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Tag Archives: Mortgage Reform

New Fannie Mae “No Credit Score Loan” Program @ 90% LTV

Fannie Mae has made enhancements that now allow the assessment of Mortgages when no Borrower has a credit score and when not all Borrowers have a usable credit score.

 Purchase or no cash-out refinance
 1 unit property
 All Borrowers must occupy the property as their Primary Residence
 LTV, CLTV, HCLTV not to exceed 90%
 The loan must be a Fixed-rate mortgage
 High Balance Loans and Manufactured Homes not eligible
 The debt-to-income ratio must be less than 40%
 Reserves determined by DU
 Approve/Eligible Finding required

 Each Borrower must have at least 2 payment references in the US comprised of Nontraditional credit references and/or tradelines not appearing on the credit report. If 2 or more Borrowers have the same nontraditional credit reference, then the credit reference may count for each of those Borrowers.

 Each nontraditional credit reference must have at least a 12 month consecutive payment history.

 At least one Borrower must have a housing payment history as one of the credit references and have no 30-day or greater delinquency in the most recent consecutive 12 months.

 For all other nontraditional credit references excluding housing payment reference, only one credit reference may have 1 30-day delinquency in the most recent 12 months and no 60-day or greater delinquencies in the most recent 12 months.

 No collections (other than medical collections) or judgements filed in the most recent 24 months is allowed.

 Judgements, liens, collections, and charge-offs of non-mortgage accounts must be satisfied.

 Any derogatory credit references that appear on the credit report must be considered in the final underwriting decision. Nontraditional credit references cannot be used to offset a previous derogatory credit history. A Borrower with derogatory credit references such as bankruptcy or foreclosure must have re-established credit in accordance with B3-5.3-07.

 One borrower must participate in a homeownership education program before the Note Date when the credit for all Borrowers is established using only nontraditional credit references.

 
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CONTACT J. SCOTT HARRIS FOR MORE DETAILS.

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Fannie Mae will ease financial standards for mortgage applicants next month

By Kenneth R. Harney June 6 Washington Post – Link to Original Article

It’s the No. 1 reason that mortgage applicants nationwide get rejected: They’re carrying too much debt relative to their monthly incomes. It’s especially a deal-killer for millennials early in their careers who have to stretch every month to pay the rent and other bills.

But here’s some good news: The country’s largest source of mortgage money, Fannie Mae, soon plans to ease its debt-to-income (DTI) requirements, potentially opening the door to home-purchase mortgages for large numbers of new buyers. Fannie will be raising its DTI ceiling from the current 45 percent to 50 percent as of July 29.

DTI is essentially a ratio that compares your gross monthly income with your monthly payment on all debt accounts — credit cards, auto loans, student loans, etc., plus the projected payments on the new mortgage you are seeking. If you’ve got $7,000 in household monthly income and $3,000 in monthly debt payments, your DTI is 43 percent. If you’ve got the same income but $4,000 in debt payments, your DTI is 57 percent.

In the mortgage arena, the lower your DTI ratio, the better. The federal “qualified mortgage” rule sets the safe maximum at 43 percent, though Fannie Mae, Freddie Mac and the Federal Housing Administration all have exemptions allowing them to buy or insure loans with higher ratios.

Studies by the Federal Reserve and FICO, the credit-scoring company, have documented that high DTIs doom more mortgage applications — and are viewed more critically by lenders — than any other factor. And for good reason: If you are loaded down with monthly debts, you’re at a higher statistical risk of falling behind on your mortgage payments.

Using data spanning nearly a decade and a half, Fannie’s researchers analyzed borrowers with DTIs in the 45 percent to 50 percent range and found that a significant number of them actually have good credit and are not prone to default.

[First-time home buyers already burdened by debt often need help to qualify for mortgages]

“We feel very comfortable” with the increased DTI ceiling, Steve Holden, Fannie’s vice president of single family analytics, told me in an interview. “What we’re seeing is that a lot of borrowers have other factors” in their credit profiles that reduce the risks associated with slightly higher DTIs. They make significant down payments, for example, or they’ve got reserves of 12 months or more set aside to handle a financial emergency without missing a mortgage payment. As a result, analysts concluded that there’s some room to treat these applicants differently than before.

