Mortgage Brain Candy

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Mortgage and Lending - iLoan - NMLS# 4474 & 357555
RECENT BLOG POSTS
A recent study of many large and small mortgage lenders found that lenders (and /or borrowers) are being careless with personal and financial data.   The study found that nearly 70% of surveyed lenders encouraged faxing sensitive data and more than 40% were given the option of sending information...
07/12/2014
The TBWS/NREP show quite a while back really slapped me in the face.  Us “mortgage folks” who are trying to help finance homes are asking ourselves… WHY ISN'T MY PHONE RINGING LIKE CRAZY RIGHT NOW???  Rates are at ALL TIME LOWS and Home Prices are back to what they were in 2002!  So WHY? Fran...
07/10/2014
I’m getting this question from many home-owners recently along with current purchasers who are comparing our special “no monthly MI” to options they hear from other banks and mortgage companies.  The HOMEOWNERS PROTECTION ACT has 2 main points that homeowners who have loans with “monthly MI” shou...
04/22/2014
There are a handful of things that are going to have a major impact on qualifying for a home loan in 2014.  First of all there are new major guidelines changes this month that are called Ability To Repay (ATR) and the new definition of a Qualified Mortgage (QM).   They're ominous and the impa...
01/09/2014
Yeah… *sigh*.   Another great move to help the housing market right?  (please read that with my sarcastic tone) Announced late last week on Dec 6th in ML 13-43 HUD has elected to change the limit for FHA loans from $365,000 for single family homes in the Twin Cities market down to $318,550.  It d...
12/13/2013
  Rates went up quickly earlier this summer… but when the Feds said they’re not going to start TAPERING their buying of MBS (mortgage backed securities) on September 19th rates slid back down.  Many “mortgage guys” out there were Chicken Little and thought the sky was falling and the world was en...
11/04/2013
Home prices are trending up but here in my home state of MN… I still hear the question “I’m underwater on my home and want to know what can we do?”.   We (at iLoan) have addressed this with many home-owners and are trying to guide real estate agents when they’re asked as well in the last couple y...
09/27/2013
    How about YOU choose the term you want? Does an 8, 10, 12, 15, 20, 22, 25 or even sticking with that 30 yr term sound good to you for possible options?  Often times I have past clients who call me back to check on rates and refinancing.  After going through different options and I show them t...
09/17/2013
This is without a doubt the best news to come out for "good mortgage guys" (due to the fact that most of the less than average "mortgage guys" still won't understand it) along with the public.  The basics behind the FHA Back To Work Program is incredible as it brings guide...
08/18/2013
  If you’ve got 20% down just about every mortgage calculator online will work great.  You can find calculators with a simple Google search, any decent local mortgage company / bank and many Realtor websites too.  However... if you have less than 20% to put down I have yet to find an online mortg...
03/22/2013
Rainmaker
96,506

Steven Brand

NMLS# 261849
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