Housing loans ADU and IRA – hot topics – telegram to the press



There is nothing better than writing a mortgage column for a big city newspaper. Can you believe it’s been 10 years?

In addition to my weekly worries about whether my editors (and you) will like what I have to offer, I get a lot of feedback from readers about my column. Usually “Thank you. I didn’t know anything about it. ” Or is it “You are holding your head. I don’t understand what you are talking about. ” I am grateful that there are more comments than recent ones. But I get both.

Below are the 10 most important points since this column started in August 2011.

1) Fannie Mae has developed an automated scoring underwriting system called the collateral underwriter. I believe this is an outstanding invention released in 2015.

Automation The system (in conjunction with mortgage consultant Freddie Mac) speeds up appraisal decisions and saves borrowers around $ 600 in appraisal fees when an exemption from property inspection is issued. It is also an excellent means of verifying asset value and quality for human assessment.

My 2 Cents: Why can’t Fannie Mae and Freddie May come up with an automated process for canceling a borrower’s income document? The data giants can easily and accurately determine the salaries of most people. Government agencies can combine proximity income with home equity / down payment metrics. As a result, income is less accurate for stock-rich borrowers. To love the world, it can speed up the loan approval process. Nobody leaves the property with a 30% down payment.

2) Oh, the moment for me was to find out what the IRA funds are capable of. Yes, you can buy a lease with IRA funds as a down payment. There are lenders who are willing to take out a mortgage on your IRA, not directly. Many readers have told me that they implemented this funding mechanism because they did not have enough money outside of their retirement account.

3) People in the mortgage industry, government officials and even consumers can lie to me. A senior manager at a major mortgage lender wanted to promote his company on a specific loan program. He explained that his company managed to break off the exclusive contract between Fannie Mae and Freddie May. Neither fans nor Fred confirmed the deal. The story never came to fruition.

My newspaper boss always told me, “If your mom says she loves you, take a look.”

4) The 2020 Grandma’s Apartment or Detached House Law was probably the most authoritative series of articles I have written. (Column published December 2019). Simply put, California law has cut a lot of bureaucratic work in the process of people adding living space to their property. Compensating for a housing shortage is one very good answer.

The law also provides property owners with the option to facilitate the evacuation of their families or provide rent as a subsidy. To date, I have received calls from people who wanted to know more about the ADU building process.

5) I love hints. Thanks to the people who told me this story, I have written many columns. The best I have ever received was from an industry specialist about one lender who monopolized cooperative mortgage lending in Laguna Woods Village for nearly ten years. Despite all the turmoil from the owners of Laguna Woods cooperatives, Laguna Woods today has only one cooperative lender.

6) In 2011, the day after the Great Depression, mortgage brokers had less than 5% market share in mortgage and refinancing loans. (Full Disclosure: I am a mortgage broker.) The broker was primarily blamed for the mortgage crisis. Can this be called a “scarlet letter”?

According to a consumer survey published jointly by the Bureau of Consumer Financial Protection and the Federal Housing Finance Agency last week, 46% of consumers applied to buy a home through a mortgage broker in 2019. 38% turned to a broker during refinancing. Let’s talk about returning from death!

7) Nothing makes a column better than an expert in the field. My Rolodex has several names. (Yes, there are two people sitting at the table in Old School).

Former FHA Commissioner and Former Chairman of the Mortgage Brokers Association Dave Stevens is the bionic brain of domain experts. He understands the problem and knows politics like everyone else. He is clear and thoughtful.

Real estate attorney Mike Hensley, along with accountant Jeff Hipschman, Warren Hennagin and Marcelo Sloka, have been great teaching assistants for you and me. And generous. Every week, readers call me or email me with nasty column-related questions. These respected people have answered countless questions for free.

No one thinks about ownership problems until they run into problems. Glenn Towercamp, vice president of attorney title insurance, has been featured in these columns for years. And it was a walking encyclopedia of information for readers who have always delved into their difficult title problems. Unfortunately, Towercamp suddenly passed away last weekend.

8) Being on the side of a media company can be tricky. The bravest, toughest and most professional press I have ever dealt with is Tom Goyda, Senior Vice President of Media at Wells Fargo Bank. Perhaps more than any other banker, I have asked Tom many difficult questions over the years about Wells Fargo’s different ways of working and customer issues. He is a professional

Goida has always researched and responded to discomfort as quickly as I asked Wells officials about hot topics. He is always as calm as a cucumber.

9) There are many factors to consider when predicting house prices and interest rates. It’s even more difficult to express everything in plain English. My favorite sources of experts are Dr. Raymond Sfire of Chapman University, Jordan Levin, chief economist at the California Association of Real Estate Agents, and Tendai Kapfise, chief economist at Lending Tree.

In addition, in the same field, data companies Attom Data Solutions, Black Knight and Stephen Thomas of Reports on Housing also offer amazing insights into the housing and mortgage markets.

10) Mortgage conventions and conferences offer many events and a lot of news. Surprisingly, Angelo Mogiro, the former CEO of bankrupt Country Wide Financial (remember the day of the mortgage collapse), was invited to speak at a mortgage conference a few years ago. Most of the crowd gave him a standing ovation. God, this column was fun.

Freddie Mac News

The 30-year fixed rate averaged 2.77%, which is 3 basis points lower than last week. The 15-year fixed rate averaged 2.1%, unchanged from last week’s record low.

The Mortgage Bankers Association reported that mortgage applications fell 1.7% from the previous week.

Conclusion: Assuming the borrower receives an average 30-year fixed rate loan of $ 548,250, last year’s payments were $ 32 more than this week’s $ 2,244.

What do I see: Locally qualified borrowers can obtain the following fixed rate mortgage for the price of 1 point: 30 years FHA 2.125%, 15 years 1.875%, 30 years 2.375%, 15 year traditional high balance ($ 548,251 to $ 822,375 ) 1.875%, 30-year traditional high balance is 2.625%, 30-year fixed large balance is 2.75%.

Attractive loans this week: 2.375% Fixed mortgage for 15 years without closing costs.

Jeff Lazerson is a mortgage broker. He can be reached at 949-334-2424 or jlazerson@mortgagegrader.com. His website www.mortgagegrader.com..

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