Arizona First Time Home Buyer Programs and Information for 2015

Arizona has many first- time home buyer programs that are only available through specific counties throughout the state. Most of these programs are similar being that they offer no money down and/or tax credits to qualified applicants. Below you will find a list and links to some of these agencies. (more…)

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The Top 20 Lenders With the Most Mortgage Complaints Between 2011-2013

Here is a list of the top twenty mortgage lenders who have received complaints between the years 2011-2013. It is no surprise that the nation’s largest banks such as Bank of America, Wells Fargo and Chase would have the most complaints since they make the majority of the mortgage loans in the country.

What is interesting to note is that at numbers 4, 5 and 7 on the list, they are not mortgage companies, but credit providers and mortgage lead sellers, Experian, Equifax and Transunion. I assume that these complaints are a result of them working hat in hand with mortgage lenders as consumer credit and lead providers to all lenders. (more…)

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FTC Settles With Utah Loan Modification Law Firm Who Deceived Consumers

The Federal Trade Commission (FTC) recently announced that a Utah loan modification firm, Danielson Law Group, LLC, operated by Philip J Danielson, had settled charges which claimed that they broke the law by ripping off homeowners in order to have them pay thousands of dollars for worthless mortgage relief services. (more…)

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Mortgage Settlement Deadline for Homeowners Has Ended

In 2012, the U.S. Department of Justice (USDOJ) and a coalition state attorney generals reached a national billion dollar settlement with banks such as Bank of America, Citibank, and JP Morgan Chase which was related to mortgage loan servicing and foreclosure abuse.

As part of the $25 billion settlement, there was relief to distressed borrowers in the states who signed on to the settlement; and direct payments to signing states and the federal government. The servicers were required to offer $17 billion in principal reductions and other forms of home loan relief nationwide. (more…)

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Mortgage Applications Slightly Down This Week

The best mortgage rates since March 2013 had prompted many borrowers to seek new loans, and caused loan applications to rise over the past month. This past week, mortgage application volume was up 14.2%.

However, this week the Mortgage Bankers Association (MBA) had issued their weekly survey, showing applications were down as both purchase and refinance activity decreased. The MBA survey encompasses over 75 percent of retail residential mortgage applications. (more…)

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FHA Streamline Refinance With Previous Short Sale

Recently, I have received a number of calls from homeowners saying that they’ve been told they can obtain a streamline refinance 2 years after short sale. I’m going to shed some light on that subject, as we are a direct lender without any specific overlays regarding this topic.However, there is a certain criteria you need to meet in order to get approved.

There is no rule on seasoning for short sale with FHA, meaning you could potentially have a short sale and obtain a loan immediately (read below for more info).  (more…)

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Mortgage Applications Rise As Rates Decline for Third Consecutive Week

The word is out. Mortgage rates are at all time lows, and consumers are taking advantage of the market by applying in huge numbers for a new home loan with lenders all over the country.

Many of these people are current homeowners looking to refinance in order to have lower monthly payments, or to get cash out to make those home improvements. Also, home buyers that were once on the fence are now jumping at the chance to buy a home in this great, but highly competitive market. (more…)

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Approximately 50% of mortgage borrowers don’t shop lenders when they buy a home

The Consumer Protection Financial Bureau (CFPB) issued today the results of a survey of 2013 mortgage borrowers, showing that nearly half of the people who bought a home did not shop around for the best mortgage deal.

This news doesn’t surprise me one bit. The facts are that most Americans will research longer for a pair of shoes, purse or cell phone, than they will their own mortgage.  (more…)

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Mortgage Delinquencies Spike in November 2014

Black Knight Financial Services, the nationwide mortgages services, data and analytics firm for lenders and servicers, released its November Mortgage Monitor Report showing nearly a 12% spike in the home loan delinquency rate which was the largest leap in delinquencies since November 2008. November saw the highest one month count of mortgages rolling from current to 30-days delinquent since June 2013. (more…)

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