Tag Archives: Bank Owned

Utah Mortgage Rates Hit Record Lows….. Actual Record Lows, not just the fluff you’ve heard on the T.V. and Radio for the past 4 years either.

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I saw this article on KSL.com and had to share with you. The average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating to 1971.

The rate on the most popular mortgage dipped to 4.15 percent from 4.32 percent a week ago, Freddie Mac said Thursday. Its previous low of 4.17 percent was reached in November.

The last time long-term rates were lower was in the 1950s, when 30-year loans weren’t widely available. Most long-term home loans lasted 20 or 25 years.

Few expect record-low rates to energize the depressed home market. Over the past year, the average rate on the 30-year fixed mortgage has been below 5 percent for all but two weeks. Yet prices and sales remain unhealthy and are holding back the overall economy.

Five years ago, the average 30-year fixed rate was near 6.5 percent. In 2000, it exceeded 8 percent.

Most homeowners are paying rates more than a full percentage point higher than the current average. The average rate on all outstanding mortgages is 5.3 percent, Freddie Mac said, citing data from the Bureau of Economic Analysis.

After previous recessions, housing accounted for 15 percent to 20 percent of overall economic growth. This time, in 2009 and 2010, housing contributed just 4 percent to the economy.

“The housing market is not going to turn around because of this, because it isn’t the mortgage rate that matters,” said Joel Naroff, head of Naroff Economic Advisors. Naroff blamed the “horrendous” process of qualifying for a mortgage despite tougher lending standards. He said trying to sell a home in many markets is just as difficult.

Many would-be buyers can’t take advantage of the low rates. The unemployment rate is 9.1 percent, few Americans are getting raises and many are struggling to shrink their debt loads.

Banks are also insisting on higher credit scores and larger down payments for first-time buyers. Many repeat buyers have too little equity invested in their homes to qualify for loans. Others are too nervous about the economy or their job security to invest in a home.

The average rate on a 15-year fixed mortgage, which is popular for refinancing, fell to 3.36 percent, also a record low. It’s the third straight week of record lows for the popular refinancing option. Freddie Mac’s records date to 1991, but analysts believe the new low on the 15-year mortgage is the lowest ever.

Borrowers who qualify have rushed to refinance and take advantage of the low rates. Refinancing accounted for 70 percent of mortgage applications in the first half of the year, Freddie Mac said. Refinances  tend to provide less benefit to the economy than home purchases do.

Mortgage rates typically track the yield on the 10-year Treasury note. Economic fears have drawn investors to the safety of Treasuries, driving down the yield on the 10-year note to barely above 2 percent. That has helped lower mortgage rates.

The Federal Reserve offered a dim outlook of the economy last week, saying it expects growth will stay weak for two more years. As a result, the Fed said it expects to keep short-term rates near zero through mid-2013.

Roughly 14 million Americans remain unemployed. And the economy isn’t creating enough jobs to rapidly trim that figure. The economy grew at an annual rate of just 0.8 percent in the first six months of this year, the slowest such pace since the recession officially ended more than two years ago. In June, consumers cut spending for the first time in 20 months.

Fewer Americans bought previously occupied homes in July for the third time in four months, the National Association of Realtors said Thursday in a separate report. It said sales fell 3.5 percent last month to a seasonally adjusted annual rate of 4.67 million homes. That’s far below the 6 million that economists say must be sold to sustain a healthy housing market.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rate on a five-year adjustable-rate mortgage fell to 3.08 percent, its lowest level on records dating to January 2005. Last week’s reading of 3.13 percent also was a record low. The week before was, too.

The average for one-year adjustable-rate loans fell to 2.86 percent, the lowest on records going back to 1984. Last week’s average of 2.89 also set a record.

As always, for questions regarding mortgage refinances and home loan purchases in Utah give the Mortgage Solutions Team a call. We offer mortgage advice and free mortgage rate quotes.

 

Bud Bruening
512 E. Winchester
Murray, Utah 84017
Ph. 801.716.5246
Cell. 801.230.3107
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www.mymtgsolution.com
Utah’s Lowest Mortgage Rates

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European Banking Crisis Spilling Over?

