Low Rates

 If you locked your rate in the last two weeks

JUMP SHIP and come over to lower rates

Ask me how

(949) 784-9699

http://wpo.st/VYgj1

The stock market’s plunge following the Brexit vote was bad for most people’s retirement accounts but good for those looking to refinance their mortgage. Even as the market has started to recover its losses and the flight to bonds’ safety has eased, home loan rates remain down.

Despite the low rates, growing pessimism over the direction of the economy is spilling over into home-purchase sentiment. Pending home sales – those deals that are under contract but have not closed – declined in May, marking their first annual drop in nearly two years. Rates may be low, but not many people are rushing out to make a big purchase such as a home with so much economic uncertainty. The group most likely to benefit from low rates are homeowners seeking to refinance.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average plunged to 3.48 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.56 percent a week ago and 4.08 percent a year ago. Since the beginning of the year, the 30-year fixed rate has plummeted nearly 50 basis points. (A basis point is 0.01 percentage point.) It has fallen 18 basis points in the past month alone.

The 15-year fixed-rate average sank to 2.78 percent with an average 0.4 point. It was 2.83 percent a week ago and 3.24 percent a year ago.

The five-year adjustable rate average dropped to 2.70 percent with an average 0.5 point. It was 2.74 percent a week ago and 2.99 percent a year ago.

[Mortgage applicants may benefit from changes in credit-scoring system]

Website:

http://carolinegerardo.eaglehm.com/

blog:

http://cgbarbeau.blogspot.com/

Cell : (949) 784- 9699  7 AM – 7 PM 7 days a week

After hours email  carolinegerardo@yahoo.com

Trashes Dodd Frank

Burned Kettle

Calling the Dodd-Frank Act a “negative force,” presumptive Republican presidential nominee Donald Trump says he will unveil a plan to overhaul the controversial Wall Street reform law that was passed in 2010 in response to the crisis.

While he did not disclose specific changes he would  dismantle Dodd-Frank.

“Dodd-Frank has made it impossible for bankers to function,” Trump said “It makes it very hard for bankers to loan money for people to create jobs, for people with businesses to create jobs. And that has to stop.”

The presumptive Democratic presidential nominee, Hillary Clinton, was swift to respond to Trump’s stated intention to overhaul Dodd-Frank. Wednesday morning, Clinton tweeted, “Latest reckless idea from Trump: gut rules on Wall Street, and leave middle-class families out to dry.”

I'm not sure either one knows what they are speaking about. Dodd Frank was a well meaning but stupidly executed plan. Dodd Frank made the big banks richer and the little guy not to get a mortgage. Dodd Frank did not get the crooks and liars out of mortgage banking, the tin men sales people moved to loan modifications, those who couldn't pass a knowledge test moved to sell cars or work under someone else's license. I challenge Borrowers who say they had no idea their payment might go up. I do admit that African Americans were preyed upon by some lenders, who gave them higher rate loans. Of the thousands of Option ARM loans I closed I have a tough time convincing a Borrower whose rate is now under 3% but has to make principle payments to refinance.

Republicans have been trying to roll back Dodd-Frank ever since it was passed in July 2010. Lately several bills aimed at chipping away at the law have gained traction in Congress. In mid-April, two  bills passed in the House Financial Services Committee; one to repeal Dodd-Frank’s bailout fund for large, complex financial institutions and one to put the Consumer Financial Protection Bureau’s spending on a budget in an attempt to make the Bureau more accountable to taxpayers. CFPB has become the gorilla in the day care center.

Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, recently told DS News that “America needs a new vision—a new model for financial reform—because the Dodd Frank Act is a failure.”

Democrats have generally been fiercely protective of Dodd-Frank and highly critical of Republican efforts to undermine it. Rep. Maxine Waters (D-California), ranking member of the House Financial Services Committee, said of those two bills that passed in the Committee in mid-April, “Both of these bills, if enacted, would take our financial system back to September of 2008, when regulators did not have the tools to protect consumers or the broader economy from financial sector ruin. It would take us back to a time when we were hemorrhaging nearly 800,000 jobs a month, household wealth dropped by $13 trillion, and millions of our fellow Americans were facing foreclosure, eviction, and potential homelessness.”

