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Fannie Mae/Freddie Mac

The "Big Bank" Says You Can Wait for 60 to 90 Days to Get Started on Your Refinance. What Do YOU Say?

Gene Mundt, Mortgage Lender: Posted on Sunday, February 12, 2012 1:12 PM

The "Big Bank" Says You Can Wait for 60 to 90 Days to Start Your Refinance.

What do YOU Say?

Over the last couple of days, there's been more than a few articles showing-up online, on social media, and in the papers about the extremely long period of time that a "big bank" is guesstimating that some potential clients will have to wait, should they hope to refinance their present loan.

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Seems that they can't keep-up with the workload and large number of those contacting them for this service. The numbers of 60 to 90 days is the waiting period being mentioned frequently within these articles.

Yep, you read that right ... 60 to 90 days!

That's before they can even begin to get back to you or talk to you ... start your mortgage application ... begin the mortgage process. Don't even bother them before that.

Now granted, this is for those that are NON-"big bank" clients ... and those calling them on the phone only. But I still raise the question ...

WHY would anyone that didn't strictly HAVE to deal with this "big bank", wait 60 to 90 days to start being serviced for their mortgage refinance?

The "big bank" has been inundated with requests for service from those home owners looking for relief through the HARP 2.0 program. (Please keep in mind that only the "big banks" that currently service those same loans, have been given the technology/info to perform these new HARP 2.0 services. Smaller lenders, of which there are many, haven't been supplied that technology yet from Fannie Mae and Freddie Mac ... or the supporting partners (mortgage insurance companies, Servicing Lenders, etc.) and won't receive it until sometime in March).

But the "big bank" says they are trying to add new staff and recall laid-off staff to better handle the volume of applicants they are seeing. NEW staff completely unfamiliar with their procedures and new rules/regulations. Laid-off staff members that have been out-of-the-loop are now going to work on your loan and get it done right.

Doesn't that make you feel better?

No? You say you don't want to wait that long. You say you want to talk to a mortgage lender NOW?

Contact me! I'll be more than happy to talk to you NOW ... and get started on assisting you with the refinance or credit repair you want and need. No waiting 60 to 90 days ... and an experienced, knowledgeable, professional mortgage lender and his staff at your service.

Aaaahhhh ... MUCH better!

* Contact me NOW to receive professional mortgage advice and service. I'll put my 35 years of mortgage experience, expertise, and knowledge to work on your behalf.

I can be contacted through any of the following:

Direct: 815.277.4036 Cell/Text: 708.921.6331

Email: gene@chicagobancorp.com

Website: www.genemundt.com

Skype: 630.219.1316

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HARP 2.0 Update ... from Fannie Mae

Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, January 09, 2012 6:19 PM

HARP 2.0 Update ... from Fannie Mae

There's a bit more insight and information out on the HARP 2.0 update, at least from Fannie Mae's perspective ...

Beginning Monday, March 19th (2012), Fannie Mae will unveil their new software (more forgiving), and then folks ... stand back! There's going to be a flood of calls, emails, inquiries to be shared!

Best I can tell, the new guidelines for approval will be relaxed or expanded in comparison to the old, meaning more Borrowers/Homeowners will qualify for Refinances than before.

But ...a few details still remain to be addressed. Nothing has been presented to us (mortgage lenders) in concrete and in its' entirety yet. So before the new items and guidelines are implemented ... I remain optimistic, but cautious at this time.

It appears that the best change will be related to a greater "disregard" for property values, or in our industry's vocabulary, LOAN-TO-VALUE, or LTV.

In other words, "current market values" may not be the deal-killer that they are presently. Again, it appears that as long as the Borrowers/Homeowners can qualify on CREDIT, INCOME, EMPLOYMENT, and SATISFACTORY MORTGAGE PAYMENT HISTORY ... they may get the RATE RELIEF and PAYMENT RELIEF that will help them stay in their homes.

Others will simply enjoy a monthly savings, that may help them better position themselves to save and then buy again later down the road, should they wish. That, and keeping more homes from entering the housing supply and further adding to the supply of Foreclosures and Short-Sales, is how everyone "wins" ... including Realtors, Homeowners (Sellers AND Buyers), and the economy in general.

Stay tuned, as there will probably be more updates between now and implementation of HARP 2.0. Good thing because March is only 2 months away!

* Should you have questionsregarding HARP 2.0, credit, credit repair, mortgages and refinancing ... or be in need of mortgage service, please do not hesitate to contact me. I will be happy to put my 35 years of mortgage and real estate experience and expertise to work on your behalf.

I can be contacted through any of the following: