The Mortgage Cicerone - The Loan Attraction Coach

Weekly Mortgage Market Update on Blog Talk Radio

On this weekly Radio show, mortgage industry veterans, David Lykken, along with frequent guests, Alice Alvey, Joe Farr and Scott Sanderson provide up-to-the-minute information on interest rates, loan programs and "hot" industry news related to the mortgage industry.

Shortly I will also be joining this awesome weekly show which NO mortgage professional should miss.

Click hyperlink below to listen to latest episode:

Weekly Mortgage Market Update on Blog Talk Radio

FHA Issues Two Mortgagee Letters - New Condo Rules

Temporary Guidance for Condominium Policy
MORTGAGEE LETTER 2009-46 A
November 6, 2009

In Mortgagee Letter 2009-46 B, the Federal Housing Administration (FHA) announced the permanent baseline guidance for condominium project eligibility. This Mortgagee Letter (ML) waives five provisions of that guidance and serves as a temporary directive to address current housing market conditions. This temporary guidance is effective for all FHA case numbers assigned on or after December 7, 2009 through December 31, 2010, except as noted for the “Spot Loan” Approval Process…

AND

Condominium Approval Process for Single Family Housing
MORTGAGEE LETTER 2009-46 B
November 6, 2009

In accordance with the passage of the Housing and Economic Recovery Act of 2008 (HERA), the Federal Housing Administration (FHA) is implementing a new approval process for condominium projects and insurance requirements for mortgages on individual units, as authorized under Section 203(b) of the National Housing Act. The requirements of this Mortgagee Letter are effective for all case numbers assigned on or after December 7, 2009, except as noted. This Mortgagee Letter revises and consolidates existing guidance, and therefore replaces Mortgagee Letter 2009-19…

To read these mortgagee letters and any attachments in their entirety, please visit: http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/ view the 2009 letters and click on the letter of your choice. Mortgagee Letters from previous years can be found on the same page.

PS - Sorry for slight delay in putting this out, my oldest daughter went into labor this weekend and I was busy...no grandchild yet.

Information Overload

"If you go online and look at 200 web pages in one day - which is a simple task when you think of email, blogs, YouTube, news sites, etc - you'll see about 490,000 words; War & Peace was only 460,000 words."

Nick Bilton, Head of Usabilty, New York Times

Radio Mortgage Interview with Tony Gallegos About FHA and VA Lending

On Thursday, October 1, 2009, Radio Mortgage host Brian Brady, interviewed me (Tony Gallegos) about the general state of FHA and VA lending.

Below are a few topics we discussed:

• FHA and VA lending volume surging
• Lack of FHA/VA expertise with lenders
• Why  the FHA isn’t really going broke...what the media did not report
• Realtor and builder misconceptions
• Why lenders are implementing credit overlays
• The new players in FHA and VA
• Why VA default rates are lower than Conforming/Prime products
• FHA/VA market share approaching 40%
• The REO market - 10.3% of REO purchases utilize VA financing
• VA market details in San Diego
• Plus, much more...

Click link below to listen to information packed interview.

To learn more about Cognicorp FHA/VA Training and Consultative Solutions:

<CLICK HERE>.

Critical $8000 First Time Home Buyer Tax Credit Deadlines

The government’s First-Time Home Buyer Tax Credit program expires November 30, 2009 — a scant 60 days from today.

In this video, Chris Brown provides critical milestone dates originators, Realtors and homebuyers must be aware of if they plan on taking advantage of the Federal $8000 First Time Home Buyer Tax Credit set to expire November 30, 2009. Knowing when it expires and that it is for $8000, isn't enough, yet that is what 99% of the videos tell you about.

Here is what you NEED to know and the DATES to focus on!

Expert Predicts Astounding 72% Decline In Mortgage Brokerage Firms Nationwide

David Olson of Wholesale Access made an alarming prediction that by year-end 2009, there will be only 15,000 mortgage brokerage firms nationwide in existence. Furthermore, if this prediction comes to fruition, it would translate to a stunning 72% decline from the sector's 2005 peak.

Bottom line: Ethical and professional mortgage brokers must unite and professionalize their ranks. 

That is exactly what one of my good friends Mark Green at Top of Mind is doing. While Mark is not a mortgage broker, he is fighting for mortgage brokers. 

In fact, he is actively involved with NAMB and is hosting a live State of the Union interview with  Jim Pair (NAMB President) this Thursday October 1st at 12pm EST, 9am PST.

The mortgage industry and brokerage sector are facing huge challenges and NAMB President Jim Pair wants to hear from YOU – so YOU can be heard on Capitol Hill. 

To participate in this Emergency “State of the Union” Interview with NAMB President Jim Pair, please click on this hyperlink to register and take action.

Emergency “State of the Union” Interview 

with 

NAMB President Jim Pair

Thursday October 1st at 12pm EST, 9am PST.