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Category: Lending (page 50 of 56)

March 6, 2008

Do you want some earth-shaking news? In showing us a first tentative glimpse of its new mortgage lending product, Zillow.com may in fact be reinventing — and perfecting — Capitalism

by

Suburban Phoenix Real Estate Broker

Author website

I’m going to get the newspaper news out of the way first:

Starting now, if you are a loan originator, you can register with Zillow.com to receive mortgage and refinancing referrals from that Seattle-based internet start-up, once it ramps up its full — but still Top Secret — mortgage lending product. From Zillow’s PR team, presumably in the form of a Zillow Blog post:

To participate in this new product offering, lenders must have their professional status confirmed prior to connecting with borrowers, so we want to give lenders a head start on the process:

  1. Register with Zillow, if you haven’t already.
  2. Then apply as a lender, and answer a few questions about yourself.
  3. While access to borrowers is free, a one-time application fee of $25 is necessary to cover the costs of having an independent third party confirm your professional and employment status to Zillow. This is the only charge to participate; there are no other fees.

Why register early? The confirmation process can take up to several days. By registering early, lenders ensure they will be among the first to be notified when the product launches and ready to service borrowers on Day 1. We’ll also send out an e-mail to all pre-confirmed lenders giving them notice immediately after launch.

I don’t know what form Zillow’s lender referrals will take, but the important point — to which we will return — is that only duly-registered loan originators will be receiving them.

Zillow takes some pains to take away your fear of future pain:

While we’re not sharing more details right now, we can say that we’ve built our product around Zillow’s model of openness and transparency that is increasingly important in today’s home lending environment. And, consistent with our information-based model, we have no intention of being part of the transaction.

There’s a sweet little teaser at the end:

And if you happen to be in the market for a home loan, stayed tuned to this space as we announce an entirely new kind of mortgage offering built just for you.

Brian Brady believes that what Zillow will offer as its sticky mortgage product is a sort of interest-rates Zestimator. In Read more

March 6, 2008

The Beat Goes On…and The Beat Goes On

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

The Fed reported that home equity is at its lowest since World War Two:

Homeowners’ portion of equity slipped to downwardly revised 49.6 percent in the second quarter of 2007, the central bank reported in its quarterly U.S. Flow of Funds Accounts, and declined further to 47.9 percent in the fourth quarter — the third straight quarter it was under 50 percent.

That marks the first time homeowners’ debt on their houses exceeds their equity since the Fed started tracking the data in 1945.

The total value of equity also fell for the third straight quarter to $9.65 trillion from a downwardly revised $9.93 trillion in the third quarter.

Home equity, which is equal to the percentage of a home’s market value minus mortgage-related debt, has steadily decreased even as home prices jumped earlier this decade due to a surge in cash-out refinances, home equity loans and lines of credit and an increase in 100 percent or more home financing.

Perhaps this is the cause?

U.S. mortgage foreclosures rose to an all-time high at the end of 2007 as borrowers with adjustable-rate loans walked away from properties before their payments increased, the Mortgage Bankers Association said today.

New foreclosures jumped to 0.83 percent of all home loans in the fourth quarter from 0.54 percent a year earlier. Late payments rose to a 23-year high, the organization said in a report today.

“We’re seeing people give up even before they get to the reset because they couldn’t afford the home in the first place,” said Jay Brinkmann, vice president of research and economics for the Washington-based trade group.

The solution to the first problem?  Let it happen.  Banks will close.  Wall Street will get hammered and the country will go into a recession.  The best way to cure a hangover is sobriety, not a “hair of the dog that bit you”.

March 5, 2008

Mortgage Fraud: Did You Do It?

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Mortgage fraud seems to be the hot topic, today. I attended a party this weekend where I was pelted with questions and varying opinions about the topic. Many came from the legal crew, a few from bankers, but most were from worried consumers. The former two groups scared the crap out of the latter. Each question that was posed was answered by each of these three parties:

CORPORATE ATTORNEY: Any lie on a federal form is a felony.