 

Lenders are welcoming the change. “It’s a big deal,” says Joe Petrowsky, owner of Right Trac Financial Group in the Hartford, Conn., area. “There are so many clients that end up above the 45 percent debt ratio threshold” who get rejected, he said. Now they’ve got a shot.

That doesn’t mean everybody with a DTI higher than 45 percent is going to get approved under the new policy. As an applicant, you’ll still need to be vetted by Fannie’s automated underwriting system, which examines the totality of your application, including the down payment, your income, credit scores, loan-to-value ratio and a slew of other indexes. The system weighs the good and the not-so-good in your application, and then decides whether you meet the company’s standards.

Fannie’s change may be most important to home buyers whose DTIs now limit them to just one option in the marketplace: an FHA loan. FHA traditionally has been generous when it comes to debt burdens: It allows DTIs well in excess of 50 percent for some borrowers.

 

But FHA has a major drawback, in Petrowsky’s view. It requires most borrowers to keep paying mortgage insurance premiums for the life of the loan — long after any real risk of financial loss to FHA has disappeared. Fannie Mae, on the other hand, uses private mortgage insurance on its low-down-payment loans, the premiums on which are canceled automatically when the principal balance drops to 78 percent of the original property value. Freddie Mac, another major player in the market, also uses private mortgage insurance and sometimes will accept loan applications with DTIs above 45 percent.

The big downside with both Fannie and Freddie: Their credit-score requirements tend to be more restrictive than FHA’s. So if you have a FICO score in the mid-600s and high debt burdens, FHA may still be your main mortgage option, even with Fannie’s new, friendlier approach on DTI.

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YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Every Realtor has a client that couldn’t get approved due to tight underwriting standards.

We have the BEST “Outside the Box” Non-Agency Loans available.

Self Employed with tax return income that is too low?  We have 12 month bank statement loans.

Jumbo buyer with less than a 700 credit score?  We can close that loan.

Young buyer with lack of credit history or too many student loans?

A buyer with a RECENT Foreclosure or Bankruptcy that won’t be eligible for a regular loan for 5 to 7 years?

A buyer with a large amount to put down but a credit score down to 500.

Investor with too many financed properties?  We allow unlimited properties.

Real Estate Investor wanting to buy multiple properties.  We require less down so they can buy 2 properties with the same down payment.

Foreign National buyer with no US Credit, SSN or ITIN?  We can do it.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

The KEYS to your new home are within reach!
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Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!

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J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  | Pre-Qualify Now

LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles www.MortgageXperts.com

GoldEmailLOGO

885 E Collins Blvd Ste 110
Richardson, TX 75081

My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.

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Dodd-Frank Must Go. Here’s the Republican Plan to Save Community Banks, Spur Economic Growth.

Vintage toned Wall Street at sunset, Manhattan, New York City, USA.

Rep. Keith Rothfus / /

With control of both the White House and Congress, Republicans finally have the opportunity to reignite the economy.

American families and workers have been waiting for eight long years for a return to healthy economic growth and opportunity, and congressional Republicans are ready to deliver.

Along with Obamacare and the Environmental Protection Agency’s regulatory excesses, the Democrat-backed Dodd-Frank financial regulatory reform stands out as a leading cause of the Obama era’s economic malaise.

At the Financial Services Committee, we have been hard at work crafting a legislative solution that will end “too big to fail” and puts in place reforms that will allow our economy to grow again.

It’s called the Financial CHOICE Act.

The Financial CHOICE Act is based on several key principles. First, we recognize that American families, as well as businesses large and small, need access to capital. Dodd-Frank’s onerous rules have choked off the loans that so many Americans rely on to make their dreams a reality.

Under Dodd-Frank, community banks are forced to spend so many resources and so much time complying with complex rules and regulations that they have less and less time and money to actually serve the people in their communities.

