Mar15
Remember the Seniors-How to sell more homes
on March 15th, 2012 at 4:02 pmPosted In: Lender To The OC
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- Renting's edge vs. buying slashed in half May 19, 2012One likely reason behind the spring's homebuilding surge is that renting's edge vs. ownership has shrunk a record low, by at least my measure. Let's get to my trusty spreadsheet and my Big Orange Index database of local economic benchmarks. We... […]By JONATHAN LANSNER
- 21 new Irvine luxury homes sell out in 2 weeks May 18, 2012The multigenerational housing experiment that is Lambert Ranch in Irvine is off to a fast start: its first two phases, 21 homes in all, have sold out within two weeks of the project’s debut. The New Home Co. — a homebuilding startup headed by... […]By JONATHAN LANSNER
- Beach homes lead O.C. homebuying spree May 18, 2012Orange County homebuying runs at a six-year high with a widespread recovery highlighted by the hottest spot: near the beach. Click to see where homes sold best in Southern California! That’s what we found our studying how housing trends hit various... […]By JONATHAN LANSNER
- 5 questions about housing's rebound May 18, 2012We're starting too see more real estate reports with a common theme: "Best in years ..." Is it blip or a beginning? The week of May 21 will help us answer five key questions about the sustainability of the housing business seeimngly robust spring... […]By JONATHAN LANSNER
- Bungalow for sale on famed surfing street May 17, 2012A well-maintained 1950s bungalow on what is arguably one of San Clemente's most iconic surfing streets just hit the market. CLICK THROUGH photos above for larger images. This one-level home is located at 115 Trafalgar Lane - Trafalgar Lane winds down... […]KELLI HART KEHLER
- Analyst: Foreclosure's shrinking shadow over housing May 17, 2012Veteran Southern California real estate analyst G.U. Krueger adds his commentary on the housing market to this blog in a spot we call "Thursday Morning Quarterback." Here's his latest installment. … There was a time, when the "shadow" of the... […]By JONATHAN LANSNER
- 3rd week of record low mortgage rates May 17, 2012What's happening with mortgage rates? We've asked Jeff Lazerson, of Mortgage Grader in Laguna Niguel, to give us his weekly take … So, Jeff … RATE NEWS SUMMARY: From Freddie Mac's weekly survey, for a third week in a row, the average 30-year... […]By JONATHAN LANSNER
- World's tallest tower set to open May 17, 2012Real estate news and views from around the globe that make you go, "Really?" World's Tallest Tower to Let Tokyo Railway Replace Commuters With Shoppers — Bloomberg Luxury Homes Spur Bidding Wars in Los Angeles as High-End Market Rebounds —... […]By JEFF COLLINS
- Where are SoCal homebuying’s hot spots? May 16, 2012DataQuick figures show Southern California's median home-sale price rose year-over-year in April for the first time in 16 months as sales rose 5.1 percent vs. 2011. CLICK HERE FOR COUNTY-BY-COUNTY RANKINGS Median price paid was $290,000, up 3.6... […]By JONATHAN LANSNER
- Tour Arts and Crafts style home in Laguna May 16, 2012There's a unique aesthetic of homes found throughout the art-inspired city of Laguna Beach. Many homes in the beach city flaunt a charming, sometimes whimsical look that is embodied through the Arts and Crafts style, whether they be bungalows or... […]By KELLI HART KEHLER
Feb11
Who May be Eligible for Assistance
Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief. Borrowers from states who did not sign the settlement will not be eligible for any of the relief directly to homeowners. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.
The settlement provides assistance for:
- Homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide.State attorneys general anticipate the settlement’s requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.
- Borrowers who are current, but underwater. Borrowers will be able to refinance at today’s historically low interest rates. Servicers will have to provide up to $3 billion in refinancing relief nationwide.
- Borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. $1.5 billion will be distributed nationwide to some 750,000 borrowers.
TIMELINE
- Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance.
- Over the next six to nine months, the settlement administrator, attorneys general and the mortgage servicers will work to identify homeowners eligible for the immediate cash payments, principal reductions and refinancing. Those eligible will receive letters.
- This settlement will be executed over the next three years.
WHERE YOU CAN GO FOR HELP
For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers. Keeping in mind the timeline above, you may contact the banks directly if you need additional information:
- Ally/GMAC: 800-766-4622
- Bank of America: 877-488-7814 (Available M-F 7am – 9pm CT and Saturdays 8am CT – 5pm CT
- Citi: 866-272-4749
- JPMorgan Chase: 866-372-6901
- Wells Fargo: 800-288-3212 (Available M-F 7 a.m. to 7 p.m. CST)
Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:
These sites will also include links to information about mortgage and foreclosure programs you may be eligible to access. You may also call 1-888-995-HOPE (4673)
For borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, a settlement administrator designated by the attorneys general will send claim forms to persons eligible for cash restitution.
If you believe you are eligible for relief under this settlement but are concerned you will be difficult to locate, please contact your Attorney General’s Office. We will collect and forward your information to the appropriate person to ensure you are contacted if you are eligible.
Jan19
We are currently working directly with home owners in Orange County that have bought or refinanced their home using an FHA loan. If you have an FHA loan you may be available for a Streamline Refinance.
