Refi's, Loan Mods, Foreclosures, Oh My!

Wednesday, March 4, 2009

Refi's, Loan Mods, Foreclosures, Oh My!

Obama's administration announces latest guidelines on Homeowner Affordability and Stability Program (HASP).

Get ready for the wild, wild, west of saving homes from foreclosure. Obama's administration released dozens of pages of guidelines today to clarify their February 18th introduction of HASP.

The two week delay shows that Obama's administration thought the program was important enough to rush the announcement on February 18th, even though all the details hadn't been worked out. The administration believes any economic turnaround will begin with stabilizing housing values and is committed to making that happen.

The details released today cover a lot of material that will bore most homeowners to sleep.

So, let's summarize the important details:

Read more: http://drewsmortgagenews.blogspot.com/2009/03/refis-loan-mods-foreclosures-oh-my.html

 Monday, March 2, 2009

Are You Working with a Soon-to-be Illegal Loan Originator?

The State of Michigan is worried as few loan officers are complying with Michigan's new registration law.

Back in April of 2008, the Michigan legislature passed a law called the Michigan Loan Officer Registration Act (LORA).

The law was basically passed to get as many of the bad players out of the mortgage industry as possible. Loan officers now have to do the following to work in the industry:

- Take a 24 hour class if they have less than 4.5 years experience in originating loans.
- Pass a test focused on national & state mortgage regulations.
- Get fingerprinted.
- Pass a background check with no felonies in the last 10 years.

Read more: http://drewsmortgagenews.blogspot.com/2009/03/are-you-working-with-soon-to-be-illegal.html

 Sunday, March 1, 2009

A Brand New Program to Reclaim Foreclosures!

Low down payment, include repair costs, no income limitations.

How many more houses could be sold if buyers could pick a foreclosed property in the neighborhood of their choice, then select their own colors, kitchen cabinets, bathrooms, carpeting & more, and finance all of it in the same mortgage used to purchase the property?

How about if buyers could put less than 5% down, finance most (if not all) of the closing costs, get a great rate and not have to worry about income limitations?

I bet you're thinking this program sounds almost too good to be true.

Read more: http://drewsmortgagenews.blogspot.com/2009/03/brand-new-program-to-reclaim.html

Saturday, February 28, 2009

Saving the Housing Market, One Household at a Time

Oakland County kicks off its Homebuyer Program with a standing room only seminar.

Pontiac, MI: Some of former President Bush's stimulus funds are finally making it to main street. Oakland County announced it's spending five million dollars from HUD's Neighborhood Stabilization Program to subsidize the purchase of foreclosed homes in the county.

Read more: http://drewsmortgagenews.blogspot.com/2009/02/saving-housing-market-one-household-at.html

Thursday, February 26, 2009

Whitehouse Needs to get this Housing Crisis in Order

Conflicting messages from different parts of the government are not what we need during these challenging times.

Anyone trying to follow all the latest updates from the government on what our leaders are doing to solve the housing crisis, is probably scratching their head wondering who's in charge.

It's looking more and more like no one at the top is in control and coordinating a cohesive plan.

Read more: http://drewsmortgagenews.blogspot.com/2009/02/whitehouse-needs-to-get-this-housing.html

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Drew Sygit is President of The Lending Edge and holds mortgage industry designations CMPS, CMC, CRMS, CMLO, CALO, has an MBA and is an approved industry instructor.  He's spoken for HUD, has written numerous articles and is a mortgage industry advocate for loan originator licensing and consumer education.  He can be reached at 248-356-3739, dsygit@TheLendingEdge.com  or read his blog:  http://drewsmortgagenews.blogspot.com.