Houston Mortgage Resource http://www.mortgagemikespeaks.com The Trusted Mortgage Resource Provider Fri, 02 Sep 2011 13:25:11 +0000 http://wordpress.org/?v=2.6.3 en New GFE is Coming Our Way! http://www.mortgagemikespeaks.com/2011/09/02/new-gfe-is-coming-our-way/ http://www.mortgagemikespeaks.com/2011/09/02/new-gfe-is-coming-our-way/#comments Fri, 02 Sep 2011 13:25:11 +0000 admin http://www.mortgagemikespeaks.com/?p=239
  • A Ray of Hope, New Disclosures and a Seat at the Table The Consumer Financial Protection Bureau has been tasked with...
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    The CFPB is giving transparency to the development of a new GFE and they are asking for our input.
    Check out the 2 versions of the new GFE at www.consumerfinance.gov/knowbeforeyouowe

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    ]]>     http://www.mortgagemikespeaks.com/2011/09/02/new-gfe-is-coming-our-way/feed/     Documenting Source of Funds to Close http://www.mortgagemikespeaks.com/2011/07/28/documenting-source-of-funds-to-close/ http://www.mortgagemikespeaks.com/2011/07/28/documenting-source-of-funds-to-close/#comments Thu, 28 Jul 2011 13:42:08 +0000 admin http://www.mortgagemikespeaks.com/?p=236
  • QRM is BAD! A Qualified Residential Mortgage (QRM) is defined as any...
  • How Much is this Going to Cost Me? There are 2 sources for cash to close. 1....
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    Unacceptable source of funds to close like cash advances and unsecured loans will cause delays in the closing of a loan. Documenting non payroll deposits is a critical aspect of the loan approval process. Watch the video to learn why.

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    ]]>     http://www.mortgagemikespeaks.com/2011/07/28/documenting-source-of-funds-to-close/feed/     Retaining a Current Residence Creates Qualifying Heart Burn http://www.mortgagemikespeaks.com/2011/07/15/retaining-a-current-residence-creates-qualifying-heart-burn/ http://www.mortgagemikespeaks.com/2011/07/15/retaining-a-current-residence-creates-qualifying-heart-burn/#comments Fri, 15 Jul 2011 13:21:39 +0000 admin http://www.mortgagemikespeaks.com/?p=233 Yet Another Related Posts Plugin.]]>

    If your clients plan on retaining their current home speak to a loan officer first. Changes in the guidelines create several hurdles to jump over to get a mortgage.

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    ]]>     http://www.mortgagemikespeaks.com/2011/07/15/retaining-a-current-residence-creates-qualifying-heart-burn/feed/     Are Larger Down Payments Requirements in Our Future? http://www.mortgagemikespeaks.com/2011/06/29/are-larger-down-payments-requirements-in-our-future/ http://www.mortgagemikespeaks.com/2011/06/29/are-larger-down-payments-requirements-in-our-future/#comments Wed, 29 Jun 2011 14:39:39 +0000 admin http://www.mortgagemikespeaks.com/?p=229 Yet Another Related Posts Plugin.]]>

    Qualified Residential Mortgage guidelines will limit the availability of mortgage financing options, reduce the number of buyers in the market and increase costs.

    Below are the 6 agencies to send your email comment letters to:
    1. Office of the Comptroller of the Currency: regs.comments@occ.treas.gov (Include in the subject line, Docket No OCC-2010-0002)
    2. Federal Reserve Board: regs.comments@federalreserve.gov (Include in the subject line, Docket No. R-1411)
    3. Federal Deposit Insurance Corporation, Comments@FDIC.gov (Include in the subject line, RIN 3064-AD74)
    4. Securities and Exchange Commission, rule-comments@sec.gov (Include in the subject line, File Number S7-14-11)
    5. Federal Housing Finance Agency, RegComments@fhfa.gov (Include in the subject line, RIN 2590-AA43).
    6. Department of Housing and Urban Development, comments to be submitted through www.regulations.gov ( Include in subject line, Docket No FR–5504–P–01)

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    ]]>     http://www.mortgagemikespeaks.com/2011/06/29/are-larger-down-payments-requirements-in-our-future/feed/     Credit Reporting Errors Costing Us $1000’s http://www.mortgagemikespeaks.com/2011/06/22/credit-reporting-errors-costing-us-1000s/ http://www.mortgagemikespeaks.com/2011/06/22/credit-reporting-errors-costing-us-1000s/#comments Wed, 22 Jun 2011 16:25:15 +0000 admin http://www.mortgagemikespeaks.com/?p=225 Yet Another Related Posts Plugin.]]>

    Credit reporting errors are driving up cost of financing by increasing interest rates to consumers. Watch the video and see how it happens.

