As a loan officer, your goal is to become the mortgage source that the FSBO seller will refer interested home buyers to, to get pre-qualified. And don’t forget that the FSBO seller may be looking for a new property as well—and with that a new loan. If you work the arrangement properly, you can get loans coming from both ways

Real estate investments will continue to be lucrative throughout the cycle. The realtor and seller must work together to develop strategies to compete in this market. New construction is booming, and re-sells are competing with them. If a buyer looks at a house that needs work, they may assume it’s available for a bargain price

Take control. Stay on top of things and be sure monitor your loans as they progress on their way to the closing table. Always be aware of what stage a file is in during process. Don’t trust anyone else with your commission check. Stay aware of any problems that arise, and work with your processor to fix them. If you can help speed things up, please do—but not at the expense of making new sales!

for more info. visit our website at reliableappraisers.com/ we are  real estate appraisers, & bank appraisers

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The Fed’s new quarterly survey found that about 50 percent of U.S. banks tightened their lending standards on prime mortgages, up from about 45 percent in the survey issued in early February.

Meanwhile, 65 percent of banks said they tightened standards on nontraditional mortgages, such as adjustable-rate loans with multiple payment options. That was up from 50 percent in the last survey.

“Even if you had a stellar credit history, banks were reluctant to lend in this environment,” said Richard Yamarone, economist at Argus Research. With unemployment rising, it raises the odds of more people defaulting on their mortgages, he said.

Demand for nearly all types of consumer and business loans continued to weaken over the last three months, with one exception. Demand for prime mortgages registered its first increase since the Fed began to track those loans separately in April 2007.

That uptick in demand comes as mortgage rates dropped, helped by a concerted effort by the Fed to drive down rates to help revive the crippled housing industry.

Rates on 30-year mortgages slid to 4.78 percent last week, trying a record low, according to figures compiled by mortgage giant Freddie Mac.

In other lending, nearly 60 percent of banks said they tightened standards on credit card loans over the last three months, the same proportion as in the previous Fed survey.

There were some spots of improvement in the latest Fed survey. About 40 percent of banks said they tightened standards on commercial and industrial loans over the last three months. That was down from around 65 percent in the last survey.

Looking ahead, however, “the vast majority” of banks said they expected deterioration in credit quality for all types of household and business loans.

More than 70 percent said the quality of their banks loan portfolio was likely to deteriorate this year with nontraditional mortgages and credit cards figuring prominently in that scenario. That response was to a special question contained in Monday’s survey not asked in the previous one.

Regulators are scheduled to release the results of “stress tests” on the nation’s 19 largest banks on Thursday, shedding light on which ones may need government support to withstand a more severe recession.

The Fed survey was based on the responses of 53 domestic banks and 23 U.S. offices of foreign banks.

Getting banks to boost lending is critical to lifting the country out of recession.

The Fed has slashed a key bank lending rate to a record low near zero and is expected to hold it there well into next year to entice businesses and consumers to spend more.

The Obama administration is counting on tax cuts and increased government spending to revive the economy. And it has put forward plans to rescue banks and curb home foreclosures, also key ingredients to turning the economy around.

Lax lending standards during the housing boom allowed some people to buy homes that they couldn’t afford. When the boom ended, dragging home values down, foreclosures skyrocketed and banks wracked up huge losses on soured mortgage investments.

Mortgage loan modification has gained great popularity amidst these tough times of financial crash and economic meltdowns. Massive levels of inflation have changed the way people live drastically. Employment difficulties, salary cuts and increased prices of commodities make it very hard to maintain one’s current lifestyle. Borrowers even have worse dilemma as they are now finding difficulty making their mortgage payments and are at the brink of default and foreclosure.

Mortgage loan modification is the most effective solution to avoid losing one’s home to foreclosure. But, it should be noted that a homeowner must have sufficient knowledge of the process to be able to work out a successful loan modification agreement with his lender.

Provided below are informative facts about mortgage loan modification.

The Usual Length of Negotiations for a Home Mortgage
Negotiations for home mortgage modification usually last from 60 to 90 days for regular lenders and 120 days for backed up lenders. But with the onset of the global financial crisis answered by the federal government’s colossal stimulus plans loans are now being negotiated at a much quicker pace of 30 – 45 days. There may be other lengths depending on the loan, as a unique loan may result to a unique loan modification. The details of hardship are also a factor in determining the length of the negotiations.

The Lender Stops Calling for Payment Upon Recognition of the Negotiations
The collection department of your lender tends to keep calling you demanding payment. Such calls may prove to be very inconvenient moreover pressuring to the homeowner. Even after filing a proposal for mortgage loan modification calls may still continue as the lender is likely to not yet be convinced of your intention to pay up. The acknowledgment of the loan modification request may be between 20 – 60 days depending on your credit score and if you have a loan modification partner or not.

A Good Loan Modification Proposal has High Chances of Approval
The economic collapse has caused staying in business very difficult as managing to have enough cash to sustain operations is already a challenge. That is why banks would rather get paid even by smaller amounts rather than repossessing a house that is not even sure will sell. And mortgage loan modification is the best means of working things out and getting the highly sought payments. Loan modification also allows them to avoid the costs of foreclosure and holding homes for sale. In cases that the lender does not like the borrower’s proposal the former will send a counter offer to the latter in hopes of arriving to a loan modification agreement.

