Mortgage Updates

Mortgage and Lending - Mutual of Omaha - NMLS#: 274064
FHA MIP fees went permanent.  MIP stands for Mortgage Insurance Premium.  Over the last few years, the Federal Housing Administration has been looking for ways to trim their losses, so in typical government fashion, they looked to the people to fund their misfortunes.  In this case, they decided ...
FHA loan limits were modified effective January 1, 2014.  They were reduced in every county I am aware of, however, Salt Lake and Tooele countries took it on the chin, but there is a story behind that. Please see the explanation under the chart below:   County 2013 Loan Limit 2014 Loan Limit Box ...
Realty Trac and Goldman Sachs reported that about half of home purchases this year have been to cash buyers.  NAR puts the number at 31% for July sales, but still is an all-time high.  That is not good news.  (Not just because cash buyers have no benefit to mortgage lenders like me.)   A handful ...
This year's version of the Interest Rate Roller-coaster has not been for the faint of heart.  This is not a recommended ride even if you are over 48 inches tall and are not pregnant!  The colossal moves in the bond market since March have offered plenty of risks and have made everyone sick to the...
How much do FICO scores drop after a 30 or 90 day late payment on a mortgage?   This question and many just like it are asked mortgage professionals everyday.  As much as we enjoy giving accurate and precise answers to many questions asked by borrowers who depend upon our professional knowledge ...
100% financing is not a thing of the past.  Many home loan programs were eliminated after the economic downturn of 2007, but for home buyers with a stable income and decent credit scores, realizing the American Dream is still very much within reach without saving for a down payment.  The most wid...
The Consumer Financial Protection Bureau (CFPB), has new rules with implementation by mortgage lenders to begin January 21, 2013 - Martin Luther King Day.  In the spirit of that day, "I have a dream" that Dodd-Frank will someday be repealed, but for now we have to wake up and get to work trying t...
CoreLlogic reported that housing prices rose 7.4% in the 12 month period ending November 30, 2012.  That is a pretty impressive number, especially when you consider that it includes all the distressed sales.  I don't know what the price increase would have been without the short sales and foreclo...
We should never promise that we will pick up the phone "Anytime or Anywhere" and we should never expect our business partners or associates to pick up the phone "Anytime or Anywhere."  Most of our success is dependant on the quality and quantity of communication we offer.  My communication to my ...
Skipping a house payment is actually used occasionally as a marketing strategy for refinancing.  It is especially nice around the holidays when extra cash is always needed.  It is pretty common knowledge that a payment is not necessary the month following a new mortgage closing, but there is actu...

Doug Walker

Branch Manager/Loan Officer
24 years of experience on your side!