Lee Walsh's Mortgage Blog

Feds seize two more banks - the rest of the story!In the news On Friday, the Office of the Comptroller of the Currency closed First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif., with the FDIC named as receiver. Mutual of Omaha Bank bought all insu...

North Carolina law tougher on mortgage branches, originators and lenders A new law is going into effect soon in North Carolina that will eliminate more originators, mortgage branches and companies in that state.Very soon if you do not have a credit score of 600 or higher, your out!The net worth f...

A recent WSJ article on the  DPA sector of down payment assistance showed how HUD is still looking for ways to shut this financing option down. If this area of down payment assistance is new to you here are the basics on how it works. Q: Can this program be used on any loan product?A: Loan guidel...

Well it's official, the circus has rentered the real estate market. Where else but right here in sunny Florida. Tampa to be specific. The Arbors at Branch Creek, a complex of 390 homes in Countryway, Fla., will be setting aside one of their pools for skinny dippers and nude sunbathers to stand ou...

Well it's official. Washington Mutual has announced that they are no longer going to offer the option arm.I am amazed that they have continued to offer this product for the last 9-12 months.So to date WaMu has exited the wholesale, and the subprime sectors. It's subprime company, Long Beach Mortg...

Save New Jersey Homes Act - could actually help.The New Jersey mortgage relief law is the kind of legislation that could help both the homeowner and the investors.The bill, S-1853, known as the “Save New Jersey Homes Act of 2008,” would require mortgage companies to notify borrowers at 60 and 30 ...

Spam - Don't you hate it? We all get more than we could possibly read.This week I think I opted in to receive more spam email that I bargained for. It all started with an email from a group I subscribed to called Stompernet. They are a group of internet marketers out of Atlanta, GA who seem to ha...

It seem like every where we turn mortgage brokers are being attacked. Many of the new laws and rules that on the table only change the way a mortgage broker conducts their business. Here is another one. Here is a notice and call for help from the NAMB (if your not a member of your local chapter -...

Well it has begun...  the Federal Government  in their blundering wisdom  is now  trying to  eliminate  mortgage brokers.    The  Federal Reserve is preparing to make sweeping changes to the origination landscape by enacting new rules that will cripple the mortgage broker's business. Both the Fed...

Last Sunday I was driving from my home in Seminole county to Lady Lake, a few mile past the Mt. Dora exit on 441 I was hit with a smell that took me back 40 - 50 years in time. All of a sudden my senses were flooded with the pungent smell of  orange blossoms. It made me realize that I was on the ...