Homes and Money – Marie Bjornson

In an attempt to spur more sales of their REO properties, Fannie has put in place a special offer for buyers of their REO properties. Here are the highlights of the offer:

•Additional incentive of 3.5% for closing cost assistance
•Must close by June 30, 2011
•Incentive for Owner Occupied Primary Residence only
•Must sign an Owner Occupant Certification Rider to the Purchase Agreement
Fannie has done this before. It is a nice way to help more buyers of their REO properties. 

Remember, Homepath program (in general) allows for:

·         up to 6% in seller concessions, 3% down loan on owner-occupied

·         No monthly MI

·         No Appraisal

·         Investment property purchase at 15% down payment with NO MI (closing cost incentive does not apply)  

Note on P&S contract:  When writing the offer, your clients cannot assume they will get the 3.5%. Make sure you are writing it in as part of the offer to insure the clients receive it. 

It is important to have a lender that specializes in Homepath Lending.   Financing is very specific, and is a huge advantage to FHA when structured correctly.

For Homepath / Fannie REO listings:  www.HomePath.com

Marie Bjornson, specializing in Home Loans – Purchase, Refinance, USDA, FHA, VA

Envoy Mortgage was recently awarded the Green Originator Award by Mortgage Technology magazine for its electronic, paperless loan origination process at the 12th Annual Mortgage Technology Awards 2010 at the Mortgage Bankers Association’s 97th Annual Convention & Expo 2010 in Atlanta. The award is granted annually to a mortgage lender that uses technology to create efficiencies, both from a business perspective as well as to help the environment.

“We owe the prestigious award to all the pioneers at Envoy Mortgage,” said David Zugheri, EVP, Marketing, Envoy Mortgage. “The paperless road was not paved when we started this endeavor in 2004. Perfecting it required hard work and more importantly, faith in the system that it would pay off. We truly believe it did.”

Envoy Mortgage’s technology includes a complete, paperless origination platform. The company also provides customers an online application for customers and e-signature capabilities. Read the rest of this entry »

Here are five of the more recent types of scams that are targeting borrowers.  Take a look and avoid falling for one of these deceitful practices!

Phony Counselors – Scam artists present themselves as “counselors” who will negotiate a deal with the lender IF the borrower pays a fee first. Some scammers even require that all the mortgage payments be made to them while they negotiate on the borrower’s behalf.

Fake “Government “ Modifications – Scammers will claim to be approved or affiliated with the government. Their documents and website will use terms like “federal” and “TARP”. They will claim a fee is necessary to use the modification program. Borrowers should call their lenders Read the rest of this entry »

I have been asked by a few agents I know, about the difference between a bank, banker and broker.

As many of you know, I was a broker up until appx 2 years ago. Since then, I have converted to being a banker (correspondent lender) as I found it to be a large advantage to the client, and allows me to get loans through even better, while having better pricing options. Below is a list of five advantages, and below that is a link to a very detailed summary of the differences of a bank, Banker (“correspondent lender”), and broker .

Five Main advantages of a banker (at least with Envoy):

1. In-house underwriting. Control and Predictability. We can talk w/ the underwriter before, during & after the transaction. Who underwrites our files is “predictable”. 24-48 hours underwriting & condition turn times – this is huge for getting files through. (broker turn times vary as wholesale lenders are not typically consistent with turn times and underwriter will always vary). Read the rest of this entry »

More people are becoming concerned that their benefits will not last, due to the looming Social Security crisis; you can definitely understand the stress level of the 41 million people, who are now aged 50 to 60. There is a genuine concern over whether or not they have saved and invested enough money to retire. Many Americans are now familiar with the term “reverse mortgage”. The way the system works is still mysterious to many people. A concern is how hazardous reverse mortgages are for seniors who sign up.

This article outlines the reasons for a reverse mortgage and how to use them. Where did the reverse mortgage originate? Federally insured reverse mortgages, sometimes known as home equity conversion mortgages, began in 1989. Although many seniors are entitled to use their qualifying home equity, it is estimated that only approximately one percent of those who are eligible have put them into place. The last few years has shown the most growth when it comes to the home equity conversion mortgage market. Read the rest of this entry »

Envoy places a high value on performance and recognizes outstanding achievements through the Circle of Excellence. This prestigious program rewards top producers who are able to consistently deliver exceptional customer service regardless of inherent industry and market fluctuations. We celebrate honorees with an all-expense-paid trip to a premier destination. (in this case was Naples, FLorida)