Where Is The Balance

Yes, ordering appraisals and receiving appraisals has made a huge impact on the lending industry.

When it comes to ordering an appraisal for a conventional loan, aka Fannie or Freddie loan, Lenders are not allowed to communicate with the appraiser. The Lenders have to use a third neutral settelment company to be in the in between person. Lenders have no idea when the appraisal will come in. It has put delays in loan closings. How is a real estate agent suppose to write up a contract without any communication on dates? One Lender had an appraisal come in with a picture of the Appraiser’s granddaughter as a cheerleader as the home picture! It took 2 weeks with the third neutral party to communicate that this needed to be fixed. Also, non local Appraisers are being selected for appraisals and they do not know the local market. As a result, appraisals are coming in with inaccurate data on value. The good news on a appraisal that is ordered on a conventional loan is it can not be reviewed unless there is suspicous data on there and you must have solid good evidence.

Now when it comes to ordering an appraisal for a government loan such as VA, FHA or Rural, Lenders can communicate with the appraiser. The downfall that many of us Lenders are seeing is the banks are allowed to question and review the appraisal. Therefore, a second appraiser is reviewing the information and being paid on it by the consumer or Lender. My opinion is that if the first appraiser was not good, then why do they hold a license? You should trust a licensed appraisers work the first time around.

You can see there is no balance. For conventional, you can not talk to an appraiser but it can not be reviewed. For government, you can talk to an appraiser but it can be reviewed. All of this is causing delays and ultimately hurting the consumer.

I do see where the government is coming from in trying to stop Lenders from pursuading an Appraiser to increase value. Why not have it where a Lender can communicate but can’t influence? There should be tracking on this.

 

 

Grocery Savings

We keep hearing from clients that they want to know how to find all the local savings at the grocery stores. Therefore, we created the information below.

 LendingLadies.com recommends you save each link below for your specific region. It is advised that you create your meals around the local savings in your area.

 Let us know what other websites you enjoy for savings!

 Oregon:

 Market of Choice

http://www.marketofchoice.com/index.php?option=com_content&view=article&id=250&Itemid=125

 Fred Meyer

http://services.fredmeyer.com/mapquest/storesearchadvanced.aspx

 Albertsons

https://shop.albertsons.com/eCommerceWeb/LandingPageAction.do?action=begin

 Safeway

http://www.safeway.com/IFL/Grocery/ViewSpecials?contentURL=http://safeway.inserts2online.com/storeReview.jsp?drpStoreID=420&showFlash=false#iframetop

 Colorado:

 Sprouts

www.sprouts.com

 Sunflower Market

www.sfmarkets.com

 King Soopers

http://kingsoopers.inserts2online.com/customer_Frame.jsp?drpStoreID=44

 Safeway

http://www.safeway.com/IFL/Grocery/WS-Store-Results?contentURL=http%3A%2F%2Fhosted.where2getit.com%2Fsafeway%2Fweekly720.html%3Fform%3Dlocator_search%26search%3DGo%26addressline%3D80524%26form%3Dlocator_search%26banner%3Dsafeway%26env%3Dwww%26hostname%3Dwww.safeway.com%26&zip_text_input=80524

 Albertsons

http://albertsonsmarket.com/specials/ads.php

 If you want to know how to save money on your mortgage, contact LendingLadies.com today at 866=640-LL4U or family@lendingladies.com.

States Our Team Can Assist

LendingLadies.com is a Mortgage Banker and Mortgage Broker. Therefore, we do have some team members who can originate loans in the states below. Please let us know if we can be of assistance in the following states:

Alaska

¨       Arizona

¨       Arkansas

¨       California

¨       Colorado

¨       Florida

¨       Hawaii

¨       Idaho

¨       Missouri

¨       Montana

¨       Nevada

¨       New Mexico

¨       Oklahoma

¨       Oregon

¨       Tennessee

¨       Texas

¨       Utah

¨       Washington

¨       Wyoming

Updated Information on Credit Scores

Yes, each of the 3 credit bureaus have what is called a credit scoring system. If your credit score is low, it will result in a denial or higher interest rate loans. As a result, it can make life much harder. The information below is for guidance and is not a guarantee. All of us at LendingLadies.com feel you should be aware of this information, since many do not realize how a few changes can have a large impact on your credit score.

Some people were adding authorized users to their credit cards to allow assistance in building credit scores up. This no longer works unless it is an immediate family member.

If you have a really old credit card with a good history reporting, it may be wise to re-evaluate on opening up the exact same credit card. The 3 bureaus like to see a credit card that is used once in awhile that has been open for a long time. If the exact same card is re-opened, sometimes it will still show the original date it was opened up, therefore showing a longer history.

