Kate's Blog

Living in the Piedmont in North Carolina we have been experiencing quite a dry spell. Then it started to rain. Finally it statred to rain.  What a pleasant gift.  Our water sources are becoming replenished and our lawns are getting a fresh drink. Hopefully, we will have more rain and the reserves...

Today, I received an email fomr one of the mortgage insurance companies that they are going to require A- minus pricing on loan to values of 97% and higher with 660 credit scores.  While everyone is finding it more difficult to give borrowers more affordable rates and paymnets, this is going to b...

The Chairman of the House Financial Services Committee dropped the long awaited Mortgage Reform Bill and today there are hearings.  There will be changes in the way we do business.  THere will be restrictions on stated income loans.  There is call for licensing for all originator, not just mortga...

For all who are buying homes right now, please get a "credit check-up" before you talk with a Raltor.  The one thing you want to be sure of is that when you sign a purchase contract- you are approved to buy a home.  Getting pre-approved is so important. Getting pre-qualified is a piece of paper, ...

I have been working on a manual underwrite MyCommunity file for a few weeks now.  I will say the borrower is not very well off, he has limited credit and it is tough file.  But MI companies are calling and saying we won't  do this file since he does not have a credit score. Or there is another ex...

I think that this is the best Country in the World.  We have so many rights, that we take for granted that others don't.  Voting is one of them.  I had the priveldge to work the polls early this mornig for a freind and worthy candidate. It was very depressing to see such a poor turnout.  All poli...

Business is steady.  Not booming, but steady. Our customers are purchasing nice homes with downpayments.  What seemed like an impossibility just last month, seems to be no big deal.  BOrrowers are producing downpayments and loans are getting closed.  This is a good thing.I hope everyone's busines...

The MI companies have new guidelines which go into effect, Fannie Mae and Freddie Mac loans will be effected.  No loans that have credit scores below 575 will be able to have MI.  Fha will now stop Down-payment assistance programs.  Gift money will have to come from the parents or relatives.  Sma...

The rates are certainly going up.  Oil is high, bank stocks down and consumer confidence is low.  The Congress is trying to figure out the ?mortgage meltdown"  and hopefully something will actually be created that will seriously help the people who have been caught in a delinquent state.  The rat...

I have been going through my programs latelty, trying to replace some of the discontinued products with loans that will be around for a long time.  I started to investigate Rural Housing loans by USDA and these may be the answer to alot of people's problems.  At least in my area.  With Fannie Mae...