9 More Days Until the New Appraisal Law Goes Into Effect!

by Irene Moustakas | Apr 21, 2009 | Industry News, Tips

We have 9 more days until appraisals have to be ordered through AMCs. The rule is that your application and disclosures must be signed and dated prior to May 1, 2009. If you do so, then we have control over who to order your appraisal from. If you sign and date your...

Update on the New Appraisal Law (Home Valuation Code of Conduct)

by Irene Moustakas | Apr 8, 2009 | Industry News, Tips

Lenders are accepting broker-ordered appraisals (i.e. from me) when any application is dated and submitted by the borrower before May 1st, 2009. If you date your application May 1st and after, then we have to go through Appraisal Management Companies (AMCs). The...

Fannie Mae Refi Plus Program (Making Home Affordable): It’s Here!

by Irene Moustakas | Apr 7, 2009 | Industry News, Loan Programs and Products, Tips

Lenders are slowly starting to roll out the Making Home Affordable program, which will allow some homeowners to refinance their mortgages up to 105% of their home’s value. The background of this program can be found here. First things first: You need to see if...

Explaining the Conforming Loan Limit Changes

by Irene Moustakas | Mar 28, 2009 | Industry News, Loan Programs and Products

The government keeps re-establishing new conforming loan limit changes, which I understand has gotten confusing!  When we take into account how long it takes for all the different entities to determine their part to the solution, it can take a while for the changes to...

Big Changes to Mortgage Insurance Rules!

by Irene Moustakas | Mar 26, 2009 | 1st Time Homebuyers, Industry News, Loan Programs and Products

Mortgage Insurance is required when you have less than 20% down. It serves to protect the lender in case you default on your mortgage (because by putting less than 20% down, you are deemed a more risky borrower). If you’re in this down payment bracket of less...

Obama’s Making Home Affordable Plan: The Most Recent Details

by Irene Moustakas | Mar 5, 2009 | General Market News, Industry News, Loan Programs and Products

There are two sub-plans to The Homeowner Affordability and Stability Plan. The first provides homeowners who lack sufficient equity the ability to refinance their loans. The second helps homeowners who have fallen behind on their mortgage payments the ability to...