AUGUST 4TH, 2010
By MATT STEINMETZ
Envoy Mortgage is a direct lender, lending in over 36 states and growing. Envoy Mortgage is looking to hire loan officers in all areas. I am specifically searching for originators in California. I am located in Contra Costa County and manage the Concord and the new Danville office locations. Envoy also has offices in Vacaville, Fullerton, San Diego, and more. If you or someone you know is looking for a change, Envoy is great place to be.
We are interested in hiring experienced loan officers with a current pipeline/book of business. Envoy Mortgage is also interested in complete branches or mangers looking to bring on their office.
Envoy Mortgage is known for it’s speed and technology. For more information you can contact me and visit these links.
www.envoyca.com
www.envoymortgage.com
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me for info.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
msteinmetz@envoymtg.com
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
MAY 11TH, 2010
By MATT STEINMETZ
Open House
Come by and see our new office, meet our staff and learn a little about Envoy Mortgage. We will have hors d’oeuvres, drinks and will be raffling off prizes every 20 minutes. A ribbon cutting ceremony will commence at 4pm.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me more.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639
msteinmetz@envoymtg.com
Visit my blog for my most recent mortgage related update.
Follow me on Twitter
Apply for a loan online
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
www.envoyca.com
MAY 11TH, 2010
By MATT STEINMETZ
Don’t apply for new credit before your mortgage closes | Bankrate.com.
Fannie Mae will start to require lenders to pull an updated credit report befor ethe loan closes. Thi swill show if you have any new debt since you applied for the loan. Typically as long as your credit report was younger than 90 days lender would not pull a new report. that changes next month for Fannie Mae loans.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage - Hiring experienced Loan Originators, Ask me more.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639
Visit my blog for my most recent mortgage related update.
Follow me on Twitter
Apply for a loan online
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
Envoy Expands Underwriting Dept. into CA
APRIL 25TH, 2010
By MATT STEINMETZ
From Fannie Mae Announcement SEL-2010-05
Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a pre foreclosure event (pre foreclosure sale, short sale, or deed-in-lieu of foreclosure).
The “waiting period” – the amount of time that must elapse after the pre foreclosure event – is changing and may be dependent on the LTV (loan to value) ratio for the transaction and whether extenuating circumstances contributed to the borrower’s financial hardship (for example, loss of employment). In addition, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.
In the past a borrower would have to wait 4 years after a deed in lieu of foreclosure to get a Fannie Mae loan. Now with 20% down that time frame is 2 years, otherwise it’s still 4 years and capped at 90% LTV.
Pre foreclosure sales and short sales are 2 years, with the same LTV restrictions.
Extenuating circumstances may allow a borrower to get a loan up to 90% after just 2 years.
Borrowers must show they have re-established credit and show good payment history and good fico scores.
After a foreclosure borrowers still have to wait 5 years to buy again under Fannie Mae, but FHA is 3 years and VA is 2.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me more.
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Follow me on Twitter
Apply for a loan online
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
APRIL 5TH, 2010
By MATT STEINMETZ
Today the increase on FHA’s upfront mortgage insurance premium (UFMIP) begins. The UFMIP is going up from 1.75% to 2.25% of the loan amount and is charged on every FHA loan with less than 5% down. With more down payment the UFMIP goes down a smidgen but not enough to get excited about.
Still to come are the possible changes to the allowable amount of seller credits, form 6% to 3%, and the possible change from allowing 3.5% down to 5% down payment.
As for rates, they have gone up about .25% in the last few days and today is no different. The market is already looking like we’ll have a reprice for the worse. As you know from my previous posts, the Feds have stopped buying MBS or mortgage backed securities. This leaves a lot of supply on the market and with out demand, rates will have to go up to entice investors into the market place.
Last Friday also saw the best jobs report in 3 years and the stock market is reacting positively to that today, as it was closed on Friday.
Feel free to comment or share with anyone you know.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Follow me on Twitter
Learn When to Pay Points
Apply for a loan online
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages * HomePath * Flips
MARCH 25TH, 2010
By MATT STEINMETZ
Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit Legislation.
Starting May 1st, the very day after the federal tax credit ends, California’s tax credit kicks in!!!
This time it’s not just for new homes either. First time buyers, purchasing new or existing homes can apply for the lesser of 5% of the sales price or $10,000. This is good for accepted purchase contracts from May 1st through Dec 31, 2010.