PERSONAL INJURY ATTORNEY: Were you coerced by the mortgage broker? Most clients were and you could sue for damages.

BANKERS: If it’s a portfolio loan, we may pursue legal action. If we securitized it, it was built into the pricing.

My opinions to some common questions, about mortgage fraud, are below:

If I obtained a loan as a stated income loan, did I commit fraud?

Not if you didn’t lie. Stated income loans were designed for those with erratic income or rising income. The best litmus-test would be to pull the 3-6 bank statements prior to application. If the monthly deposits mirrored your “stated” monthly income, you didn’t lie. If you grossly overstated that amount, you lied and probably committed fraud. Cash flow rules.

I bought a second home with the intention to use it as a vacation rental property. I financed it as a second home, did I commit fraud?

Not if you resided in it for at least 15 days each year. It’s a “vacation” home and if you used it for vacations, you’re fine. You are still allowed to rent out a vacation home.

I bought a property, in my daughter’s name, as an owner-occupied home but she rents rooms out to students. Did I commit fraud? 

FHA has the “kiddie-condo” program. Actually, that means that you can be a non-occupying co-borrower and still get a owner-occupied rate. If your daughter qualified on her own, and you helped her with the down payment by signing a gift letter, you might be liable for taxation but the transaction appears to be legit.

I have funky employment. It’s not steady so I coerced my existing employer to “fudge’ the dates on a Verification of Employment form. Read more

February 26, 2008

Once More With Feeling- Mortgage Rates Are Determined by Mortgage Bonds (MBS), Not The Ten Year T-Note

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Mortgage rates are volatile today…very volatile.  There are two underlying factors contributing to the volatility: suspicion of the credit quality of the MBS market and supply/demand imbalance (more people want money than is offered).

Why am I so adamant about the fact that the ten-year treasury note is not the determining factor of mortgage rates?  The statement is factually incorrect.  While the two securities often move in concert, polarity can occur and sometimes does; this is one of those times.  The ten-year T-note is considered the benchmark, not bellwether fixed-income security.  This means that all other securities are compared to the 10-year T-note (we call that the “spread”).  It is GENERALLY a guiding indicator of ALL rates, however, in times or crisis or exuberance, it can’t be relied upon for other fixed-income securities’ direction.  Spreads to the T-note widen and narrow due to extraneous variables.

The real estate industry is calling for higher professionalism among lending professionals.  Some REALTORs, however, are clinging to  the demonstrated neglect the mainstream media delivers (check the comments).  An argument that bankrate.com is the source of mortgage rate movements, because the “most originators use it”, is akin to suggesting that Zillow.com is superior in home pricing than the Multiple Listing Service.

Mortgage professionals have at least three MBS quote services available:

1- Mortgage Market Guide ($100/month)

2- MBS Quoteline ($50/month)

3- Rate Link ($45/month)

Four originators (Me, Dan Green, Rhonda Porter, Mike Mueller)  with a combined 2007 funding production in excess of $100 million, subscribe to MBS pricing.  Why?  We’re mortgage professionals.  We see the need to invest $50-$100/month in the tools that serve our clients’ best interests.

What can REALTORs do today, to help the mortgage industry improve its professionalism?  Well, you don’t have to rely on the government to make the world a better place.  Get educated by professionals in the know, and start asking loan hacks which MBS pricing service they have.  

Would you refer a client to a REALTOR that didn’t subscribe to the MLS?  Of course not.  Why?

Your clients are much too important.  Choose mortgage professionals carefully.

February 19, 2008

Down Payment Assistance is another creative financing option you can deploy to make sure yours is the home that sells

by

Suburban Phoenix Real Estate Broker

Author website

This is my column for this week from the Arizona Republic (permanent link):

 
Down Payment Assistance is another creative financing option you can deploy to make sure yours is the home that sells

It’s a hard world for home sellers right now. It’s possible that things are slowly getting better, but a qualified buyer still has at least ten suitable homes to choose from.

Does this mean you might sell now, or you might sell a little later? Probably not.

Does it mean you might sell for your price, or you might have to accept a little less? Probably not.