Since Dodd-Frank became law, we have seen the decline of more than 1,600 banks either through consolidation or closure, destroying jobs and reducing choice for Americans seeking loans.

Financial CHOICE implements a suite of regulatory reforms that will reduce pressure on community banks and other institutions that provide vital capital to millions of Americans.
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We also believe that every American, regardless of his or her circumstances, deserves a chance to achieve financial independence.

Washington should rightly protect us from fraud and deceptive practices—and there are ways that we can improve consumer and investor protection—but bureaucrats in the nation’s capital should not be in the business of micromanaging personal decisions about which financial products Americans choose.

Financial CHOICE reforms the Consumer Financial Protection Bureau so it can fulfill its intended purpose of consumer protection, not political witch hunts that reduce choice.

Of course, Dodd-Frank was cobbled together in response to a financial crisis characterized by systemic risk and bailouts. Eight years and thousands of pages of rules later, systemic risk has not been appropriately addressed and too-big-to-fail banks continue to operate with an expectation that the American taxpayer will save them in the event of a crisis.

Through Financial CHOICE, we can finally bring an end to “too big to fail” and bank bailouts. At the very least, the American people should never be on the hook to cover bank losses.

I understand why Democrats pushed Dodd-Frank and protect it so dearly. Dodd-Frank was built on the false premise that there were insufficient regulations leading up to the 2008 financial crisis.

In fact, in the decade prior, there was a marked increase in financial regulation. The problem was not insufficient regulation; the problem was misguided regulation.

After the financial crisis of 2008, Congress created the Financial Crisis Inquiry Commission to investigate the causes of the crisis. But astoundingly, Congress went forward and enacted Dodd-Frank before the commission had even issued its final report.

Thus, instead of thoughtful reforms and measured regulations, we were given a 2,300-page bill full of provisions springing from the motto of President Barack Obama’s then-chief of staff: “Never let a good crisis go to waste.”

This misguided law opened the door to heavy-handed, one-size-fits-all regulations that are crushing our economy. Republicans have a better way forward, and we plan on making it a reality in the 115th Congress.

Great News from USDA! Upfront and Annual Fees are going down for Rural Home loans

usda

USDA’s Upfront and Annual Fees are SIGNIFICANTLY Smaller…

On October 1, 2016, the first day of Fiscal Year 2017 (FY17), both the upfront guarantee fee and annual fee (collectively the “fee schedule”) for purchase and refinance loans will decrease.

We are reducing the upfront guarantee fee from 2.75% to 1%, and the annual fee from .5% to .35%.

In real money terms, this is $3,500 Upfront & $58.33 per month on a $200,000 Home Purchase.

 

To be eligible for the program, properties must be outside the major metropolitan areas and income requirements b

Click here to go to the USDA Income & Property Eligibility site

USDA Income Limit Chart (Example – A family of 4 can make no more than $82,450 for eligible homes outside the DFW area)

These sites are confusing, please call me at 214 435 8825 to walk you through the site and your eligibility.

 

 FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

Buying a home is now easier than it has been in years.

Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.”
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If you have already started in our Credit & Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!


Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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J. SCOTT HARRIS | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER

NMLS # 375517  | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com  |  www.goldfinancial.com  |  Pre-Qualify Now
LinkedIn  |  Facebook  |  Twitter  |  JSH BLOG – News & Articles
GoldEmailLOGO
885 E Collins Blvd Ste 110
Richardson, TX 75081

Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender

 

 

TRID – Government over regulation causing lenders to shut down!

TRID Problems Led to W.J. Bradley’s Demise

Becoming the 3rd Retail Lender to halt originations in recent weeks!

By Brad Finkelstein March 16, 2016 – National Mortgage News

W.J. Bradley Mortgage Capital shut its doors after it was stuck with nonagency loans with TILA/RESPA integrated disclosure issues that it couldn’t sell.
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Without specifying the Centennial, Colo.-based lender by name, David Stevens, president and CEO of the Mortgage Bankers Association, said uncertainty about how regulators will police the new borrower disclosures that took effect in October is creating friction between originators and investors.

