Oct 24 – Summary of business headlines: New Mortgage help for troubled U.S. homeowners; Netflix tops forecast; Growing global demand lifts Caterpillar’s results; FedEx predicts spike in holiday shipping; Stocks rally on earnings, Europe optimism. Conway Gittens reports.
Duration : 0:2:0
Oct. 19 – CoreLogic Chief Economist Mark Fleming says the refinancing deal between states and banks only affects a few million homeowners and won’t do very much to improve the U.S. housing market outlook.
Duration : 0:4:51
You should be with us in 2012, join now: http://my.barackobama.com/toledovid
Barack Obama spoke about small business Loans in Toledo Ohio on October 13, 2008.
Duration : 0:1:27
In partnership with The Center for Public Integrity, CBS News chief investigative correspondent Armen Keteyian finds out who is behind the big business of online payday Loans that provide an advance on a paycheck attached with crippling interest rates.
Duration : 0:4:48
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One of the most frequent questions we get asked is “Are you in the real estate industry?” Many people wonder if we just report on the news and technology affecting the industry, or if we’re actually practicing real estate professionals.
We actually are in the real estate industry. We work for a mortgage banker in San Antonio, Texas. This basically means two things for our viewers:
We practice what we preach on the show, on a daily basis.
We feel your pain.
Here are three things we encounter on a weekly basis that can cause your client’s Mortgage loan application to explode.
The Big D, And We Don’t Mean Dallas
If I had a $1 bill for every time someone tried to apply for a loan while going through a divorce. I would have, um, numerous dollar bills lying around.
Seriously though, this happens more often than you’d think. Most seasoned mortgage professionals catch on to this pretty quick and handle it accordingly. Going through a divorce doesn’t alone disqualify you from getting a mortgage loan, but it does raise several questions and issues for most lenders and investors.
Banks or anyone for that matter, have no interest in getting caught up in the emotional and financial woes of a divorce. That is unless you have the proper documentation. Most divorces actually lead to a refinance, and often times it happens before the divorce is final.
The borrower needs to come with an agreement signed by both parties as to who gets the home, so the banks know who to qualify the loan for. It can be done, but it can get hairy, especially if your client tries to keep the information hidden from your or the lender. It’ll come out eventually.
A Career Change
In the recent economic environment many people have had to change jobs. Mortgage lenders understand this fact. The problem is Government and Investor overlays greatly decrease the chances your client will get a Home Loan. These job related overlays have hindered many from cashing in on these historically low interest rates.
Having a two year work history is the industry standard for what it takes to qualify. This rule has a few caveats though. A job change doesn’t necessarily mean a career change. If your client is an RN for a local hospital and moves to another hospital with the same job title, you should be ok.
The most shocking development as of late has been the growing number of borrowers that leave or change jobs in the middle of a loan transaction. Make sure you and your lender are advising you clients to stay put. It might seem like common sense to you, but don’t overlook this potential deal breaker. You’ll regret it later if you do.
The New Deal About New Debt
One of the biggest issues in recent memory for why mortgage loan applications explode is your client taking on a ton of new debt right before or during the Loan process. The most notorious examples are buying a new car or a lot of new furniture on credit.
This also applies to currently opened trade lines. One of the newest investor overlays is a requirement to pull a new credit report just days before the loan closes. Any new debt can throw your debt-to-income ratio out of whack.
Make sure you’re advising your clients to hold off on these purchases until after closing. The last thing you want to see is a deal blowup because your client just had to have that new leather couch or titanium side by side fridge.
Duration : 0:4:42
Sept. 12 – Albion Financial Group Analyst Jason Ware says Bank of America targeting employee costs is a good first step towards cost cutting, but the major investor concern is the overhanging Mortgage business.
Duration : 0:5:17
Sept. 9 – Dysfunctional markets are forcing banks into costly solutions for the European bridge Loans they underwrote during the buyout boom, which will hit Q4 results, says Credit Agricole’s Michael Sheren.
Duration : 0:7:12
ICICI’s new home Loan scheme not a teaser loan – Chanda Kochhar
Duration : 0:0:48
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Duration : 0:4:28
Heru talking about a non-successful A4V