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|Posted on January 23, 2014 at 4:34 PM||comments (69)|
Please visit my blog for all things pertaining to processing and closing your loan file:
|Posted on March 14, 2011 at 2:34 PM||comments (48)|
There is a new resource for consumers to turn to when they are seeking information about how credit scores work.
The website www.creditscorequiz.org is a joint project of the Consumer Federation of America and VantageScore Solutions Inc.
The online quiz is the outgrowth of a joint survey the two parties commissioned. Out of 22 questions asked to over 1,000 participants, the average score was 60%, with many people not knowing who makes credit scores available, what is a strong score and what is the financial cost of a poor score.Among the groups that did poorly in the survey are the elderly and lower income, who displayed less understanding of what credit scores were about than those younger or who earned more money, said Barrett Burns, president and chief executive of VantageScore Solutions at a press conference.But even these groups only did marginally better. Consumers between the ages of 34 and 45 only got 67% right, while those with incomes over $100,000 annually got 66% right.Adding to the confusion, said Stephen Brobeck, executive director of CFA, is that there are generic and lender-specific scores and there are variations among each type. So much so that in one case a 700 score would be considered good in one system, but merely average in another. So each needs to be seen in the context of its overall range, added Sarah Davies, senior vice president of analytics and product management at VantageScore Solutions.Brobeck added that the same score from the same source can even be looked at differently by a different lender.
When asked if there are plans to team up with the lending community, Brobeck said CFA normally would talk with federal and state regulators first about a product like this and then with credit counseling agencies and other nonprofit education groups.But what CFA would like to see happen is that service providers such as mortgage lenders utilize creditscorequiz.org when their clients ask questions regarding their credit score.Burns brought something he has spoken about in the past, which is that consumers don’t have an understanding of the impact that certain events will have on their credit scores.They also don’t realize that outside of a bankruptcy filing, when the event that caused the decline in the credit score has been remedied, the score bounces back quickly.
If anything had surprised him during the process of CFA and VantageScore Solution working together, Brobeck said it is how much the marketplace had changed and how much CFA learned about the current use of credit scores.The parties noted that there are new rules going into effect in July that require even greater disclosure of credit scores.Those new rules are most beneficial to those who understand the credit score market, and that was another driver for the site, Burns said.CFA and VantageScore will also make the quiz available in a brochure.The survey found that most consumers do not know that it merely measures the repayment risk, that age and marital status do not figure in a credit score, and that credit repair services are usually not helpful.
|Posted on March 9, 2011 at 2:14 PM||comments (50)|
Knowing what questions to ask your lender during or before the loan application process is essential for making your mortgage approval process as smooth as possible.Many borrowers fail to ask the right questions during the mortgage pre-qualification process and end up getting frustrated or hurt because their expectations were not met.Here are the top eight questions and explanations to make sure you are fully prepared when taking your next mortgage loan application:
1. What documents will I need to have on hand in order to receive a full mortgage approval? An experienced mortgage professional will be able to uncover any potential underwriting challenges up-front by simply asking the right questions during the initial application and interview process.Residence history, marital status, credit obligations, down payment seasoning, income and employment verifications are a few examples of topics that can lead to stacks of documentation required by an underwriter for a full approval.There is nothing worse than getting close to funding on a new home just to find out that your lender needs to verify something you weren’t prepared for.
2. How long will the whole process take?Between processing, underwriting, title search, appraisal and other verification processes, there are obviously many factors to consider in the overall time line, which is why communication is essential.As long as all of the documents and questions are addressed ahead of time, your loan officer should be able to give you a fair estimate of the total amount of time it will take to close on your mortgage.The main reason this question is important to ask up-front is because it will help you determine whether or not the loan officer is more interested in telling you what you want to hear vs setting realistic expectations.You should also inquire about anything specific that the loan officer thinks may hold up your file from closing on time.
3. Are my taxes and insurance included in the payment?This answer to this question affects how much your total monthly payment will be and the total amount you’ll have to bring to closing.If you include your taxes and insurance in your payment, you will have a higher monthly payment to the lender but then you also won’t have to worry about coming up with large sums of cash to pay the taxes when they are due.
4. Will my payment increase at any point after closing?Most borrowers today choose fixed interest rate loans, which basically means the loan payment will never increase over the life of the loan.However, if your taxes and insurance are included in your payment, you should anticipate that your total payment will change over time due to changes in your homeowner’s insurance premiums and property taxes.
5. How do I lock in my interest rate?It’s good to know what the terms are and what the process is of locking in your interest rate.Establishing whether or not you have the final word on locking in a specific interest rate at any given moment of time will alleviate the chance of someone else making the wrong decision on your behalf.Most loan officers pay close attention to market conditions for their clients, but this should be clearly understood and agreed upon at the beginning of the relationship, especially since rates tend to move several times a day.
6. How long will my rate be locked?Mortgage rates are typically priced with a 30 day lock, but you may choose to hold off temporarily if you’re purchasing a foreclosure or short sale.The way the lock term affects your pricing is as follows: The shorter the lock period, the lower the interest rate, and the longer the lock period the higher the interest rate.
7. How does credit score affect my interest rate?This is an important question to get specific answers on, especially if there have been any recent changes to your credit scenario.There are a few key factors that can influence a slight fluctuation in your credit score, so be sure to fill your loan officer in on anything you can think of that may have been tied to your credit.
8. How much will I need for closing?*The 2010 Good Faith Estimate will essentially only reflect what the maximum fees are, but will not tell you how much you need to bring to closing.Ask your Loan Officer to estimate how much money you should budget for so that you are prepared at the time of closing.Your earnest money deposit, appraisal fees and seller contributions may factor into this final number as well, so it helps to have a clear picture to avoid any last-minute panic attacks.
|Posted on December 9, 2010 at 5:29 PM||comments (38)|
Blogging is a new addition to our website. We hope to include articles of interest to our brokers pertaining to the 'mortgage world'.
Today I called a Savings and Loan for information on subordinating a HELOC. Turnaround time? 30-45 days! If you have a subordination on your clients loan, let's get it moving so we don't find ourselves without the paperwork we need to close!
We handle all subordination requests for a low fee (see fee schedule on contract located on forms tab.)