“One of the recent announcements of a large mortgage lender that shut their doors in the last several days, I quite frankly believe it has a lot to with this, [is] the loss over a cap line with an investor. They were rejected on the nonagency side,” Stevens said Wednesday during a speech at the Regional Conference of MBAs, ongoing this week in Atlantic City, N.J.

W.J. Bradley was one of the first lenders to roll out a non-qualified mortgage loan program. But it lost its warehouse funding because it had jumbo mortgages stuck on its line of credit with TRID issues, according to a former employee of the company who spoke to NMN on condition of anonymity.

Previous attempts to contact the company were not successful and a new attempt to contact W.J. Bradley for further comment has not been returned.

A memo obtained by National Mortgage News sent by W.J. Bradley to its employees on March 13 only states the company made “a strategic decision to wind down their businesses.” It did not specify why.

Before the TRID rules took effect, lenders and compliance experts expressed concerns about the salability of mortgages with TRID defects. W.J. Bradley is the third retail lender to stop originating loans in recent weeks, joining Walter Investment Management’s Ditech Financial subsidiary and the $24 billion-asset BankUnited in Miami Lakes, Fla. However, Ditech and BankUnited remain in the origination business through other channels.

Freddie Mac INCREASES investment property loan limit from 4 to 6 properties !

 

Freddie

Freddie Mac has made a pair of changes when put together are going to open up some new opportunities for investment property business that were not possible before.  Let’s take a look.

Change number 1
Freddie Mac has now raised the maximum number of financed properties from four to six with no change to LTV, credit score, or transaction type.  Yes, you can get cash out on property number six!  This change is out lined in seller service guide volume 1 under section 22.22.1.  This will come as welcome news as Fannie Mae does allow for up to ten financed properties but once you finance property number five you can only close purchase transactions or rate and term refinances.  In addition to the transaction type FMMA also lowers the LTV, increases the reserve requirements, and the credit score, this won’t be a concern with Freddie.

Change number 2
Freddie Mac is no longer requiring a two year history to use rental income for investment properties.  The advantage here is if you have a borrower that has been acquiring properties but has not had 2 full tax seasons to show the proper history.  Now your newer investment purchasing borrowers can move forward a few more properties in a shorter time.  This change was made in the seller servicer guide volume 1 under section 37.14.

By |October 5th, 2015| Original Article

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Vice President – Recruiting
Branch Manager – NMLS #375517
Gold Financial Services, Inc.

885 E. Collins Blvd Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122
Apply Online – www.MortgageXperts.com

 

Dodd-Frank has left consumers with fewer choices, higher costs and less freedom – Must Watch Video

In observance of the fifth anniversary of the passage of the Dodd-Frank Act, the Republican leadership of the House Financial Services Committee (HFSC) has released a video titled “Dodd-Frank–Five Years of Failure.”

“Just like Obamacare, Dodd-Frank has left consumers with fewer choices, higher costs and less freedom,” said an unattributed statement released by the HFSC. “Heeding the admonition of former Obama Chief of Staff Rahm Emanuel, Washington’s ‘Never Let a Crisis Go to Waste’ Democrats seized on a false narrative of the financial crisis to craft ‘a political response’ that does not address the real causes of the crisis. Dodd-Frank did nothing to reform Fannie Mae and Freddie Mac, which were at the epicenter of the crisis. It enshrined taxpayer-funded bailouts and ‘too big to fail’ into law. And the burden of its inefficient rules, regulations and mandates hurts jobs and economic growth.”

The Committee’s statement added that thanks to Dodd-Frank, “the big banks have gotten bigger, the small banks are now fewer, and economic growth is weak and halting.”

Separately, Rep. Ed Royce (R-CA), a senior member of the committee, released his own statement that criticized the Dodd-Frank track record.
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“Five years later, the government dominates an unstable secondary mortgage with taxpayers at risk of being tapped for a bailout should we see another downturn. The legacy of Dodd-Frank should be judged not just by what was included in it, but also what was left out of it. Policymakers owe it to the American people to wind down the GSEs before recent history repeats itself.”