Face it: there is no quick fix for the problems in Europe, or in United States. The situation in Europe is worsening, and the fear that sovereign debt would spread has done just that: French, German, and Spanish banks are now viewed as vulnerable since they hold a good amount of poor European debt from Greece, Italy, Spain, Portugal, and Ireland. Germany and Holland can’t save the rest of Europe. German Chancellor Angela Merkel and French President Nicolas Sarkozy said they will encourage euro-zone nations to more closely integrate their economies, proposing stricter oversight and deficit rules to tackle the sovereign-debt crisis. The leaders rejected the idea of expanding the region’s rescue fund or introducing Eurobonds.

Do the problems over there influence our mortgage rates? Well, to be concise and simplistic, European concerns have not pushed our rates higher, and in fact, in a roundabout way, have helped to push US Treasury debt rates lower, and mortgages along with them. But analysts are quick to point out that the trouble there is likely to spread to other economies, especially if austerity measures are implemented. And great rates are only part of the lending picture – the borrower and the property still have to qualify.

And the problems there certainly, in the long run, overshadow “small” economic news releases here, although measures of our economy certainly move rates in the short run. Yesterday we had some import & export price numbers, along with housing starts and building permits, and then Industrial Production (+.9% in July, the quickest pace in seven months) and Capacity Utilization (which rose to 77.5% from a revised 76.9% in June). But stocks dropped on disappointment in the results of Merkel-Sarkozy talks, and bonds rallied. 

In mortgages , traders reported “a big migration” in MBS investors as they sold higher coupon securities and bought lower coupon bonds. Selling from originators totaled around $1.7 billion and consisted of 75% in 4% coupons and 25% in 3.5%’s. (And there are now actually prices on 30-yr 3% coupons, containing 3.25-3.625% 30-yr mortgages!) MBS prices improved by roughly .5 on current-coupon production, resulting in some intra-day price changes from lenders. But it is a big concern for lenders to close the loans that are locked in their pipelines, and following market price changes does not seem to be paramount.

This morning we learned from the MBA that last week’s applications were almost 79% refinances  – not a shock. Overall apps were up about 4%, but while refi’s were up 8% purchase apps dropped over 9%. Much of the slicing and dicing done by mortgage research firms suggest that while supply and prepay risk is increasing, it looks to be “contained”, unless the government comes up with some program to stimulate the housing market which odds are deemed very low of this occurring. We also have the Producer Price Index numbers, but currently the 10-yr sitting around 2.24% and MBS prices worse by about .125.

Whether you are a Real Estate Professional, Home Buyer or someone looking to Purchase a home down the road, the Mortgage Solutions Team can help you achieve your goals. Give us a call today!

 

Bud Bruening
512 E. Winchester
Murray, Utah 84017
Ph. 801.716.5246
Cell. 801.230.3107
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www.mymtgsolution.com
Utah’s Lowest Mortgage Rates

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Loan Modifications just not Happening for Homeowners, there are Alternatives Available

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Posted by Bud Bruening

Wednesday, August 10th, 2011, 12:52 pm

The mortgage industry completed 558,000 mortgage modifications in the first six months of 2011, down 42% from the same period one year ago, according to the Hope Now alliance of servicers, investors and counselors.

Nearly two-thirds of the workouts came through private programs, totaling 375,000 compared to the roughly 183,000 under the Home Affordable Modification Program. Private mods dropped 41% from last year, while HAMP modifications fell 45%.

However, the amount of delinquent homeowners showed a decline. There were 2.7 million homeowners in 60-day delinquency or worse in the first half of 2011, down 27% from the same period last year, according to Hope Now.

Foreclosure sales dropped 25% to roughly 432,000 in 2011, and foreclosure starts decreased 9% to 1.13 million.

With sales and starts combined, the amount of foreclosures is 1.5 million, nearly three times more than the 558,000 modifications completed in the first half of the year.

Much of the slowdown in foreclosures stems from self-imposed delays due to documentation problems. In its second-quarter financial filing, Freddie Mac pointed out it took an average of 500 days to complete a foreclosure, up from 451 days last year. This, Freddie said, was hampering mortgage holders’ ability to shed these assets in a timely manner.

Faith Schwartz, the Hope Now executive director said the decrease shows more homeowners are receiving assistance.

“There were 1 million less delinquent homeowners in the first half of 2011 than there were for the same time period last year,” Schwartz said. “The decrease in delinquencies combined with the drop in foreclosure starts and sales shows that more homeowners are getting assistance through the many options available to them.”

