To some it’s obvious and to others it’s not, but the following items are critical during the loan process.  If you have questions about these or are in the middle of your loan process and have to do one of these let me, or your loan officer know (always tell your loan officer) so you can be sure you are not affected negatively.

IMPORTANT

It is critical to the success of your loan package that you avoid doing any of the following until after your loan has closed escrow:

1. Do not change or quit jobs.

2. Do not switch banks, make cash deposits or move your money around.  If you do please keep a complete crystal clear paper trail that shows all money transfers and deposits between accounts.

3. Do not pay off bills. You should continue to pay the amount required, but do not assume that paying a debt off will alwasy benefit your score or loan approval.

4. Do not make any major purchases.  Adding debt can be detrimental.

5. Do not close credit accounts or apply for any new credit cards or loans.

If you must do any of the above, PLEASE CONTACT YOUR LOAN OFFICER IMMEDIATELY. Audits are done just prior to funding and you may be placing your loan in jeopardy if you do not notify your lender of any changes.

Hope that helps!  Please share and leave comments here.

Matt Steinmetz

The following items are normally needed during the loan process.  Your lender may require more or less but this gives you a basic idea of what to expect.  All of these items may not apply to you, for example if you are not divorced you can ignore that requirement.

• Most current paycheck stubs (cover 30 days) for all jobs, disability, etc
• W-2 or 1099s for years 2009 and 2010 for all employers and all income received
• Complete copies of your Federal tax returns with all of the schedules for 2009 and 2010 (page 2 signed)
• Divorce decree/marital property settlement or Legal Separation paperwork if applicable
• Most recent 3 months bank statements for all bank accounts (all pages)
• Current quarterly statements of investment accounts (retirement, 401K’s) (all pages) if being used for down payment, reserves, or for paying closing costs
• Complete bankruptcy papers, including final discharge document if applicable
• Landlord name, address and phone number for last 2 years (if you rent)
• Proof of current homeowner’s insurance policy on your home
• Mortgage statement for your Current Mortgage(s) (for all properties) and all houses
• Clear and enlarged copy of Drivers License for each borrower
• Copy of Trust paperwork if title is held in a Trust or Income comes from a Trust

Let me know if you have any questions!

Matt Steinmetz

This is me wishing everyone a Merry Christams and Happy Holidays with a bonus music track!

Share this with your social media and comment below.

Happy New Year,

Matt Steinmetz

First off this video is a little long.  I find myself pressed for time this holiday season so I shot this in one take just to be sure to get this out.  Watch it in parts if you must as it’s about 5-6 minutes long.

Click here to view the embedded video.

The updates I received are both encouraging and discouraging!   They’ll raise you up and bring you down!  Who knew loans could be so dramatic, like a Hollywood picture show!

If you prefer to read here it is:
No Loan To Value limit on “refi plus” loans- Refi Plus is a manual underwritten loan through your current servicer.
· DU refi plus loans will NOT be eligible until March 2012- DU Refi Plus loans can be originated by any licensed originator once the automatic underwriting systems are updated.  Until then you can only apply trough your current servicer.
· No Combined Loan To Value Limits- those with second loans can still qualify
· 105% LTV for fixed period (5 or greater) ARMS and 40 yr terms 2.

Refi plus u/w changes
· No late pays in past 6 months · No more than 1×30 in months 7-12 · No minimum credit score requirement when payment is not increasing more than 20%. · Re-qualify borrow if PITI is increasing by more than 20% and borrower must have/meet: 620 FICO, 45% max DTI, verify income/assets/assets to close per selling guide · If note provides for more than one payment, then use lowest payment to qualify · If payment is increasing 20% or less, than normal refi guidelines apply
Bankruptcy and Foreclosure policy-Waiting and re-establishment requirement removed on BOTH the new and existing loan 4. LLPA (Loan Level Price Adjustments)
Lender follows DU findings re: income, employment, asset, fieldwork c. Lender complies with all other requirements to the guide · When DU offers a fieldwork waiver, Fannie will accept property value estimate submitted to DU as the market value, and Lender is not required to make any rep or warrant as to value, marketability, and condition. · If Lender obtains appraisal on property, then standard reps and warrants apply · Lender not responsible for Condo project eligibility rep/war except for the requirement of the property is not in a condo/coop hotel or motel.