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    ]]>     http://www.mortgagemikespeaks.com/2011/06/22/credit-reporting-errors-costing-us-1000s/feed/     A Ray of Hope, New Disclosures and a Seat at the Table http://www.mortgagemikespeaks.com/2011/05/25/a-ray-of-hope-new-disclosures-and-a-seat-at-the-table/ http://www.mortgagemikespeaks.com/2011/05/25/a-ray-of-hope-new-disclosures-and-a-seat-at-the-table/#comments Wed, 25 May 2011 15:48:45 +0000 admin http://www.mortgagemikespeaks.com/?p=222
  • New GFE is Coming Our Way! The CFPB is giving transparency to the development of...
  • Are Larger Down Payments Requirements in Our Future? Qualified Residential Mortgage guidelines will limit the availability of...
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    The Consumer Financial Protection Bureau has been tasked with creating new mortgage disclosures. They actually invited the mortgage industry to be a part of the creative process, hallelujah!
    You can view the new disclosures and make comments by visiting this website, www.consumerfinance.gov/knowbeforeyouowe.

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    ]]>     http://www.mortgagemikespeaks.com/2011/05/25/a-ray-of-hope-new-disclosures-and-a-seat-at-the-table/feed/     Why is the Loan Process So Personal? http://www.mortgagemikespeaks.com/2011/05/06/why-is-the-loan-process-so-personal/ http://www.mortgagemikespeaks.com/2011/05/06/why-is-the-loan-process-so-personal/#comments Fri, 06 May 2011 19:32:45 +0000 admin http://www.mortgagemikespeaks.com/?p=219
  • Poor appraisals are a result of this process Appraisal Management Companies reduce the quality of appraisals by...
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    Give us a sample of blood and your first born if you want this mortgage…
    The mortgage process is very personal, watch the video and discover why.

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    ]]>     http://www.mortgagemikespeaks.com/2011/05/06/why-is-the-loan-process-so-personal/feed/     The Tide is Changing at FHA http://www.mortgagemikespeaks.com/2011/04/29/the-tide-is-changing-at-fha/ http://www.mortgagemikespeaks.com/2011/04/29/the-tide-is-changing-at-fha/#comments Fri, 29 Apr 2011 14:48:18 +0000 admin http://www.mortgagemikespeaks.com/?p=216
  • QRM is BAD! A Qualified Residential Mortgage (QRM) is defined as any...
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    FHA increases the monthly mortgage insurance premium by 25 basis points.
    Watch and see how this will impact your business.

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    ]]>     http://www.mortgagemikespeaks.com/2011/04/29/the-tide-is-changing-at-fha/feed/     Poor appraisals are a result of this process http://www.mortgagemikespeaks.com/2011/04/21/poor-appraisals-are-a-result-of-this-process/ http://www.mortgagemikespeaks.com/2011/04/21/poor-appraisals-are-a-result-of-this-process/#comments Thu, 21 Apr 2011 14:21:44 +0000 admin http://www.mortgagemikespeaks.com/?p=213
  • APpraisals and Why They are APain appraisal-addendum-market-conditions...
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    Appraisal Management Companies reduce the quality of appraisals by working with inexperienced appraisers willing to work for less money.
    Watch the video to learn about a secret the large national mortgage companies do not want you to know.

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    ]]>     http://www.mortgagemikespeaks.com/2011/04/21/poor-appraisals-are-a-result-of-this-process/feed/     QRM is BAD! http://www.mortgagemikespeaks.com/2011/04/13/qrm-is-bad/ http://www.mortgagemikespeaks.com/2011/04/13/qrm-is-bad/#comments Wed, 13 Apr 2011 14:07:51 +0000 admin http://www.mortgagemikespeaks.com/?p=210
  • Documenting Source of Funds to Close Unacceptable source of funds to close like cash advances...
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    A Qualified Residential Mortgage (QRM) is defined as any loan with:
    20% down payment
    28/36% ratios
    No late pay on credit report for 2 years
    Exceptions are FHA/VA and Conventional loans, for now

    Watch the video to learn how this will impact our business.

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