Underwater Refinance

Underwater Turtle Searching for his Home

 

 

We have a NEW Mortgage program that can help!

With the new Home Affordable Refinance Program (HARP) loan, you may be able to refinance no matter how upside-down your mortgage is!

Are you worried about making your payments? Would you like to have more cash in your pocket every month? Do you want to pay your loan off faster?

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If you currently have a mortgage held by Fannie Mae or Freddie Mac, the HARP II refinance loan can help you lower your interest rate, decrease your monthly payments and help you start turning your finances around.

Appraisals may be waived

No LTV/CLTV restrictions on fixed-rate loans of 30 years or less

Only 620 FICO required

Loan was sold to Fannie or Freddie before June 1, 2009

 
If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP 2.0.   The refinance must benefit you in one of four ways:

Reduction in the borrower’s monthly principal and interest payment

Reduction in the interest rate

Reduction in the amortization term

Movement to a more stable product (i.e., interest-only to fully amortizing, ARM to fixed, 30-year to 15-year, etc.)

If you have a Fannie Mae- or Freddie Mac-owned home loan, call me today. I’m here to help make sure you have a home financing program that works for YOU. Let’s see if the HARP II loan is the solution you’ve been looking for!

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

http://www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup

 

W.J. Bradley Mortgage Capital, LLC

© 2012 W.J. Bradley Mortgage Capital, LLC. 6465 Greenwood Plaza Blvd, Suite 500, Centennial, CO 80111 Phone #303-825-5670. NMLS ID 3233. Trade/service marks are the property of W.J. Bradley Mortgage Capital, LLC. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states. WJB is not
acting on behalf of or at the direction of HUD/FHA or the federal government.

AZ Mortgage Banker License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; Colorado Mortgage
Company Registration NMLS ID 3233 Regulated by the Division of Real Estate. To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida
Mortgage Lender Servicer license #MLD738; ID Mortgage Broker License No. MBL-7766; IL Residential Mortgage Licensee – License #MB.6760738, 6465 Greenwood Plaza Blvd., Suite 500,
Centennial, CO 80111; MN Residential Mortgage Originator License No. MN-MO-3233; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan
Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker – License No. MB001365; OR Mortgage Lender License No. ML-776; TX Registered Mortgage Banker – NMLS 3233; Texas
Mortgage Banker Disclosure: www.wjbradley.com/Texas-Mortgage-Banker-Disclosure.html; UT Mortgage Lender Company License No. 5495659-NMLC; Utah Consumer Credit Notification and
Utah Residential First Mortgage Notification regulated by the Utah Department of Financial Institutions; Vermont Lender License #6341; WA Consumer Loan License No. CL-3233; Wisconsin

Mortgage Banker License No. 699991. NMLS consumer access: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/233.

 

Caroline Gerardo

Mortgage Loan Originator

W.J. Bradley Mortgage Capital, LLC

20341 SW Birch St., Suite 330

Newport Beach, CA 92660

Office: 949.637.8190

Cell: 949.784.9699

caroline.gerardo@wjbradley.com

http://www.mywjb.com/caroline-gerardo

NMLS: 324982

Get Your Offer Accepted

Building a deeper business together

The real estate market in Orange County California has heated up with little or no inventory available. Properties are receiving multiple offers.  I have some strategies to get your deal closed.

 

Do you want an amazing fast time frame to close a mortgage loan?

How to get your offer accepted in this current market when inventory is at a historic low?

How can you know if house will appraise for current market sale price?

How can you beat a “cash offer”?

 

Before you make your offer Borrower has loan Approval with either DU or LP findings. This means the only things necessary to close are appraisal, a good contract and title. This plan details how to get your offer accepted by the sellers in a market where there are many competitors.

First:

We sit down and set a strategy for closing quickly on the ideal home for the clients. I can meet with the clients in their home, my office or by telephone. Upfront we must all understand that this is a time consuming and many pieces of paperwork to execute. Borrowers must have their bank statements in pdf formats, and I can teach them how to save the statement and download to email to my secure email. Secondarily all their income information for the past 24- 30 months must be available to submit before they make the offer. Choices such as vesting should also be prepared with thoughtful planning. Once all this is submitted to Underwriting we should have a Loan Approval (not a pre-qualification or pre-approval) ready to show with the offer in two days. If there are credit issues to address, the client must repair these before making an offer.