Where is our country going?

Tip if your kettle gets black from propane gas not being mixed right- Fells Napha soap on the pot can help. Rather than just calling the kettle black

Refinance Rules After Modification by Lender

Rules to Refinance AFTER Loan Modification

Mortgage RATES HAVE DIPPED AGAIN!!!!
Often Borrowers forget to tell Loan Officer/ Mortgage Banker that they completed a loan modification. Unfortunately these are handled like other credit dings such as Short Sales. One vital piece of information in determining the wait period is if forgiveness of debt (reduction of the loan amount was granted). This may not show on your credit report, however the information will be hung up with your laundry.

Below is a list of lenders and what their rules or wait periods are:


Refinance after Modification

FHA

3 year wait period if government assistance/principal write-down.
Exceptions to 3 years if substantial documentation of extenuating circumstances
Never less than 1 year.
Must have documented extenuating circumstances.
No lates on the mortgage in question in last 12 months
Must review all modification paperwork from lender.
Borrower must be in compliance with all lender’s requirements, such as occupancy time-frame, resale time-frame, if any.
Reason for short sale must be fully mitigated and supported by documentation.

Fannie requirements

Review all modification documentation and determine if there was principal forgiveness.
Obtain pay history from servicer (outside the credit report)
showing no 60 day lates in last 12 months. (as part of the deal the lender often agrees to waive or remove derogatory ratings.
Fannie wants to know if the borrower has been delinquent.)


CHASE requirements

4 year waiting with max 90 Loan to Value or Combined loan to value - in general HELOC seconds are NOT going to grant any new credit,
but a subordination of existing second may be arranged LTV/ CLTV.
7 year waiting for > 90 LTV/CLTV
3 year waiting if extenuating circumstances,
only on primary or NCO with up to 90 LTV/CLTV.
Must obtain explanation statement from borrower,
third party documentation confirming the events were isolated
and reduced Borrower income
Must review all modification paperwork from lender.
(Chase orders package from
lender not Borrower to avoid secrets)
Must go by more restrictive of these guidelines or AUS

Freddie Requirements

4 years wait
2 years wait with documented extenuating circumstances.
Must obtain explanation statement from borrower,
third party documentation confirming the events were isolated and reduced Borrower income
Must review all modification paperwork from lender.
Underwriter must comment on 1008

Wells Fargo Requirements

4 to 7 years wait
2 years wait if documented extenuating circumstance
Must review all modification paperwork from lender.
Minimum 680 credit score required
At least 10% down payment or greater if required by transaction
Reestablished credit

VA Requirements

Call the appropriate VA office to discuss the specifics of the case
Have lender modification documentation available
Depends on hardship (proof as with all these cases is a box
of paperwork to be verified)

June 2016 Caroline Gerardo copyright
(949) 784- 9699 cell
NMLS 324982
these rules of course can change

Guild Mortgage To Go Down in Shame?

Captain's Chair hand made 1800's Who is running the ship?

United States Files Lawsuit Alleging That Guild Mortgage Improperly Originated and Underwrote FHA-Insured Mortgage Loans

The United States has filed a complaint in the U.S. District Court for the District of Columbia against Guild Mortgage Company (Guild) under the False Claims Act for improperly originating and underwriting mortgages insured by the Federal Housing Administration (FHA), the Justice Department announced today.  Guild is a mortgage lender headquartered in San Diego, California. 

“This case is another example of the  Justice Department’s continued efforts to ensure that lenders that participate in the FHA mortgage insurance program act in good faith and conduct appropriate due diligence when committing the United States to insure home loans,” said Principal Deputy Assistant Attorney General Benjamin C. Mizer, head of the Justice Department’s Civil Division.  “To protect the housing market and the FHA fund, we will continue to hold responsible lenders that knowingly violate the rules.”

