Good Morning Everyone!
Well, it may not be morning when you're reading this, but right now it's the start of a beautiful (and thankfully cooler) day here in Roseville, CA. I'm meeting with a few brokers to discuss Trio on this trip, and a couple of the newer lenders in eMagic as well. I received a question from a broker who just signed up for Trio, and in researching the answer I discovered a list I think every TPO in California should see. It is the Department of Real Estate's list of the top 10 most common violations that are discovered during audits. Number one on the list is a violation of B & P Code Section 10148 - Retention of Records. I'm happy to inform you that you can easily ensure you are compliant with this section of the code by using Trio- while saving money and greatly improving efficiency at the same time.
To check out the entire 'Top 10' list, click here
To learn more about Trio, click here. Or better yet, call me at 831-809-0247 to discuss how Trio can make your file retention cheaper, more secure, more efficient . . . and yes, DRE compliant.
Tuesday, May 20, 2008
Tuesday, May 13, 2008
Higher Loan Limits Permanent?
Looks like the temporary conforming loan limit raises may end up not so temporary after all. Check out the CMBA press release that came across my desk:
Congress Passes Housing Bill, Including Permanent Increase in GSE/FHA Loan Limits!
Loan Limit Provision Represents Major CMBA Legislative Accomplishment
Courtesy Rep. Jerry McNerney (D-11) Press Release
Washington, D.C. - Today, the House passed a major legislative package to address the housing and foreclosure crisis that is gripping the country and having a negative impact effect on our nation's economy. The package included a provision authored by Congressman Jerry McNerney (CA-11) to permanently raise the loan limits for Fannie Mae, Freddie Mac, and the Federal Housing Administration.
"There were nearly 170,000 foreclosure filings in California in the first quarter of this year and over 7,500 in Stockton alone. Those are staggering numbers," said Rep. McNerney. "Families are losing their homes, neighborhoods are becoming destabilized and the impact of the foreclosure crisis is rippling throughout all sectors of the economy. We've got to do more to help families in financial difficulty and to stabilize the market. Today we made an important step in that direction."
Rep. McNerney's provision, introduced this past Monday as H.R. 5958, the Homeowner Opportunity Act of 2008, makes permanent the loan limit increases for Fannie Mae, Freddie Mac and the Federal Housing Administration that were raised temporarily through the Economic Stimulus Act signed into law in February.
The provision will ensure that the maximum limits of $729,750 are maintained, creating responsible opportunities for families to obtain fixed-rate mortgages and helping to alleviate the current market difficulties by increasing the availability of credit in the market. The provision would mean increased access to stable mortgage products in all four counties in the 11th district: Alameda, Contra Costa, San Joaquin and Santa Clara.
"When we considered the Economic Stimulus Act I personally discussed the importance of raising the loan limits with Speaker Pelosi. Increasing loan limits that were too low to be of use in California helped inject stability into a turbulent market - but only temporarily," Rep. McNerney said. "Fortunately, my provision to make that increase permanent was incorporated into the package the House voted on and passed today."
The housing crisis has significantly affected California, particularly Stockton and surrounding San Joaquin County, which have found themselves at the top of the national foreclosure list. Statewide in California, according to the Pew Charitable Trusts, one in 20 homeowners is projected to lose his or her home to foreclosure over the next two years.
Homeowners who do not lose their homes have also been hurt by the crisis. Pew also estimates that 64 percent of all California homeowners will feel the ripple effects of the housing crisis and that the collective statewide loss in state and local taxes will reach $107 billion as a result of declining property values. According to Senate Banking Committee Chairman Chris Dodd, the foreclosure of a home on a typical city block generates two immediate related outcomes: the value of every other home on that block declines by one percent and the crime rate climbs two percent.
The bill voted on today, the American Housing Rescue and Foreclosure Prevention Act of 2008 will provide mortgage refinancing assistance, which will help keep families from losing their homes and protect neighboring home values.
This plan requires both homeowners and lenders to take responsibility. In order to qualify for refinancing and new government backed mortgages, lenders and mortgage investors will be required to take a loss and borrowers must share any profit from the resale of a refinanced home with the government. Additionally, the new plan is open only to owner-occupied homes. Speculators, investors and vacation/second-home owners are not eligible to participate.
Other provisions of the legislation include an increase in the loan limit for VA-backed originating loans and increased oversight for Fannie Mae and Freddie Mac.
The House also passed the Neighborhood Stabilization Act of 2008, which provides $15 billion in loans and grants to states to acquire vacant, foreclosed homes. The legislation will allow local communities to rehabilitate foreclosed properties, which currently drive down surrounding home prices, and place these homes back on the market.