There are many options for those looking to lower their rate. Loan Modifications are not happening like they were years ago. There are mortgage programs available if you are upside down on your mortgage or have less than perfect credit. If you have been on the fence about refinancing or buying, now is the time to make the call. We would love to help you take advantage and get a great mortgage.

 

Bud Bruening
512 E. Winchester
Murray, Utah 84017
Ph. 801.716.5246
Cell. 801.230.3107
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www.mymtgsolution.com
Utah’s Lowest Mortgage Rates

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New Push for REO Rentals Coming!!

Posted by Bud Bruening

The Obama administration will begin working on new strategies for how to better sell previously foreclosed homes held by Fannie Mae, Freddie Mac  and the Federal Housing Administration, which may include renting more REO.

The Federal Housing Finance Agency, the Treasury Department and the Department of Housing and Urban Development put out a request for information, seeking new ideas from market participants for selling REO. Currently, the government owns roughly half of the REO inventory in the U.S.

The agencies called on private property managers to submit ideas on how to reduce the REO portfolios at the GSEs and the FHA in a cost-effective manner. They also seek new ideas on property repair, sales strategies in specific hard-hit areas and new analysis of when to sell or even rent these properties.

There are 92,000 properties currently for sale from HUD, Fannie and Freddie. Inventory is different as many properties are held up and not currently on the market due to delays in the process or state and federal regulations. Fannie Mae held 135,719 REO properties at the end of the second quarter, and Freddie held an inventory of roughly 61,000 REO.

The agencies said there could be new programs developed for allowing the previous owner to rent the home or to allow current renters to become owners. They are also looking for private holders of REO to partner with the government in the effort.

Sen. Jack Reed (D-R.I.) recently sent a letter to the FHFA, urging the Fannie and Freddie to convert their repossessed properties into rental units and pool them for sales to investors.

“FHFA, Treasury and HUD anticipate respondents may best address these objectives through REO to rental structures, but respondents are encouraged to propose strategies they believe best accomplish the objectives,” the agencies said.

FHFA Acting Director Edward DeMarco said Fannie and Freddie will continue marketing individual REO for sale, but they will also look at possibly pooling these properties in some areas to reduce credit losses and stabilize neighborhoods.

“Partnerships involving enterprise properties may reduce taxpayer losses and meet the enterprises’ responsibility to bring stability and liquidity to housing markets. We seek input on these important questions,” DeMarco said.

Treasury Secretary Timothy Geithner said solving glut of REO on the market is crucial to repairing housing finance overall.

“Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets, and support neighborhood and home price stability,” Geithner said.

HUD Secretary Shaun Donovan said millions of families, who have struggled to maintain their monthly payments, have seen the value of their home drop because of abandoned properties.

“At the same time, with half of all renters spending more than a third of their income on housing and a quarter spending more than half, we have to find and promote new ways to alleviate the strain on the affordable rental market,” Donovan said. “Taking steps to encourage private investment in REO properties and transition them into productive use will help stabilize neighborhoods and home values at a critical time for our economy.”

 

Bud Bruening
512 E. Winchester
Murray, Utah 84017
Ph. 801.716.5246
Cell. 801.230.3107
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www.mymtgsolution.com
Utah’s Lowest Mortgage Rates

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Big firms say new wave of REO business on horizon

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Recent developments in the REO realm of Asset Managers, Account Managers, Real Estate Brokerages, Mortgage Lenders and Servicers are showing signs that there’s a wave of new REO properties that could be hitting the market soon. According to financial journalist Jon Prior, at the end of June, Homeland Security Capital Corp. a government contractor for a variety of work including disaster relief, moved into the space by acquiring Default Servicing LLC, the former REO manager of the Law Offices of David J. Stern, which ceased foreclosure work in March. A week later, Stewart Lender Services acquired PMH Financial, which manages more than $2.5 billion in properties.

First American Financial Corp. (FAF: 15.37 +3.57%) is in the process of finalizing the development of an REO asset management firm based in Dallas that would replace the one spun off in the CoreLogic (CLGX: 15.89 +0.57%) separation last year.

Then, on Monday, Default Resource‘s REO management branch, Executive Asset Management, signed a deal with Georgia-based United Bank. EAM will handle the entire REO process for the bank, which has approval from the Federal Deposit Insurance Corp.to acquire failed bank assets.

