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December 2, 2015

A Newer and Specialized Version of the FICO Score

A newer and specialized version of the FICO score advertises analysis of both traditional and non-traditional credit sources to arrive at a credit score. In late 2011, Fair Isaac Corporation partnered with Core Logic, a data analysis company, to create a new type of credit report which takes into account both traditional and nontraditional credit sources. 

This new CoreScore considers an individual’s rental payment history, evictions, child support judgments, applications for payday loans and payment history on utility and cellphone bills when setting the score.

First, the use of nontraditional credit is not allowed by any of these entities to enhance the traditional credit history of a borrower with an otherwise poor payment record. Nontraditional credit is allowed as an alternative to a “thin” credit file, not a bad credit file. [Fannie Mae Single Family/2013 Selling Guide, Part B3-5.4-01; Freddie Mac Single Family Seller/Servicer Guide Chapter 37.4(a)(2); HUD Handbook 4155.1 Chapter 1.C.5.d]

November 25, 2015

TRID = Success by Michael James Hansen November 25th 2015

As the Officer of So Easy Mortgage, Inc., I am pleased to announce that TRID is a success. As of October 3rd we allow all clients to sign online, from their email without having to print, with ALL investors.

In addition, we have eliminated any delay associated with locking in your rate. This means once your application has been pre approved, when you are ready to lock, we will lock your rate the second you request it. (Applications taken after October 3rd 2015.)

So EZ Mortgage strives to offer great service and retain great clients. Part of our success is due to delivering the finest home loan applicants to our investors. Our flawless record of consistently delivering reliable clients allows us to access more rebate from our investors resulting in a lower rate for our clients.

Feedback from our investors tells us that we are leading the way in innovation, speed, reliability and consistency. While other lenders are calling their investors literally in tears because their loans are not funding on time, we are celebrating  funding 100% of our loans not only on time, but in less time than before TRID. We are hearing reports of other lenders locking loans for 45 - 60 days. That to me, equals success for us. The fact that our turn times improved while our competitors turn times worsened, is evidence that we are doing it right.

November 18, 2015

Interesting Press Release from 2012, The Year Rates Hit The Lowest In History

The Wells Fargo Class Action Suit

Copy is adapted from a July 12, 2012 U.S. Department of Justice Press Release:
On July 12, 2012, the U.S. Department of Justice filed the second largest fair lending settlement in the department’s history to resolve allegations that Wells Fargo Bank, the largest residential home mortgage originator in the United States, engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage lending from 2004 through 2009. 
The settlement provided $125 million in compensation for wholesale borrowers who were steered into subprime mortgages or who paid higher fees and rates than white borrowers because of their race or national origin. Wells Fargo will also provide $50 million in direct down payment assistance to borrowers in communities around the country where the department identified large numbers of discrimination victims and which were hard hit by the housing crisis. 
Additionally, Wells Fargo has agreed to conduct an internal review of its retail mortgage lending and will compensate African-American and Hispanic retail borrowers who were placed into subprime loans when similarly qualified white retail borrowers received prime loans. Compensation paid to any retail borrowers identified in the review process will be in addition to the $125 million to compensate wholesale borrowers who were victims of discrimination.