Foreclosure Timeline

Lenders may react differently depending on the number of days a borrower has missed payments. Given below is delinquency timeline of what lenders are likely to do when payments are delayed.

Day 1
It’s the first of the month, and the mortgage payment is due. The borrower misses the payment.

Day 16-30
A late charge is assessed. The company that processes the borrower’s payments (called the mortgage servicer) begins to attempt to make contact with the borrower to find out why the payment is late. File is sent to the Collection Department.

Day 45-60
The servicer sends a “demand” or “breach” letter to the borrower pointing out that terms of the mortgage have been violated. The borrower is given 30 days to resolve the situation by paying the delinquent amount.

Day 90
Foreclosure proceedings start with a Notice of Default (NOD). The document is recorded at the request of the lender by the trustee and is recorded in the county in which the property is located. The recording of Notice of Default gives “Constructive Notice” to the public. After the recording of the Notice of Default, the borrower and junior lien holders are given proper notification and the borrower has 90 days to bring their account current. This period is referred to as the Reinstatement Period.

Day 180
If the borrower does not reinstate their account within the 90 day period, the lender will authorize and instruct the Trustee to record the Notice of Trustee Sale (NOS).

Day 201
After 21 days of the recording of the NOS, a foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount.

24VIPINC can provide you with more advice on your loan modification attempt and CallComLeads can supply you with the best telemarketing loan modification leads.

By: darewin ocampo

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Along with Wells Fargo loan modifications being easier to qualify for, Wachovia loan modifications are as well. Wells Fargo and Wachovia merged on December 31st, 2008 and thus Wachovia has the same standards as Wells Fargo for loan modifications.

While the requirements have gotten much more lenient for Wells Fargo loan modification, actually getting approved is another matter. Despite the $75 billion dollars the Obama Administration has allocated to lenders via the Home Affordable Modification Program in order to encourage lenders to approve loan modifications, Wells Fargo maintains a difficult stance on approving them.

Thousands of homeowners across the country have reported that Wells Fargo denies their loan modification applications even if they fully fit the standards, often with no explanation. Other homeowners report extreme difficulty with dealing with the Wells Fargo’s phone representatives when calling about loan modification. While there is a streamlined online application system for loan modifications, there are still similar difficulties and unexplained denials.

Before attempting to deal with Wells Fargo to receive a loan modification on your mortgage, be sure to have full documentation on your income, taxes, and monthly expenses, as well as a written letter stating your financial hardship and the circumstances surrounding it. Fill out the online application and submit it as well as print it out to mail and fax to Wells Fargo. You need to go on the offensive when dealing with Wells Fargo loan modifications, they are barely open to them at all despite the huge amount of debt they have racked up. A week or two after you have mass-submitted your paperwork, call them and try to get to the department that handles loss mitigation or loan modification. Ask if your application has been looked at and if so what their decision was. If they denied your loan modification application, as for specific reasons why and the name of the representative you’re talking to.

If trying to force your Wells Fargo loan modification through does not work, consider consulting with one of the many representatives appointed by the Housing and Development Department. Their services are free under the Home Affordable Modification Program and they are there to help the homeowner, not the lender.

These representatives of the Housing and Development Department offer not only consultation, but also negotiations between you and your lender – and Wells Fargo is one of the toughest lenders in the country to get an approved loan modification with.

For more information about home loan modifications, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

By
Adam Hefner
Published: 4/9/2009

Choosing a mortgage lender is not something you can choose today and change it tomorrow; this is a step you take for years, which can affect your life either negatively or positively. You should not decide in haste without having compared the different mortgage lenders on the market. By choosing the right lender, you can save tens of thousands of dollars on your mortgage.

Once you find the right lender, you will have to choose mostly between a fixed rate mortgage (FRM) or variable rate mortgage (floating rate mortgage).

Fixed Rate Mortgage :

If you want your interest rate remains stable through the term of the loan, you need to choose a fixed rate mortgage. Even when the market goes up, your loan will not be affected, and you will pay a fixed monthly payment. A fixed rate gives you peace of mind knowing that your interest rate will not change throughout the contract period. You can repay your debt faster by increasing your monthly payments. However, in case of falling mortgage rates on the market, you will remain bound to the conditions of the mortgage at a fixed rate.

A fixed rate mortgage can be good for you if:

You are a first time buyer

You want a stable monthly payment

You want to decrease the principal balance of your loan faster

You do not want to be surprised by rising mortgage rates.

You plan to stay in your home for a long period of time

Variable Rate Mortgage:

With a floating rate mortgage, the interest rate tends to fluctuate to reflect the conditions of the market. That is, from time to time the rate may change to be adjusted to reflect the credit markets. A variable rate mortgage reserves regularly surprises, either good or bad. In addition, you can convert at any time your variable rate mortgage to fixed rate mortgage.

Variable Rate Mortgage can be good for you if:

You plan to lower your initial monthly payments.

You plan to refinance or buy more homes.

You plan to own your home for only a few years.

You think interest rates may decrease in the coming years.

Buying a home is an important decision. You need tools and strategy to help you make the best decision, and help you year after year to pay off your mortgage faster without headache. Do not take chance, knock at the right door, whatever the type of residence that you intend to buy, we can help you. To obtain more information, visit finance mortgage rate.

By Remy Vixamar
Published: 4/27/2009