Rodney Mason - Conv, FHA, VA, USDA, Renovation

Mortgage and Lending - Guaranteed Rate NMLS# 2611 - NMLS #151088
Yesterday, Bank of America, the 3rd largest retail mortgage lender in the country, announced its decision to exit retail mortgage lending in six states.  Citing low mortgage volume, Bank of America will exit retail mortgage lending in the six states of Alabama, Alaska, Montana, Nebraska, Wisconsi...
Under USDA’s fiscal calendar, annual USDA funding for fiscal year 2011 expired as of September 30, 2011.  Until such time as new funding is authorized, USDA offices will not be able to issue conditional commitments. Most lenders will continue to originate and process USDA loans.  Actual closings ...
VA has announced a delay in the reduction of its Funding Fee.  Originally scheduled for October 1, 2011, the VA Funding Fee reduction now goes into effect on November 18, 2011. 10/1/2011Important Notice: LOANS CLOSED ON OR AFTER OCTOBER 1, 2011:  Due to legislation affecting funding fees that has...
The week was relatively light of economic data.  As last week evidenced, more has been driving the market that domestic data alone.  The debt issues of Europe and the potential implications of a default of Greece has been the primary focus of the global market.    On Tuesday, housing starts came ...
Museum goers can visit select Atlanta area museums for FREE on Saturday, September 24, 2011.  Twelve Atlanta area museums will be participating in the Seventh Annual Smithsonian Museum Day.   These metro Atlanta museums will duplicate the Smithsonian Institution’s free admission special for that ...
The Home Valuation Code of Conduct (HVCC) was implemented in May 1, 2009 by the Federal Housing Finance Agency (FHFA).  It was designed as an attempt to improve the independence of appraisers.  It contained provisions that prohibit lenders and third parties from influencing appraisals to arrive a...
Morelli's Gourmet Ice Cream & Desserts is now open in the Edgewood Shopping District.  The location held its Grand Opening on June 18, 2011.  At Morelli's, you will find a large selection of ice cream, gelato, yogurt, sundaes, and more.  There are traditional favorites like: Banana Black Walnut B...
A disappointing jobs report send increased demand for mortgages and treasuries. The Nonfarm Payrolls report indicated no change in jobs.  This gives indication of stagnant growth in the economy.  The economic outlook was for 70K to 100K added jobs.  The national unemployment rate remained at 9.1...
The market has been active thus far this week.  Mortgages rates worsened slightly this morning following weakened demand for Treasuries.  This comes after reports that factory orders increased 2.4% last month.  Chicago Manufacturing activity also came in better than anticipated further lessening ...
The FHA 203(k) maximum loan amount is the lesser of: Purchase price (or “as is” value for refinances) plus rehabilitation costs OR 110% of “After Improved” valueTIMES The LTV factor (96.5% for a purchase) or less the allowable down payment ($100) for a HUD REO Property NOT TO EXCEED Maximum count...

Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN
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