“The department’s action makes clear that we will hold financial institutions accountable, including some of the nation’s largest, for lending discrimination,” said Deputy Attorney General James M. Cole. “An applicant’s creditworthiness, and not the color of his or her skin, should determine what loans a borrower qualifies for. With the settlement, the federal government will ensure that African-American and Hispanic borrowers who were discriminated against will be entitled to compensation and borrowers in communities hit hard by this housing crisis will have an opportunity to access homeownership.”
The settlement, which is subject to court approval, was filed in the U.S. District Court for the District of Columbia in conjunction with the department’s complaint, which alleges that between 2004 and 2008, Wells Fargo discriminated by steering approximately 4,000 African-American and Hispanic wholesale borrowers, as well as additional retail borrowers, into subprime mortgages when non-Hispanic white borrowers with similar credit profiles received prime loans. All the borrowers who were allegedly discriminated against were qualified for Wells Fargo mortgage loans according to Well Fargo’s own underwriting criteria.
The United States also alleges that, between 2004 and 2009, Wells Fargo discriminated by charging approximately 30,000 African-American and Hispanic wholesale borrowers higher fees and rates than non-Hispanic white borrowers because of their race or national origin rather than the borrowers’ credit worthiness or other objective criteria related to borrower risk.  
“By reaching a settlement in this case, African-American and Hispanic wholesale borrowers who received subprime loans when they should have received prime loans or who paid more for their loans will get swift and meaningful relief,” said Thomas E. Perez, Assistant Attorney General for the Civil Rights Division. “As one of the largest mortgage lenders in the country, Wells Fargo’s commitment to conduct an internal review of its retail lending and compensate African American and Hispanic retail borrowers who may have been improperly placed in subprime loans is significant. We will continue to work aggressively to ensure that all qualified borrowers have access to credit on an equal basis.”
The United States’ complaint alleges that African-American and Hispanic wholesale borrowers paid more than non-Hispanic white wholesale borrowers, not based on borrower risk, but because of their race or national origin. Wells Fargo’s business practice allowed its loan officers and mortgage brokers to vary a loan’s interest rate and other fees from the price it set based on the borrower’s objective credit-related factors. This subjective and unguided pricing discretion resulted in African-American and Hispanic borrowers paying more. The complaint alleges that Wells Fargo was aware the fees and interest rates it was charging discriminated against African-American and Hispanic borrowers, but the actions it took were insufficient and ineffective in stopping it.  
The United States’ complaint also alleges that, as a result of Wells Fargo’s policies and practices, qualified African-American and Hispanic wholesale borrowers were placed in subprime loans rather than prime loans even when similarly-qualified non-Hispanic white borrowers were placed in prime loans.   The discriminatory placement of wholesale borrowers in subprime loans, also known as “steering,” occurred because it was the bank’s business practice to allow mortgage brokers and employees to place a loan applicant in a subprime loan even when the applicant qualified for a prime loan. In addition, Wells Fargo gave mortgage brokers discretion to request exceptions to the underwriting guidelines, and Wells Fargo’s employees had discretion to grant these exceptions.        
This is the second time that the Justice Department has alleged and obtained relief for borrowers who were steered into loans based on race or national origin, a practice that systematically placed borrowers of color into subprime mortgage loan products while placing non-Hispanic white borrowers with similar creditworthiness in prime loans. By steering borrowers into subprime loans from 2004 to 2008, the complaint alleges, Wells Fargo harmed those qualified African-American and Hispanic borrowers.   Subprime loans generally carried higher-cost terms, such as prepayment penalties and adjustable interest rates that started with low initial teaser rates, and then increased significantly after two or three years, often making the payments unaffordable and leaving the borrowers at a much higher risk of default or foreclosure.
The department began its investigation into Wells Fargo’s lending practices in 2009 and received a referral in 2010 from the Office of the Comptroller of the Currency (OCC) which conducted its own parallel investigation of Wells Fargo’s lending practices in the Baltimore and Washington, D.C. metropolitan areas. The OCC found that there was reason to believe that Wells Fargo engaged in a pattern or practice of discrimination in these metro areas on the basis of race or color, in violation of the FHA and ECOA.
This case was prosecuted by the Fair Lending Unit in the Civil Rights Division’s Housing and Civil Enforcement Section in conjunction with the U.S. Attorney’s Office for the District of Columbia. Since the attorney general established the unit in early 2010, it has filed a complaint in or resolved 19 matters.   By way of contrast, from 1993 to 2008, the department filed or resolved 37 lending matters, an average of a little more than two cases per year.

Information From:

November 10, 2015


VA lending is one of those rare opportunities in life to do well by doing right. 

Many Loan Officers tell us they don’t do VA Loans due to the perceived complexities of the product. With QLMS we offer a tremendous set of benefits and support to get you started:

  • No UW Fee
  • A dedicated VA Hotline to answer all your questions
  • Full product menu including 100% LTV on Purchase and R/T Refinance
  • An expansive resource center to get you started and keep you going

November 5, 2015

New Maximum 50% Debt To Income with Desktop Underwriter "Fannie Mae"

New Maximum DTI with DU 50%*

If you have been denied financing in the last 5 years due to your debt, call us now! We can find out if you qualify for a new loan at a lower rate for FREE.