 

Second:

Offer is made with attached DU or LP findings that itemizes Borrower has submitted all documentation to close. Offer releases appraisal contingency in seven days. Offer releases loan contingency in ten days. Offer states Borrower can close in fifteen days.  Offer notes that seller’s agent, listing agent agrees to meet appraiser in person on day two or three with comparables on paper and property specifications. Offer also releases contingencies on day nine. I suggest you make the offer in person and have the client release a personal statement that I will help you write. Listing agent and escrow/ title must be prepared to work quickly.

Day One: Signed conformed contract is emailed to C. G. and she orders appraisal. Email to Borrower and both agents confirming appraisal ordered and escrow has been contacted. Estimated HUD 1 ordered from escrow, also preliminary title report and title particulars to subject property.  Escrow and Title agree to provide all documentation in 48 hours.

Day Two:   email agents and borrower confirming appraisal appointment has been made (assuming this is not a Sunday)

Day Three: Appraiser visits home, measures the property receives information from listing agent. Title policy, escrow instructions and HUD1 are emailed to C. G.

Day Four/ Five appraisal comes in at sales price; loan is submitted to Final Underwriting. *  Day Seven Final Loan approval is completed

Day Nine: Loan Documents out to escrow, Borrowers sign that day, funds wire transferred for balance

Day Ten: Funding and recording

Fifteen Day Turn time is met assuming there are weekends that delay recording/ wire/ funding that must be done on a work day

 

What if you know there are no current comparables for subject property? If value is an issue, Client should already have been aware that comparables have not yet closed and they may choose to put additional down payment. We will review appraisal for any errors or omissions.  Conventional Loan 75% loan to value first 18% down minimum 10% second; allows for some wiggle room if appraisal comes in low.

 

I will be sharing these tools at the OCAR Orange County Association of Realtors meeting tomorrow morning, Thursday at Ball Park Pizza in Laguna Niguel at 8:00 AM I am also supplying breakfast.

 

 

 

Underwriting: Estimated turn time for all new purchase loans submitted to Underwriting today: 2 business days (16 business hours) Estimated turn time for new refinance loans submitted to Underwriting today: 2 business days Estimated turn time for new PTD and PTF-UW conditions submitted to Underwriting today: 8.00 business hours Pre-Close Audit: Estimated turn time for loans that received clear to close underwriting status today: 8 business hours Closing: Estimated turn time for new doc requests submitted to closing today: 8.00 business hours HUD-1 Pre-approval: Estimated turn time: 4-6 business hours Funding: Table/Wet Funding Loans: Closing doc request must be submitted and accepted 16 business hours before requested fund date. All PTF-UW conditions must be uploaded in Nile by 9:00 AM MT the day of funding or funding could roll to the next business day. PTF-HUD conditions must be cleared by 1 PM MT or funding cannot be guaranteed based on warehouse cutoff times. Non-Table/Dry Funding Loans: Closing package must be received the day before requested fund date. All PTF-UW conditions must be uploaded in by 9:00 AM MT the day of funding or funding could roll to the next business day. All other PTF conditions must be received by 11:30 AM MT the day of funding or funding could roll to the next business day.

Other tools and strategies to get your offer accepted:   All cash buyers can refinance without waiting six months, terms and loan to value depending on product, property, FICO, occupancy type, loan amount… terms and conditions vary   Caroline Gerardo 23041 SW Birch Newport Beach, California 92660 Mortgage Banker NMLS 324982 (949)784-9699

 

Disparate Impact to benefit the Suits?

Caroline Gerardo NMLS # 324982

Newport Beach, California

Mortgage Banker

cell  phone: (949)784.9699

 

The Mortgage Bankers Association released their report February 21, 2013 showing mortgage delinquencies are at their lowest levels since 2008.

Nationwide we have hit the “turn around” point. 

 The Mortgage Bankers Bureau has acknowledged several areas of concern regarding the Qualified Mortgage rule and potential negative impact on the access to and availability of mortgage credit to certain consumers.

The Bureau is asking mortgage brokers and bankers to apply pressure  under the Dodd/Frank Act and consider an extension to the effective date for the Qualified Mortgage for further analysis of the loans originated today and how originators are currently determining consumers ability to repay.

On February 8 2013, HUD issued a final rule authorizing so-called “disparate impact” or “effects test” claims under the Fair Housing Act. The final ruling spells out the details for private or governmental plaintiffs challenging housing or mortgage lending practices that have a “disparate impact” on protected classes of individuals. This will open the door to lawsuits even if the practice is in reality neutral and non-discriminatory and there is no evidence that the practice was motivated by a discriminatory intent. In other words, any protected class could file suit claiming under this rule that they were treated unfairly or over charged whether if it is true or not. The rule also will allow challenges based on claims that the practice improperly creates, increases, reinforces, or perpetuates segregated housing patterns.

