Gene's Bit of Blogging
HARP 2.0
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Gene Mundt, Mortgage Lender - The Federal Savings Bank: Posted on Wednesday, February 22, 2012 3:49 PM
"Connecting the Mortgage Dots in Today's
Real Estate Market"
Carra Riley, Cosmic Cow Pie, and
Gene Mundt, Mortgage Lender Answer
YOUR Mortgage/Credit Questions
Looking for answers to your mortgage/credit questions?
Together, Carra and I will be discussing and answering mortgage questions, such as:
As someone with 35 years of mortgage experience, an
in-depth, multi-decades background as a licensed real estate appraiser, and as
a Certified Financial Planner, I have the extensive knowledge and expertise
needed to answer the questions you have ... and also provide the services you
need in Chicagoland and across the entire U.S.
 It's easy to take part in this Cosmic Cow Pie session. Just dial (347) 994.1903 and ask us your
questions! If you can't join us during
the live blogtalkradio program, you can listen to a replay of this program at
any time. Just go to Carra Riley's
Cosmic Cow Pie blogtalkradio site and "click" to listen at your
convenience.
I can always answer your mortgage and credit questions at a
more convenient time for you through any of the following means: Direct: 815.277.4036 Cell/Text:
708.921.6331 Skype: 630.219.1316
See you then!
For more Cosmic Cow Pie and Carra Riley's insights ...
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Credit, Credit Repair, Buying a Home, Credit Reports/Fico Scores, Mortgages, Refinance, Working with a Mortgage Professional, Appraisals, Condos and Townhomes, Announcements and News, Gene Mundt's Client Services, First-Time HomeBuyers, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Asset-Based Lending Program, Mortgage Closing Costs, home buying, Right Time to Buy a Home, Investors and Investments, HARP 2.0, FHA Approval for Mortgage Lending, FHA Mortgage Lending, Down Payment, Mortgage Costs, Closing Costs, Interest Rates, The Federal Savings Bank
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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.  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 Skype: 630.219.1316
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Financing, Mortgage Lender, Mortgages, Refinance, Announcements and News, Conducting Business, Obtaining Mortgage Quotes, Pre-Approvals, & Info, Choosing a Mortgage Lender, Asking credit and mortgage questions, Homeowner Affordability and Stability Plan Update, 2011, HARP 2.0, Fannie Mae/Freddie Mac
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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: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316 |
Credit, Credit Repair, Financing, Importance of Credit, Mortgage Banker, Mortgages, Working with a Mortgage Professional, Credit and Financial Counseling, Announcements and News, Mortgage Crisis, Debt, Credit Counseling, Homeowner Affordability and Stability Plan Update, 2011, HARP 2.0, Fannie Mae/Freddie Mac
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Gene Mundt, Sr. Vice President - Chicago Bancorp: Posted on Monday, December 12, 2011 9:25 PM
Loan Modifications ... Refinance Present Options That Can Exist It seems lately, that I've had more and more questions from homeowners about "Loan Modification", as they continue to struggle within today's challenging market and economy.  Agents and many of my other referral partners also want to know about them, and other financing options that might exist, too. THEY are getting quizzed by homeowners (and potential buyers) regarding Loan Modifications too ... especially now after the governments release of information regarding the upcoming HARP 2.0. It seems, you can't be doing business within the current market and not get drawn into these conversations.
The reasons for "why" someone might need or want to modify their existing mortgage range from unemployment issues, to being "upside-down" and/or "underwater" with their current home loan. Simply being in need of some financial relief ranks up there in concerns I often hear too. Naturally, when I get questioned as a mortgage lender, I first look to see if a "traditional" Refinance is possible for the homeowner. And if so, will it provide the much-needed relief that homeowner needs and desires? Most often as of late, I'm finding that the traditional Refinancing route is not one that can taken. Today's tighter mortgage underwriting standards simply make it more difficult and in a few cases, impossible for the time being. Where does that leave the homeowner in need when that is the case? That means a loan modification of the existing mortgage with the homeowner's CURRENT loan servicer, is the remaining option. If the homeowner has NOT missed any payments on their mortgage, the unfortunate and disheartening news is ... they will have a very difficult, if not impossible, time in attaining any loan modification. I know ... VERY frustrating, right? If the homeowner is current with their mortgage payments, I now have a fighting chance with HARP 2.0 to assist them in their search for financial relief. That assistance relies upon the homeowner's credit and income qualifications, as usual. And if current property value is no longer a hurdle, HARP 2.0 should open-up some real opportunities to them. But there are two issues that surround the possible benefits that may be seen within HARP 2.0, as they stand right now.
First, we mortgage lenders still do not have the specifics we need from the government in order to take action on our clients' behalf regarding HARP 2.0. Again, frustrating ... as the government has done a fairly good job in making the public aware as to the existence and updating of the HARP program. The public is aware and contacting us mortgage lenders hoping for good news ... and of this writing ... we still do not have the details as to how we can move forward, apply, and utilize HARP 2.0. We've heard rumblings. We've seen projections. We've read "guesses" ... but still nothing tangible to hang our hats on, as of yet. My personal belief is that we will need to hang on to our hats a while longer too, because we will not receive these much-needed program specifics until after the New Year, some say March, 2012. To me, the second issue surrounding HARP 2.0 is this ... WHY should this concern Realtors or the local real estate markets?  In my opinion, helping homeowners Refinance, who might have otherwise lost their homes to foreclosure, or put another short-sale property on the market, is critical to regaining a sustainable housing market. Let's state the obvious: Foreclosures and short sales are options for the struggling homeowner. Neither is good; neither helps property values; neither helps reduce inventory. And again, in my opinion, reducing housing inventory is what we sorely need right now. I see the bottom line being this: Until we reduce housing inventory and eliminate the short sales and foreclosures, we will be mired in static property values. Buyers will remain reluctant to enter the marketplace under these conditions. In addition to keeping "bad" inventory from hitting the market, the lower payments after Refinancing will put more dollars in the homeowners' pockets, which will in turn trickle-down to more spending by consumers. Since we are definitely a consumer-driven economy, this is one way to help our country out of its' real estate malaise and help get us turned around and on the path to better financial health. Homeowners (and referral partners) need to keep seeking-out educated, professional mortgage lenders that will provide sound and unbiased fact-based opinions ... especially when the homeowners seeking those opinions are emotionally and financially distraught or down-and-out. Changes happen constantly and steadily in our industry. New options may become available for homeowners at any time. It is best to remain vigilant. Homeowners and mortgage lenders need to stay in contact, communicate, get it right. New options, new programs, new underwriting demands, HARP 2.0 ... all remain in our future ... we HAVE to get it right, in an otherwise imperfect marketplace. * Should you have mortgage, refinance, HARP 2.0 questions, credit concerns, or general lending and finance questions ... please contact me. I'll be happy to answer your questions and assist you moving forward. I can be reached through any of the following convenient methods: Direct: 815.277.4036 Cell/Text: 708.921.6331 Skype: 630.219.1316 |
Financing, Mortgage Lender, Mortgages, Real Estate Advice, Credit and Financial Counseling, Chicagoland, Announcements and News, Chicago, Communication, Seeking Advice, Working with a Real Estate Professional, Referrals, Home Buyers, home buying, Home Ownership, Homeowner Affordability and Stability Plan Update, 2011, HARP 2.0
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