Other requirements with respect to the original loan:
a. the loan was eligible for sale to Fannie the first time
b. original loan was in compliance to current laws
c. No know scheme or patter of fraud involving 2 mortgages and 2 perpetrators, etc
d. Condo, coop, or PUD project must meet original requirements
e. If no new appraisal obtained, Lender must rep/war that the current value is not less than the original value from the original appraisal report.(Fannie Mae is confirming if this is accurate or not. · If a new appraisal received, then Lender must rep/war just like any other loan
· Lender not responsible for any QC findings from Fannie after the fact · Lender not responsible for any max DTI (except as stated earlier)
· Not responsible for acceptable credit history (except as stated earlier)
· Not responsible for undisclosed liabilities (except as stated earlier)

Contact me or COMMENT BELOW and share with your friends and social media 

Matt Steinmetz
www.mattsteinmetz.com
twitter:steinmetzmatt

Read more:

http://www.envoymortgage.com/news/vacaville-branch-supports-21st-airlift-squadron-travis-air-force-base

Matt Steinmetz

twitter:steinmetzmatt

The limits now expire on December 31, 2013 and applies to all high cost areas like ours in Contra Costa County and surrounding areas.  Fannie Mae and Freddie Mac are limited to $625,500 in our area but that is still better than the $417,000 that it would be at if Congress did not raise this prior.

Spread the word as this should help some folks and make them happy.  Share this along with the buttons below.

Click here to view the embedded video.

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

Visit Envoy925.com

Office:925-671-9501 x119
Fax:925-671-9512

Down Payment Assistance*FHA*VA*HomePath*FHA
203K*Less Than 90 Day Flips*USDA*Condo Approvals*Escrow Holdbacks*and now Up
to 8 Financed Properties

1. every time you list property, ccar generates a free property website at streeturls.com and google indexes this site
2. home opens today.com #1 open house website in norcal
3. CCAR has over 2700 followers on Facebook (maybe Realtors should link your listings here?)Free training on social media at ccar
4. CCAR mobile portal m.ccartoday.com
5. 20 photos on mls listings and soon to be more.  My Question to CCAR-Can you geo tag those? (this will help with Google’s new  localized search results)
6. cloud cma?   (sorry I didn’t get much on this topic.  Please comment if you have info to share)
7. Short sale help desk coming soon at CCAR

Robert A. Kleinhenz Ph.D. 
Deputy Chief economist CAR 

• GDP normal grows at 3.6%- coming out of a recession needs to grow faster.  3rd qtr 2011 grew 2.5%
• Unemployment continues to be high
• On Avg we are adding 125k people to job force each month.  We need to create at least this many jobs to keep unemployment from getting worse plus we have to add more for the people that were laid off.  This is why unemployment isn’t getting better.
• Inflation seems to be tame and in check for now.  Other items like jobs are more important to focus on
• need to produce 400k jobs per month to get to a 6% unemployment
• When economy is slow Gov. can get involved to jump start economy- but the consumer spending is a huge portion and needs to come back.  In 3rd qtr 2011 consumer spending went up ut consumer savings went down at the same time.
• We are growing but not growing fast enough
• fed has committed to keeping interest rates low for next couple of years.
• House sales should see around 500k annually (total units sold), we are just below this for the year and was a little below this last year around 491k
• 250k sold annually in 2007
• Home price- median price for state $287,440 this is down 8.3% year over year.  Fairly stable home prices over the past couple months.
• 55% of total market place were non distressed sales up to September- 45% REO and short sales
• See video on shadow inventory
• CA housing leads the nation. CA bottomed out first and is recovering first “we took our licks early on”
• 76% of deals did not close escrow on time in 2011 out of clients surveyed by CAR
• Watch this video regarding standing/shadow inventory:

Click here to view the embedded video.