Not only is the consultation free, the closing cost is paid for by a lender credit, making your finance free of charge. That's $0.00 deposit, $0.00 application fee $0.00 Credit Report Fee, $0.00 Appraisal Fee, $0.00 Escrow Fee, $0.00 Title Insurance Fee, $0.00 Recording Charges, and $0.00 any other kind of charges. Absolutely NO FEES inside or out of your loan.

Call 855.955.7639 that's (855)955-SOEZ. We are waiting!

*50% DTI with Fannie Mae DU is not for everyone.

November 3, 2015

VA Jumbo Gift funds: allowed!

So EZ Mortgage is offering an amazing VA loan program that many other lenders do not have. 

So EZ Mortgage can pre-qualify you to see how much home you can own, with $0.00 down if you are a qualified vet. 

With the JUMBO ARM pricing for 5 and 7 year Non Agency options, your payment will be lower than a 30 year fixed and you will pay the principle down faster. Call me now 855-955-SOEZ

October 28, 2015

Flip or Flop HGTV Show -- Open House Tomorrow 10/29/2015 So EZ Mortgage Will Be There From 3PM - 7PM

Michael Hansen - Lender
Hamed Pearose - Realtor
Tomorrow, I will be at the Open House for a home flipped by the HGTV show, Flip or Flop!!!

You can find the show on Netflix. They purchased the home, flipped it and listed it a few days ago. Hamed Pearose is the first Agent to hold an Open House.

Do not miss out on this fantastic opportunity to meet with me in person, get approved on the spot and submit your offer on a home flipped by a reputable couple, Tarek and Christina who host their own show on HGTV.

243 Juanita Way, Placentia, CA 92870
10/29/2015 Thursday 3PM - 7PM

This school is located two blocks from Brookhaven Elementary School. 
One of the highest awarded Elementary schools in California.

Placentia Realtor Hamed Pearose with Intero Real Estate Services is Holding Open House Today Adjacent to So EZ Mortgage

Title: Realtor (714) 519-1503

So EZ Mortgage Can Lock Your Rate in 1 Hour from Application with Verbal Authorization & No Documentation

So EZ Mortgage is proud to announce to its VIP clients, same hour rate lock with no docs. 

This means if you are registered as a VIP with So EZ, when you want to lock in a rate, you can simply call us and request the lock over the phone without supplying any documentation and have your rate locked in 1 hour.

October 13, 2015

Having a mortgage improves your credit score.

The Vantage Score credit score model relies on information in your credit files at the three national credit reporting companies (Equifax, Experian and TransUnion) to generate your score. Your credit file does not contain enough credit behavior information about your first mortgage accounts if you do not have a mortgage.
A mix of different types of open and active credit accounts, including first mortgage loans, can have a positive impact on your credit score.

September 22, 2015

Mortgage loan debate: Stick with a bank or go with a broker?

Mortgage posting by Bankrate. So EZ Mortgage Partner UWM vs. Citizens Bank.

Mortgage brokers took a hit following the 2008 financial crisis.

Mortgage brokers vs. bankers

Mat Ishbia
Mat Ishbia
President and CEO of United Wholesale Mortgage.
Partner with So EZ Mortgage
Tom Gamache
Tom Gamache
Northeast Division Manager, Home Lending Solutions, Citizens Bank

They came under greater regulation by the Consumer Financial Protection Bureau, some major bankers stopped working with them and their ranks dwindled, according to Mortgage Professional America.

But banks have suffered their own troubles with regulators and the public.
In June, 6 banks were cited for ignoring requests for loan modifications or failing to make good-faith efforts to prevent foreclosures, while regional banks continue to be hit with investigations by the Justice Department for bad underwriting of Federal Housing Administration loans, according to National Mortgage News.

Whom would you approach for your next mortgage? Who would find the right mortgage and the best rate for you? And, whom would minimize the hassle of the mortgage approval process?

Experts representing mortgage brokers and mortgage bankers make their claims as to why they deserve your trust -- and business.

Good credit can save you thousands on your mortgage. Check your credit for free at myBankrate.

