1/11/2016

Dates Property Tax Due California



Shedding a little light on when property taxes are due or late.
This chart should help you to balance your mortgage payments
when you do not have impounds included in the monthly payments.

That Christmas Bill is the one I hate. I'm paying extra principle and
then along comes the County increasing my property taxes
Property Tax Schedule Orange County California
Also true for most Counties in California

PROPERTY TAX SCHEDULE

The following schedule is intended to serve as a general guide to property-owners.

July 1
Beginning of the fiscal year.
August
Treasurer-Tax Collector’s Office mails delinquent prior year secured notices.
August 31
UNSECURED TAX DELINQUENCY DEADLINE as of 5:00 p.m. A 10% penalty plus a $75.00 collection fee is added as of 5:00 p.m.
Sept 25 – Oct 5
The Treasurer-Tax Collector’s Office mails out original SECURED PROPERTY TAX bills.
October
Unsecured Tax liens filed for unpaid unsecured accounts.
November 1
First SECURED PROPERTY TAX installment is due; delinquent UNSECURED accounts are charged additional penalties of 1.5% per month until paid.
December 10
FIRST INSTALLMENT payment deadline. A 10% penalty is added after the deadline.
January
Treasurer-Tax Collector’s Office mails delinquent notice for unpaid FIRST INSTALLMENT and SUPPLEMENTAL SECURED INSTALLMENTS.
February 1
Second SECURED PROPERTY TAX installment due.
Feb – March
Treasurer-Tax Collector mails delinquent prior year secured installment.
March – July
UNSECURED PROPERTY TAX statements mailed.
April 10
Second SECURED PROPERTY TAX installment payment deadline. A 10% penalty plus $23.00 cost is added after the deadline.
May
Treasurer-Tax Collector mails delinquent notices for any unpaid first and second installment taxes and SUPPLEMENTAL SECURED INSTALLMENTS
June 30
End of fiscal year.
July 1
Delinquent SECURED accounts and SECURED SUPPLEMENTAL accounts are transferred to delinquent tax roll and additional penalties added at 1.5% per month on any unpaid tax amounts, plus $15.00 redemption fee.

Please note that the list above includes only the more significant dates and may not include all items or activities in the regular tax cycle.  If a delinquent date falls on a weekend or holiday, the delinquent date is the next business day.   In addition, SUPPLEMENTAL TAX bills are mailed throughout the year. 



Counties In California
 Click County Name for detailed Statistics 
Population 
 Alpine County 
1,175
 Amador County 
38,091
 Butte County 
220,000
 Calaveras County 
45,578
 Colusa County 
21,419
 Contra Costa County 
1,049,025
 Del Norte County 
28,610
 El Dorado County 
181,058
 Fresno County 
930,450
 Glenn County 
28,122
 Humboldt County 
134,623
 Imperial County 
174,528
 Inyo County 
18,546
 Kern County 
839,631
 Kings County 
152,982
 Lake County 
64,665
 Lassen County 
34,895
 Los Angeles County 
9,818,605
 Madera County 
150,865
 Marin County 
252,409
 Mariposa County 
18,251
 Mendocino County 
87,841
 Merced County 
255,793
 Modoc County 
9,686
 Mono County 
14,202
 Monterey County 
415,057
 Napa County 
136,484
 Nevada County 
98,764
 Orange County 
3,010,232
 Placer County 
348,432
 Plumas County 
20,007
2,189,641
 Sacramento County 
1,418,788
 San Benito County 
55,269
 San Bernardino County 
2,035,210
 San Diego County 
3,095,313
 San Francisco County 
805,235
 San Joaquin County 
685,306
 San Luis Obispo County 
269,637
 San Mateo County 
718,451
 Santa Barbara County 
423,895
 Santa Clara County 
1,781,642
 Santa Cruz County 
262,382
 Shasta County 
177,223
 Sierra County 
3,240
 Siskiyou County 
44,900
 Solano County 
413,344
 Sonoma County 
483,878
 Stanislaus County 
514,453
 Sutter County 
94,737
 Tehama County 
63,463
 Trinity County 
13,786
 Tulare County 
442,179
 Tuolumne County 
55,365
 Ventura County 
823,318
 Yolo County 
200,849
 Yuba County 
72,155




Home Ownership


With Mortgage Rates still low
the benefits of home ownership
are many.
This info graphic reviews some
of the values.
To me the most important
are feeling you belong, being
able to make it your own,
creating an organic garden,
and raising my family.

