Rick Kellow's (dad4_2) Blog

Mortgage and Lending - Cherry Creek Mortgage
1: Know the timeline Once you miss a payment, your lender likely reports that to the credit bureaus. And with every missed payment, your credit score goes down. Plus, you'll start getting hit with late fees. In most cases, after 90 to 150 days, your lender will file a notice of default with a loc...
QualificationQualification (or pre-qualification, as it is often called) is an opinion that your income, assets, and current debts qualify you for a loan of some specified amount. The opinion may come from a lender or a Realtor, or it may be your own based on your use of an affordability calculat...
 The Federal National Mortgage Association (Fannie Mae) is a government-sponsored organization that purchases mortgages from lenders and sells them to investors. Two income-to-debt ratios established by Fannie Mae are standard requirements for conventional mortgages. The first requirement is that...
                       Program would permit FHA to provide [up to $300 billion] in new guarantees that would help to refinance at-risk borrowers into viable mortgages.  In exchange for the acceptance of a substantial write-down of principal, the existing lender or mortgage holder would receive a ...
  We have seen the crazy changes in our industry in the past few years... Huge refi boom followed by a race to the bottom with subprime lending both for brokers and banks... Now with conforming guidelines continuing to tighten... the gap for subprime lending has grown again... the plenty of oppor...
237. New Vision Residential Lending236. Washington Savings Bank, F.S.B. - Wholesale235. Macquarie Mortgages USA Inc.234. Global Mortgage, Inc.233. Unique Mortgage Solutions (UMS, LLC)232. First Franklin - Merrill Lynch231. First National Mortgage Sources230. Resource Mortgage (Wholesale)229. KH F...
This morning I was watching CNN news... they were talking about the FBI investigation of Countrywide and how the mortgage industry is in trouble... housing and real estate are upside down... we read further that Countrywide is purchased by BOA for 4 billion dollars... Then later in the same news ...
Mortgage rates have been volatile this year, moving up and down as rapidly as an oscilloscope. That trend continued this week. The benchmark 30-year fixed-rate mortgage fell 9 basis points, to 6.32 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundr...
Homeowners and homebuyers who live in expensive housing markets may be pleased to learn that the federal government recently increased the size of mortgages that Fannie Mae and Freddie Mac can purchase and the Federal Housing Administration, or FHA, can insure.The higher loan limits are expected ...
Homeowners who fall behind on their house payments are told to do one of two things to avoid foreclosure: Call the lender or contact a nonprofit counseling agency. The second option often is better. Some customers have reported wait times of almost three hours when they call their mortgage compan...

Rick Kellow

FHA & Reverse Mortgage Expert
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