Randy Kirsch's Blog,, NMNLS #1012303 - Your Dedicated Mortgage Consultant, Right Trac Financial Group, Inc. NMLS#2709

It is being reported by Reuters that the whistleblower who sued Bank of America ("BofA")  for fraud concerning bad loans that were sold by BofA and Countrywide Financial will receive compensation in the amount of $57 million.  The whistleblower, Edward O'Donnell, has actually filed two suits alle...

A lenders' group has called upon the U.S. Department of the Treasury ("DOT") and the Federal Housing Finance Agency ("FHFA") to restructure the bailout payments that are required from FNMA and FHLMC to the federal government for the bailout of the GSEs after the burst of the housing bubble.  In a...

A leading housing economist has expressed concern over the new(?) 3% Down Payment loan products that have been introduced by Fannie Mae and Freddie Mac.  Robert Shiller, in an interview with CNBC as reported in National Mortgage Professional Magazine, indicated that the new products introduced re...

It is reported in MPA Magazine that the provision of the Transportation, HUD and Related Agencies Appropriations Act for Fiscal Year 2015 (S. 2438) which would have allowed the Department of Housing and Urban Development / Federal Housing Administration to impose an additional 4 basis point fee o...

Mix results seem to abound about the announced payments to be made by Fannie Mae and Freddie Mac to federally sponsored national housing trust funds for very low and low income housing.  FHFA Director Melvin Watt has lifted the suspension of payments by the GSEs that were requied under the Housin...

A Montana couple bought a rear lot in 2006 in a rural subdivision. They were aware at the time of the closing that the access to their lot was by way of a "road" that crossed over the two adjacent lots to get to the country road serving the area.  They did buy at the closing, an owner's title ins...

For a few months there has been some competition for FHA 203k Rehabilitation loans in the form of the HomeStyle® Renovation loan that is being offered by FNMA.  A number of mortgage brokers and lenders are shying away from the FHA 203k loan of late because of the high cost of the mortgage insuran...

I recently saw a profile of a mortgage broker on a social media site and the broker's NMLS Unique Identifier number was not present on the profile. The profile had a link to the broker's website and the number was buried so deeply on the website that I was asking myself if this broker was in fact...

A recent survey prepared for NeighborWorks America indicated that 70% of American adults are not aware of down payment assistance programs that are available, according to a recent press release.  NeighborWorks America is a national nonprofit community development corporation based in Washington,...

Fannie Mae is calling it "My Community Mortgage", and Freddie Mac is calling it "Home Possible Advantage".  Those are the names for the new 3% down payment loan products that will be insured or purchased by the GSEs in the near future.  Guidelines were rolled out yesterday and reported in an arti...