A 72(t) distribution allows you to access 401(k) money early without paying a penalty, says Dr. Don Taylor.
January 31, 2008
January 30, 2008
Florida Bank Group Inc. announced it hired an executive to lead its residential mortgage efforts under the name Florida Bank Mortgage. The Office of the Comptroller of the Currency close down Douglass National Bank. The Federal Reserve Board has approved a merger between The PNC Financial Services Group Inc. and Sterling Financial Corp.
Eliminating Mortgage Fraud Losses
BasePoint Analytics LLC released a White Paper that discusses how mortgage companies can reduce losses resulting from mortgage fraud. Mortgage bankers need to identify misrepresentations as “fraud,” instead of just ignoring them and approving the loan anyway. The company called on originators to focus more on the role of underwriting in approving good loans while avoiding unacceptable risk. In addition, a process should be established to handle and, when relevant, challenge repurchase requests..
Groups Attack Mortgage Bankers
Ocwen Financial, reportedly the fourth-largest U.S. subprime servicer, is being targeted by the Association for Community Organization for Reform Now, which engaged in national and overseas protests, with the goal of demanding that the servicer adopt a set of best practices principles that will modify loans to allow borrowers willing to make payments to remain in their homes. A group of subprime borrowers in Minnesota filed a class action suit against Mortgage Electronic Registration Systems Inc. for allegedly skipping legally required steps in the foreclosure process, the Center for Responsible Lending announced. The center on Monday reported the Treasury Department’s plan involving voluntary streamlined loan modifications will prevent only 118,200 foreclosures — about 3 percent of all the outstanding adjustable-rate subprime mortgages. The Mortgage Bankers Association testified before Congress to ignore the center’s data on loan modification and expressed discontent with the bankruptcy reform.
January 29, 2008
A cash-back credit card might make more sense than a rewards card.
Back to refi basics
Holden Lewis fields basic refi questions on live chat.
Bank United Slashes Wholesale Jobs
Bank United Financial Corp. announced a consolidation of its wholesale lending operation. The company cut its wholesale lending staff by 45 percent, according to an investor presentation for the quarter ended Dec. 31. The presentation indicated that four out of its nine broker sales offices will be closed down.
Fed cut and mortgage rates
Lower rates may mean its time for a look at refinancing.
First Horizon to Cut Construction Lending Jobs
First Horizon National Corp. announced it would discontinue its national home builder and commercial real estate lending through its First Horizon Construction Lending offices. The move will result in the elimination of 160 positions, an executive for the company told MortgageDaily.com. The jobs will be eliminated over a 12 month period.
Enhancements to LOS, CRM, AU & Other Tech
The latest custom version of the Encompass Mortgage Management Solution offers a complete end-to-end business solution designed for small- to mid-size retail and correspondent lenders, and brokers looking to become bankers. ShoreTel Inc. announced its new application links its call management and control capabilities with immediate access to comprehensive customer data. DocuTech Corp. touted its release of ConformX 3.10, enabling users to automatically manage their rules for prepayment penalties.
Branch Manager Funds Gone
A former Phoenix branch manager of First Magnus Financial Corp. filed a lawsuit against the bankrupt company. She claimed that a branch agreement identified First Magnus, doing business as Great Southwest, as her employer, clearly making her an employee who was entitled to more than $358,000 in branch profits. But in response, First Magnus she is now due nothing because no money was ever placed in an escrow or trust account as required under a settlement agreement it signed on Feb. 28, 2007, following arbitration with the American Arbitration Association.
January 28, 2008
It keeps your clothes smelling fresh and treats stains.
Sensational gifts on a shoestring budget
Being low on funds doesn’t have to keep you from playing Santa. Get creative with your gifts to save money.
Increased Loan Limts May Be Included In House Bill
Reuter’s news agency was announcing late Thursday morning that the U.S. economic stimulus package being hammered out in Congress would include a temporary up tick in the size of loans that Freddie Mac and Fannie Mae would be allowed to purchase. Republicans on the Hill have agreed to raise the current loan limit of $417,000 for a single family home for one year although there is not yet agreement on how high the limit should go… Read More Now
Depression Era Solution to Foreclosures
Senate Banking Committee Chairman Christopher J. Dodd is proposing the Federal Homeownership Preservation Corporation to purchase delinquent mortgages at steep discounts. Lenders and investors would take a “haircut” and the discounts would be passed to borrowers in the form of new, lower-balance, 30-year fixed-rate mortgages backed by the Federal Housing Administration or the government-sponsored enterprises. Dodd’s proposal appears to be modeled after a Depression era program that, according to a recent report, was very successful.