Mat Ishbia

Mortgage brokers

Mortgage brokers are licensed residential mortgage professionals with access to hundreds of loan options for consumers looking to buy or refinance a home. They support borrowers by leveraging relationships and securing the most favorable loan options available. Brokers can help homeowners save thousands of dollars on what is likely the most important financial undertaking of their lives.

Brokers streamline the loan-shopping process by promptly lining up multiple options that borrowers would likely qualify for to allow borrowers to choose the best option for themselves.
While larger lending institutions serve customers, they are not focused specifically on residential mortgage lending. They focus on auto, boat and personal loans, just to name a few. They are not focused on 1 area of expertise: mortgages. Large retail lending institutions can only offer the loan products they have in house, and most often pricing is higher because of the overhead associated with larger institutions and banks.
Brokers, including local banks and credit unions, are typically smaller and more nimble; they adapt to change quickly and have less overhead to be more competitive in the mortgage market. Furthermore, the commission structure for a broker is highly regulated and broker originators have the same pay structure on all loans, no matter what type of loan or loan size.

Tom Gamache

Mortgage bankers

Buying your own home is probably the largest and most important financial decision that any of us will ever make.
To help make that monumental decision, the vast majority of people turn to their bank for a loan rather than to a mortgage broker.

Securing a mortgage offer based on your existing banking relationship can result in a lower interest rate, not just an opportunity during a one-off transaction with an unfamiliar lender.
The reason is pretty simple: Most people already have a relationship with their bank, which has become a trusted partner after providing a range of services over the years, including a credit card, checking account and savings account.

By comparison, a mortgage broker is typically a 3rd-party organization with which you would have had no previous dealings.

You will be unfamiliar with your potential broker, but more importantly they will not know much about you. And that can really influence the kind of deals they offer. Citizens Bank in particular works hard to make banking relationships with customers personal.

On that same note, your bank already knows a great deal of information about you, such as the balances on your checking and savings accounts, and that can help make qualifying for a mortgage a lot easier.

September 16, 2015


In California mortgage brokers are regulated to ensure compliance with banking and or finance laws in the jurisdiction of the consumer. This is not the case in all states, so if you are shopping for a mortgage, it’s recommended you stay with a lender in the state of California. Interestingly, California is the only state that requires mortgage Brokers to have a fiduciary duty to the borrower. Direct lenders do not have this obligation to the client in addition to brokers outside California.


Traditionally, banks and other lending institutions have sold their own products, however, as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. Today in most developed mortgage markets (especially in Canada, the U.S., the UK, Australia, New Zealand and Spain), mortgage brokers are the largest sellers of mortgage products for lenders.


Mortgage brokers exist to find a bank or a wholesale lender that an individual seeks with a specific loan. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. So EZ Mortgage has adopted this same policy in the United States.

August 24, 2015

Signs of The Times, Banks Loosen Up

Lenders are removing requirements by the dozen and some of them are doing it on a weekly basis.

Just to give you an idea of what is changing here is just one update last month. There have been three more updates since this one.

An update to the Program Guidelines has been published which is effective immediately. Below is a summary of the updated sections. Please refer to the updated Program Guidelines for complete details.

2.1.2. Non-Permanent Resident Aliens 
Eliminated the visa classification restrictions for non-permanent resident aliens.2.5.1. Employed Income 
Updated with acceptable alternative documentation for a written Verification of Employment.
2.6.1. Asset Requirements 
Updated to allow gift funds to be used in second/vacation home transactions.
2.6.5. Pooled Funds 
Updated to permit pool funds in second/vacation home transactions.
3.12. Secondary/Subordinate Financing 
Eliminated the restriction on secondary/subordinate financing from having a prepayment penalty.
3.13.2. Unacceptable Properties 
Clarified the restriction on properties with a private transfer fee covenant.
3.13.12. Community-Owned or Privately Maintained Streets 
Updated to no longer require a recorded private road maintenance agreement in defined states with laws governing private road maintenance.
3.14.1. Electronic Signatures
New policy section clarifying that electronic signatures are allowed on disclosures and any document where a signature is required.
3.15. Affiliated Business Arrangements 
Clarified that certain Affiliated Business Arrangements may be acceptable depending on the institutions involved.

May 26, 2015

Housing Prices Went Up in April

Housing prices were up in April, and sales blew past economists expectations, but inventory continues to be tight.

