Mark Aalto's (maalto) Blog

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Mortgage and Lending - Advantage Mortgage
RECENT BLOG POSTS
If you have been in the real estate business for any length of time, you'll probably remember that at one point in the history of our industry it wasn't all about credit scores, HVCC, MDIA or RESPA etc.  Similarly, it wasn't about a slew of legislation introduced to combat issues that were issues...
03/12/2010
We all have that relative that can't resist a great deal at Costco.  I've been there myself - I have no real purpose for being at the store and the next thing you know I'm buying a 100 pound tub of peanut butter because it's a "great deal."  Yes, our economy is built on consumption and the wheels...
03/06/2010
Imagine a herd of wildlife clamoring for higher ground or a flock of geese flying south to find a warmer climate during winter.  Now picture your favorite Mortgage Banker or Broker currently contemplating what is the best choice of action - stay the course and risk being swept away by a tide of e...
02/28/2010
As more and more consumers are turning toward FHA loans, a lot of people in the industry are finding out that there are guidelines that are not exactly intuitive.  One of the rules that many Realtors and Loan Officers are not aware of is associated with non-arms length transactions between Buyers...
02/09/2010
In the past it's been really convenient for the appraiser to have access to your property via a lock box.  However, as many of us have found out, a lot of the appraisers being used are not experts in our market and are not using the best data available.  Based on the input I've been given, I'd su...
02/05/2010
Well, it was great while it lasted but the ability to do condo spot approvals through FHA has officially come to a close as of yesterday, February 1, 2010. As of today's date, any condo that is going to close using FHA financing will need to be approved either through the HRAP or DELRAP process. ...
02/02/2010
This post is specifically for you agents out there.  With the new GFE that is effective on January 1, the owner's title insurance policy must now be quoted as a Buyer fee on both the GFE and the HUD-1.  Why is this important?  Let's take a typical scnenario.  Let's say you write an offer for an i...
01/27/2010
The new HUD Settlement Booklet has been released - http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20December%2015%20REVISED.pdf  The move has been necessitated by the changes being enacted in January of 2010.  A quick summary:  new Good Faith Estimate and new settleme...
12/18/2009
Let's pretend that you have a really good friend that is a wonderful person but absolutely hates reading books.  You've tried everything you can think of - Harry Potter, Bridges of Madison County, romance novels, John Grisham books etc.  You've even tried 15 page "Myfirst Golden Book" books, 1 pa...
12/17/2009
Once again we have some big changes being enacted in the very near future.  If you are a Realtor, an Escrow Officer or a Loan Originator, these changes will impact you in a very substantial way.  For those of you that didn't take HVCC seriously, the new HERA Act amends the current truth in lendin...
06/26/2009
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