As of this morning, the GOP-run Senate Banking Committee made no mention of the fifth anniversary of Dodd-Frank on its Web site, but ranking Committee member Sen. Sherrod Brown (D-OH) released a statement praising the legislation.

“Five years after Wall Street reform became law, our economy is getting stronger and we have a financial system that is safer, more stable, and works better for taxpayers, investors, and consumers,” said Brown. “We’ve come too far to allow special interests and their allies in Congress to undermine reform and leave the American people exposed to the abusive lending and reckless Wall Street gambling that almost destroyed our economy. Now we need to make sure more Americans feel the benefits of the recovery, without going back to the days of AIG, Countrywide, and Lehman Brothers.”

 

 

Closing Real Estate Transactions change dramatically August 1st, 2015 – Docs to Title = Wait 3 days

Get Ready for TRID!

So, do we all really understand the changes taking place in the next 60 days?

Let’s start with TRID – what does it stand for? It is the TILA-RESPA Integrated Disclosure rule implementation. That is a mouthful so now we all get the abbreviation to just TRID.

What does it mean? Well, for starters…

 Gone forever are: HUD1, GFE and TIL

Replaced by: the “Loan Estimate” and the “Closing Disclosure”

SAMPLE DOCUMENTS
TRID Loan Estimate & TRID Closing Disclosure

 

There are also new rules for the closing procedure.

All forms and closing documents must be ready three days prior to closing.

What this means is you and the other settlement service providers, including our closing team and the title agent, are under the gun to get everything squared away earlier than you have to today.

Buyers and sellers have to be cooperative as well, because if last-minute changes are made a new three-day waiting period kicks in, at least in some cases.

The CFPB’s goal in making these changes is obviously to increase transparency for consumers. Now, I know we don’t always like change on our side… but I do think once this gets ironed out, it will be better for the entire industry in the long run.

The good news is we have until August 1 to get familiar with the new forms and learn about the new closing procedures.

There are also many videos and webinars on the topic.

Quick/Easy video from Stewart Title –  (3 min)

https://www.youtube.com/watch?v=7tNGICYIhtM&feature=youtu.be

Ken Tripeta from NAR – little more in depth but very informative (5 minutes)

https://www.youtube.com/watch?t=39&v=CLjFLD4LsnE

 

Here’s the Bottom Line:
Type a call to actionCall us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

We close loans every day that Banks would not,
or could not approve.

Mortgage Expert

Mortgage Expert

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.

GoldLOGO
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

885 E. Collins Blvd. Suite 110
Richardson, TX 75081
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

 

August 1st Looming – Real Estate Closings may grind to a halt!

Lawmakers Seek to Give Lenders More Time for New Mortgage Disclosures

BY BRIAN COLLINS

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MAY 4, 2015 3:57pm ET

WASHINGTON — Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1.

The bill would shield lenders from regulatory enforcement actions and private lawsuits through yearend if they make a good faith effort to comply with the Consumer Financial Protection Bureau’s new rule.

“It provides a safe harbor for those who are trying to follow in good faith,” said Rep. Brad Sherman, D-Calif., one of the co-authors of the bill. “But this is a shakedown cruise. The ship has got to launch on Aug. 1.If it there is a thing that goes wrong there, you got to fix it.”

The bill, which is co-authored with Rep. Steve Pearce, R-N.M., was introduced late Friday. It is directed at the CFPB’s rule combining the mortgage disclosures of the Real Estate Settlement Procedures Act and the Truth-in-Lending Act.

Read the complete article on National Mortgage News

Here’s the Bottom Line:
Urge your Senators and Congressmen to support this gradual implementation of the CFPB’s new RESPA disclosure rules or Real Estate Closings will happen much slower August 1st.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

We close loans every day that Banks would not,
or could not approve.

JscottHarris

J. Scott Harris
Vice President – MORTGAGE MIRACLE WORKING
NMLS #375517
Gold Financial Services, Inc.

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Addison, TX 75001
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