What are the benefits
you are looking for?


1/08/2016

Mortgage Rates Like The Surf




Two hundred and ninety two thousand jobs are added to the economy in December versus 200k expected, I think the bond market should have moved at least one basis point. That is not the case. Here we stand this morning with the entire Treasury stack unchanged for the day. The 10yr is currently 2.14%, which is right in the middle of the range for the last 12 months. In fact the average 10yr yield for the past year was 2.135%. Additionally the 10yr is actually down since the Fed meeting when they raised interest rates and indicated they expect to raise rates around 4 times in 2016! So why is the Ten Year Bond down 15bps since December 16th? In fact why are both short term and long term rates down since the Fed announcement?
 
Falling oil prices and the glut of oil should be news to turn the Federal Reserve around, but they say that cheap prices at the pump are temporary
 
The Fed is monitoring INFLATION but in my eyes inflation has not jumped in the United States. Inflation has been below the Fed’s target of 2% for several years now. And it’s not just oil. The Bloomberg Commodity Index, which includes gold, natural gas, corn, copper, oil, soybeans, sugar, etc. is down 25% in the past year.
 
Bad news normally makes mortgage rates drop. THE CHINESE market and North Korea are bad news.
 
I don't think the gurus can ignore real job growth. Not gig second part time jobs, but real jobs.
 
Watching the stock market take some hits -- its like watching the surf on a day the tsumani sirens are singing.  The beach I walk my aged Golden Retriever is Salt Creek Beach in Dana Point California and there are tsunami signs posted on the hill. I think they went up about four years ago. Now that Honey, my Golden is 14 I don't take her down the steps as she will make me carry her home.
We have to watch the signs and listen. It used to be that the ten year bond was the tool to predict mortgage rates, today I'm not certain. Keep watching the surf, when the curve goes up... so will rates
Video of surf I took at my sister's home above in Moss Beach, California
 

1/07/2016

Mortgage Bankers Storm Troopers



The Mortgage Bankers Association (MBA) loyal to the Empire awakened Monday morning after a two week holiday hiatus.   
The results are both for the week ended January 1, 2016 which MBA adjusted for the Christmas and New Years Holidays.

MBA's Market Composite Index, a measure of mortgage volume, was down 27 percent from the week ended December 18 on a seasonally adjusted basis.  On an unadjusted basis the Index was 50 percent lower. This is normal for holiday season as Borrowers take off work, head to the malls, movie theaters and share family dinners. 

The Refinancing Index declined 37 percent from the week of the previous report and the seasonally adjusted Purchase Index was down 15 percent.

FHA  applications increased to 14.6 percent from 13.8 percent the previous week and the VA share was up to 12.9 percent compared to 11.6 percent. 

The USDA share of total applications remained unchanged at 0.6 percent.

Average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.20 percent, its highest level since July 2015, from 4.19 percent, with points decreasing to 0.42 from 0.49.  The effective rate decreased.
Jumbo 30 year fixed rate mortgage (loan balances greater than $417,000) had an average contract interest rate of 4.09 percent compared to 4.07 percent.  Points increased to 0.35 from 0.34 and the effective rate was also higher.
Thirty-year Fixed Rate Mortgage backed by FHA had a slightly lower interest rate, 3.95 percent compared to 3.97 percent the previous period.  Points increased to 0.41 from 0.34 leaving the effective rate unchanged.
The largest change in contract rates among fixed rate mortgages was for the 15 year which rose 5 basis points to 3.47 along with a 2 basis point increase in points.  The effective rate also increased.
The average contract interest rate for 5/1 ARMs increased to 3.19 percent from 3.13 percent but points dropped to 0.32 from 0.52 lowering the effective rate.

Even with Janet Yellen predicting rising mortgage rates, over all we are only a "smidge" higher.

The Force Awakens now with mortgage bankers and Borrowers back to usual after the holidays.

With the stock market terribly earthquake volatile, I predict Borrowers will get off the fence and
move into the conservative home loan that they have been thinking about but not executing.

The time is now to lock your rate and get it closed.
Will Finn win in his battle with the storm troopers?


Caroline Gerardo
NMLS
324982

cell (949) 784-9699

:

1/05/2016

Star Wars Mortgage




Star Wars Year End Statement and
Prepare for Income Taxes
A blow up version of Darth with
a cheerful Merry Christmas banner fitting in preparing
a greeting for tax time... 

