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Franklin E. Rodebaugh's Blog (6)

FHA makes Policy Changes to Lower Risk

I just saw this article by Carrie Bay of DS News. Something we will all need to keep in mind as we qualify buyers.

The Federal Housing Administration (FHA) said Wednesday that it is raising homebuyers’ up-front costs for mortgage insurance, tripling downpayment requirements for borrowers with low credit scores, and cutting seller concessions in half.

The agency says the new policies for its government-insured mortgages will help FHA better manage loan risk and losses.… Continue

Added by Franklin E. Rodebaugh on January 21, 2010 at 8:20am — No Comments

Non-Current Mortgages Hit Record High 13.2%: LPS

The article below, by Carrie Bay, DS News tells us, if we read between the lines, that there are HUGE opportunities available. Not only in REO listings, but also with modifications and short sales. Don't miss out.

One in every 7.5 homeowners with a mortgage in the United States is either behind on their payments or in foreclosure, according to new data released by Lender Processing Services (LPS) Monday. That equates to a record high 13.2 percent of the nation’s home… Continue

Added by Franklin E. Rodebaugh on January 12, 2010 at 7:32am — No Comments


From DS News- Author: Brittany Dunn

Fannie Mae Adopts New REO Policy

01/06/2010 By: Brittany Dunn

In an effort to expedite REO sales, Fannie Mae has adopted a new policy. As part of this policy, Fannie Mae may accept offers to purchase homes it has repossessed without

notifying loan servicers, and loan servicers may be required to reimburse Fannie Mae for a loss if it turns out the original mortgage on the home did not meet its eligibility or… Continue

Added by Franklin E. Rodebaugh on January 8, 2010 at 7:54am — No Comments

Changes to Short Sale Laws

According to the Indiana Association of Realtors (IAR Advocate 11/06/09), it is now Indiana state law that lenders must acknowledge short sale offers within 10 days. Under the 2008 law, lenders then have 30 days from receipt of the offer to accept or reject the offer.

There is an on-line complaint form that can be filed with the Indiana Department of Financial Institutions (DFI). The DFI uses the complaints to track and establish patterns with certain lenders and use regulatory authority… Continue

Added by Franklin E. Rodebaugh on November 12, 2009 at 9:39am — 11 Comments

Court Rules Against Lender's Attempt to Cut Out Commission During a Short Sale

This artice was sent to me by one of the MLS services we belong to. The source is: Realty Times - Bob Hunt, NAR Director

I am certain that this will be of interest to anyone who does Short Sales.

One reason that many real estate agents are less than enthusiastic about short sales is that, too often, a commissionectomy may be involved. By demanding a certain amount of net proceeds, the lender effectively cuts the commission that had been stipulated in the listing… Continue

Added by Franklin E. Rodebaugh on October 7, 2009 at 1:08pm — 3 Comments

Another Five Star Conference Entry OR How to Not Waste Your Time Deep In The Heart of Texas

There have been several posts regarding the Five Star Conference and how worthwhile it may or may not have been for the attendees so I thought I would throw in a few of my thoughts and tips.

My experience is that, like everything in life, what you get out of a conference is in direct proportion to what you put in.

For me, the conference was a huge success. I was a panel member discussing advanced valuations. This put me in direct contact with some of most dynamic people one… Continue

Added by Franklin E. Rodebaugh on October 1, 2009 at 11:30am — 4 Comments

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