Having a good mixture on your credit report is important. The first item that assists in building a good credit score is a mortgage, then an auto loan, then installment loan, then a credit card. It is advised to have 1-2 credit cards.  It can hurt to have a loan that is from a finance company. Sometimes the zero down, zero interst loans are considered to be from a finance company.

When it comes to credit cards, you want to try and keep at least 70% available per card. For example, if you have a $10,000 credit card, you want to try and keep $7,000 available. We have seen clients come in with a great credit history but did not follow this rule. As a result, their credit scores were low and they did not obtain the best interest rate possible.

Collections and any late payments will have a negative affect on your credit score. When we say late payment, we mean any payment that is over 30 days late. You may still have a late fee but it should not be reported on your credit report. Recently, they have been stating that a collection under $100 will not have a large impact.

Judgements and tax liens will hurt a credit score. Tax liens can even be looked upon as worse than a bankruptcy.

All of us at LendingLadies.com hope you find this information helpful or educational. Please do pass this on to your friends and family.

LendingLadies.com

866-640-LL4U

Timing a Closing

There are new laws in effect this July and it impacts every real estate transaction in the United States. It is important for you to know this information as we are coordinating timing on a closing.

 

The first one is if a client does not lock in an interest rate until the end, a closing can not take place until after 3 days of the lock if it differs at all from the initial Good Faith Estimate.

 

If any fees change and has an .125% impact on APR, then a closing can not take place until 3 days after the new costs are disclosed.

 

A closing can not take place less than 7 days.

 

An appraisal must be received by the client 3 days before the loan closing.

 

An appraisal can not be ordered until 3 days after a loan application.

 

It has been interesting to hear of the stories on the new appraisal law. It is being evaluated to put the new HVCC law on hold due to the negative impact for consumers. It has been difficult to time a closing without knowing when an appraisal will come back in. So far we have been ok and fine on our closing dates but I have heard of many other companies having complications.

 

On a positive, fantastic note, LendingLadies.com will continue being a broker and will be a bank. This will allow underwriting at 24 hrs (it can change but this is the current time) if a loan closes with the bank. We still have the flexibility of shopping interest rates and programs that the bank will not close on. We can close all loans! In order to keep this service up, we need your continued support in referrals. We want to thank you in advance for your current and future referrals.

 

All of us at LendingLadies.com hopes that this information helps you in your business. Please advise if there is anything we can do to help you further.

866-640-LL4U

Upcoming Presentation

Please see the ad for an upcoming presentation that LendingLadies.com will be presenting at.

Attention Home Sellers! Are you curious about what factors to focus your energies in getting your real estate sold. I’ve narrowed down my own marketing plans to 4 major factors to consider. They are… Marketing Effort, Price, Condition, and Location. If you pay close attention to each one of these factors, then I can assure you that you’ll be in a better position to sell for the most money in the least amount of time.

 

You are invited to The Home Seller Academy class being held at the RE/MAX Action Brokers this July 7th from 6-7pm. Its FREE and you’ll have the opportunity to hear from speakers Debby Myers with Security Title and Jessica Peterson with Lending Ladies. Ever wondered what Title Insurance is about and how much it costs? Would you like to screen buyer leads with a lender you can trust? Make the connections you need to get the deal done! This month’s class is titled: “4 Factors That Sell.” All attendees will be offered the opportunity to list their home on my website: www.FortCollinsHomeSource.com FREE for 1 month. Thats right… this is the opportunity to save thousands on commissions and not have to pay a Seller Agent! Please call 970-219-8595 to RSVP.

Changes coming in Lending

The revised provisions under Reg. Z implements the Mortgage Disclosure Improvement Act (MDIA), which was enacted as part of the Housing and Economic Recovery Act of 2008.  The MDIA expands the amendments of the reg. Z changes and requires that creditors must give “early disclosures,” including a good faith estimate of costs, within three business days after receipt of an application and before any fees (except credit report fees) are collected. The MDIA broadened this early disclosure requirement beyond the Fed’s pending rule to include loans secured by dwellings other than the borrower’s principal residence. The rules also implement the MDIA requirements that creditors must provide early disclosures at least seven business days before consummation of the loan, and that creditors must provide revised disclosures and wait an additional three business days to close the loan if the APR initially disclosed changes beyond a specified tolerance. The rules allow a consumer to waive this waiting period in the case of a bona fide emergency. The new disclosure requirements become effective July 30, 2009. The other amendments to Regulation Z adopted by the Board last summer become effective October 1, 2009.
 
Note that there are other RESPA changes that become effective January 1, 2010 as it relates to the implementation of the new GFE and HUD-1/1A, unless stayed by legislation.