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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
FHA has issues Mortgagee Letter 08-36 which covers the New Loan Limits for 2009. The new loan limits for Illinois will be:        1 unit  2 unit  3 unit  4 unit Cook County   IL $365,700 $468,150 $565,900 $703,250 DeKalb County   IL $365,700 $468,150 $565,900 $703,250 DuPage County   IL $365,700 ...
11/11/2008
The new mortgage assistance plan was announced by the Federal Housing Finance Agency, which seized control of Fannie and Freddie in September 2008. Officials say they hope the new approach, which takes effect Dec. 15, will become a model for loan servicing companies that collect mortgage payments...
11/11/2008
The long term outlook for housing demand is good!   Several national studies suggest we have already hit bottom. A new (2008) study from the Joint Center for Housing Studies of Harvard University finds "the country poised to see an increase in housing demand throughout the next decade.   "We stil...
11/08/2008
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Ditech is owned by GMAC's holding company, Residential Capital (ResCap).  Recently GMAC financial services posted a 2.5 billion net loss, up from $1.6 billion 1 year earlier.  $1.9 billion was attributable to ResCap. Over the past few months, ResCap has halted wholesale loan production via its Ho...
11/08/2008
Here are some of the main items likely to interfere with a loan modification request: Sole hardship being too much debt Having lots of assets including 401k's & IRA's Low debt to income ratio - too much income vs. debt Ownership of multiple properties Sole hardship being mortgage more than proper...
10/31/2008
Currently behind on mortgage payments Currently in foreclosure Existing ARM loan that has/will adjust higher Demonstrate Legitimate hardship Reduced Income Paycut at work Reduced hours New job @ less pay Loss of employment On Disability / workmans comp Divorce / Seperation Excessive medical bill...
10/31/2008
Federal Real Estate Settlement (RESPA) rules require that incentives not be built into the cost of the homes they build.  According to the Federal Trade Comissions website (www.ftc.gov) "tie in sales" may violate federal anti-trust laws because they harm competition. Tie in sales are defined as t...
10/25/2008
Wauchovia was offering pick a pay loan programs as recently as June 08 making one wounder why?  66 percent of borrowers with these loans have at least some deferred interest balance. Their current average loan-to-value is 95 percent, up from 71 percent upon origination.  That means their equity i...
10/22/2008
Realtors - Check out these guidelines to see if your clients qualify: Underwriting Fico - 620 minimum Ratios - 31/45% DTI max Credit - No Non Traditional Credit, Mortgage 1x 30 in last 12 months No Bankruptcy or Foreclosure in last 2-7 years depending on circumstances. All judgments, collections,...
10/21/2008
With much higher than anticipated default rates many banks who previously underwrote & originated payment option mortgage loans are now seeking to have them off their books. Several have waived their pre-payment penalties as incentive for their customers to refiance. Use this link to see if your ...
10/21/2008
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Greg Zaccagni

Illinois Mortgage Lender
smartphone(630) 853-8555
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