Guild participated in the FHA insurance program as a direct endorsement (DE) lender.  As a DE lender, Guild had the authority to originate, underwrite and certify mortgages for FHA insurance.  If a DE lender such as Guild approves a mortgage loan for FHA insurance and the loan later defaults, the U.S. Department of Housing and Urban Development (HUD), FHA’s parent agency, is responsible for the losses resulting from the defaulted loan.  Under the DE lender program, neither the FHA nor HUD reviews the underwriting of a loan before it is endorsed for FHA insurance.  HUD therefore relies on DE lenders to follow program rules designed to ensure that they are properly underwriting and certifying mortgages for FHA insurance and DE lenders must certify that every loan endorsed for FHA insurance is underwritten according to the applicable FHA standards.

The government’s complaint alleges that, from January 2006 through December 2011, Guild knowingly submitted, or caused the submission of, claims for hundreds of improperly underwritten FHA-insured loans.  The complaint further alleges that Guild grew its FHA lending business by ignoring FHA rules and falsely certifying compliance with underwriting requirements in order to reap the profits from FHA-insured mortgages.  For example, Guild allegedly allowed underwriters to waive compliance with FHA requirements when underwriting a loan.  Additionally, Guild used unqualified junior-underwriters who did not have a DE certification to waive mandatory conditions on higher risk loans where HUD required underwriting only by highly trained DE underwriters. (so much for the days of processors signing off conditions)

The government’s complaint further alleges that Guild’s senior management focused on growth and profits and ignored quality.  From 2006 to 2012, Guild conducted at least 125 branch audits in which almost 40 percent resulted in either a qualified rating or unsatisfactory rating.  A qualified rating was defined as having a “significant number of findings, and/or findings noted that have more serious impact or risk to Guild,” or “Knowledge of procedures and controls; however, they appear to be inefficient.”  An unsatisfactory rating was defined as one where “serious concerns were noted: lack of knowledge, procedures, and/or controls in branch.”  The complaint alleges that, through Guild’s quality control reviews, significant defects were found in over 20 percent of the FHA loans reviewed between 2006 and 2011 and over half the loans had either significant or moderate defects.  Significant defects included fraud, misrepresentation and other serious findings while moderate defects included not following guidelines.  However, Guild did not calculate or distribute any error rate during the relevant time period, thus management was not presented with these findings.  Additionally, for many of the quarters from 2006 through 2009, Guild did not even distribute any of the quality control findings to management.  As a result, Guild management often did not review or remediate findings from quality control audits during these years.  In the quarters where Guild management actually did review quality control findings, it did so almost a year after the loans closed and failed to timely address any identified problems.  

In 2013, Guild finally began addressing the quality of its FHA underwriting, Guild’s head of quality control pointed out the ineffectiveness of its past efforts at addressing loan quality:  “I’m not optimistic about training reminders and individual follow-ups being all that effective.”

The government’s complaint alleges that as a result of Guild’s knowingly deficient mortgage underwriting practices, HUD has already paid tens of millions of dollars of insurance claims on loans improperly underwritten by Guild, and that there are many additional loans improperly underwritten by Guild that are currently in default and could result in further insurance claims on HUD.  For example, the government’s complaint identifies a mortgage loan that was improperly underwritten in violation of HUD requirements, causing the borrower to default and HUD to pay the loss on the loan.  Specifically, Guild failed to verify the borrower’s prior rental payments, overstated the borrower’s income, failed to develop a credit history for the borrower who had no credit score, exceeded FHA’s qualifying debt to income ratio without determining whether certain compensating factors were present, and failed to identify the source of a large deposit made to the borrower’s account.  The underwriter at Guild improperly waived multiple conditions and allowed an unauthorized junior underwriter to do the same for other conditions.  In sworn testimony, the Guild underwriter admitted the loan failed to comply with FHA underwriting requirements.

“The Federal Housing Administration’s insurance program is meant to encourage lenders to expand opportunity for homeownership by providing financing to prospective buyers who otherwise might not be able to enter the housing market,” said U.S. Attorney Channing D. Phillips for the District of Columbia.  “To ensure that prospective homebuyers realize the dream of long term homeownership, the program has strict rules and is not a license for lenders to carelessly subject federal dollars to risk. This lawsuit is designed to help the FHA – and American taxpayers -- recoup tens of millions of dollars in losses attributable to a lender accused of improperly underwriting FHA-insured mortgages and committing the government’s guarantee to mortgages that failed to comply with program rules.”

