One bad apple…..
Anyway, each of us has a different pay structure at work that the bank needs to look at and derive their conclusions from. The tough part is, many of us have variable aspects to our earning. For example, my income fluctuates constantly throughout the year as I am full commission. I have no steady number that the banks can look at. Other people work hourly and sometimes they get overtime, sometimes not. Others are straight salary but every year they get a bonus of some kind. Then of course there are the self employed people who have a shaky line between what they make and what they REALLY make due to cash jobs and write offs.
So how do the banks pull a “safe” number that they can go off of with all of these variables kicking around?
Although as per usual, each mortgage lender is different, here is the general rule of thumb on how they qualify YOUR income as well as the paperwork that they will most likely require in order to verify the numbers and approve your application.
Straight Salary, No Commission, No Bonuses
This one is the easiest. What you made last year is guaranteed this year and the next.
What the lenders will require in order to verify this is a job letter (you can find examples on my website http://www.mortgagecentrecitywide.com/blogs/cossl/?page_id=157) as well as your most recent pay stub. On occasion they will want your last 2 pay stubs.
Hourly FULL Time
This as well is considered to be the same as a salaried person. However, just because you are working a consistent 40 hours a week does not make you full time. The banks will want it to be noted in your job letter that you are guaranteed full time hours.
In some union jobs there will only be 3 or 4 full time positions and everyone else is part time even though they work full time hours. Because these are not guaranteed hours the bank will still not qualify you as a full time employee.
As well, if you are a Full Time employee but work overtime on occasion then you now earn a variable amount and will want to refer to the sections below.
Salary Plus Commission or Bonuses, Hourly (part or full time) Plus Over Time, Full Commission, & other Variable Incomes
Now we are jumping into a variable position. Even if EVERY single year you make a $10k bonus the banks will still consider you a variable earner as this “bonus” is not guaranteed.
What they will require is your Line 150 on your tax return for the last 2 years and then they will average this off to get what they feel is a fair evaluation of your true earning potential.
If you have been working at your job for less than 2 years but before this job you worked in the same industry then your income from your last employer will also qualify and they will still take a 2 year average of your income to get a number.
The tricky part is if you have switched industries completely and have only been working in the new position with a new employer in a new industry for less than 2 years. In this case you may have difficulty finding a traditional lender to finance you and private or conventional funding might be the only way to get your deal done. Give me a call if you are in this situation. 604.313.9996
**write up too long for youtube. Please visit http://www.mortgagecentrecitywide.com/blogs/cossl/?p=198 for the remaining portion of the article
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Fed, Treasury Offer Help to Fannie and Freddie
BusinessFed, Treasury Offer Help to Fannie and FreddieFed, Treasury Offer Help to Fannie and FreddieThe Associated PressThe Federal Reserve and the Treasury announced steps Sunday to shore up mortgage giants Fannie Mae and Freddie Mac, whose shares have plunged as losses from their mortgage holdings threatened their financial survival. (July 13)[Notes:ANCHOR VOICE] The Federal Reserve and Treasury are extending a couple of life lines to Fannie Mae and Freddie Mac.Shares of the mortgage companies have plunged recently and their losses have threatened their financial survival.Treasury Secretary Henry Paulson says he plans to ask Congress to increase Fannie and Freddie’s credit limits and, if necessary, make equity investments in the companies.((PAULSON SOT))Secretary Paulson says he’s also looking to consult the Fed about any new rules Congress proposes for the lenders.The Fed’s role would be to weigh in on setting capital requirements for the companies. In a separate plan…the Fed says it’s given the Federal Reserve Bank of New York the green light to lend to the 2 mortgage companies if they need it. The mortgage financiers would pay 2 point 25 percent for any borrowed funds. That’s the same interest rate given to commercial banks and Wall Street firms.Ben Bernanke and company say that move should help Fannie Mae and Freddie Mac quote- promote the availability of home mortgage credit during a period of stress in financial markets.The Treasury and Fed plans are also meant to let nervous investors around the world know the U-S government is willing to do everything it can to prevent further problems in the credit markets. ___ ___, The Associated Press.(****END****) ANCHOR VOICE: Carlotta Bradley————————-VIDEO PRODUCER: Bianca Davie——————————VIDEO SOURCE: AP/ABC for Paulson video————————–VIDEO APPROVAL:——————————VIDEO RESTRICTIONS:———————————-SCRIPT/WIRE SOURCE:————————————
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What mortgage lenders still offer an "option ARM"?
I am looking at refinancing my primary residence to a pay option ARM. Are there any lenders out there that offer this type of mortgage?
Some lenders still have them, but they’re nearly impossible to qualify for these days. Your finances have to be superb in order to qualify for that product.
Commercial mortgage loans, Hard Money or FHA- Lenders bidding you decide
Instant results, to get 6 or more bidding lenders use the links below:
all loans: http://www.lendinguniverse.com
Commercial loans at;
http://www.lendinguniverse.com/BorrowersCommercial.asp
Hard money loans at:
http://www.lendinguniverse.com/BorrowersHardMoneyLoans.asp
Land Loans at:
http://lendinguniverse.com/BorrowersLandLoan.asp
Ranch and Farm at:
http://lendinguniverse.com/BorrowersFarmLoan.asp
Constraction loans at:
http://lendinguniverse.com/BorrowersConstructionLoan.asp
Logged in for any possible other real estate loan. Social Security is not required. You will post a short request, not a loan application, and it will be reviewed by top lenders- you will decide.
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what is the most i should pay for mortgage lenders fees?
I have shopped around but cant get the amount that i need,this is the only lender which is able to get what i need,and is 6.78% fixed rate for 2 years a good rate? lenders charge is £1999 added to the mortgage and introducers fee of £499
any help will be much a appretiated
It is difficult to answer this question without knowing the circumstances of your application. Nevertheless, any application made to a lender is judged, by the lender, on its merits and the risk the application presents to the lender; it is important to remember that all lenders operate in the mortgage market to make money. Any deal that is presented to the market is offered on the principle that someone will accept the deal, otherwise there is little point in marketing such a proposition. Currently fixed rate deals are not in great supply, therefore any deals that are out there that, on the face of it look attractive, tend to be more expensive. The lender needs to recoup their costs of bringing fixed rate money to the market; in this case the lender has chosen to pass these costs directly onto the customer, up front. Other lenders choose to apply extended tie-ins with redemption penalties, either way, they will recoup their costs one way or another.