What it means is that, if your home is not the one that answers most of a potential buyer’s needs, it probably won’t sell at all in this market.

We’ve talked before about being the most appealing — best priced, best prepared, best presented. These are the homes that will sell to the best qualified buyers — while the near-misses languish month-after-month.

We’ve talked about using seller-financing to help less-qualified buyers. Carrying back a note for a third mortgage entails a risk of loss, but, again, that marginal difference can be moot if the house wouldn’t sell otherwise, or if it sells months later for a much lower price.

There is another creative financing avenue you can pursue, although this one comes with an assured loss to the seller. It’s called Down Payment Assistance. Through programs like AmeriDream or Nehemiah, sellers contribute a portion of the sales price to serve as down payment or closing cost assistance to the buyers, who receive those funds at close of escrow as a grant.

This is what I call Psycho Lender Math at its worst, since the lender is permitting the sellers to discount the home by a huge percentage while pretending that that same pile of money is coming to the buyers as a grant from a neutral third party.

The house still has to appraise for the full purchase price, so it really is just a seller discount disguised as a shell game — but if it means your house sells while all the others languish, you still might be ahead of the Read more

February 8, 2008

Higher Loan Limits OK-ed by Senate

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

We talked about the foregone conclusion of higher loan limits for conforming and HUD loans two weeks ago:

The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms:

1- GSE (conforming) loan limits will be temporarily increased to $650,000 and remain in place until 12/31/2008. That means that states like California, Illinois, New York, Massachusetts, and New Jersey will get some much needed relief.

2- FHA loan limits, currently locked at $362,790, will be recalculated to 125% of the county’s median price, with a limit of $729,000. This is useful for states like California where the conforming loans are subject to LTV decreases due to declining market conditions. FHA loans aren’t subject to those blanket LTV guidelines. This loan limit hike is expected to be permanent, unlike the temporary GSE hike.

Nothing is rock-solid; it’s all rumor at this point. The Senate will play with the numbers but the Beltway Crowd says that President Bush has signaled the loan limits he will support, today. Expect this to be a reality sometime between Valentine’s Day and St. Patrick’s Day.

The Senate played some politics, then promptly passed the bill:

Congress on Thursday passed a $152 billion economic stimulus package designed to provide a timely, targeted and temporary boost to the flagging U.S. economy.

One day after Republicans successfully filibustered a broader plan favored by the Senate Finance Committee, the Senate approved the Republican-backed measure, nearly identical to one passed by the House last week, on an 81-16 vote.

The House approved the measure hours later on a 380-34 vote.
President Bush is expected to sign the legislation quickly.

President Bush telegraphed his likely approval:

“This plan is robust, broad-based, timely, and it will be effective,” Bush said in a statement released by the White House. “This bill will help to stimulate consumer spending and accelerate needed business investment.”

Just in time for Valentine’s Day. Get those loan applications in now; the herd will be stampeding in March.

January 29, 2008

HELOCs Frozen: Preserving American Homeownership

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Preserving the American Dream is a position paper authored by John Dugan, Comptroller of the Currency. “Preserving American Home Ownership” is the “initiative” rumored to be pondered by Countrywide Home Loans, IndyMac Bank, and Washington Mutual.

N.B.: The following is rumor; something that was “heard on the street”.

Jeffrey Smith reported, two weeks ago, that Countrywide is freezing some home equity lines of credit. The wholesale lending reps and escrow officers, in my own little network, were buzzing about the possibility of such an action from Countrywide, WaMu, and IndyMac.

More on this rumor as it develops. Today, it’s just a rumor. I think it’s comical the Countrywide won’t do anything without a PR/Marketing twist to it (as a marketer, I love it). It is rumored that the CFC initiative will be “Preserving American Home Ownership”

UPDATE:  While I haven’t confirmed the rumor with Countrywide, there is one disenfranchised Countrywide borrower, getting pummeled by the bubbleheads on a Yahoo message board.

January 26, 2008

Watch Out! Here Comes Erin Brockovich!

