AUGUST 25TH, 2010
By MATT STEINMETZ
FHA Eliminates Unlimited CLTVs for Refinance Transactions
This update from Mortgagee Letter 2010-24 contains changes to the new maximum CLTV limits for refinance transactions, which will be effective for case numbers assigned on or after September 7, 2010.
The combined amount of the FHA-insured first mortgage and any subordinate lien may not exceed the applicable FHA LTV AND the geographical maximum mortgage amount (does not apply to streamline refinance transactions).
Here are the 4 Maximum CLTVs for Refinance Transactions that you need to know about:
Rate and Term (or No Cash Out) Refinances = 97.75%
Refinances for Borrowers in Negative Equity Positions* = 115%
FHA-to-FHA Streamline Refinances With or Without Appraisals = 125%
Cash-out Refinances = 85%
via LoanToolbox.com – FHA#FHA#FHA#FHA.
Let me know if you have any questions.
Matt Steinmetz
Envoy Mortgage
Located in Contra Costa County in Concord, CA
AUGUST 5TH, 2010
By MATT STEINMETZ
Fannie Mae Unveils Website to Assist Distressed Homeowners.
Check out the new website by Fannie Mae. Comment here and let me know what you think.
Matt Steinmetz
Envoy Mortgage
Concord, CA
Contra Costa County
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
AUGUST 4TH, 2010
By MATT STEINMETZ
http://mattsteinmetz.com/blog/envoy-hires-ca-underwriter/
The above link shows a post where I talk about Envoy Mortgage’s new underwriting center in Irvine, CA. We are now hiring an underwriter and senior processor. If you or someone you know has experience as an underwriter or senior processor let me know.
Envoy Mortgage is also looking to fill these positions in Houston and Atlanta.
Matt Steinmetz
925-671-9501 x119
Envoy Mortgage
Concord, CA
Contra Costa County
JUNE 14TH, 2010
By MATT STEINMETZ
Housing Report
House Passes FHA Reform Bill
By a very strong bipartisan vote of 406 – 4 the House passed H.R. 5072, the “FHA Reform Act of 2010″. This bill, sponsored by Rep. Waters (D-CA) and Capito (R-WV) strengthens the FHA mortgage insurance program while keeping the program affordable and available for responsible homeowners. The bill will allow FHA to increase the annual (monthly) premium. This is a victory for homebuyers. In February, FHA increased the upfront premium from 1.75% to 2.25%. With this new authority, HUD will DECREASE the upfront premium to 1% and increase the annual premium from .55% to .85%. This will reduce the upfront burden on homeowners while most quickly restoring FHA’s reserves to the congressionally mandated level. The bill also included an amendment to increase the FHA multifamily loan limits in multi-story (elevator) buildings. The House defeated amendments to raise the FHA downpayment requirement, decrease the loan limits, and cap the market share for FHA. The NAR-supported bill now moves to the Senate.
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
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
MARCH 29TH, 2010
By MATT STEINMETZ
Details of HAMP Improvements and New FHA Refinance Program.
the link above will give you a few details. Here are some details:
- Temporary assistance for unemployed homeowners while they search for re-employment. Payments reduced to affordable level for a minimum of three months, and up to 6 months for some borrowers, while eligible homeowner looks for new job.
- All servicers (who you make the check to) are requirement to consider alternative principal write-down approach and increased principal write-down incentives. This pertains to borrowers who owe more than 115% of the homes value
- Other implementations are to reach more consumers and help those going through foreclosures by making the process smoother.
Thank you,
Matt Steinmetz
NMLS# 221315
Envoy Mortgage- Hiring experienced Loan Originators, Ask me for more info.
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
NOVEMBER 6TH, 2009
By MATT STEINMETZ
The House and the Senate have passed the extension of the Homebuyer tax credit and made some changes. The President is expected to sign it into law tomorrow.
For 1st time buyer’s or those who have not owned a home in the last 3 years, the tax credit is $4,000 for singles and $8,000 for couples, with income restrictions maxing out at $125,000 for singles and $225,000 for couples.
Current homeowners, who have owned a home for 5 of the previous 8 years, can now also get a credit of $3,250 for singles and $6,500 for couples with the same income restrictions.
Purchase agreements must be signed by 4/30/2010 and close by 6/30/2010
Those in the armed forces, stationed outside of the U.S. on official duty for 90 days during the period of 1/1/2009 – 5/1/2010 have an extended time frame for signed purchase agreements to 5/1/2011 and closing to 6/1/2011.
Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Visit my blog for my most recent mortgage related update.
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
NOVEMBER 1ST, 2009
By MATT STEINMETZ
AB 957 Galgiani (D-Livingston) This law will mandate that buyers of foreclosed homes would have the choice of using a local escrow office to handle the transaction. It also prohibits a seller of residential property from requiring the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by the buyer.
This is Good News! If you have been involved in a purchase of a foreclosed home, you know that the escrow companies were forced on you by the seller. These companies, for the most part, were out of the area, over worked and simply not caring to your needs, since their client was the bank with the foreclosure. Terrible service is usually accompanied with these transactions. Now you can choose your own escrow company, a local company that you or your agent/lender has a relationship with. One that will care for your needs.
A small victory but one that helps!
Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
FHA* VA * CALPERS * CALVET * FHA 203K Rehabilitation Loans * Energy Efficient Mortgages
JULY 29TH, 2009
By MATT STEINMETZ
What’s Going on with Inflation and Interest Rates?
If you’ve seen the news lately, you know concerns about inflation are increasing. But what does it really mean to you?
The fact is, inflation is a very serious issue, and it will likely be on the rise as 2009 proceeds…and along with it, home loan rates will rise too.
To help you learn more about this important topic, I want to send you a link to a short video, featuring the nation’s foremost mortgage industry expert. In this video, you’ll learn how inflation impacts interest rates and what the outlook is for down the road.
Because home loan rates will be on the rise, if you or any of your family, friends, neighbors or co-workers have been considering a purchase or refinance, now’s the time to act.
Please contact me today to discuss your specific situation, and feel free to forward this email and video link along to others that you think might benefit from it as well.
Watch the Video
Thank you,
Matt Steinmetz
Envoy Mortgage
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
Fax 925-940-9639
msteinmetz@envoymtg.com
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
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