Default Resource brought in James Zeldin as the executive vice president. He’s spent 20 years in the space and had a hand in setting up REO shops within Fidelity, now Lender Processing Services (LPS: 20.17 +2.39%) and the Ocwen Financial Corp.‘s (OCN: 13.37 +2.61%) REO vendor Altisource.

“I think we’re at a point now where servicers are struggling with identifying and training talented individuals to support loss-mitigation initiatives. But I think you’ll get the inventory break over the next 12 to 18 months from these same investors and servicers,” Zeldin said in an interview with HousingWire Tuesday. “They are now trying to retrain and develop their REO solutions suites and engage or begin to engage asset management companies who can scale to the size they need.”

Stewart Lender CEO Jason Nadeau said the REO space came alive in the past year with companies looking to take advantage of the inventory of properties.

“We did our deal to have a much larger operational capability and the market footprint in the REO management business,” Nadeau said.

According to RealtyTrac, recent foreclosure delays pushed up to 1 million filings that should have occurred this year into 2012 and beyond. And LPS data showthat for every REO property sold, another 50 come in behind it onto the bank or government-sponsored enterprise balance sheet.

This, Zeldin said, is putting more pressure on banks to finally unload more inventory.

“We’re increasing staff to get ready for that,” Zeldin said. “I would absolutely expect an increase in inventory over the next 12 to 18 months. I’m personally expecting that a lot faster. I believe we’re going to see macro forces pushing these institutions to do more REO liquidation.”

Still, pessimism persists from those who’ve been hearing such calls for some time. Tom Moon, REO broker and owner of Pacific Moon Real Estatein California, said he remains doubtful.

“I think it’s a continuation of the same hopefulness we have been hearing for years,” Moon said. “I don’t think anyone has a private red telephone line to the ‘source.’ ”

Still, there are signs the largest holders of these properties are putting more priority on unloading.

Freddie Mac sold a record number of REO in the first quarter, roughly 31,000 properties. And combined with Fannie Mae, the two mortgage giants held 218,000 REO as of the end of the first quarter. But that was pared down from 234,000 at the end of 2010. Bank of America (BAC: 9.57 -1.54%) currentlyholds $17.9 billion in nonperforming loans or foreclosed properties, which dropped 3.3% from the previous quarter.

Eugenio Garrote, the REO director for the Miami-based real estate firm Best Beach, said his market in Southeast Florida needs to get these properties sold.

“The demand is there. We routinely get multiple offers from owner-occupants and investors,” Garrote said, echoing pleadings from these brokers in the hardest hit states that have attracted investor attention. “We need the inventory of REO to be released from the courts’ and banks’ shadow inventory at a rate to keep the economy balanced. I’m not advocating to fully flood the market all at once, but right now, Southeast Florida is a mess.”

Servicers are starting to revive the foreclosure process after the self-imposed moratoriums last fall. BofA Chief Financial Officer Bruce Thompson said this is especially true in non-judicial states. For Zeldin, the REO wave will come in a matter of time, but the answer will not come solely from the banks, rather Fannie Mae and Freddie Mac.

“REO is one of the few things government has complete control over, and everyone’s looking to Fannie and Freddie for guidance,” Zeldin said. “The question becomes: When’s the inflow?”

The REO industry has seen many changes over the past several years with moratoriums, legal battles with lenders, states and the Federal Government. Many of these battles have now been won or lost in court and the repercussions of their decisions will soon be making their way to a neighborhood near you.

The mortgage industry continues to offer great financing programs to buyers of REO properties. Many buyers agents and home buyers do not realize the benefit from these loan programs because it is a full-time job just to keep up with the changes. The benefits can consist of lower mortgage rates, no mortgage insurance, higher commissions for buyer and listing agent, seller paid closing costs and down payment assistance. If you are not up to date on the latest programs and their benefits you could be missing a great opportunity for yourself or your clients.

Should you have questions or need help financing a foreclosed property, we would be happy to walk you through the process. The Mortgage Solutions TEAMhas financed hundreds of REO properties for happy homeowners and know the programs and process inside and out. Please share this blog with those that may benefit from it.

