Greg 's Blog

By
Mortgage and Lending - The Federal Savings Bank
The mortgage industry is changing almost daily. My blog is dedictated to updating readers so you and/or your clients can make educated choices and find the best loan options currently available.
RECENT BLOG POSTS
Reverse Mortgage volume hit a new record high last month, according to the Department of Housing and Urban Development (HUD). Home Equity Conversion Mortgages (HECM), allow homeowners aged 62 and older to pull equity out of their homes without making mortgage payments, increased 24% from February...
04/15/2009
Reverse Mortgage volume hit a new record high last month, according to the Department of Housing and Urban Development (HUD). Home Equity Conversion Mortgages (HECM), allow homeowners aged 62 and older to pull equity out of their homes without making mortgage payments, increased 24% from February...
04/15/2009
A report released by the Boston Fed last week challenges the common arguments that attribute rising delinquencies to unaffordable mortgage payments. "We find that the DTI ratio at the time of origination is not a strong predictor of future mortgage default," the report said.   "A simple theoretic...
04/13/2009
You may have heard the phrase "payment shock" get thrown around by your loan office or broker, and for good reason. It plays an important role in the underwriting and eventual outcome of your mortgage application, and can make or break your chance of approval. Payment shock can be defined in a nu...
03/29/2009
News of the Fed's pledge to buy up more mortgage-backed securities and treasuries, sent mortgage rates sharply lower. Home loans apps jumped 32.2 percent on a seasonally adjusted basis compared to one week earlier, 31.4 percent unadjusted, and were up 18 percent compared to the same week a year a...
03/26/2009
The FHA plans to lower the maximum loan-to-value associated with cash-out refinances from 95 to 85%beginning April 1 2009. "Effective for case number assignments on or after April 1, 2009, the loan-to-value (LTV) of any cash-out refinance to be insured by FHA may not exceed 85 percent of the appr...
03/16/2009
JP Morgan Chase CEO Jamie Dimon is hearing it from the National Association of Mortgage Brokers after making an ill-advised comment at the U.S. Chamber of Commerce's 3rd Annual Capital Markets Summit yesterday. "My biggest mistake, probably of my whole career, was not closing down our mortgage br...
03/13/2009
Mortgage rates dropped "thanks" to a weak jobs report, mortgage financier Freddie Mac reported today. The 30-year fixed averaged 5.03 percent during the week ending March 12, down from 5.15 percent last week and 6.13 percent a year ago. That's very close to January's all time recorded low of 4.96...
03/12/2009
Fair Isaac aka FICO unveiled a new credit score today designed specifically for mortgage lenders. The "BEACON® Mortgage Score" aims to provide better decisioning results addressing the lending risk for both homeowners and buyers. The new model includes 15 additional score codes to help mortgage l...
03/11/2009
Who is eligible? To apply for a Home Affordable Modification, you must: Own and currently occupy a one- to four-unit home. Have an unpaid principal balance that is equal to or less than $729,750 (for one unit properties). Have a loan that was originated before January 1, 2009. Have a mortgage pay...
03/06/2009
Rainer
46,222

Greg Zaccagni

Illinois Mortgage Lender
smartphone(630) 853-8555
Contact The Author
Mortgage Rates, Programs & Trends