“The decision to intervene in this matter should serve as a reminder of the priority given to pursuing lenders that violate HUD program rules in order to hold them accountable and the value of private citizen participation, including whistleblowers, in pursuing lenders that violate the rules,” said HUD Inspector General David A. Montoya.

“FHA relies on the honesty and integrity of those lenders participating in our program,” said HUD’s General Counsel Helen R. Kanovsky.  “The action we take today should send a clear message that we will not tolerate the abuse of our programs or of the families who should benefit from them.”

Falsifying documents, white outs, blind eye, ignoring guidelines oh my oh my.

The lawsuit was brought under the qui tam, or whistle blower, provisions of the False Claims Act by a former employee of Guild.  Under the act, a private party may bring suit on behalf of the United States and share in any recovery.  The government may intervene in the case, as it has done here.  The False Claims Act allows the government to recover treble damages and penalties from those who violate it. This not a disgruntled employee to be this huge. Offices were disrupted by gentlemen in black suits, thousands of empty legal boxes and access to emails and computer files.

The investigation of this matter was a coordinated effort among HUD, its Office of Inspector General, and the U.S. Attorney’s Office for the District of Columbia and the Civil Division’s Commercial Litigation Branch.

The action is captioned United States ex rel. Dougherty v. Guild Mortgage Company (D.D.C.).  The claims asserted in the complaint are allegations only and there has been no determination of liability.  

Losses to Guild could be in 100-600 millions'. 

Guild Mortgage does purchase, resale, and refinance mortgage loans. 

After decades of successful innovation and growth, Guild Mortgage Company is a mortgage banking company with more than 250 branches and satellites across the United States.

Guild may lose ability to sell loans to our government which is 99% of their business. What does this mean to the consumer? Apply somewhere else if your loan is in process. 

Martin Gleich frowns in his grave. A ship without a captain.

Mary Ann MCGarry who is at the helm?

Anyone who got a Guild FHA loan will line up for class action lawsuit next...

C. G. Eagle Home Mortgage California

No matter where you are in California, Eagle Home Mortgage is
here to close your loan quickly and with kindness.

It was a pleasure to work with you on a transaction in 2015. 

I hope you have a terrific and successful 2016. 

I want to pass along points of interest, things we offer that can be helpful to you and your clients in 2016:

            Pre Approvals done same day

            Phone calls always answered.

  Answers for tough questions completed on the phone or within one     hour

            In-House processing, underwriting, docs and funding.

   The whole team is in my office

            Loans underwritten in 24 hours on submitted files

            Loan doc’s same day or within 24 hours. We fund on a Fax.

            Appraisals ordered day one

            FHA/VA, Conventional & Jumbo loan products

            Grant programs, DPA products

            Condo project reviews done in house

            80/10/10 piggy back loans

            Joint marketing

            Mail and printing done In-house  

            Able to talk with on-site underwriters

            Deal Desk

            Close sales in 30 days or less

We exceed expectations daily!

I’ve been closing loans for over 30 years, here at Eagle Home Mortgage funding loans is much, much easier! Referrals have double over the past year as a result…

As part of the Lennar Family (A Fortune 500 company) we have great support and are extremely reliable in mortgage origination.

Have a great and successful New Year,

C. G.

The Loan Lady

(949) 784-9699

NMLS 324982

Commited to Seeing You Home

Asset Documentation for Mortgage Loans

Asset Documentation Facts

ASSET DOCUMENTATION FAQ

NSF’s

1) In regards to non sufficient funds NSFs and pulling money from an attached savings account - FHA HOC has stated if it has an account set up, the borrowers account pulls the OD and there are no fee's it is not considered an NSF?

a. Yes, that would be correct. Not a derogatory situation.

UTMA accounts

2) What about an account that has ITF (In Trust for)

a. That could be an acceptable account to use for transactional funds. Depends on the account owners.

3) I have used a UTMA as long as the funds were transferred to the buyers own account. Is this acceptable?

a. Not for conventional loans.

b. FHA - case by case with review by underwriting manager.

4) Going back to UTMA accounts, if the funds are transferred into the borrower’s account, can they be used.

a. Conventional programs - no

b. Government programs - case by case with management direction.