Post a comment and let me know what you think about this. Is it going to help? Do you know anyone who needs to know this? Please pass this along by using the share button, or copy the link in your browser.
I’m here to help, let me know what I can do for you, or someone you know.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Follow me on Twitter
Learn When to Pay Points
Apply for a loan online
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages
MARCH 18TH, 2010
By MATT STEINMETZ
We now have 4 offices in CA and more coming this year. Starting in Concord, CA in July of 2008 in a small space and only 3 loan originators, we grew quickly and have nearly tripled our Concord office space and originators.
Vacaville opening in October 2009 with also only 3 originators has already expanded its space and is already home to 10 originators.
Next was Fullerton, CA in Orange County with 3 originators and our newest office is in San Diego and starts with 5 originators. I am sure these will be expanding in no time.
Our sites for our next office? San Luis Obispo and with any luck, that will be very soon!
We are always looking for experienced, and active loan originators. If you or someone you know would like to see what Envoy Mortgage has to offer, please visit www.envoyca.com or contact me for more information. Individuals or branches are accepted. Envoy Mortgage is a mortgage bank and not a net branch.
Join the team!
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
msteinmetz@envoymtg.com
Follow me on Twitter
Learn When to Pay Points
Apply for a loan online
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages
MARCH 18TH, 2010
By MATT STEINMETZ
10 days left of the Fed’s mortgage backed securities (MBS) purchase program! Experts say rates will go up. Not right away, or perhaps right away, but rest assured the signs are pointing one direction, up!
Best bet is to lock in now. Rates are still very low and why risk missing the boat when the forces seem to be stacking against rates going lower.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
msteinmetz@envoymtg.com
Follow me on Twitter
Learn When to Pay Points
Apply for a loan online
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages
JANUARY 28TH, 2010
By MATT STEINMETZ
I heard the Tavern on the Green in Central Park is or has just closed. Here is a picture I took while there last September. Many people remember this place by the manicured animal shapes like this one.
The Fed says that the Fed’s Mortgage Backed Securities purchase program (see previous post), will end March 31st. Overall this news was taken bad as rates got a little worse yesterday.
Also in a previous post, I commented on FHA changes. Well it looks like the date for the increase in up front mortgage insurance (UFMIP) is April 5th. The increase, just days after the Fed stops buying MBS’s, takes the UFMIP from 1.75% of the loan amount to 2.25%. If you look at a $300,000 purchase price, and use FHA with the minimum 3.5% down, after April 5th your UFMIP will be $1,582 higher! This is can be a problem for a lot of people. I know, because I see how people struggle to save just enough for a down payment and closing costs.
It is true that UFMIP can be, and usually is financed into the loan amount, how ever that means higher payments. While the impact to payments is low, those buyers who are already on the border for qualifying will be affected.
At some point the cap for seller credits will come into play as well. Currently a seller can credit 6%, but FHA will shrink that to 3% sometime soon.
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Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages
JANUARY 4TH, 2010
By MATT STEINMETZ
Only 12 weeks remaining of the Fed MBS purchasing program. I’ve blogged this before but let’s recap.
The fed planned to spend 1.25 trillion dollars buying mortgage backed securities, which are really just bundles of loans, like yours, that are sold on a secondary market, like stocks and bonds. They have spent over 1 trillion and with only 12 weeks remaining will be winding down this program. Why should you care?
Since the secondary market is like any other and responds to supply and demand, when there is less demand, investors will need to be enticed to buy. How do you do that? With larger returns. In this case returns are created by the interest rates, so you can see that higher rates will be needed. This is of course passed on to the consumer, meaning home loan rates are expected to go up.
If you or anyone you know has been on the fence, to buy or refinance, time is running out. We may or may not see one more dip before the 12 weeks is up, but rest assured that unless the Fed extends the program, rates will go up.
Couple higher rates with foreclosures and short sales, we can expect a slight loss in the (small) gains we saw late last year in housing prices. As rates go up the buyers lose purchasing power and are less likely to buy higher priced homes.
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Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-A2 Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Learn When to Pay Points
Information about the $8,000 First Time Buyer Tax Credit
Information about the $10,000 New Home Tax Credit in CA
Apply for a loan online
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages
