FREE MORTGAGE NEWS 4U.COM by Brenda Jarvis

November 25, 2008

I had a great question come in yesterday that I thought would make a great topic for this week’s article. An originator asked- “How does HUD define a homeowner association’s “right of first refusal” regarding condominium project review for approval or for spot loan review for approval? What does that term mean?” The reason this question is an important one regarding FHA financing is because it is a HUD requirement that the subject condominium association not maintain a right of Read Full Article

November 3, 2008

The highest-possible FICO score is 850, but even people with the best credit don't usually exceed 825. Those last 25 points wouldn't save you money on a loan anyway. You're one of the lucky ones in the financial pecking order: Your credit score is high. Really high. But what if you want perfection? Get a hobby. Having a high credit score is great. But the slight difference between very high and perfection just won't make a difference in your everyday life. A credit score is your Read Full Article

October 23, 2008

A new study of customer satisfaction with originators found that borrowers actually were more satisfied with their origination experience, despite a rash of negative attention upon the mortgage industry in recent months. The annual report explains what left customers happy. The J.D. Power and Associates 2008 Primary Mortgage Origination Study measured customer satisfaction with four key factors of the mortgage origination experience -- application approval, interaction with the loan Read Full Article

October 17, 2008

As people wait for the federal government's various bailouts and rescues to trickle down and stabilize the economy, they got more bad news: The cost of financing or refinancing a home purchase has gotten more expensive. The average interest rate on a 30-year fixed-rate mortgage jumped to 6.74% (6.4% for a 15-year), the biggest weekly increase in 21 years, according to Bankrate.com's survey of lenders. Last week's Bankrate benchmark was 6.2%. According to Bankrate, the new rate means Read Full Article

October 15, 2008

Did you know that the Dow Jones Industrial Average is simply the average value of 30 large, industrial stocks. Big companies like General Motors, Goodyear, IBM and Exxon are the kinds of companies that make up this index. The S&P 500 is the average value of 500 different large companies. The companies are chosen based on their performance and their ability to give solid indicators of what the market “on the whole” is doing. Because of the way people throw around the words "Dow" Read Full Article

September 19, 2008

Alert! Big Spin coming to the foreclosure universe soon. The chart below represents the dramatic fall in the number of Notice of Default (NOD) and Notice of Trustee Sale (NTS) in the state of CA due to the new law, SB 1137. CA went fro3k to 4k notices per day to a few hundred…temporarily. Let me explain. NOD is the first stage of foreclosure after a borrower misses three to four mortgage payments, depending on the state and lender. NTS is the second stage of foreclosure that gives the Read Full Article