Mar 26, 2010

Lower monthly payments for some?

Here are some proposals under the new plan

  • lenders would grant three months forbearance to homeowners who are out of work
  • require mortgage servicers to consider cutting a loan's principal if it is up to 15% more than the home is worth
  • principal would be reduced over three years as long as the borrower stays current on payments.
  • Servicers will get more incentives — double the amount the government now pays to lenders — if they reduce the unpaid balance of second loans
The current program provides modified mortgages to homeowners who show proof of income. The current tight labor market is seen as the driver for the current wave of foreclosures while the earlier wave was the result of the sub-prime crises. For more information visit the USAtoday website.

PrivoCorp has been processing conventional and FHA mortgage loans right through the sub-prime crises and now through the lean job growth market.

Mar 20, 2010

WSJ: Supply of Foreclosed Homes on the Rise Again

According to the Wall Street Journal the supply of foreclosed homes that banks need to sell is rising again, signaling further downward pressure on home prices in some parts of the U.S.

Mortgage analysts at Barclays Capital in New York estimated that banks and mortgage investors held a total of 645,800 foreclosed homes in January, up 4.6% from 617,286 a month earlier.

The question in everyone's minds is how long will this last? The answer to this can only be got if one is able to accurately predict the jobs scenario; what the unemployment numbers will be, how many jobs will be added to the economy, etc.

PrivoCorp - the fastest processor of home loans in the state - have seen a lot of purchases recently, quite a few of which are purchases of foreclosed homes (which is a good sign of sorts).

Vanguard: New home construction drops

While mortgage activity is slowly picking up, it remains to be seen whether this is due to the fact that homes that continue to be snapped up are the ones that were in foreclosure or some kind of distress. For more details on this report please visit

PrivoCorp is the fastest contract mortgage processing company with its assembly line approach to processing of loans.

Mar 18, 2010

HUD webcast clarifying new RESPA rules

The U.S. Department of Housing and Urban Development (HUD) will offer a live RESPA Webcast on clarifications to the new RESPA Rule. NAMB strongly urges members to attend the free webcast to help answer any questions on the new rule.

When: Thursday, March 18, 2010 at 1:30pm-3:30pm EST (12:30pm-2:30pm CST; 11:30am-1:30pm MST; 10:30am-12:30pm PST)

To view the webcast, please click on the following link:

Live links for the webcast and training materials will appear in a box on the webcast page approximately 1/2 hour before the broadcast taking you to the video.

Mar 4, 2010

2,3 or 4 unit FHA

Wanna purchase a 2,3, or 4 Unit property FHA... Not a Shot... At least not any more... If an Investor can't verify Income, doesn't matter if it's personal income, Non - owner income, and now...Rental Income... If it is not claimed on Tax Returns and verifiable thru a 4506T... your done! Believe it or not you can do a refi, but not a purchase... Proposed leases are not acceptable anymore.

Only way to use rental income is if it has been claimed by the borrower on their tax returns for the past 2 yrs now... (and this income is of course... verifiable thru a 4506T...