401K loans /reserves

5) Guidelines have stated in the past, if the loan is secured by a 401k if we are not obtaining this account and using it we now have to hit them with the loan is that accurate?

a. For 2100 program, yes, that is correct if the remaining balance of the asset does not support the amount of the loan against it. This is an investor overlay, not a Fannie or Freddie requirement.

6) Regarding 401K loans, we only need to hit them with the loan payment (if they don't have at least the amount of the loan amount remaining as their balance) on Conventional & Jumbo only, correct?

a. This is a Chase requirement for both conforming and non-conforming loans and is therefore an overlay to our generic programs.

7) Regarding reserves that are needed for a 30 day account, does it have to be liquid or can an IRA, 401k and/or stock account be used?

a. Any asset that would qualify as reserves.

8) Regarding 401k's as reserves, I believe we used to use 401k's if they had hardship OR loan availability, can you please clarify/confirm that we are now only allowed to use a 401k if they have hardship?

a. You can use as reserves as long as the borrower can access a hardship withdrawal or a loan, using only the amount of the maximum loan available.

9) Can we get clarification of the 401K used as reserves? We have accepted reserves that were in the form of an available loan only and used just the available loan balance, not 60% because the available loan was less. Is that not acceptable?

a. Researching revealed that is acceptable.

10) Can we get some additional clarification on the terms of withdraw. We are collecting specific to the employer’s plan.

a. Yes, that is correct.

Gifts

11) Are both owners of the Donor account required to sign the gift letter?

a. One owner is sufficient.

12) Why is a cousin not considered an acceptable donor?

a. They are not on the FHA list of relatives. They may qualify under the category of a close friend with a clearly defined and documented interest in the Borrower.

13) Regarding gift funds on FHA, the email stated if the gift funds were already deposited into the borrower bank account we were to use LP only. Not on all gifts. Can you please clarify?

a. You are correct.

14) Gift deposited on FHA using DU, it never said we had to use LP only.

16) How do we verify or determine an amount on a "large deposit" into a donor's account when we don't know their income to come up with the large deposit amount?

a. Underwriter's discretion - any deposit prior to the gift giving date if similar to the gift amount or not identifiable as donor's income/payroll.

17) Run LP for FHA loans with gift funds OR with gift funds already deposited to borrowers account?

a. For gift funds already deposited to borrower's account, please use LP.

18) On a gift letter - if the donor money comes from a joint account are we requiring that both donor's sign the gift letter?

a. One donor is sufficient.

19) Can the gift donor be a cousin?

a. No, a cousin is not considered a relative under FHA guidelines. They would have to qualify as a close friend with a clearly defined and documented interest in the Borrower.

20) Can the gift donor be a future father in law?

a. He would not fall under family. The future part makes him ineligible. But for FHA would qualify as an acceptable gift donor if they can document he is a close friend with a clearly defined and documented interest in the borrower.

21) If the donor signs a statement stating no deposits have come from another person in the transaction do they still have to source the deposits?

a. Underwriter discretion depending on the size of the deposits, etc.

22) On a gift, we have to document the donor’s ability to gift even if it is a Conventional loan?

a. No, just on FHA loans.

23) So the donor’s ability is only on FHA.

a. Yes.

24) Home in 5 gift funds do we need to run LP?

a. Recommend running LP for all FHA loans with gift funds.

25) Donor's ability is also on USDA, correct?

a. Yes, and gift cannot be used for reserves.

Large Deposits

26) LARGE DEPOSITS: How does the UW determine what can or cannot be disallowed to remain under program 2100?

a. Funds not needed for cash to close or reserves but need a borrower explanation for the deposit(s) and why it cannot be documented.

27) If there is a large deposit from an unsecured line of credit and borrower has since depleted it are we ok as is to use the recent balance?

a. If the unacceptable funds have been spent outside of our transaction requirements, then you can consider the current balance in the asset account.

28) Is large deposit considered over $100, or $500, or $1000?

a. Please consult the large deposit policy in each program matrix.