January 5, 2016
Dear Friends and Mortgage Borrowers:

I imagine that you are beginning to prepare for what undoubtedly (next to submitting mortgage paperwork) is one of America’s favorite activities- filing income taxes.

Each year, the company who owns your loan will send you a mortgage interest statement that summarizes the amount of mortgage interest that you paid for the previous year. This statement may or may not include potentially tax deductible items relating to your mortgage. The mortgage interest statement is something that you should provide to your tax advisor.

Additionally, since you did close a new mortgage loan in 2015, there may be items associated with that closing that are tax deductible. At the end of your mortgage adventure, you were sent a Final Settlement statement by the escrow company and this statement should be given to your tax advisor. To save you the time and trouble of looking for this in the mountain of paper that you have from the mortgage process, I have included a copy of your Final Settlement statement for you to give to your tax advisor in addition to the mortgage interest statement.

Please call me if you have not received your 1099 - you can use a Final HUD1 from escrow or
Closing Disclosure after October 3rd with your income taxes.

It was my pleasure to help you with your mortgage last year and please do not hesitate to contact me for any future needs or with any questions that you may have.

Sincerely,


C G
Caroline Gerardo Barbeau
NMLS 324982
Eagle Home Mortgage a Lennar Homes Company







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.


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

1/03/2016

Drive Freshman Back to University California



I drove my youngest back to University of California Saturday morning.
Today I worked in the garden finishing rose Christmas pruning, cleaning the
pool filter and the end of scraping the flowery wallpaper down.
Traffic was awful on the Interstate 5 north.
We started counting the cars with U C Berkeley license plate frames or
any suspicious vehicle piled high with Santa bags, college sweatshirts, bedding
and two to three students also wading through the bumper to bumper wait to
return to their dorms. U C system break is over. The cafeteria is open. Classes
resume Monday.

Fortunately for my son he got into the advanced Physics Class. He emailed 
the professor numerous times over the past two weeks- pleading for a seat.
Is our communal experience of driving or flying our Freshman student back to
the away from home destination all shared joy and a bit wistful?

I wish you happiness in 2016.
Write out your goals for everything-
spiritual, financial, education, family, health and joy.

Gum wall above from our College Tour trip to Seattle.
Was the offer of full scholarship there a better placement?
Only heaven knows ~
In the end my son chose for his own plans and dreams.

How did you deal with your empty nest?

I got the wunderlust and decided not to stay overnight.
Seventeen hours driving, this evening my legs are not land worthy.
Stick with your plans my friends

12/22/2015

Thank you

Eagle Home Mortgage
Committed to Seeing You Home
Thank you I'm so grateful

12/17/2015

Take Pie When Passed


Vegan Pumpkin pie and the turkey
    Take Pie When Pie is Passed

    and a chart of the US 10 Year Treasury Yield 
    (lower since the announcement!). 
    One interesting factors affecting mortgage rates 
    that doesn’t get much attention is the fact that the 
    Fed is continuing to use profits and proceeds 
    from payoffs of its mortgage portfolio to buy 
    new mortgage backed securities (MBS).  
    With Billions of Fed reinvestments of these
    proceeds going back into MBS markets 
    every month, this unusual source of demand for 
    MBS from the Fed purchases continues 
    to help support lower mortgage rates.
    I am saying lock on Monday



Vegan Pie by my daughter below, mine above
Recipes:
Crust
  • ½ cup unbleached flour
  • 7 Tbs. whole-wheat pastry flour
  • ½ tsp. salt
  • ½ tsp. brown sugar
  • ½ tsp. baking powder
  • 3 Tbs. canola oil
  • 1 Tbs. soymilk plus ½ tsp. lemon juice ice cold
  • 2 Tbs cheap vodka
  • 3 to 4 Tbs. water super cold
Filling
  • 2 cups canned pumpkin 
  • 1 cup  rice milk
  • ¾ cup granulated sugar 
  • ¼ cup cornstarch
  • ½ Tbs. dark molasses or to taste
  • 1 1/2 tsp. vanilla extract
  • 1 tsp. ground cinnamon
  • ½ tsp. ground ginger
  • ¼ tsp. grated nutmeg
  • ¼ tsp. ground allspice
Prepare dough day before, barely knead and refrigerate tightly wrapped
The less you handle dough the flakier it is
Oven 425°F.
Filling:
mix ingredients until smooth and blended. 
Pour into prepared crust and smooth top. 
Bake 10 minutes.
Reduce oven temperature to 350°F; 
bake until filling is set, about 40 minutes. 

12/16/2015

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 :)