Southern California Mortgage & Home Loan Info | IET Capital Blog — Los Angeles County Residential Real Estate Financing

Seems like HUD/FHA funds are ok but they still continue to raise Upfront & Annual MI Premiums

by admin on February 13, 2013

FHA Announces Changes to Annual Mortgage Insurance Premiums

February 5, 2013

Please read the attached FHA Mortgagee Letter 2013-04 for specific MIP factor information and implementation. A short summary is listed below. FHA has announced three important changes to FHA Annual MIP (paid monthly). The effective dates are listed below. 1) (April 1, 2013) Annual MIP for all FHA loans will increase except streamline transactions that [...]

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Update on Mortgage Debt Forgiveness: January 2013

January 17, 2013

As part of the “Fiscal Cliff” deal, congress gave a one-year reprieve to homeowners that are underwater by waiving taxes on forgiven mortgage debt. We are now waiting on the State of California to follow congress’ lead. Mortgage debt is considered taxable income by state and federal tax collectors. In 2007, federal and state leaders [...]

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2013 FHA Loan Limits for Los Angeles MSA

January 16, 2013

Use this link to verify FHA Loan Limits for Los Angeles MSA on HUD website at any time: HUD page to check loan limits by county

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Loan Seasoning Requirements for FHA Streamlines

January 8, 2013

Did you have a recent FHA loan and want to know if you are eligible for streamline into a lower rate? Here are some guidelines you need to take into consideration. FHA will not assign a Streamline refinance case number until the loan being refinanced meets all of the following seasoning requirements: o 210 days [...]

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Mortgage Brokers: Don’t waste your time with Greenlight Wholesale

January 7, 2013

(This is just my factual experience with them, others experiences may differ) Sent broker application in August 2012, spent weeks/months following up with broker approval department and 2 different reps. Rep I originally submitted package too mysteriously disappeared shortly after I submitted broker package. Completely stopped responding to communication attempts. Then sometime after, I started [...]

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The Pefect Loan File

April 26, 2012

Great article on Forbes about the Perfect Loan File. I like this article because it does a good job of explaining the rationale behind the ardous underwriting hoops loan companies put consumers through to get a home loan in the 2012 Real Estate Market in Los Angeles County, California. If I had a dollar for [...]

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? about Loan Modication Fraud and Re-defaulting rates

November 26, 2011

Question: If so much of the economic losses in the mortgage industry were from unscrupulous brokers submitting false documentation how come there is such a high re-delinquency rate on loan mods that the banks originated themselves? Answer: The attitude of non-accountability has enabled brwrs to take the attitude of I’m only going to make the [...]

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The hypocrisy of working with Provident Funding

November 25, 2011

I felt compelled to write this post because of the hypocrisy I feel is involved when dealing with Provident Funding of Burlingame, CA. Provident Funding constantly sends out e-mails saying how much brokers love them. In their defense they do have good rates and an efficient online system, but at the end of the day [...]

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