 

Bud Bruening
Mortgage Solutions TEAM
512 E. Winchester
Murray, Utah 84017
Ph. 801.716.5246
Cell. 801.230.3107
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Poor jobs report hampers stock market and lowers mortgage rates

The most recent reports show that June 2011 had a very bleak growth for new jobs. The news has economists scratching their heads. President Obama, addressing the report outside the White House Friday,  acknowledged the economy still has a “long way to go” to fill the jobs hole left  in the wake of the 2008 recession. “Our economy as a whole just isn’t producing  nearly enough jobs for everybody who’s looking,” Obama said. The major problem is that the US economy must increase new job opportunities by 125,000 per month just to meet population growth. It would have to increase even more to bring down the un-employment rate. Obama went on to place blame of the weak report on “headwinds” like rising gas prices, European financial crises, state and local  budget cuts and uncertainty over the debt limit for hampering growth. He called  on Washington to “redouble” its efforts by investing in infrastructure,  approving trade agreements, passing a new patent law, extending a one-year tax  cut and working in earnest to hammer out a deal to raise the debt ceiling.

With the report being released this morning we have seen the stock market begin to take a dive as investors pull their funds. Mortgage rates saw a sharp decline this morning when the news was released as well. It’s tough to be in our industry where we enjoy low mortgage rates and hope for a stronger economy because the two work against each other. A strong jobs report would have raised rates while the weak report has lowered them. If you are in a position to buy a home, now is a great time. Home values are at an all-time low and mortgage rates are equally low. With the volatile market controlling mortgage rates and home values the choice to wait could prove to be costly.

For the latest on mortgage and real estate news you can always contact the Mortgage Solutions TEAM to get the details. Whether you are a Home-owner, Home-buyer or Real Estate professional we have the news and mortgage programs to help you.

 

Bud Bruening
Mortgage  Solutions TEAM
Cell.801.230.3107
Ph.  801.716.5246
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Attention Realtors and Homebuyers: Fannie Mae to offer NEW incentives to Buyers and Real Estate Agents.

Attention Realtors and Homebuyers – The most recent news released today from Fannie Mae indicates that they will continue to offer their incentive of 3.5% towards seller paid closing costs on all REO transactions. The 3.5% incentive must be included in the original offer from the Buyer. Fannie Mae also announced today that they will be offering an additional incentive of $1,200 for Real Estate Agents that sell their REO properties. Fannie Mae will also be rolling out an additional incentive for Real Estate Agents that are paying to maintain Fannie Mae’s REO properties. You can find the details of these incentives and several others on the Fannie Mae REO website at www.HomePath.com.

To find out more about Fannie Mae HomePath and HomePath Renovation financing and see if it may work for you or your client, contact us today. We are Utah’s most educated HomePath Financing TEAM.

 

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Mortgage Brokers blamed for Banks Offering THEIR Mortgage Programs! Just ask the CEO of Chase Bank…..

So, time for a little ranting and raving this morning! Jamie Dimon, CEO of Chase Bank says that they have eliminated problems to prevent a future mortgage crisis. One of the problems that Chase has eliminated according to Mr. Dimon is “Mortgage Brokers”. Hmmm….. Mortgage Brokers??? Mr. Dimon, can you please name ONE mortgage program that a “Mortgage Broker” created?? To indentify the real problem we must first look at the definition of a “Broker”. According to Dictionary.com a “Broker” is a person who functions as an intermediary between two or more parties in negotiating agreements, bargains, or the like. So how can a Broker create a loan program when it is not their money?? The answer is very simple…. They can’t! The program has to be offered by the ones with the money (ie: Chase Bank) in order for a Broker to ever offer it to a client.

Another interesting fact. Chase Bank acquired two of the largest Sub-Prime lenders in the mortgage industry. Bear Stearns and Washington Mutual who owned Long Beach Mortgage. I am curious as to why Mr. Dimon and the leadership at Chase Bank acquired two huge companies that wrote almost 300 BILLION dollars in sub-prime mortgages? Could it be because they were looking to make more money from these profitable mortgages that they now so publicly hate…… Of course it was! I don’t want to harp on Chase Bank or Mr. Dimon too hard, obviously mortgage brokers need big banks like Chase and others in order to keep money flowing to Homebuyers and Homeowners that want to refinance. The issue I have is when the CEO of a company like Chase stands up and says he has eliminated the Mortgage problem by eliminating “Mortgage Brokers” it gives people like myself a black eye for no apparent or real factual reason. So please, Mr. Bank Executives get your facts straight before you start blaming the wrong people for YOUR mistakes. If you buy a car and the transmission goes bad, who do you call? The salesman at the dealership? Of course not, you call the manufacturer of the car and have them replace or fix the problem. The same goes for mortgage programs and their defaults.