This month HUD nailed down a three-step burden-shifting approach to determine liability under a disparate impact claim. Once a practice has been shown by the plaintiff to have a disparate impact on a protected class, the final rule states that the defendant would have the burden of showing that the challenged practice “is necessary to achieve one or more substantial, legitimate, nondiscriminatory interests of the respondent . . . or defendant . . . . A legally sufficient justification must be supported by evidence and may not be hypothetical or speculative” Defendants shoulder the burden of proof that the challenged practice “has a necessary and manifest relationship to one or more legitimate, nondiscriminatory interests.”

HUD explained in the rule’s preamble that, although it declined to use the term “business necessity” in the second prong of the disparate impact analysis, the phrase “substantial, legitimate, nondiscriminatory interest” is “equivalent to the ‘business necessity’ standard found in the Joint Policy Statement. The standard set forth in this rule is not to be interpreted as a more lenient standard than ‘business necessity.’” HUD also highlighted the removal of the word “manifest,” which was replaced by the language “a legally sufficient justification must be supported by evidence and may not be hypothetical or speculative.” HUD noted that the revised language is “intended to convey that defendants and respondents . . . must be able to prove with evidence the substantial, legitimate, nondiscriminatory interest supporting the challenged practice and the necessity of the challenged practice to achieve that interest.”

Regarding the discriminatory alternative prong, HUD clarified that the alternative must also serve the specified interest supporting the challenge. However, HUD declined to specify in the rule that the less discriminatory alternative must be “equally effective” as the challenged policy – which would have made the rule consistent with the legal standard set forth in the Supreme Court case Wards Cove Packing Co. v. Atonio, 490 U.S. 642 (1989).

The final ruling also itemizes these points:

• HUD’s decision not to address comments raising objections to the rule based on the fact that the disparate impact standard is inconsistent with that set forth in Smith v. City of Jackson Miss., 544 U.S. 228 (2005) and Wards Cove.
• HUD’s statement that the rule applies to pending and future cases because it is not a change in HUD’s position but rather a formal interpretation of the Fair Housing Act that clarifies the appropriate standards for proving a violation under an effects theory. HUD also chose not to conduct a cost/benefit analysis on this basis.
• HUD’s clarification that the Fair Housing Act provides in these cases awards of damages, both actual and punitive. This means huge dollar lawsuits and the “suits” not consumers most always reap the benefits in legal fees.
• Changes in the language in the regulation stating that unlawful discriminatory conduct under the Fair Housing Act includes “servicing of loans or other financial assistance with respect to dwellings in a manner that discriminates, or servicing loans or other financial assistance which are secured by residential real estate in a manner that discriminates, or providing such loans or financial assistance with other terms or conditions that discriminate” on a prohibited basis.
• Language in the preamble restating HUD’s position that the Fair Housing Act applies to homeowner’s insurance.

This is interesting and I wonder if we will see insurance corporations catch what this could cost. Landlords will also be subject to this rule. How can a small landlord measure and report what quota of a protected class they rented to? Mortgage companies will provide statistical information on loans denied and fees charged measuring against these protected groups ( by racial group, religious affiliation, marital status, gay and lesbians?) Mortgage originators, insurance companies and insurance companies don't track all aspects of "protected groups." This opens up a dumpster of lawsuits to be poured into our court system. HUD failed to define the groups and nail down how to verify if a person was discriminated against. Does this mean a small individual landlord must rent his unit to a person with bad credit who also is a person of color?

What do you think?

 

Mortgage Lending for Investors

Mortgage Lending today feels like a mountain to climb.
Let me make it easy for you to close a home loan.
Here are a number of things Caroline Gerardo at W J Bradley Mortgage Capital can do that
makes me different than your bank or your mortgage broker.

Conventional  Jumbo and Super Jumbo Purchase and Refinance

Investor purchase and refinance quickly. Purchase and close in fifteen days.Refinance and close in thirty days.

5-10 Financed Properties for Investors

Cash out Refinance for Investors who bought REO foreclosures and distressed properties in the past six months, no seasoning required to get the appropriate ( loan to value per guidelines) cash back return on investment when investor is holding property, even short term hold to flip

Quick response any time you need

Purchases close in 15 days – no bank slow boat to nowhere

Refinance close in 29 days

Credit repair referrals and free tips to raise FICO

Construction experience, eye for curbside appeal, analytical view of real estate investment.