11/27/2013

High Balance Loan Limit One More Year


Maximum Conforming and High Balance Loan Limits Remain the swame for HERA Loan Limits for 2014: Summary of High-Cost Areas

Fannie Mae and Freddie Mac announced today the extension of High Balance Mortgage Loan Limits. Frankly we are fortunate as our government seems to be backing out of the loan business.
Metropolitan Statistical Areas: 

Statistical Areas and Rural Counties where Maximum HERA Conforming Loan for 2013

Limits for Mortgages Acquired in 2014 exceed $417,000 in Contiguous U.S. or $625,500 for locations in Alaska, Hawaii, Guam, and U.S. Virgin Islands

Published November 27, 2013
ORANGE COUNTY CALIFORNIA Most zip codes $ 625500. High Balance Mortgage Loan remains available

VA Washington-Arlington-Alexandria, DC-VA-MD-WV (Metropolitan Area)

Component Counties (VA): Arlington, Clarke, Culpeper, Fairfax, Fauquier,

Loudon, Prince William, Rappahannock, Spotsylvania, Stafford, Warren

Component Cities (VA): Alexandria, Fairfax, Falls Church, Fredericksburg,

Manassas, Manassas Park

$ 625,500 $ 8 00,775 $ 967,950 $ 1,202,925

VA Cumberland $ 535,900 $ 6 86,050 $ 829,250 $ 1,030,600

VA King and Queen $ 535,900 $ 6 86,050 $ 829,250 $ 1,030,600

VA Lancaster $ 442,750 $ 5 66,800 $ 685,100 $ 851,450

VA Louisa $ 535,900 $ 6 86,050 $ 829,250 $ 1,030,600

VA Surry $ 458,850 $ 5 87,400 $ 710,050 $ 882,400

WA Seattle-Tacoma-Bellevue, WA (Metropolitan Area)

Component Counties: King, Pierce, Snohomish

$ 506,000 $ 6 47,750 $ 783,000 $ 973,100

WA San Juan $ 483,000 $ 6 18,300 $ 747,400 $ 928,850

WV Washington-Arlington-Alexandria, DC-VA-MD-WV (Metropolitan Area)

Component County (WV): Jefferson

$ 625,500 $ 8 00,775 $ 967,950 $ 1,202,925

WY Jackson, WY-ID (Micropolitan Area)

Component County (WY): Teton

$ 625,500 $ 8 00,775 $ 967,950 $ 1,202,925

MP Northern Islands $ 524,400 $ 6 71,300 $ 811,450 $ 1,008,450

MP Saipan Municipality $ 529,000 $ 6 77,200 $ 818,600 $ 1,017,300

MP Tinian Municipality $ 532,450 $ 6 81,650 $ 823,950 $ 1,023,950


trellis

rain chain




11/21/2013

203K The Fixer upper Loan

FINANCING A FIXER-UPPER? PURCHASE AND REHAB ALL IN ONE FHA LOAN.

This program offers the unique features that make FHA loans excellent financing solutions in today’s market:

 PURCHASE OR REFINANCE 1-4 UNIT PROPERTIES (OWNER-OCCUPIED ONLY)
FHA DOWN PAYMENT (3.5%)
FLEXIBLE CREDIT
QUALIFYING ASSUMABLE LOANS






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Purchase or refinance 
Remodel the kitchen or bath 
Renovate or add a room 
Paint the house or add siding 
Add a porch, deck or patio 
Replace a leaky roof 
Put in new flooring, carpeting or tiling 
Update electrical wiring, plumbing or heating systems 
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Committed to Seeing You Home. Eagle Home Mortgage 8105 Irvine Center Drive #500 Irvine CA 92618 NMLS #849059 CA #813I609 Universal American Mortgage Company of California, dba Eagle Home Mortgage of California. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. RMLA #4130383, NMLS #252392. Certain restrictions apply. This is not a commitment to lend. Applicants must qualify.


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11/20/2013

Fair Lending





ECOA Violations identifying mortgage lenders and fixing or penalizing mortgage companies, banks and lenders who are "unfair"
 
Corrective action is required “…when the self-test shows that it is more likely than not that a violation occurred, even though no violation has been formally adjudicated” (12 C.F.R. §1002.15(c)(1)).  In order to secure the privilege that comes with self-testing and corrective action, the corrective action must be “appropriate.” 

Regulation B provides guidelines for determining whether a creditor’s response to potential ECOA violations is appropriate.  First, the corrective action must be “…reasonably likely to remedy the cause and effect of a likely violation…” (12 C.F.R. §1002.15(c)(2)). 

regulations state that corrective action is reasonably likely to remedy the cause and effect of a violation if it:

  • Identifies “…the policies and practices that are the likely cause of the violation…” and
  • Assesses the “…extent and scope of any violation…”

(12 C.F.R. §1002.15(c)(2))

If self-testing reveals evidence of an actual or potential compliance failure, the creditor must determine whether it is necessary to provide remedial relief.  If the self-test involved the use of testers, and one of the testers received discriminatory treatment, the creditor is not required to provide remedial relief to the tester (12 C.F.R. §1002.15(c)(3)(i)). 

However, if the self-test shows that a credit applicant’s rights “…were more likely than not violated,” then the creditor is required to provide remedial relief to that applicant, unless the statute of limitations on an action available to the applicant has expired (12 C.F.R. §1002.15(c)(3)(ii-iii)).

In 2009, the DOJ, the Department of Housing and Urban Development (HUD), and the federal banking regulatory agencies wrote a Statement of Policy to address concerns regarding evidence of discriminatory treatment experienced by prospective homebuyers and borrowers.  This Statement includes answers to questions asked by financial institutions, including answers to inquiries regarding what a lender should do if self-testing shows evidence that lending discrimination exists.

·         Determining whether the discriminatory act or practice was the result of faulty lending policies, poor implementation of lending policies, or an isolated incident
·         Correcting policies or practices that may have led to a discriminatory act or practice
·         Disciplining and training employees involved
[1] Department of Housing and Urban Development and Department of Justice, et al. “Policy Statement on   Discrimination in Lending.”  3 Dec. 2009. Question 6. http://www.fdic.gov/regulations/laws/rules/5000-3860.html
Noting that while it does not “expunge or extinguish legal liability for violations of the law,” proactive measures that include self-testing and corrective action “…will be considered as a substantial mitigating factor by the primary regulatory agencies when contemplating possible enforcement actions.” [1]  The Statement also notes that self-testing and self-correction are regarded as a “substantial mitigating factor” when the DOJ and HUD determine whether to seek penalties in an action for ECOA violations.
Photographs of birdhouses in my Laguna Beach neighborhood, to cheer you up and make this legal information not so boring.