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Hypothetical TV advertisement (aired at 2:00 AM):

Did you overpay for your home? Did your real estate agent give you bad advice?

You may be entitled to damages under a class-action lawsuit if you bought your home between the dates of June 1, 2005 and September 30, 2007. The real estate agent, who received compensation to aggressively represent your interests, may have withheld material information about relevant market data, not limited to but including comparable sales, and current listings, in your neighborhood.

If the value of your home rapidly decreased soon after you bought it, The Coyote Law Firm may help you recover your loss. The Coyote Law Firm has a 27-year history of representing average people, just like you, who were tricked into buying a home by unscrupulous agents. Nefarious schemes, such as your real estate agent securing financing and withholding appraisal reports, may have been the cause for your loss.

Contact 1-811-THE-COYOTE to see if you are entitled to damages.

You had to see this coming. Of course, where else would it start but San Diego?

NB: This is a satirical article. The author knows of no law firm called “The Coyote Law Firm”. Any similarities to any person, law firm or legal business is purely coincidental. The intent of this article is to highlight the complicated nature of real estate advisory and provoke discussion from industry professionals. The opinion is solely of the author (Brian Brady) and not necessarily that of any other author, real estate or mortgage professional, or real estate brokerage, affiliated with this weblog or website.

January 24, 2008

Conforming Loan Limit of $650,000, FHA Loan Limit of $729,000

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

A conforming loan limit of $650,000 and an FHA loan limit of $729,000 are being telegraphed as part of the Economic Stimulus Package of 2008.

Inman News reports that Congress backed a temporary loan limit increase to $625,000:

The government-sponsored enterprises, or GSEs, may soon be allowed to back loans up to $625,000 nationwide and $700,000 or more in high-cost areas, according to published reports on the negotiations.

The Bush administration had previously tied any increase to the conforming loan limit to tighter regulatory oversight of Fannie and Freddie, where accounting scandals led both companies to fire top managers and restate several years of earnings.

Of course, that’s only the first step; the proposal has to work its way through the Senate and be signed by the President. While the common knowledge has been that President Bush won’t allow a GSE loan limit increase without greater regulatory oversight, mortgage insiders believe that he backed off that condition today.

The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms:

1- GSE (conforming) loan limits will be temporarily increased to $650,000 and remain in place until 12/31/2008. That means that states like California, Illinois, New York, Massachusetts, and New Jersey will get some much needed relief.

2- FHA loan limits, currently locked at $362,790, will be recalculated to 125% of the county’s median price, with a limit of $729,000. This is useful for states like California where the conforming loans are subject to LTV decreases due to declining market conditions. FHA loans aren’t subject to those blanket LTV guidelines. This loan limit hike is expected to be permanent, unlike the temporary GSE hike.

Nothing is rock-solid; it’s all rumor at this point. The Senate will play with the numbers but the Beltway Crowd says that President Bush has signaled the loan limits he will support, today. Expect this to be a reality sometime between Valentine’s Day and St. Patrick’s Day.

Why the sudden reversal from Bush?

It’s the economy, stupid.

January 22, 2008

Amaze Your Friends : Why The “Surprise” Fed Funds Rate Drop Isn’t Impacting Mortgage Rates

by

Mortgage Planner

Author website

Advanced Fiscal Literacy For Real Estate Professionals

  • The Fed Funds Rate is a fair proxy for economic health. 
  • When the economy is growing, the FFR rises to fight inflation.
  • When the economy is slowing, the FFR falls to fight “the absence of inflation” (i.e recession).
  • If inflation is the enemy of mortgage rates, the absence of inflation is a friend.

Mortgage rates have fallen since November because the economy is showing few signs of inflation.

Prior to this morning, markets expectations for the Fed’s next action were as follows:

  • 42% expected a 0.500% drop (moderate weakness)
  • 38% expected a 0.750% point drop (strong weakness)
  • 18% expected a 1.000% drop (extra-strong weakness)

This morning, the Federal Reserve lowered the Fed Funds Rate by 0.750%.  Mortgage rates are only down slightly.

