Rick Kellow's (dad4_2) Blog

Mortgage and Lending - Cherry Creek Mortgage
There is often confusion about what property types qualify for a Reverse Mortgage. If you are considering a Reverse Mortgage, the first step would be to determine whether or not your property is eligible. Property types that qualify for an FHA insured Reverse Mortgage include single family reside...
Last month the Federal Housing Finance Agency (FHFA) asked for input on a plan it is considering to augment the Real Estate-Owned (REO) disposition programs run by Fannie Mae and Freddie Mac (the Enterprises) and the Federal Housing Administration (FHA).  The deadline for proposals is tomorrow.  ...
This week is stumbling to an end, markets largely unchanged and I think exhausted at the sight of non-functioning government here and over there. 10-year T-notes did rise from all-time-bottom 1.90% to 2.10%, but either value is an emergency trade, and the rise did little to mortgages, still 4.125...
Take heed......When you drink Vodka over ice, it can give you kidney failure.When you drink Rum over ice, it can give you liver failure.When you drink Whiskey over ice, it can give you heart problems.When you drink Gin over ice, it can give you brain problems.Apparently, ice is really bad for you...
The Obama administration is looking at creating a major refinancing program to help the housing market and give the economy a jolt, according to industry officials.   Mortgage executives say the White House is finally realizing they cannot get the economy rolling again until they provide some pay...
Bank of America Corp. intends to sell its correspondent mortgage business, as the troubled lender looks to narrow its focus and bolster its financial strength, said people familiar with the situation. Employees could be notified as soon as Wednesday that the lender has decided to exit the corresp...
  While we are still hopeful that a shutdown will be avoided (or another continuing resolution passed), it is unlikely that there will be any decision until the last minute. We understand the President is meeting with Speaker Boehner and Senate Majority Leader Reid at 1:00 p.m. EDT today. Below i...
New Penn to portfolio 'just missed' mortgages A host of mortgage programs for borrowers who don't qualify for agency loans has been launched by New Penn Financial LLC. The company, which originates through direct and third-party channels, hopes to reach $1 billion in annual portfolio origination...
The Republican led House Financial Services Committee has drafted legislation that would, among other things, raise the FHA down-payment requirement to 5 percent and prohibit borrowers from financing their closing costs. The draft legislation, ‘‘FHA-Rural Regulatory Improvement Act of 2011'', was...
On Thursday, April 7, Wells Fargo & Co. said that it gave 60 days notice on March 23 to 1,900 of its employees, informing them that they were being laid off.  The majority of the employees processed mortgage applications.  Home lending has slowed down in recent months, which is the reason for the...

Rick Kellow

FHA & Reverse Mortgage Expert
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