A Massachusetts blog that speaks to locals about current mortgage and real estate issues.

Mortgage Blog

FHA News

July 1st, 2008 9:59 AM

FHA has plans to introduce risk based UFMIP 7/14/08. The Senate is opposing this. The link below is to an interesting interview with the new HUD Secretary Steve Preston. Please check it out if you like.

http://www.nationalmortgagenews.com/

Please call me if I can be on any assistance on any new loan scenarios. Keep in mind we have new products like our FHA Jumbo that rolled out a few weeks ago and also recently added our Jumbo Conforming product (pricing pending). In addition we have some exciting updates coming out regarding adverse market policy – more details will follow but in simple terms most of our programs (not all) will not have to cross reference a declining market county list, so the only adverse indicator will be from the appraisal. Stay tuned for more details there.

Posted by Alan Blackman on July 1st, 2008 9:59 AMPost a Comment (0)

Wells Farog Newsflash

July 14th, 2008 11:49 AM

Newsflash Topics:

At Risk Market Enhancement - LTVs Of 80% Or Less No Longer Require LTV/CLTV Reduction; Changes to Policy Requirements for Conforming Loans - Effective 7/21/08; New Submission Enhancement For The High Balance Conforming Loan Program; FHA Property Flipping Waiver; New Connecticut Law

A Wells Fargo Wholesale Lending communication containing important updates is attached. Be sure to review the information and share it with your staff. Please contact your account executive if you have any questions.

Wells Fargo Home Mortgage

Posted by Alan Blackman on July 14th, 2008 11:49 AMPost a Comment (0)

Mortgage Rates

July 9th, 2008 11:23 PM

Hello all!

Finally the mortgage rates have started to dip. The five year ARM programs are around 5.5% right now, which is a great buy for those that are planning to refi later or sell the property in the future. Wells Fargo has announced has announced a special that they are going to be running:

Jump-Start the Summer!

For a limited time only, we're heating up our price to match the heat of summer.

Effective with new locks on and after July 10, 2008, Wells Fargo will improve price by .250 on conventional conforming 30-year fixed rate loans*, for loan amounts greater than or equal to $300,000.

Make sure you take advantage of this hot deal and lock your loans!

*This special is only applicable to conventional conforming 30-year fixed rate loans. It does not apply to the High Balance Conforming Loan Program.

Contact your Wells Fargo Wholesale Lending sales team member today!

So, anyone that needs to purchase, today is an excellen day to lock in those loans. Hopefully the rates tomorrow will continue to drop.

Posted by Alan Blackman on July 9th, 2008 11:23 PMPost a Comment (0)

Indy Mac Shutdown

July 7th, 2008 10:55 PM

From an email this morning:

Indymac is getting out of the mortgage business.

...will necessitate the reduction in our present workforce from approximately 7,200 to roughly 3.400 or so over the next couple of months."

Indymac has announced they will no longer accept any new loan submissions or rate locks in either retail or wholesale, and are closing their "forward" mortgage business.

Indymac employees have been on hold waiting for a company-wide 1:00pm conference call.

"Indy Mac is closing TODAY. The entire Marlton NJ office is apparently being shut down and their other operations offices are closing. All wholesale operations are gone."

As this news rolls across the country, we will keep you updated on developments. One source says as many as 4,000 people will be laid off. It's early in the day, but an official announcement is expected within hours as to the extent of the shutdown.

Posted by Alan Blackman on July 7th, 2008 10:55 PMPost a Comment (0)

Purchase your first home.

July 2nd, 2008 9:23 PM

Hello all! I just wanted to mention an unbelievable deal that was rolled ou in Frmaingham. The condo complex is Bishop Gardens, and it is a great deal. They are selling 2 bedroom townhouses (1300sq ft) for about $130,000. Just a year ago I was financing a property there on a purchase transaction and the value was around 220,000. I think that those proeperties are going to go right back up in value when the market rebounds. Take a look! If you can't find them, let me know, I will provide a link.

HAVE A GREAT 4TH OF JULY!

Posted by Alan Blackman on July 2nd, 2008 9:23 PMPost a Comment (0)