A Frugal shopper’s best tip
A cash-back credit card might make more sense than a rewards card.
January 27, 2008
Despite the steadily dropping sales throughout the year, 2007 ended up with the fifth highest sales of existing homes on record. 5,652,000 existing homes sold during the year but this was 12.8 percent fewer units than the 6,478,000 sold in 2006. Lawrence Yun, NAR chief economist, said, “Home sales remain weak despite improved affordability conditions in many parts of the country, but we… Read More Now
‘Check engine’ nightmare haunts driver
A woman’s plight: two cars, one problem, few solutions, says Bankrate car columnist Terry Jackson.
Can Saving PMI Also Save the Economy? Cramer Thinks So
Wall Street has been gyrating as it considers the Bush Administration’s proposed economic stimulus plan and the Democrat controlled Congress’s response to it. The plan is largely based on tax cuts for businesses and small cash rebates to individuals and families which Washington apparently hopes will be quickly spent rather than saved or used to pay down debt. What is clearly missing in the current proposals is any mention of the terrible state of housing which started the current economic slide. There are a dozen places that the government could plug in and stimulate the housing/lending industry… Read More Now
Surviving 2008 for seniors
2008 promises to be a financially tricky year. Here’s what senior citizens need to do.
Wife fed up with truck — and husband
Co-signing a loan for your beloved puts your credit at risk, says Bankrate car columnist Terry Jackson.
Residential Ratings Activity Contrasts Commercial
Fitch Ratings cited a deterioration of credit enhancement relative to future expected losses in negative actions taken on residential Alt-A transactions issued between 2004 and 2007. Moody’s Investors Service downgraded classes from BankUnited Trust deals from 2005 backed by negatively amortizing adjustable-rate Alt-A loans based on higher than anticipated rates of delinquency, foreclosure, and REO in the underlying collateral relative to credit enhancement levels. But defeasance of 15 percent and pay down of 15 percent since its last review led Fitch to upgrade two classes for $30.9 million of Credit Suisse First Boston Mortgage Securities Corp.’s commercial mortgage pass-through certificates.
Sedan shoppers find buyers’ market
Good news for car shoppers with tight budgets — it’s a buyers’ market, says Bankrate car columnist Terry Jackson.
Lenders willing to work with bad credit
Bad credit does not necessarily sink your prospects of getting a car loan, says Bankrate car columnist Terry Jackson.
Mortgage Rates at 2.5 Year Low
Mortgage rates continued to fall during the week ended January 17 according to the results of the Primary Mortgage Market Survey released by Freddie Mac and, in the case of 30 and 15-year fixed rate mortgages (FRMs) reached the lowest level since July 2005. “Refinance applications are up 92% since the beginning of November and purchase applications are… Read More Now
Depression Era Solution to Foreclosures
Senate Banking Committee Chairman Christopher J. Dodd is proposing the Federal Homeownership Preservation Corporation to purchase delinquent mortgages at steep discounts. Lenders and investors would take a “haircut” and the discounts would be passed to borrowers in the form of new, lower-balance, 30-year fixed-rate mortgages backed by the Federal Housing Administration or the government-sponsored enterprises. Dodd’s proposal appears to be modeled after a Depression era program that, according to a recent report, was very successful.
January 26, 2008
...January 25, 2008
Wall Street has been gyrating as it considers the Bush Administration’s proposed economic stimulus plan and the Democrat controlled Congress’s response to it. The plan is largely based on tax cuts for businesses and small cash rebates to individuals and families which Washington apparently hopes will be quickly spent rather than saved or used to pay down debt. What is clearly missing in the current proposals is any mention of the terrible state of housing which started the current economic slide. There are a dozen places that the government could plug in and stimulate the housing/lending industry… Read More Now
The Foreclosure Ledger
Foreclosure deeds in Massachusetts numbered 7,653 last year, The Warren Group reported. The level of activity is 148 percent higher than in 2006. Mortgage default notices filed against California borrowers totaled 81,550 last quarter — jumping 12 percent from the linked quarter and 115 percent annually to the highest level in more than 15 years, DataQuick Information Systems announced.
