My CA Mortgage

Who is Talcott Franklin? He’s the world’s next zillionaire, that’s who. Talcott is an attorney in Dallas who apparently is spearheading an effort to group together mortgage bond investors to gain power to challenge loan servicers over losses the investors claim resulted from violations in securities contracts. “A group holding a third of the $1.5 [...]

Rates are currently the lowest they have been in thirty years!  Now is the time to act on a loan!

Have a fun and safe 4th of July!

WINDERMERE, Fla. – The brochure promises a “monument to unparalleled success.”
The 90,000-square-foot home for sale outside Orlando has 23 bathrooms, 13 bedrooms, 10 kitchens and three pools. All that and more for $75 million “as is.”
The catch? It’s not finished.
Nicknamed “Versailles” by owner and timeshare tycoon David Siegel, the mansion hit the market recently as [...]

For conventional loans, Citi’s policy around earnest money deposits has been rewritten to mirror Fannie Mae and Freddie Mac policy: “when an earnest money deposit is used as part of the borrower down payment it must come from the borrower’s own funds and the source of funds must be verified. Refer to the Manual for [...]

Although it seems pretty quiet out there, and MBS trading volumes appear a shade below normal, there continues to be news that shows the US economy is still pretty weak. And, usually, a weak economy does not push rates higher (forgetting for a moment the size of our deficit and our reliance on foreign purchases [...]

Bank of America’s correspondent clients should know that due to Fannie Mae and Freddie Mac changing their IO program and ARM qualification rates, BofA will do so as well. “Interest-only transactions no longer eligible for cash-out refinances, flexible mortgages, MyCommunityMortgage, investment properties, and two- to four-unit properties.”So now IO loans can only be made on [...]

From Washington DC: the House is taking up HR 5072, the FHA Reform Act. While it seems that mortgage industry organizations are in favor of the Act, which provides the FHA with resources to manage risk, there are a few amendments that are raising some eyebrows. The first is the Garrett Amendment, which raises the [...]

A flood of temporary Census workers in May led to the biggest jump in jobs in ten years, the government reported Friday.
Employers added 431,000 jobs in the month, up from 290,000 jobs added in April. It was the biggest gain in jobs since March 2000.
But Census hiring was responsible for 411,000 of May’s increase in [...]

Yesterday morning NAR announced that Pending Existing Home Sales increased by 6% in April, its third gain in a row. A sample of 20% of transactions showed that sales were up 30% in the Northeast, up nicely in the West and Midwest, down a shade in the South. And compared to a year ago, sales [...]