Corri K.

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FHA Temporary Loan Limits Reinstated

Corri K. posted an article on - Dec 3, 2011, 4:38 pm
FHA Mortgage Letter 11-39  announces that the temporary limits that expired on October 1, 2011 will be reinstated under H.R. 2112 remain in effect through December 31, 2012. Case numbers pulled on or after November 18, 2011 will be subject to the new "old" limits or "new" old limits... take...
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VA Funding Fee UPDATE

Corri K. posted an article on - Nov 22, 2011, 1:03 pm
The lowered VA funding fees that went into place a mere four days ago are no longer in effect as of today due to the signing of HR 674 as cited in VA Circular 26-11-19. The fees will revert back to those that were in effect prior October 1st, 2011 and will remain in effect on through September 30...
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A Ray of Sunshine for the Housing Market with New Changes to HARP

Corri K. posted an article on - Oct 26, 2011, 1:56 am
Good news is aglow in the mortgage industry since FHFA announced loosened guidelines to the Home Affordable Refinance Program or HARP yesterday. New guidelines are effective November 15, 2011, for the loan program which dawned March 4, 2009; at the time a refinance under HARP allowed up to 105% i...
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Oregon VA Loan Lowers Mortgage Rate

Corri K. posted an article on - Oct 18, 2011, 2:24 pm
The ORVET Home Loan Program lowered their rate yesterday. This loan program is not the same as the VA Home Guaranteed Loan Program but is underwritten, funded, and serviced by the State of Oregon ODVA through a special federal bond. The ODVA loan program is a close match to a conventional loan in ...
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VA Home Loan Public Announcement on YouTube?

Corri K. posted an article on - Oct 12, 2011, 3:28 pm
In my quest to find a hidden RSS feed on the VA Home Loans website I wandered, as I often do, to their YouTube channel and found this morsel... It might be from March 2011 but it still applies. Oh, and 209 hits in 7 months? I feel validated in knowing that mortgage news just isn't sexy since little...
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VA Funding Fees Clarified... For Now.

Corri K. posted an article on - Oct 7, 2011, 4:37 pm
The VA News and Announcements page has been updated today to advise HR 2646 has been signed into law. Circular 26-11-15 has been issued and the fees structure published. The VA is waiving the difference in fees for loans disclosed with the lower fees prior to October 6, 2011 as the increase to fee w...
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All Eyes Watching Status of HR 2646

Corri K. posted an article on - Oct 7, 2011, 3:18 am
As we await the fate of the VA funding fee... Once signed by the president the fee will revert back to the old until November 17, 2011. Whether or not the new lower fees will be upheld at that point are questionable. The right hand does not know what the left hand is doing. Mortgage transactions are...
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VA Funding Fee Changes Recinded

Corri K. posted an article on - Oct 5, 2011, 12:22 pm
That certainly didn't last long... according to VA News and Announcements: LOANS CLOSED ON OR AFTER OCTOBER 1, 2011:  Due to legislation affecting funding fees that has passed both houses of Congress and is awaiting the President's signature, lenders should not submit payments for loans closed o...
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USDA Rural Development Implements Annual Fee

Corri K. posted an article on - Oct 1, 2011, 6:34 pm
Effective today mortgage loans granted USDA Rural Development, aka Guaranteed Rural Housing Loan Program, will carry an annual fee in addition to it upfront guarantee fee. The upfront fee will decrease from 3.5% of the loan amount to 2% on purchases and remains at 1% for streamline refinances....
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FHA Loan Limits Decreased

Corri K. posted an article on - Oct 1, 2011, 2:10 pm
As of today the temporary FHA loan limits have expired and home seekers in the market to purchase a higher priced home may have to shell out a little more for the down payment on their home mortgage. The loan limits were increased in 2008 through the Economic Stimulus Act in a effort to resus...
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VA Decreases Funding Fees