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Congress Passes Housing Bill, Including Permanent Increase in GSE/FHA Loan Limits!
Loan Limit Provision Represents Major CMBA Legislative Accomplishment
Courtesy Rep. Jerry McNerney (D-11) Press Release
Washington, D.C. - Today, the House passed a major legislative package to address the housing and foreclosure crisis that is gripping the country and having a negative impact effect on our nation's economy. The package included a provision authored by Congressman Jerry McNerney (CA-11) to permanently raise the loan limits for Fannie Mae, Freddie Mac, and the Federal Housing Administration.
"There were nearly 170,000 foreclosure filings in California in the first quarter of this year and over 7,500 in Stockton alone. Those are staggering numbers," said Rep. McNerney. "Families are losing their homes, neighborhoods are becoming destabilized and the impact of the foreclosure crisis is rippling throughout all sectors of the economy. We've got to do more to help families in financial difficulty and to stabilize the market. Today we made an important step in that direction."
Rep. McNerney's provision, introduced this past Monday as H.R. 5958, the Homeowner Opportunity Act of 2008, makes permanent the loan limit increases for Fannie Mae, Freddie Mac and the Federal Housing Administration that were raised temporarily through the Economic Stimulus Act signed into law in February.
The provision will ensure that the maximum limits of $729,750 are maintained, creating responsible opportunities for families to obtain fixed-rate mortgages and helping to alleviate the current market difficulties by increasing the availability of credit in the market. The provision would mean increased access to stable mortgage products in all four counties in the 11th district: Alameda, Contra Costa, San Joaquin and Santa Clara.
"When we considered the Economic Stimulus Act I personally discussed the importance of raising the loan limits with Speaker Pelosi. Increasing loan limits that were too low to be of use in California helped inject stability into a turbulent market - but only temporarily," Rep. McNerney said. "Fortunately, my provision to make that increase permanent was incorporated into the package the House voted on and passed today."
The housing crisis has significantly affected California, particularly Stockton and surrounding San Joaquin County, which have found themselves at the top of the national foreclosure list. Statewide in California, according to the Pew Charitable Trusts, one in 20 homeowners is projected to lose his or her home to foreclosure over the next two years.
Homeowners who do not lose their homes have also been hurt by the crisis. Pew also estimates that 64 percent of all California homeowners will feel the ripple effects of the housing crisis and that the collective statewide loss in state and local taxes will reach $107 billion as a result of declining property values. According to Senate Banking Committee Chairman Chris Dodd, the foreclosure of a home on a typical city block generates two immediate related outcomes: the value of every other home on that block declines by one percent and the crime rate climbs two percent.
The bill voted on today, the American Housing Rescue and Foreclosure Prevention Act of 2008 will provide mortgage refinancing assistance, which will help keep families from losing their homes and protect neighboring home values.
This plan requires both homeowners and lenders to take responsibility. In order to qualify for refinancing and new government backed mortgages, lenders and mortgage investors will be required to take a loss and borrowers must share any profit from the resale of a refinanced home with the government. Additionally, the new plan is open only to owner-occupied homes. Speculators, investors and vacation/second-home owners are not eligible to participate.
Other provisions of the legislation include an increase in the loan limit for VA-backed originating loans and increased oversight for Fannie Mae and Freddie Mac.
The House also passed the Neighborhood Stabilization Act of 2008, which provides $15 billion in loans and grants to states to acquire vacant, foreclosed homes. The legislation will allow local communities to rehabilitate foreclosed properties, which currently drive down surrounding home prices, and place these homes back on the market.
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Wednesday, May 7, 2008
Good News for A U !
Another trip, another 70 mortgage originators trained. I'm sitting in the San Diego airport after a three-day trip, during which I conducted two small technology seminars with Wells Fargo, and visited a few broker shops that are implementing eMagic technology. It seems like training is most of what I do now, but I don't mind. There is a curiosity about eMagic that reminds me of the early Calyx Software (R) days, and it's pretty exciting.
Speaking of training, check the list on the left for some new sessions soon, like one on FHA. As always, click on one you'd like to join and register online.
Good News of the Day:
Check out this link to read a story about Fannie Mae relaxing some underwriting guidelines. Me being the optimist I am, I think this will hopefully result in changes in Desktop Underwriter (TM) that make automated approvals easier to approve. Stay tuned . . . .
Speaking of training, check the list on the left for some new sessions soon, like one on FHA. As always, click on one you'd like to join and register online.
Good News of the Day:
Check out this link to read a story about Fannie Mae relaxing some underwriting guidelines. Me being the optimist I am, I think this will hopefully result in changes in Desktop Underwriter (TM) that make automated approvals easier to approve. Stay tuned . . . .
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