va mortgage: New Truth In Lending Guideline Changes Will Have A Major Impact On Closings #2 - 07/18/09 04:33 PM
Yesterday I wrote the first of two blogs introducing the New Truth In Lending (TIL) Guideline changes.  In this second blog I will go into more detail as to why I feel that these changes will create significant delays in the Loan Closing Process.
First let me recap the four major changes that will go into affect at the end of the month:
As of July 31 ALL Loan transactions will require that the initial Truth In Lending (TIL) statement be issued within 3 days of the Loan Application, and no Loan Transaction will be allowed to Close before the 7th … (12 comments)

va mortgage: I Am Ready For A Little Sunshine ....... But I Would Settle Right Now For My Fried Whole Belly Clams :) - 06/26/09 08:19 PM
Connecticut has been getting rain just about everyday for several days now.  It hasn't been anything major, but just a lot of steady rain, that is up until today. 
The day started out very warm and humid, with the sun making an effort to show itself, which I was glad for because I was having a new roof put on my house and was hoping that they could complete it today (they started yesterday).  I got my wish the weather cooperated up until noon, which was just enough time for the Roofers to finish, and even clean up.  But no sooner … (5 comments)

va mortgage: Be Careful Of What You Receive In The Mail! - 06/19/09 10:09 PM
Lately more and more of my Borrowers having been calling me, because they have been receiving offers in the mail that make it seem like they were sent by us.  These offer covered a number of areas, from refinancing, loan modification, bi-weekly payments, lower interest rates as well as others.
These offers are not sent on McCue Mortgage Letterhead, but will mention McCue Mortgage very early in the letter, and are worded in a way to make the Borrower think the letter was sent from us.  This is a very sneaky way of trying to get the Borrower to call the … (11 comments)

va mortgage: Market Update - 06/15/09 11:03 AM
Looks like things have calmed down a bit, and hopefully Buyers will take advantage of this before the next storm hits.
Over the last two to three weeks we have been seeing a lot of volatility in the market and as a result we saw a major upward movement in the interest rates. Prior to that it was changes to the Underwriting Guidelines for many of the Loan Programs, especially Fannie Mae and Freddie Mac.  FHA saw some change as well in particularly to effort that were made to make the $8,000 Tax Credit available prior to Closing.
The end of … (5 comments)

va mortgage: Annual Middlesex County Real Estate Luncheon - 06/06/09 04:37 PM
The Annual Middlesex County Real Estate Luncheon will be held this coming Wednesday June 10 at Saint Clements Castle, 1931 Portland Cobalt Road, Portland, Ct.
There are many reasons to attend this event, but three stand out.  First it is a great time to see and spend some quality time with many of our Real Estate colleagues that we might not normally see during the year. Second the facility that the event will be held at Saint Clements Castle is a great place to go for an event such as this. And Third it will be a fun relaxing time where … (7 comments)

va mortgage: Seasoned Money ............ What Is It??? - 05/15/09 02:47 PM
The term "Seasoning Money" or Seasoned Money" is a very common term in the Mortgage Industry.  A simple definition for what is "Seasoned Money" is that it is a reference to the length of time that has past since funds were deposited in or withdrawn from a Bank Account..
Why is "Seasoned Money" important in the Mortgage Industry?  It is important because if a Borrower is applying for a mortgage, the Lender is going to require that they produce bank statements for a certain period of time.  These days any deposit or withdrawal of funds of $1000 or more, that are … (18 comments)

va mortgage: Appraisal Issues Continue To Be Big Problems!!! - 05/09/09 01:26 PM
The effects of slow sales in the last two quarters of 2008 and the first quarter of 2009 are beginning to be felt more and more on recent sales. Despite all of the recent changes by Fannie Mae, Freddie Mac, and PMI Companies, the biggest obstacle that I am having with getting loans approved recently is appraisals.
Because of the slow sales in the last two quarters of 2008 and the first quarter of 2009, Appraisers are having a difficult time in finding Comp's to support recent sales.  I wrote a blog at the end of last month "Slow Sales Causing … (14 comments)

 
George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut) Ambassador large

George Souto

Your Connecticut Mortgage Expert

Middletown, CT

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George Souto NMLS #65149 FHA, CHFA, VA Mortgages Connecticut

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

Mobile: (860) 573-1308

Office: (860) 573-1308

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