Corri K. posted an article on - Sep 24, 2011, 11:27 am
It is refreshing to know that the VA is decreasing the upfront funding fee on its guaranteed loan program for Veterans while other government mortgage programs like FHA and USDA have increased their fee structures. Currently Veterans have the lowest default rate according to the most recent Mortg...
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Oregon Foreclosure Process Debatable: MERS vs. Non-judicial statutes

Corri K. posted an article on - May 31, 2011, 3:31 pm
In the wake of the mortgage meltdown and heightened foreclosures an Oregon Judge is questioning not only the validity of MERS but seemingly Oregon's non-judicial foreclosure process according to the AP in this article found in The Statesman Journal. Personally I've questioned this common practiceÂ...
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CFPB Opens Discussion for New Mortgage Disclosures

Corri K. posted an article on - May 19, 2011, 12:47 am
Just in... the mortgage industry is getting a new form in the near future. In case you don't follow daily mortgage news, change is not usually well received in our industry but I think this might actually make a few disgruntled mortgage brokers happy. The CFPB or The Consumer Financial Protect...
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Private Mortgage Insurance Making a Comeback

Corri K. posted an article on - Apr 29, 2011, 1:48 pm
Private Mortgage Insurance has always had such a stigma, I have had numerous conversations with clients who were dead set against it and wouldn't consider PMI. Certainly the payments were higher but in some cases it would prove to be the savvy choice in the long run. As a newer loan officer I can...
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Reason 8,675,309 why "Financial Reform" Fails to Reform

Corri K. posted an article on - Mar 16, 2011, 8:53 am
I am not against the idea of protecting consumers. I have been an advocate for clarifying the muddied mortgage waters. I subscribe to the "knowledge is power" mentality. However where the Frank Dodd bill is concerned I can agree the so called reform is overkill. Note this link includes only a summar...
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FHA changes MI Premiums... again!

Corri K. posted an article on - Mar 9, 2011, 7:25 pm
Last year I remember an almost daily reminder to my real estate agent contacts that the FHA upfront premium was increasing to upwards of 2.25%. This increase lasted for all but six months or so before it was adjusted back down to 1% if you were over 95% loan to value however the monthly mortgage pre...
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Record low mortgage rates still no one is biting

Corri K. posted an article on - Sep 30, 2010, 12:31 am
USA Today ran an article that caught my eye today. It really sums up the the variety of issues regarding today's mortgage lending environment both nationally and here in Oregon. It amazes me still the number of qualified consumers who are not ready to pull the trigger on a purchase or refinance. Le...
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USDA Funds Available with the Signing of H.R. 4899

Corri K. posted an article on - Jul 30, 2010, 4:10 pm
Back in March USDA announced it was quickly exhausting funds for the popular Rural Development loan program. This type of mortgage loan offers 100% purchase financing for eligible properties and caters to low income families. Its demand has grown over the last couple of years with the days of 80/2...
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Senator Dodd's S3217 and its 205 Amendments

Corri K. posted an article on - May 11, 2010, 6:17 pm
I'm on my Soap Box again! What a joke this is... over regulation is not the answer. My two cents. .GovTrackEmbed { font-size: 100%; color: black; border: 1px solid black; background-color: white; padding: 5px; width: 350px; font-family: Georgia, Free Serif, Nimbus Roman No9 L, Times New Roman; } ....
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It's Beer Thirty on Friday April 30, 2010

Corri K. posted an article on - Apr 30, 2010, 7:41 pm
Our phones were eerily quiet this week, even today with the looming end of days where the Home-Buyer's Tax Credit is concerned. I am kind of happy to see it end, although in the lending realm I don't see a true end until the loans must close which is June 30.  I didn't really see as many borrowe...
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Breath in Faith, Breath out Fear.

Corri K. posted an article on - Apr 14, 2010, 5:18 pm
This past year I have spent assisting one of our Branch Managers and also acting as support for the other Loan Officers in our office here in Oregon City. I am very grateful for the experience which has been the foundation for new friendships, networking opportunities, and training that is hard to c...
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Breath in Faith, Breath out Fear.