What does this mean? The value of your home is not a factor and there are no income qualifications. We work directly with you to close your loan at no cost to you. For the majority of our clients we are closing the Streamline Refinances in the 3.75%-3.875% range.
How do you find out if you qualify? Brad Snow will only need one item.
- Copy of your most recent mortgage statement.
- Fax to: (866)-809-3350 / Email to: bsnow@afncorp.com
- After you have Faxed or Emailed the statement, you and Brad will have a 20 minute conversation to see if you qualify.
American Financial Network and Lender To The OC
- “One relationship at time”
- “Client for Life”
Promoting this long-term production philosophy the American Financial Network has the utmost trust and ability in Brad Snow aka “Lender To The OC”.
Direct Line: (949)891-2723
Branch Manager
brad@bradsnow.com
NMLS# 246215
Jan17
HARP Breathes New Life Into Refinances
on January 17th, 2012 at 10:33 amPosted In: Lender To The OC
Dec27
Dec11
Dec03
HARP 2 refinance (watch for updates)
The Obama administration announced broad outlines of the revised Home Affordable Refinance Program on Oct. 24. Fannie Mae and Freddie Mac issued guidance last week that filled in most of the details.
Making sense of the story
- HARP 2 greatly reduces or eliminates the risk-based fees Fannie and Freddie charge on many loans and virtually eliminates the chance that lenders will have to pay for losses on loans that go into default if they made underwriting mistakes. It also vastly streamlines the underwriting process.
- Although lenders can begin taking applications Dec. 1, it could take several months before the new loans are made. Fannie Mae said it won’t begin buying certain types of refinanced loans until March.
- To qualify, the existing loan must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. The loan balance must be more than 80 percent of the home’s market value. The loan must be current for the past six months, with no more than one late payment in the past 12 months. Those who previously refinanced through HARP are ineligible.
- The new program improves on the existing HARP refi program by letting borrowers refinance into a new fixed-rate loan regardless of how much is owed. The existing program caps the new loan at 125 percent of the home’s market value.
- Homeowners also can refinance into a new adjustable rate loan that has a fixed rate for at least the first five years, but in this case the new first mortgage cannot exceed 105 percent of the home’s value.
- In most cases, borrowers won’t have to pay for a new appraisal (Fannie or Freddie will use their automated in-house appraisals) or have any particular debt-to-income ratio or credit score.
- Borrowers can have a second loan on the house of any amount and still qualify, as long as the holder of the second mortgage resubordinates it to the new loan. Most of the big lenders have agreed to do so, but there is no guarantee they or others will.
- If borrowers have mortgage insurance on the existing loan, they must maintain it, but they should be able to transfer that insurance to the new loan at the old premium rate, according to Freddie Mac. The big mortgage insurers have agreed to allow this, but again there is no guarantee all will.
- There are still many questions about the program, such as what interest rates banks will charge, whether they will impose additional fees or underwriting requirements beyond what Fannie and Freddie require, and whether investors will be willing to buy securities backed by these new HARP 2 loans.
Dec02
Changes are in store for the way reverse mortgages are processed that might make it more difficult for some borrowers to qualify.
For fees that can amount to as much as 5% of a home’s value, reverse mortgages allow people age 62 or older to convert their home equity into cash. The homeowner can elect to receive a lump sum, a line of credit or monthly payments. The loan is due, with interest, when the borrower dies, moves, sells the house or fails to pay property taxes or homeowner’s insurance.
In the past, the amount a borrower received was determined by his or her age and property value, says Peter Bell, president of the National Reverse Mortgage Lenders Association. But on Oct. 5, the Federal Housing Administration, which insures virtually all reverse mortgages, told lenders that they are also free to consider a borrower’s “financial capacity and credit assessment criteria … in the origination and approval of” reverse mortgages.
Starting a week ago, MetLife Bank, the largest originator of reverse mortgages, began examining applicants’ finances. The goal: To gauge whether they have enough in the way of income and assets to cover the ongoing costs of defraying property taxes and homeowner’s insurance premiums.
Mr. Bell says the U.S. Department of Housing and Urban Development, which oversees FHA, is working on new regulations–likely to debut in 2012–that wouldrequire lenders to perform such financial underwriting. As a result, he adds, “it is possible that some borrowers who could have gotten a reverse mortgage before” will no longer qualify.
Still, Mr. Bell says, the number of people likely to be affected will be nowhere near the numbers impacted when, in response to falling home values, HUD cut the amount of equity that reverse-mortgage borrowers could extract from their homes. From fiscal year 2008 to 2011, the volume of Federally-insured “home-equity-conversion” reverse mortgages fell 35%.
The new regulations are also likely to give lenders the right to require borrowers with smaller financial cushions to receive monthly payments, rather than a lump sum. To ensure that borrowers have enough cash to cover their property taxes and homeowner’s insurance premiums, the new regulations may also allow lenders to set aside a portion of a reverse mortgage’s proceeds for those expenses.
In recent years, the number of reverse mortgage borrowers at risk of default on these loans due to an inability to pay insurance and property tax bills has risen. Mr. Bell says a new counseling program has put about 60% to 70% of those in arrears on a path towards retaining their homes.
Fannie Mae-Property Test
Freddie Mac-Property Test