The problem is when you hear Mr. Dimon speak, Congress and the general public may actually begin to believe that Mortgage Brokers created this problem,. That theory could not be further from the truth. When you call Chase Bank for a mortgage you are limited to the mortgage programs that Chase Bank offers. That could mean an ugly rate, higher fees or a number of other problems. When you add Mortgage Brokers to the equation they are going to find the lender with best rate and fees for their clients. Sorry Mr. Dimon but unfortunately you don’t offer the lowest mortgage rates anyway!

Enough ranting for the day! ha ha…… If you like this blog, please subscribe on the left column and get the latest news, credit, finance tips (and rants). The weather is beautiful out there and mortgage rates remain at a 6 month low. What more can a Mortgage Broker ask for? lol…. Make it a great week!

 

Bud Bruening
Mortgage Solutions Team
801.716.5246
www.mymtgsolution.com
www.facebook.com/mortgagedeals
 

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Budgeting made FREE and EASY…. Here you go!

Often people tell themselves that they would have more money, extra down payment, less debt if they just had the ability to budget their money. What is the most difficult part of budgeting? The time? The cost of budgeting software? There are countless reasons that many people do not budget their money. I have found and been using a simple, free and fun budgeting program for the past several years with a lot of success. It will
even show you how to pay off your mortgage faster and get out of debt quicker altogether. Other programs that are similar can cost thousands of dollars or require you to buy multiple programs because they don’t offer all of the applications in one program. The free budgeting software that I’ve been using is from Mint.com. Mint.com  is owned by Intuit, the same company that owns Turbo Tax and Quickbooks. When you are dealing with a reputable company like Intuit rest assured that your accounting and personal information will be handled with the upmost care. The last thing you want to do is follow a payment schedule only to find out that the math is off and you are not any closer to getting out of debt than you were before. Mistakes like this can cost you a lot of time, money and grief. Do you also want the ability to pay all of your bills right through the same system? Mint.com has that ability. Best of all, IT”S FREE! So if you are looking for a very good online budgeting, debt elimination, online bill payer programs without the hefty expense of software, look no further. The Mortgage Solutions Team is always looking for new programs to help make the daily job of handling your finances easier. If you know of another great application that you already use and like please share it with us.

The Mortgage Solutions TEAM
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New proposal has many home buyers worried if they’ll be denied financing.

New down payment and lending rules are being pushed forward by six federal regulators: the Federal Reserve, the Department of Housing and Urban Development, the FDIC, the Federal Housing Finance Authority, the Office of the Controller of the Currency, and the Securities and Exchange Commission. The new rules would raise the minimum down payment required to buy a home to 20% down. Critics say the new rules would raise costs  and interest rates dramatically for those earning less income as well as younger borrowers. The list of critics of the proposal is quite large and includes the Mortgage Bankers Association, National Association of Realtors (NAR), the Center for Responsible Lending and the National Community Reinvestment Coalition among many other large and national know groups. These groups feel the proposal will sideline millions of first time home buyers who have not saved up the 20% down payment. The proposal could also hamper the efforts or more than 11 Million U.S. Homeowners that owe more on their home that what it is worth.

I know that “skin in the game” is crucial to limiting mortgage note defaults and keeping people in their homes. The problem is how much “skin in the game” is too much and how much is not enough?? An analysis by the National Community Reinvestment Coalition found little correlation between  size of down payment and default rates. Based on a review of 1 million loans written for the most creditworthy borrowers in 2006 and 2007, the default rate ranged from 0.14 percent for those with a 20 percent down payment to 0.26 percent for those who put just 3 percent down. If you are a homeowner or future homebuyer I would like to encourage you to ask your representatives in Congress to make it clear to the regulators that this proposed regulation was not their legislative intent, and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep creditworthy buyers in the market and able to acquire a financing.

Credit given to MSNBC for many of the statistics in this article.

Bud Bruening
Mortgage Solutions Team
Ph.801.230.3107
www.mymtgsolution.com
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