What Does A Preliminary Approval Mean?

This title could be what a preliminary approval does not include. However, let me address some reasons why a preliminary approval does not mean that the entire loan is approved. Having read some borrower concerns about having an approval and then all of a sudden; the loan is delayed, or declined. It is never good … Read more

Mortgage Quality Control – Why Is It Important

Mortgage Quality Control is essential from the taking of the application to the closing of the loan. A borrower can forget something important about their financial status, assets, credit, employment or anything pertaining to the mortgage loan. However, if they forgot on purpose, be sure it will be common knowledge at some point. No, we … Read more

Advantages Of A Fixed Rate Mortgage

The fixed rate mortgage loan is the most popular type of mortgage. The monthly payment for interest and principal remains fixed throughout the mortgage term, Property Insurance and taxes may increase but the monthly repayment of the interest rate amount will be stable. As you pay your payment on a fixed rate loan, your interest … Read more

New FHA Guides for Reverse Mortgagors

Taxes and Insurance must be paid by the borrower for a “Home Equity Conversion Mortgage” (HECM) or Reverse Mortgage…no exceptions.  Basic FHA Reverse Mortgage Guidelines *update   Age for getting a Reverse Mortgage is 62 or older The property must be fully paid off, or substantially paid down where there is equity The property must … Read more

Changes To Dodd/Frank Bill – Should They?

Why bring up the past? Well, it seems we are possibly about to be presented with changes in mortgage lending regulations again. To this underwriter, caution might be the best route to take. In 2010, the Dodd/Frank bill came into play where banks and mortgage lending rules/regulations and procedures changed drastically because of serious mortgage … Read more

The Mortgage Loan Mess – How We Got Here

Mortgage Fraud Helped with the disaster *NOTE: This post was initially written on 10-05-2009. There is reason for a reminder of the past….congress has reported regulations are in the process of changing. If you notice the photo to the left, it states, “Stop mortgage fraud.” I consider fraud to also be when someone is offered … Read more

The List of Mortgage Questions

When applying for any mortgage loan it is beneficial and imperative that an applicant ask questions so they are fully knowledgeable of the product, interest rate, origination fee, points and any closing cost that is being paid in the loan.  The lender’s agent/loan officer is required to know and be able to explain all questions. … Read more