Read the full story at

May 18, 2015

Now Get Live Pricing That You Can Not Get On Any Other Website

You can now find pricing that includes all the third party fees most lenders and quote websites leave out.

They always say this is your total closing cost, then if you are lucky, you will notice in small print somewhere, it says, "Other Third Party Fees May Be Required". They normally include: Appraisal fee, Notary Fee, Credit Report Fee, Title, Escrow, Recording, PUD Cert, Flood Cert, and other junk fees. hese fees normally range from $1,150.00 to $3,000.00.

Its very important that you know about all the cost up front, especially if you are looking for a NO POINT, NO FEE mortgage. (Free Refinance or Purchase)

Find out more at SoEZ.Mortgage.
On our site, if you see the total closing cost is $-1,007.00 that means there is no closing cost at all, and you are getting paid $1,007.00 to drop your rate.

3 Myths About Reverse Mortgages

Do you remember when the last player repeated the message - it was completely different than the original message!!

The first reverse mortgage loan was closed in 1989. Since that time there has been a lot of "campfire" activity with regard to myths and erroneous information that has circulated with this product. Here are some of the more common ones:

Myth #1: The lender or government will own your home.

False -With a reverse mortgage loan, you, your family and/or your estate continue to retain ownership of your home. The lender does not take control of the title. The lender's interest is limited to the outstanding loan balance as a lien on title.

Myth #2: The reverse mortgage requires that I make monthly payments.

False - There are no monthly payments required to your lender, however, the borrower is responsible for payment of all property taxes, insurance, and general upkeep of the home.

Myth #3: My children will be held responsible for the repayment.

False - The reverse mortgage is a non-recourse loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. Even if the value of the home is reduced due to economic, mar­ket or property perils, you or your estate can never owe more than the value of the home. Although your heirs will not be responsible for repayment, they are able to work with the loan servicer to repay the loan and as an option buy the home for themselves.

May 13, 2015

Vice President of Freddie Mac Announces New Changes Making It EZ For Everyone

A Message from Christina K. Boyle

May 13, 2015

Over the next several months, you'll hear about how Freddie Mac is focused on expanding access to credit responsibly. One of the ways we're doing this is through our technology. We're enhancing our current tools and building new applications to provide additional rep and warranty relief for lenders earlier in the loan manufacturing process. This builds off the foundational work we've done with our rep and warranty framework over the past few years.
I also want to let you know that we're eliminating financial barriers to our tools. To underscore our commitment here, beginning June 1, Loan Prospector® will be free for everyone. I'm excited about this change so you'll hear more about it over the next several weeks.
Your success is very important to us and we thank you for your business.
Christina K. Boyle
Senior Vice President,
Single-Family Sales & Relationship Management


She forgot to mention she loves So Easy Mortgage. Next time perhaps. 

May 7, 2015

TRID Effective Date is Less Than 100 Days Away—Are You Ready?


Closing Disclosure - (Goodbye GFE, TIL, HUD and Fee Sheet.

Mortgages are complex transactions that may include risky features. Consumers currently receive different, but overlapping, federal disclosure forms with the terms and costs of mortgage loans. Because these forms are confusing for consumers, Congress directed us to create new forms. We want you to use the new forms to inform yourself as you consider different loans. 

From May of 2009 to August 2015 home loan applicants would get a 3 page GFE with a fourth page showing the list of third party vendors plus a two page TIL. Come August, you will get a 3 page Loan Estimate (LE) instead. So 2 different types of disclosures totaling 6 pages condensed into 1 disclosure containing 3 pages. 


Current: Initial TIL disclosure + Good Faith Estimate

New: Loan Estimate

Loan Estimate page 1Loan Estimate page 2Loan Estimate page 3
Before closing the loan, you would get another 2 to 4 page TIL and a 3 to 4 page HUD. Come August, you will only get 1 disclosure, Closing Disclosure totaling 5 pages. The main benefit will be that the new CD is in the same format as the first disclosure you received called the LE. So before you needed to know how to read 4 disclosures that could be as many as 14 pages and as of August you will only need to understand 1 disclosures, no more than 5 pages.


Current: Final TIL disclosure + HUD-1 Settlement Statement