Acceptable Receipt of Documentation

29) Are bank screen shots acceptable? i.e it's not a cell phone screen, and it's not a pdf printout but it does show the url via the screen shot, is that acceptable?

a. As long as it contains all the required information, ie: account holder name, account number, and the 30 day/60 day history and covers all transaction types.

30) What if it is a 'scanned' document sent via phone.

a. OK if has URL or all required information

31) TD bank doesn't show the URL on them when we do a print out just FYI.

a. Then must obtain full bank statements

32) What happens when the running totals are not available? Not all banks have the running balance on their Transaction History.

a. Must have ending balance and all required information including URL.

33) I learned with a borrower that if the URL is not printing on the statements they print at home, have them adjust the header/footer and it will usually pop up.

34) Can you clarify if the transaction history alone (as long as it contains all necessary info) is sufficient, or if we need to also have an actual bank statement with the transaction history?

a. You have to have a statement to use with the transaction history as usually the transaction history does not show the full account number/bank information/borrowers full name or joint names. If you are using the transaction history it needs to have all that information and I would get it stamped by the bank to show it as certified….

35) What types of images should Borrowers not download?

HTML doesn't flow, cell phone pictures are blurry, GIF doesn't save 

36) Are Cell Phone images acceptable?

a. If Government / Conventional (non bond) – we accept any clear & complete copy of the document.

b. If it is Bond / Jumbo – we cannot accept documents from a cell image at this time.

Destiny Input

37) For the bank address, use the local branch address or the bank address on the statement?

a. Either is fine.

38) Certain jumbo investors require asset addresses on the 1003.

a. Asset addresses are required for all loans.

39) Is this Max Cash to Close, a pre-existing condition or are we to free hand this?

a. It is a default condition that you can change

40) Are you allowed to use last 4 digits of acct numbers?

a. No, please use the full account number.

41) Regarding the address that we use on the bank statement - do we use what is on the statements or the physical address they bank at locally?

a. Either is fine.

Secured Borrowed Funds

42) Do we need to add the address of the 401k company under the secured borrowed funds?

a. Yes, so QC can re-verify.

43) Can we get clarification on the amount we are using to determine if we hit the borrower with a payment for secured borrowed funds? Specifically, do we take the remaining balance multiplied by 60% then subtract the loan amount?

a. Value or balance of the account must be sufficient to repay the loan obligation. When the account balance is less than the loan balance, transaction requires payment to be included in DTI calculation. (ch)(No reduction % required).

Miscellaneous

44) What's an mri?

a. Minimum Required Investment.

45) Are there any situations where we can use a VOD in place of a bank statement if the borrower is unable to provide?

a. Conventional agency programs. Check the product matrices for specific investor programs.

46) If stamped statement from the bank....does every page have to be stamped?

a. Yes please.

47) If an Ex paid a debt off for the Buyer and they are not on good terms with the Buyer any longer and will not provide the source of paying the debt off, what is the next option?

a. Debt payoff can only come from a gift from a relative. Ex-spouse is not a relative. Payoff would be considered a concession or contribution to our transaction by an unacceptable source and the amount would be deducted from acquisition before determining the "lendable" mortgage amount.

And some images by my son Carson since you read all this
mortgage information this far down as eye assets:

Keep working C G :)

Mortgage Credit Report

Mortgage details and things I'm seeing regarding credit:

Forgiveness of debt in a modification is treated the same as short sale.

Wait is four years for conventional loans and three for FHA

Mortgage Credit reports should be read and interpreted by an expert. The lady in the credit union that takes your papers to be processed for a loan can misinterpret or miss read. It is vital to view a mortgage credit report on day one  with regards to derogatory credit events and the proper calculation for seasoning.

·      Fannie Mae only – The foreclosure seasoning can be reduced from 7 years to 4 years if the property is surrendered in the Chapter 7 bankruptcy.  Make sure the property is listed on the Chapter 7 form Debtor’s Statement of Intention and marked as surrendered.  This reduced seasoning does not apply for foreclosures that

occurred prior to the filing of the bankruptcy in which only an unsecured deficiency balance is listed in the bankruptcy.

