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
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.
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.
FHA * VA * CALPERS * CALVET * FHA 203K Rehab Loans * Energy Efficient Mortgages * HomePath * Flips * County/City Homebuyer Assistance Programs
Envoy Expands Underwriting Dept. into CA
Fannie Mae Cuts Interest Only Program and Releases ARM Updates;
Lenders are still on the conservative trend. Tightening up on the loan programs that the medi has spun as toxic.
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
Details of HAMP Improvements and New FHA Refinance Program.
the link above will give you a few details. Here are some details:
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
| Big ’09 Growth For a Startup Texas Lender |
|
| By Paul Muolo National Mortgage News Page 1 Sep 28, 2009 Eighteen months ago when industry veteran Rick Thompson bought into a small mortgage banking firm in the Houston area – with an eye toward molding it into a national lender – people thought he was crazy. “I was told this wasn’t such a good idea,” he said. “The industry had blown up, especially the middle-tier firms.” A further challenge for Mr. Thompson – who’s been in the business for three decades – is the fact that Envoy Mortgage is a non depository and depends on warehouse lines of credit. “Three months ago our warehouse providers were Colonial, Guaranty and National City.” In case you’ve been living in a cave, here’s an update on those three firms: Colonial Bank (once the nation’s largest warehouse provider) has gone bust, as has Guaranty. As for National City, it’s now the property of PNC Financial Services, a bank well known for loathing the residential mortgage business. PNC, said Mr. Thompson, is continuing to extend credit to Envoy and BB&T “has picked up our Colonial line.” Even though three months ago Envoy had just there warehouse lenders, today it has six. And business is booming at the 50-branch retail-only lender. By the time 2009 ends, Envoy will fund $2 billion in loans, a handsome 189% gain from last year. All of its originations are either Fannie Mae, Freddie Mac or FHA-guaranteed product. Most of its loans are sold servicing-released, but Envoy one day hopes to service its own originations. The company is a Fannie Mae seller/servicer and is waiting on final approvals from Freddie and GNMA. Mr. Thompson, who made his name in the industry by managing Troy & Nichols of Monroe, La., and then later on Aegis Mortgage, Houston, wants to take the company to the next level. (Mr. Thompson left Aegis in 2006, a year before it filed for bankruptcy protection. He’s declined to talk in detail about Aegis’ majority owner, Cerberus Capital, but he’s made it clear in past interviews that he and the hedge fund’s upper management didn’t exactly see eye-to-eye. Aegis was a Fannie/Freddie/alt-A lender with occasional forays into subprime.) His ultimate goal is to make Envoy into what he calls a “middle tier” lender, one that ranks between 10th and 50th nationwide. In short, he believes much of the old existing middle tier has gone bust and that in time a new middle tier will rise from the ashes. “We believe the middle tier will be reconstituted,” he said. But to get there, Envoy, said Mr. Thompson, will need additional capital – and a banking charter. “We’re looking to buy a bank or affiliate with one,” he said. “I’ve been looking at a lot of banks these days but we’re not quite there yet.” Whether he and his partners will actually get a bank remains to be seen, but rest assured he isn’t the only nonbank executive toying with the idea of getting his hands on a depository. Rumors abound that all sorts of former nonbank executives are lining up to buy depositories for the simple reason they want a reliable source of funds (deposits) which they can use to fund and service residential originations. One West Coast-based nonbank servicer I know told me recently that he’s been looking at dozens of banks in California but so far hasn’t found a small to midsized depository that he can get comfortable with. “A lot of them have commercial (real estate) loans that are ready to explode,” he said. As for Mr. Thompson, he’s hopeful. He believes that thanks to the industry’s warehouse crisis being small these days puts nonbanks of all sizes at a major competitive disadvantage. “Smaller firms are definitely having a tougher time getting warehouse lines. There’s a fear about buyback requests,” he said. “And then there’s the cost of compliance – it keeps going up.” |
|
On a personal note I enjoy working with Envoy Mortgage and look forward to the future as we grow. Envoy is truly a great company to work for.
Matt Steinmetz
Tags: envoy mortgage, Fannie Mae, fha, home loans, matt steinmetz, purchase, refinance
Fannie Mae had recently come out with their DU Refi Plus program which allows borrowers to refinance up to 105% of their homes value. This helps, but very little as most people who bought in the last few years are more under water than that. However it appears as of September 1, 2009 the new guidelines will allow refinances up to 125% of the homes value. This should encompass more homeowners, though still not a significant number for those of us in California, but even still kudos to Fannie Mae for trying. If you think this helps you, let me know and we’ll discuss further. Remember that your home loan must be owned by Fannie Mae to qualify and chances are you do not know who owns the loan. It is not necessarily the company you write your check to, as other companies retain servicing rights to loans even after the sell them off to Fannie Mae. Contact me and I’ll help you find out if Fannie Mae is the owner of your loan.
Feel free to comment below or share this with your social network.
Loading ...