A Frugal shopper’s best tip
Knowing when to buy can save you big bucks.
Increased Loan Limts May Be Included In House Bill
Reuter’s news agency was announcing late Thursday morning that the U.S. economic stimulus package being hammered out in Congress would include a temporary up tick in the size of loans that Freddie Mac and Fannie Mae would be allowed to purchase. Republicans on the Hill have agreed to raise the current loan limit of $417,000 for a single family home for one year although there is not yet agreement on how high the limit should go… Read More Now
Existing Home Sales Drop Again
Despite the steadily dropping sales throughout the year, 2007 ended up with the fifth highest sales of existing homes on record. 5,652,000 existing homes sold during the year but this was 12.8 percent fewer units than the 6,478,000 sold in 2006. Lawrence Yun, NAR chief economist, said, “Home sales remain weak despite improved affordability conditions in many parts of the country, but we… Read More Now
Putting baking soda in the wash
It keeps your clothes smelling fresh and treats stains.
New Wachovia Mortgage President
David Pope was named president of Wachovia Mortgage Corp., according to an announcement. He has been with the Wachovia organization for 20 years, the company said. Previously, Pope was chief operating officer for the mortgage and retail credit group.
January 24, 2008
In a press briefing this week, the Manufactured Housing Institute called for an expansion of loan programs for manufactured homes. The group is focused on improving capital flow to manufactured housing by modernizing Federal Housing Administration’s Title I and Title II programs. The institue said it expects the FHA Manufactured Housing Loan Modernization Act to become law.
Retail Tops Commercial Deals
Carl M. Freeman Cos. received from Principal Global Investors a $67 million loan with a 6.5 percent fixed-rate, for Cabin John Shopping Center and Cabin John Mall in Potomac, Md. Retail and office property Magnolia Square secured a 12-year first mortgage of $22.0 million, with a 30-year amortization schedule, provided by The Guardian Life Insurance Company of America. An $8.0 million loan was secured by the Mill Towne Center, an retail facility of 82,187 square feet in Tempe, Ariz., NorthMarq Capital Inc. said.
January 23, 2008
Bad news for the overall economy often means good news for mortgage rates, and that’s what we have today.
A Frugal shopper’s best tip
Knowing when to buy can save you big bucks.
Putting baking soda in the wash
It keeps your clothes smelling fresh and treats stains.
Fed Slashes Interest Rates
In a nearly unprecedented move the Federal Reserve early Tuesday cut the Federal discount rate by .75 of a point, the largest single rate cut in 20 years… Read More Now
The trouble with Countrywide
Countrywide gets caught “recreating” foreclosure notices in bankruptcy court.
Arsons and the Toyotathon
Will defaulting homeowners resort to arson to save their financial hides?
January 22, 2008
Even a small down payment will save you on interest, says Dr. Don.
Some Good News Emerges
GMAC LLC expects Residential Capital LLC to meet its financial covenants at yearend 2007, according to a filing with the Securities and Exchange Commission. GMAC additionally said in the filing that it remains adequately capitalized and “expects to be profitable in 2008. The Federal Reserve Board said it approved for eBANK Corp., based in Tokyo, Japan, to establish a representative office in San Francisco, Calif.
Signature will fix car title headache
A simple signature can make a car title problem vanish, says Bankrate car columnist Terry Jackson.
Wells Cuts Mortgage Tech Jobs
Wells Fargo Home and Consumer Finance Group issued 60-day advance layoff notices to roughly 130 Iowa employees, a spokeswoman told MortgageDaily.com. The job cuts include managers, lending experts and technology developers who worked in a unit dedicated solely to a technology project, she said. The layoffs were not related to market conditions.
The Net Branch Journal
Allied Home Mortgage Capital Corp. announced it added three branches to its network since December. Another net branch reporting growth is First Houston Mortgage, as it will add 100 positions this year after having hired 135 last year. Primary Residential Mortgage Inc. announced it funded $1.74 billion in loans through about 160 branches in 2007, off 13 percent from the previous year.