American Street Blog - Latest Comments

Re: Simple Real Estate Definitions : Loan-Level Pricing Adjustments

Mold Removal Oceanside — Fri, 17 Dec 2010 02:49:31 -0000

WOW!!!!!thank you for sharing these idea I love it!!!!

Re: What’s Ahead For Mortgage Rates This Week : April 26, 2010

Rahil Pirani — Mon, 26 Apr 2010 16:10:14 -0000

Great Article

Re: Little Known Facts About the Home Buyer Tax Extension

Keith — Tue, 23 Mar 2010 12:43:02 -0000

Do you know if I can file a tax extension and then claim the credit when I actually file my taxes?

Re: Renovation Financing: What I need to do to make sure my loan closes smoothly!

Winnie Uluocha — Wed, 20 Jan 2010 18:01:48 -0000

Hi Norma,

The approximate cost to hire a HUD Consultant is determined on the cost and the extensiveness of the rehab work. I can provide you with a list of approved 203k Consultants. You are more than welcome to contact me via email or phone at your earliest conveniance. Please find my contact information below. I look forward to hearing from you.

Winnie Uluocha
FHA 203K Specialist
312.376.3760
winnie@americanstreet.com

Re: Renovation Financing: What I need to do to make sure my loan closes smoothly!

Norma — Wed, 20 Jan 2010 16:13:50 -0000

What is the approximate cost to hire a HUD consultant for a renovation loan and would it vary based on the amount of the loan? Also, do you have a list of HUD consultants in the Chicagoland area as a reference?

Re: Loan Modifications Hurt Credit Scores

Virginia G — Tue, 12 Jan 2010 11:28:09 -0000

NO! They should not be penalized. Its unfair.

Re: Jumbo Loans: Go Big or Go Home

Steven Bote — Thu, 31 Dec 2009 16:19:20 -0000

Ironically, I agree with everything said in the comment above. Yes--there is an almost non-existant secondary market presence in the jumbo sector; and yes, wholesale mortgage lenders are steering away from non-conforming jumbo loan amounts; and yes, naturally, there has been a considerable amount of tightening overall for underwriting in the jumbo sector versus what was possible three years ago.

However, I feel that this is IDENTICAL across the board for any and all loan types including conventional AND government financing, most recently with the implementation of TILA, MDIA, and HVCC. My HOPE, though, is that a majority of the readers here already knew that.

That being said, I feel that the biggest mistake that anyone can make in a market like today's, is to generalize it and assume that what is true for one particular buyer, or property or financing type, is also true for another similar buyer, for a similar property, and a similar financing type (because it isn't and couldn't be any further from the truth).

In today's market, the devil is truly in the details, and it's really not only up to the mortgage planner, but also the entire team agents and attorneys, both on the buyer AND seller sides, to properly and completely dissect and pre-qualify the scenario, and minimize any chances for a deal with a contract to fall out, so that the transaction is seen through all the way to the end.

Furthermore, it's also important to manage the expectations properly of everyone else that's involved with the process, so that everyone equally understands that no one borrower is excluded from the current leveled (or leveraged in the lender's favor) market, and that the file can die at any moment.

While usually I would never take in a file that I feel didn't have a puncher's chance of closing, I also make it a point to let everyone know that it doesn't take the lender a "good" reason to deny a loan, but that all it takes is one "bad" reason.

And so for me, in the end, it matters not what type of financing is being applied for, but rather the amount of time put into the early stages of the application and pre-qual process (ideally prior to any contracts being submitted), that determines the success ratio of a loan approving and funding, versus it being suspended or denied.

Re: Jumbo Loans: Go Big or Go Home

michaelcovino — Thu, 31 Dec 2009 08:55:07 -0000

send me whatever you are esmoking, the jumbo sector is in lock down , there is no secondary market at all for this paper. you make a 1.5 million dollar loan today and go to sell it and the bid is 80 cents.it is all balance sheet lending and mostly by the regional banks are taking up the slack,The big money center banks cna't handle hte volume and are cherry picking. Talk to any high end realtor and they will tell you that buyer and seller agree to a price and the deal cannot get financed. ltv's have been cut to 65% max in most cases. Prices in my opinon on luxury proerties will fall anohter 20-255 in 2010 unless on a national basis,these institutions get special dispensation from the fdic to underwrite loans at a consevartive ltv w/o an income ratio. 60% on the superjumbos originated in the last 10 years were done on a no doc , no ratio , or liar basis. So 60% of the liquidity to this market segment is no longer available today. without morgagage liquidity to this sector prices will be in a freefall. you heard it 1st here, mark my words either the fdic loosens up or prices contiue to fall , that simple MAC

Re: The Psychology Behind Consumer Debt

Amir Syed — Fri, 28 Mar 2008 13:50:12 -0000

Great analysis

Re: The Psychology Behind Consumer Debt

americanstreet — Fri, 28 Mar 2008 10:16:59 -0000

This is an outstanding piece, and a real thinker. I look forward to reading more in the future. Thanks.

Re: Chuck Norris and the Economy

amirhsyed — Wed, 26 Mar 2008 20:08:30 -0000

This is hilarious

Re: Coming to America

Icecream34 — Sat, 22 Mar 2008 01:10:49 -0000

The economy is going to start to get better after Obahma'08 gets elected in November. Oh YEZ ZIR!

Re: Mike Huckabee Fields Mortgage Question

americanstreet — Fri, 14 Mar 2008 12:28:45 -0000

Wow, this is pretty cool. Cant' wait to see what we can do in the future!!

Re: Hello world!

americanstreet — Thu, 13 Mar 2008 17:10:14 -0000

this is a test to see how the comment system works. especially since there seems to be an error above.

sean