Corri K. posted an article on - Apr 12, 2010, 2:19 pm
This past year I have spent assisting one of our Branch Managers and also acting as support for the other Loan Officers in our office here in Oregon City. I am very grateful for the experience which has been the foundation for new friendships, networking opportunities, and training that is hard to c...
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Travel Portland on YouTube

Corri K. posted an article on - Sep 18, 2009, 12:19 pm
Portland, P-Town, PDX... Whatever you call it chances are if you live in Portland, or in one of its many suburban areas, you love it here. I was born and raised in Portland myself and am proud to call it home. This snippet was sent to me by our lovely office manager just because it's really cool... ...
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Taylor, Bean & Whitaker Cease Operations

Corri K. posted an article on - Aug 5, 2009, 2:20 pm
I am not usually one to post about lenders closing its doors (cause I don't have that kind of time) but this one was a biggie! I have one less lender left that lends on Manufactured now :( Read on for a press release from TBW. August 5, 2009 TAYLOR BEAN MUST CEASE ALL ORIGINATION OPERATIONS EFFEC...
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Fannie Mae Unleashes Home Path

Corri K. posted an article on - Jul 15, 2009, 12:51 am
A new loan program has been introduced by Fannie Mae, welcome Home Path. A loan program made available to purchase Fannie Mae owned homes. It gives the FHA Loan a run for its money, although the rate is slightly higher much like LPMI (lender paid mortgage insurance) programs. 3% down in comparison ...
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Capacity Cure

Corri K. posted an article on - Jun 30, 2009, 12:22 pm
Every now & then an article comes across my Google alerts that catches my attention and I felt like sharing... http://www.bloomberg.com/apps/news?pid=20601087&sid=aedS3XGrNmSA Historically if any creditor felt insecure in your ability to repay a debt they would close down your line and your lower sc...
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Rates Lend A Little Relief This Week

Corri K. posted an article on - Jun 26, 2009, 11:43 am
Better pricing on a Friday is a good thing... not that I care to quote Martha as nothing is ever perfect. Rates are not competitive unless you are looking at fixed rate pricing, have stellar credit, and are in a good equity position. Consensus says we probably will not see these rates again with pe...
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Rates Continue to Soar

Corri K. posted an article on - Jun 8, 2009, 11:53 am
At 8 a.m. sharp this morning I received yet another rate alert to "lock in ahead of a re-price for the worse"... seems to be a broken record these days. Without a crystal ball it is hard to say what the future holds for fixed rate pricing, although the pending doom of inflation lacks promise. If you...
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Modification Monkey Wrench

Corri K. posted an article on - May 11, 2009, 8:21 pm
I have been noticing verbiage on mortgage statements as they come across my desk stating that if you have filed bankruptcy and did not reaffirm your mortgage loan you will not qualify for a loan modification. The reasoning... Most bankruptcy petitioners only agreed to keep their mortgage loan curren...
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Like I Said... "VA Loans ROCK!"

Corri K. posted an article on - Mar 5, 2009, 5:38 pm
Towards the end of last summer I noted "VA Loans ROCK!" and while I have been digging into the whole "Making Home Affordable" thing I was reminded they still do... Purchase Loans: No down payment required! Up to 4% of closing costs can be paid with seller concessions. Funding fee from 1.25% (regul...
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New Options Available for Homeowners

Corri K. posted an article on - Mar 4, 2009, 4:18 pm
The details of the "Making Home Affordable" initiative were announced today from the Obama Administration that allows FannieMae and FreddieMac the ability to help homeowners that have been stuck in a stalemate with the current housing market. To be eligible for either the Home Affordable Refinance ...
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HGTV's My First Place Casting in Portland

Corri K. posted an article on - Mar 2, 2009, 4:47 pm
First time homebuyers listen up! HGTV producers are spreading the word that they are looking for buyers to be featured on their show My First Place. Go to HGTV's website for more info about the show or contact the show producers directly here. Happy to have found a more positive topic over the 299 ...
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