As of Sept. 2011 on Contra Costa County we had 3,600 in shadow inventory or 2.6 months of inventory.  This is moderate pressure on the market.  Rents are on the way up (↑ 8% in the Oakland MSA)  However the outlook for home sales in 2012 is barely better than 2011.  This is interesting the since affordability in Contra Costa County is very high.  Buyers are getting much more bang for their buck than just a few years ago.  Speaking of buyers, it’s no surprise to me that 34% of sales in 2011 were for first time buyers.  Here’s a good spot to plug my buyer education page! 

A copy of the presentation information can be found at www.car.org/marketdata 

The remainder of the information was regarding laws that will come into play.  Most were dealing with short sales, foreclosures, and notices to renters when filing a N.O.D.  and N.O.S. for homeowners.  I encourage you to call the CAR legal hot line for more info on laws.  (I don’t want to quote them wrong on this!) 

My brain locked into the following bit of info/opinion as it was also mentioned last year at the same event.  Which is that the housing market will see a shortage of inventory later this decade.  Meaning that since new homes are not readily being built, when the market turns around and homes are being purchased faster, inventory will be low.  When inventory is low and qualified buyers are high… That means increases in home prices.  Demand>Supply

Please share this with the buttons below and leave a comment.  Let me know what you think about all of this and how it affects you!

Thank you,
Matt Steinmetz  nmls# 221315
Envoy Mortgage
2151-A2 Salvio St.
Concord, CA 94520

Visit Envoy925.com

Office: 925-671-9501 x119
Fax: 925-671-9512

Down Payment Assistance*FHA*VA*HomePath*FHA 203K*Less Than 90 Day Flips*USDA*Condo Approvals*Escrow Holdbacks*and now Up to 8 Financed Properties

The FBI spoke today at the lunch event put on by NAHREP here in Concord, CA.  Here’s what they had to say:
*If you lie in order to get something of value, you could be charged with mortgage fraud.
*Mortgage fraud is committed for 2 reasons- to get a house and to get profit.
*Investigating Mortgage fraud is easy ecause there is always a paper trail!
*Gangs use straw buyers to buy houses and infiltrate neighborhoods.  Straw buyers are when someone uses a persons identity to buy a house becuase they don’t qualify themsleves.  The straw buyer is paid to buy houses
*Poor Economic conditions create breeding grounds for mortgage fraud.
*L.A. is the #1 city in CA for mortgage Fraud
*Over 3,000 activ cases today with around 1 million dollars in losses on each case.
*62% of cases pertian to loan originatin schemes.  Usually faking loan documents or misrepresenting income.
Types of Fraud
*Air Loans- when the property doesn’t exist.  There is no real collateral.
*Flips- when someone buys a house for cheap, inflates price a resells and does this over and over on same property.
*Silent seconds- Buyer uses someone elses money to buy a house but the 1st lender is not aware of a silent non recorded 2nd loan on the property.
*Foreclosure Rescue- person tells owner they will save them from foreclosure if owner ads their name to deeds.  Then person can sell home or obtain new loans on the property and walk away with profit.
Red Flags
* Inflated Appraisal
* Bonuses to brokers
* Higher than normal fees
* False Identification
* Signings off site
* Does not have physical business adddress or disclose business license
* Borrower or investor lacks mental or physical capacity
* Language and communication issues
* Borrowing that is not consistant with borrowers income or needs

It was interesting to hear the crowds response to this.  Layering of some of the items above is a clear cut example of when something wrong is taking place.  People who commit these crimes are selfish beings and are hurting the entire economy for self profit.  It’s a shame that law enforcement don’t have more funds to pursue these folks.

Leave a comment and share thsi with your friends with the links below.

Matt Steinmetz
Envoy Mortgage

Click here to view the embedded video.

Watch the video and leave comments here.  Be sure to share this with your friends, family and co-workers because this may help a lot of people.

Matt Steinmetz
Envoy Mortgage

Concord, CA Contra Costa County
925-548-3983

This video discusses the estimate from the Mortgage Bankers Association that the loan volume for 2012, industry wide will drop by 25%.  This will force more lenders, individuals and companies, to leave the industry.  The video also touches on where rates are today and what to expect.  Watch to see what this means for you.

Matt Steinmetz
Mortgage Banker
Branch Manager
nmls#221315

Envoy Mortgage
Concord, Ca
Contra Costa County