Here’s why:

  • 42% of people had to fix their bets lower on the economy because they didn’t expect weakness like this
  • 38% of people already expected this and priced it into mortgage rates
  • 18% of people had to fix their bets higher on the economy because they didn’t expect strength like this

The slight movement is mortgage rates is the result of the (42 percent) and the (18 percent) shuffling their positions in mortgage bonds.

January 16, 2008

While Rates Are Low, Schedule Your Purchase Closing At Least 45 Days Out

by

Mortgage Planner

Author website

Because of negative sentiment about the economy, we’re in the middle of the first remortgage boom of 2008. There may be others, or this one may last a while.

It’s been a few years since mortgage rates fell so far, so fast. It’s like a Sid Fernandez curveball.

If your loan officer hasn’t called you about taking a lower rate yet, get pro-active and call him (or her, Rhonda). It’s your money, after all.

That said, there are a few key differences from the last time we had a remortgage boom like this.

  1. During the last remortgage boom, lenders were growing their staff to handle extra capacity. This year, mortgage lenders are working with smaller staffs after major layoffs in 2007.
  2. During the last remortgage boom, lenders were sprouting like weeds to chase mortgage money. This year, there are far fewer mortgage lenders after the bloodletting in 2006 and 2007.

Complicating matters: mortgage guidelines are very different this year from the recent past. Underwriters don’t know the new standards frontwards and backwards like they did, plus they’re being more careful.

All of this combines to mean that fewer underwriters are processing more applications that each require additional scrutiny. It would be prudent for all of us to expect underwriting delays.

As an example, the “24-hour turntime” notices I used from my investors now read:

“Please allow one week for underwriting”.

Now, at times like this, some loan officers will say to clients and real estate agents that because they can underwrite home loans in their offices, their files are immune to delays when rates fall. There’s some truth in that (and I know because we do it at Mobium), but that doesn’t mean we’re not feeling the pressure of time, too.

Every mortgage broker|banker|lender in the country is experiencing very high volume right now and we are all coping with the same issues about time and resources.

30-day closings are still possible, but it may be better to play it safe at 45. If rates keep falling, we may bump that to 60.

January 12, 2008

Follow Mortgage Rate Movements On Twitter

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

I didn’t understand the allure of Twitter until I went to Inman Connect. I originally thought it was “text-chat” until I read Greg Swann’s post about microblogging on Twitter. Now, I offer Mortgage Rates Report, the “lock or float” service, on Twitter.

Click this link for my Twitter feed.

Here is what you can expect from the Mortgage Rates Report feed on Twitter:

1- Market sensitive updates- I’ll only tweet you if there is a move in the market with advice to float or lock.

2- Communication at least once a week.

3- I won’t be responding to questions on Twitter- just broadcasting market sensitive information

January 12, 2008

Seller financing can give you an edge over your competition in the Phoenix real estate market

by

Suburban Phoenix Real Estate Broker

Author website

This is my column for this week from the Arizona Republic (permanent link):

 
Seller financing can give you an edge over your competition in the Phoenix real estate market

If you have significant equity in your home, you have a potent weapon at your disposal on resale.

The big news this year is likely to be more and more stories of people with little or no equity trying to get their homes sold. Values for an average suburban Phoenix home were down 14.66% year-over-year. That doesn’t sound too bad, but prices were down almost six percent just in December. We’re down 24% from the peak in December of 2005, on average.

But here’s the silver lining: If you bought that average home in December of 2003, and if you resisted the impulse to refinance your loan, you’re still up over 40% from your purchase price.

That equity gives you a source of leverage on resale that you might not have considered.

First, as always, for your home to sell it must be priced right, prepared right and presented right to the marketplace. You can’t do any kind of elaborate negotiations if buyers don’t even see your house.

But because you have equity in the home, you have the ability to help a willing buyer navigate the suddenly-more-perilous shoals of the lending process.

Suppose your buyer has five percent for a down payment, but the lender is willing to make a much more attractive deal for ten percent down. If the lender is willing to accept the arrangement, you can offer to carry back a note for the extra five percent, using part of your equity as seller financing.

You’ll be taking a second or third position in the line of creditors, should the buyer default — and it’s always possible that you will lose every cent you are lending. But given the direction of the market, you could be a lot better off risking five percent now, rather than accepting ten percent less a few months from now.

As with everything, read the fine print, ideally in the company of your accountant. But seller financing is one more weapon you can Read more

January 11, 2008

Buying Countrywide: Why Bank of America is the WRONG Buyer

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Countrywide (CFC) has been acquired by Bank of America. This should come as no surprise to Bloodhound readers; we discovered the weakness at CFC last Spring and speculated about the price last Summer. Robert Kerr, Matt Heaton, and Bob Wilson, all Bloodhound readers, tipped me off to conjecture, asked all the right questions, and provided insightful commentary as I chronicled the descent; it was a demonstration of the power of weblogging. The Bloodhound community got this story correct while Wall Street was still starry-eyed about the strength of the “Mozilo franchise”.

Stock picking is not our mission at Bloodhound; industry analysis is. The Countrywide acquisition will be a nightmare for Bank of America (BA) for one simple reason- they really don’t know the mortgage business. BA is a bank, and a damned fine one at that. Their grew their asset base by acquiring regional banks. Bank of America is not and will probably never be a real player in the residential real estate finance arena.

Why? They’re bankers. It’s a cultural thing. Bankers react while brokers (Wall Street) create. Bankers imitate while brokers innovate. Let me give you some examples:

  1. BA lauds it’s Teacher Flex and Neighborhood Advantage programs as innovative thinking. The not so secret reason is that these loan programs were REACTIONS to the NCNB merger; NCNB had a less than enviable lending record in lower-income census tracts. The creation of those loan programs was a direct response to mandates imposed upon BA. BA was dragged, kicking and screaming, into the “homeownership mandate”.
  2. BA botched their sub-prime mortgage product line. They entered a business they didn’t understand and sold it at the worst possible time.
  3. Bank of America alienated over half of the retail origination channel when it cut off mortgage brokers. I think they bought CFC to shore up their weak retail origination business. That will fail, also. The cultural divide between these two companies is huge.

Here’s the dirty little secret for REALTORS; BA is not your friend. Read more

December 31, 2007

Mortgage Cicerone: Tony Gallegos

by

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

Author website

Tony Gallegos posted his top bloggers’ list of 2007.

Many of the lists published are a beauty pageant and none, to this date, mean a whole lot to MY industry; residential real estate finance. Tony’s participation in MTG.net is a measured and intelligent position. It has to be; Tony is a senior executive for a big bank. While the originators were bickering with The X Broker, Tony was pointing out the strength of both sides’ arguments. When I chronicled the curse at Countrywide, the Countrywide employees went bonkers. Tony offered measured but cautionary advice to those folks about the reality that lurked in the bowels of the balance sheet.

If you’re a loan originator, Tony’s the real deal. He closed 400 units in one year. Here’s the trick; he did it with one processor, no team…just one processor. What this whole thing means, if you’re a loan originator, is that you listen to Tony Gallegos and you read The Mortgage Cicerone. If strength comes from restraint, Tony is the modern day Charles Atlas. While you won’t see him writing many opinion pieces (as bank executives shouldn’t), you will see him pointing you to relevant information…like a guide, a Cicerone.

The Mortgage Cicerone points us to three unsung voices in his 2007 list:

Joe Zekas from Yo! Chicago. I met Joe, on Active Rain, last year. One thing I’ve learned to dread is the Zekas comment; they’re always incisive and usually correct. Joe takes on the MSM in this post but don’t start cheering. Two of my favorite Zekasms are his take on treating people like leads and his rules for what NOT to do on a weblog. Even more astounding are: 1. some genius hasn’t called him arrogant and 2. there is no Fake Joe Zekas blog floating around the internet.

Brett Rogers, of BeatCanvas.org , offers intelligent commentary. His post, The Second Handers, summed up my thoughts about the rugged individualism that made this country great.

Dan Melson, of Searchlight Crusade, is one Read more

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