Eric's Blog

In the past, FHA has had a mandatory 90 Day waiting period to insure recently foreclosed properties.  However, today the "Bush Administration...announced a temporary policy that will extend government-backed mortgage insurance and allow for the immediate sale of vacant foreclosed properties." Thi...

Fannie Mae and Freddie Mac released updated policies regarding the number of Investment properties they will fund to a single borrower.  The number has been Ten properties for a while but due to the recent trends in foreclosures, the risk for lending to a single borrrower on multiple properties d...

A recent article by the Mortgage Bankers Association stated that foreclosures and delinquencies increased from the fourth quarter of 2007.              "The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties stood at 6.35 percent of all loans outsta...

What can we really achieve without perseverance and working hard?  The stories are countless from REALTORS and Lenders about how difficult this market is and how hard it is to complete transactions.  I don't disagree and I doubt anyone would.  But learning to prosper in times wrought with negativ...

I made a follow up phone call today to the listing agent that I worked with on a recent loan closing for a mutual customer.  My goal in every transaction is to communicate as effectively with the listing agent as I do with my customer and their real estate agent.  Everybody wants peace of mind in...

It has been around since April 2, 2008 and I have been checking it out occasionally to see if it is a viable option for consumers.  It does in fact seem to be working well for some lenders and borrowers.  However, there are also some definite draw backs... 1) The goal is to be transparent.  But w...

Great News...A new lending avenue has reopened for "Distressed Market" areas, including Maricopa County in AZ.  Go to www.fanniemae.com and you can read the news release from today.  Highlights New Changes go into effect June 1, 2008 "Fannie Mae will accept up to 97% LTV ratios for conventional, ...

I was fortunate enough to have the opportunity to listen to Greg Swann of Bloodhound Realty.com, and Brian Brady of World Wide Wealth Advisors, deliver a short presentation last Friday for Mortgage Brokers and Bankers regarding Web 2.0 and Social Media Marketing. The event was hosted by Chicago T...