New Compensation Law for Loan Originators: What it Means to You

by Irene Moustakas | Mar 25, 2011 | Featured, Industry News

A new law is going into effect on April 1st that regulates how much loan originators* will get compensated on each loan.  Yes, this will affect me and everyone else in my profession, but it will also affect you too.  The law has many complexities, but my goal here is...

Applying for a Loan as “Married” or “Married Filing Separately” – Not Just a Tax Question

by Irene Moustakas | Nov 3, 2010 | 1st Time Homebuyers, Industry News

“I’m considering applying for a conventional loan. I have excellent credit, but my husband does not. Can I apply for the loan on my own?” This question comes up quite a lot, especially with newly married couples that come into their marriage with different...

Excellent Financing Program for Fannie-Mae Owned Homes

by Irene Moustakas | Aug 5, 2010 | 1st Time Homebuyers, Industry News, Loan Programs and Products

For those of you in the market to purchase a home, you should definitely check out www.homepath.com This program is for the purchase of Fannie Mae-owned homes.  Some of the program’s main highlights are: Low down payment (as little as 5% down on conforming loans or...

New “Loan Quality Initiative” Guidelines Are Being Implemented by FannieMae

by Irene Moustakas | Jul 7, 2010 | Industry News

I just heard about these coming into play on all loans, and have already seen them implemented on some.  FannieMae’s ultimate goal is to do whatever it can to reduce or eliminate mortgage fraud.  Two things that are now expected on every loan are: 1. Confirm...

Changes to Guidelines on Adjustable Rate Mortgages (ARMs)

by Irene Moustakas | Jun 22, 2010 | Industry News, Loan Programs and Products

Adjustable Rate Mortgages (ARMs) have been extremely competitive in rate; often, a 5/1 ARM is a good 1.0%-1.25% below the 30 Year Fixed Rate mortgage. There are advantages and disadvantages to every loan, and as long as you fully understand the loan program you’re...

Freddie Mac Loan + Condo + California = The Homeowners Association Better Have Earthquake Insurance

by Irene Moustakas | May 13, 2010 | 1st Time Homebuyers, Industry News, Tips

If you are buying or refinancing a condominium unit in California and your loan is being backed by Freddie Mac, the development must have earthquake insurance or else you will pay a premium. Apparently, this Freddie Mac rule has been around since 1996. I have been...