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Lenders Look to Stop 30 Day Locks

With TRID coming there is some speculation that lenders will not offer 30 day locks.  Also in the news, Maxine Waters thinks everything is A-OK in the housing industry.

maxinewatersBe sure to catch all of your real estate news and mortgage news here on the National Real Estate Post with Frank Garay and Brian Stevens. And don’t forget about the only products that they endorse, Listing Booster and MoveTube. These products are simply the best products available for loan officer and real estate agents to use to generate new business today. Remember our motto: “Your Listing – Your Lead” and this is to the benefit of the real estate agent AND the loan officer.

If you want to learn more about how Frank and Brian can help you with their innovative products, call our team at 855-743-7431 or CLICK HERE.

We are very excited about our new product, Move Tube. Move Tube is the ONLY interactive property search channel on TV in the world and it’s available for you to take advantage of.

Currently MoveTube is on Roku 3 devices, however it will be available on all other Roku devices shortly. Programming has begun to launch MoveTube on Amazon, and Yahoo which will make the channel available on virtually all smart TV’s which projections are staggering. Click here to see the future of smart TV and streaming devices.

easy to look back at something and say “I wish I would have seen the potential in that” after it’s already happened. MoveTube is here, it’s the first of it’s kind, and it’s positioned for massive growth quickly, so getting involved now would really be a good idea. CLICK HERE to get more information on how you can get involved with this innovative new marketing product today.

Frank and Brian

CFPB Flips Congress the Bird

The CFPB is so out of control not even Congress can get their attention.  They didn’t even show up to their discrimination hearing.

You already know don’t you…. Housekeeping!  If you’re not sure how to do FNMA Home Path and Home Path Renovation (Home Style) mortgages you really need to get up to speed because there’s a bunch of business in it for you.  REMN Wholesale is ready to walk you through it.  To have them help you out CLICK HERE and one of their reps will give you a call!  Don’t forget the MGIC phone app!  Makes PMI quotes easy and fast!  CLICK HERE to get it.

Richard CordrayThe good news is Encompass is all fixed up.  They had an attack but they’ve recovered from it.  Naturally you already know that, but what you might not know is what kind of attack it was and it’s purpose.  Kind of good to know as your own web-based systems might be subject to these types of attacks so when you watch the show you’ll get some insight.  But the real story here today is the discrimination hearing against the CFPB.  See they don’t treat their employees very fairly.  There are several employees saying that they have not only discriminated against, but even retaliated against!

Here’s what’s so funny.  We’re pretty sure Maxine Waters started the whole thing when she caught wind that minorities were being treated unfairly at the CFPB.  Now that the whole thing is started she’s decided that it should get cancelled because she’s such a CFPB fan remember?  She’s on record saying how awesome the CFPB is.  So now what Maxine?  Forget about the mistreated minorities at the CFPB and stop the whole hearing that you started?  PA-Lease!  This is such a joke.  What’s more is that the CFPB didn’t even show up.  Why should they?  Congress doesn’t oversee them.  So they’re waiving the big middle finger at them.  How nice.  Well, that’s what they created right?  How’s it feel now?

Fun stuff.  We’ll see what happens and keep you posted but you’ve got to tune into the show the get all the details.

You all have a wonderful day and we’ll see you tomorrow!

Frank and Brian

FHA Wants Lower FICO Borrowers

March 31, 2014 FHA/HUD, Waters 25 Comments

The trend for capturing more business by lowering credit standards continues and now FHA is in the game.

Housekeeping First!  VanDyk Mortgage rocks!  We’ve spent a lot of time the the VanDyk team and all we have to say is if you’re considering making a move, you’ve got to give them a look.  CLICK HERE to get in touch with them.  Also, there is another Listing Booster webinar this coming Thursday.  If you want to get your pipeline filled with purchase deals, you’ve GOT to get on Listing Booster.  CLICK HERE to register.

galante-carolWe’re big fans of easing up on underwriting standards.  Having an average credit score in the high 700’s for approved loans nationally is kind of high.  But with loan volume dropping like a rock lenders might be diving a little too deep too quick.  We’ve heard of Wells Fargo lowering their FHA score requirements down to 600 and then we just saw Carrington lower theirs to 550.  Carrington went even further to say that they pretty much don’t want anything else but lower scored government loans.

Well now, we’ve got FHA coming out and telling lenders not to worry and go ahead and start doing lower credit scores that fit FHA guidelines.  Naturally all lenders see is buybacks in their future if they do this, even if their loans are technically within guidelines, so until recently they’ve held firm on their stricter FICO guideline overlays.  But, here we are.  Loan volume is down so lenders are starting to adjust to compensate.  Well with FHA saying they want more of the lower FICO borrowers out there, we’ll see what happens.

Let us know your thoughts below and have a great day!

Frank and Brian

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