Category: Mortgages

Federal Reserve and What It Means For Interest Rates

Allow me to introduce Brandon Nicely, branch partner in Alcova Mortgage here in Blacksburg.  The mortgage industry is literally changing on a daily – and sometimes hourly basis – and Brandon’s going to be bringing us the straight talk on what’s really going on in the industry, what’s happening with rates, and what to expect going forward.  And we’re going to hold him to every word, it’s as good as gold!  Okay … we’ll give him a little leeway. He’ll be posting things here on the blog from time to time, if there’s something you want to know, email me …

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What’s a Good Faith Estimate?

Oh hello … there’s a blog here under all these cobwebs.  Been a while since I’ve been here. Sorry about that, but maybe you didn’t notice. I was working with some folks on Monday and suggested that as part of the pre-approval process, we get a Good Faith Estimate from the lender.  They looked at me and said, “what’s a Good Faith Estimate”?  Settle in … A Good Faith Estimate (GFE) is an estimate that’s provided by a lender, to a borrower, that estimates the closing costs for a particular transaction.  The estimate is provided within three days of loan …

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Insurance Companies To Taylor, Bean & Whitaker Customers – “your bill’s in the mail”

Remember that whole Taylor, Bean & Whitaker mess?  It’s been on my mind since it happened, I think in part because I have friends whose mortgage is with TBW.  And one of the questions they asked was “where do I pay my mortgage?”  Word to the wise … keep paying.  They’ll tell you where to send your next payment. But what a hypocrisy, because as homeowners are making their payments to Taylor, Bean & Whitaker, it’s highly probable that the company is not making the necessary payments to the municipalities and insurance companies on behalf of those same borrowers.  I …

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It Takes More Than Just a Good Name To Get A Loan

Seems like this would’ve been a good idea all along (from Marianne Lane, Coldwell Banker Mortgage): Lenders will now be required to independently obtain a phone number and address for the Borrowers employer (via Website, Phone Book, Etc).   If the borrower is self-employed, in addition to verifying the business’s existence on the web or phone book, we will be required to verify the existence of the borrower’s business within 30 days prior to the note date from a third party, such as a CPA, regulatory agency, or the applicable licensing bureau.   This information must be verified by a 3rd party …

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More on Taylor, Bean & Whitaker

A couple of days ago, the news in the mortgage industry was the beat down Taylor, Bean & Whitaker was getting.  Since that post, I’ve contacted a few past clients and friends who have used TBW to secure their mortgages, and everyone wants to know … “What happens to my mortgage now?” First things first, you’ll still have to pay it. But more importantly, WHERE do you pay it? For the time being, keep making your payments direct to the same address you’d been making them to, and keep copies of those payments.  Eventually, you’ll be contacted and told where …

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Taylor, Bean & Whitaker Gets The Smackdown

WASHINGTON – The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio. FHA and Ginnie Mae are imposing these …

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From A To Regulation Z

Ever heard of Regulation Z?  No?  How about Truth In Lending?  Still nothing? That’s okay – I’d be willing to bet most agents haven’t even heard of Regulation Z (sounds top secret, doesn’t it?).  Nevertheless, I received information from a mortgage professional, Tom Vanderwell, that I thought important enough it needed to be shared here.  Tom, thanks for sending me this. First, some background. Regulation Z is a component of a larger Act, called the Truth in Lending Act (or TILA).  The Truth in Lending Act was established in the late 1960’s to provide full disclosure of the terms and costs …

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What Do Mortgage Rates Do In The Summer?

According to Dan Green of TheMortgageReports.com, they go up. I’d heard someone once say that gas prices often reflect what’s going to happen with mortgage rates, and Dan not only reiterated the same, but why.  It’s an interesting correlation, and one I’ll be watching more in the future. They – gas prices OR mortgage rates – don’t seem to be cooling off anytime soon, so there just might be something to the idea. But Marianne Lane of Coldwell Banker Mortgage says she’s seen the opposite effect in the last 15 years, that often rates in July and December are lower …

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The Trouble With FHA Loans

A friend sent me the following email, and I had to post it.  According to Snopes.com it’s a recycled bit of fun, but nevertheless I thought it appropriate given the subject … and because I can see it happening.  Ah, bureaucracy … and lawyers. Part of rebuilding New Orleans caused residents often to be challenged with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership and to even get loans …

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