·         All loan types – A HELOC settled for less than full balance can occur even if there is no short sale or foreclosure.  Lien Holders can be approached with a request to reduce the balance, or the Lien Holder may initiate the settlement.  Determine the property address associated with the HELOC or 2^nd mortgage. Even if the borrower still owns the property, sufficient seasoning will be required as the lender has taken a aloss.  This would be considered a pre-foreclosure situation requiring 4 year seasoing for Fannie or Freddie, 3 year seasoning for FHA or USDA, and 2 year seasoning for VA, from the date of the settlement/foregiveness.

Mortgage Application

Mortgage Application online step by step description how to begin.
Apply for your FHA, VA, USDA, Jumbo, Conventional Mortgage Loan from your home or office.
Video shows easy link to
http://eaglehomemortgage.com/carolinegerardo/  apply now

We have an amazing number of mortgage products for you.
Perfect credit, a year after foreclosure, foreign national, Super Jumbo
we have it all.
Call C G from 7:00 AM to 7:00 PM seven days a week for answers to your questions
Even if you just need advise how to fix your broken deal we are here to help

Jumbo Mortgage Loans

Tired of the Big Banks restrictive guidelines and slow turn times? Sell more homes with our Niche Jumbo and Super Jumbo loan products.

Jumbo Loan options;

89.90% LTV (10.10% down) to $1,139,000 Sales Price or 80% LTV (20% down) to $1,280,000 sales price – No Cash reserve requirement!

o   No mortgage insurance required        

o   No impounds required

o   No cash reserve requirement

o   720 minimum Fico

o   Close in 30 days

o   Owner Occupied or Second home

o   15, 30 yr. fixed rates

Super Jumbo Loan options;

65% LTV to $7.5 mill loan amount or 80% LTV to $2 mill loan amount

         

o   Cash reserves as low as 4 months

o   100% gift funds allowed

o   Seller carry back allowed

o   Credit scores as low as 660

o   BK, short sales and foreclosures allowed with proper seasoning

o   Non-Owner Occupied loan options

o   I/O features

o   3,5 or 7 year fixed with 30 yr. term

o   Non-Permanent Resident Aliens allowed

o   Loans to Business Entities, LLC’s, Corporations and Limited Partnerships

C. G.   (949) 637-8190

NMLS 324982

terms and conditions as of today 7/24/2015

Sky Falling TRID Coming?

sky falling

Who is afraid of TRID?

Will it delay my closing?

The answer is NO for just about everybody.

When the Know Before You Owe mortgage disclosure rule becomes effective, lenders must

give you the new, easy to read disclosures about your loan three business days before closing.

 Think of it as a lemon law to check and review before the last minute.

This gives you time to review the terms of the deal before you get to the closing table.

Many things can change in the days leading up to closing. Most changes will not require

your lender to give you three more business days to review the new terms before closing.

The new rule allows for ordinary changes that do not alter the basic terms of the deal.

Only THREE changes require a new 3–day review:

1. The APR (annual percentage rate) increases by

1/4 of a percent for adjustable loans.1

A decrease in APR will not require a new 3-day review if it is

based on changes to interest rate or other fees.

2. A prepayment penalty is added, making it expensive to get out of the mortgage to sell or refinance lower.

3. The basic loan product changes,

Such changing from a thirty year fixed rate to adjustable rate 

or say a fixed to an interest only. 

These would be big changes to the loan long term.

1 Lenders have been required to provide a 3-day

review for these changes in APR since 2009.

NO OTHER changes require

a new 3–day review:

There has been much misinformation and mistaken

commentary around this point. Any other changes

in the days leading up to closing do not require a

new 3-day review, although the lender will still have

to provide an updated disclosure.

Sometimes Chicken Little Yelling that the Sky is Falling

requires cool heads, planning, organization and not a

foil chicken helmet

The following situations do not require a new 3-day review:

􀂃 Unexpected discoveries on a walk-through

such as a broken refrigerator or a missing stove,

even if they require seller credits to the buyer if nominal.

􀂃 Most changes to payments made at closing,

including the amount of the real estate Commissions, taxes, 

pro-rations for utilities and amounts paid into escrow impounds.

􀂃 Typos found at the closing table.

Spelling errors, okay that's pretty common sense