Unintended Consequences of mortgage reform

The switch to self-employment has mortgage implications

Despite excellent credit, it’s still possible to be turned down for a mortgage due to new rules on verifying that borrowers have the ability to pay.

By Lew SichelmanJanuary 12, 2014, 5:00 a.m.

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I am an unintended consequence.

I have loads of money. I own four properties free and clear. I have no debt. My credit file is impeccable. I have a credit score of 760.

And I was just turned down for a mortgage.

Not just any mortgage, but a cash-out refinance of less than six figures on a foreclosure I bought for cash, rehabbed and turned back on the market as a rental. Furthermore, I was only asking for a loan-to-value ratio of 70%, meaning I was leaving 30% of the home’s value as equity. And I was rejected.

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The #1 Reason You Should Sell Now | Keeping Current Matters

The KCM Crew gives compelling evidence why putting your house on the market now is a good idea:

The price of any item (including residential real estate) is determined by ‘supply and demand’. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.

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Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory available in most markets currently, a seller will be in a great position to negotiate.

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Big changes in the mortgage biz – G Fees, Loan Max, Fed Tapering and QM

Some very important mortgage news has come about since we flipped the calendar to January. Check out the finer points:

A few weeks ago we heard about changes Fannie Mae and Freddie Mac were making to Loan Level pricing adjustments. Potential home owners without a big down payment and perfect credit would be paying quite a bit more on conventional loans. It’s now official: Mel Watt, the new FHFA Director, has now directed the GSEs (Fannie/Freddie) to delay implementation of the G fee and Loan Level Price Adjustments (LLPAs) changes. A review is pending to determine the effect on availability of credit. Without the delay, rates would have gone up 0.5% – 0.75% for most borrowers as a result.

FHA lowered the max loan amounts in some areas, but for those in Dallas, Tarrant, Collin, and Denton Counties, max amounts have gone up! It’s now $287,500, so you can be looking for homes up to $298,000. Minimum down payments on FHA loans is 3.5% of the sales price and can be gifted from a family member.
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Tapering has Begun. Every month, our government has been putting 85 billion dollars into mortgage backed securities and bonds to artificially keep interest rates low along with the hope of improving the housing market. Now that it’s looking better, the tapering of that amount has started, with the first step being 10 billion less per month, which will gradually go down over time. Soon the artificial influence of keeping interest rates down will, of course, taper. Interest rates will go up as a result.

QM (Qualified Mortgage), QRM (Qualified Residential Mortgage) and ATR (Ability To Repay) goes into effect at midnight on the 10th of January. You can expect an all-new underwriting framework for residential mortgage lending. Investors may end up suddenly adjusting based on these new rules. How it will turn out is up in the air. Be very aware of possible sudden changes coming VERY SOON!

Bitcoin Allowed by Real Estate Firm | National Real Estate Post

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Are Home Sales Beginning to SLOW DOWN?

If you read some of the headlines about home sales over the last few weeks, you may believe that sales of houses in the U.S. are beginning to slow dramatically. There have been some that have used the recent Existing Home Sales Reports (EHSR) from the National Association of Realtors’ as proof of this supposition. We should be careful not to put too much credence in these reports of impeding doom.

It is true that the last EHSR revealed that sales were down 3.2% from the previous month. However, there are two crucial points that are not being addressed:

Home Sales are up 6% over the same time last year.
Part of the downturn in recent sales can be traced to the falling inventory of distressed property sales (foreclosures & short sales). Distressed homes accounted for 14% of October sales as compared to 25% in October 2012.
Bottom Line

Sales of non-distressed properties are increasing nicely. However, as the inventory of distressed properties continues to shrink, the number of overall properties sold may diminish over the next few months. This is a sign that we are entering a much healthier housing market.

KCB Blog

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Fannie, Freddie loan limits to remain unchanged

The maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac is staying the same, at least for the moment.

The Federal Housing Finance Agency announced today that the maximum loan limits for Fannie and Freddie will remain at $417,000 for most areas of the country and up to $625,500 in more expensive markets. The announcement comes after months of industry protest over Acting FHFA Director Edward DeMarco’s announcement that he would lower the loan limits.

FHFA could still lower the loan limits in the middle of next year. DeMarco said last month that any change in the loan limits wouldn’t come until spring of 2014 at the earliest, and that the agency would give at least six months’ notice before making any changes.

But many mortgage professioanls don’t want to see the limits lowered at all. More than a dozen mortgage and housing industry groups have gone on record opposing the plan, and several sent an Oct. 8 joint letter to DeMarco urging him to abandon the idea.

“We believe such changes at this time would have a very disruptive impact on the availability of affordable housing credit, on our housing recovery and our economy as a whole. Not only is lowering loan limits bad for housing, we question to what extent FHFA’s authority would allow for such a change,” the letter stated.

Members of Congress aren’t so hot about the idea, either. Sixty-six House members signed an Oct. 10 letter to DeMarco slamming the plan.
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“Such action by a single regulator would serve only to further tighten credit availability and thereby erode progress in our fragile housing recovery,” the letter stated. “Currently, homeownership rates are at an historic 18-year low. Mortgage credit is virtually nonexistent for middle class Americans with less than stellar credit. Unless borrowers have a credit score of 760, conventional mortgage financing will simply be out of reach.”

Members of Congress also questioned DeMarco’s authority to lower the limits in the first place, but DeMarco has remained adamant that he has the authority and intends to exercise it.

All that could change, however, if Rep. Mel Watt (D-N.C.), President Obama’s nominee to head the FHFA, is confirmed. Many observers think Watt would focus the agency more on helping struggling homeowners, and would be less inclined to lower conforming loan limits than DeMarco.

Watt’s confirmation was initially blocked by Senate Republicans, but a recent rule change means he now requires only 51 votes to be confirmed.

http://www.mpamag.com/mortgage/fannie-freddie-loan-limits-to-stay-the-same–for-now-16294.aspx

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