Wednesday, 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.

Wednesday, 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: http://www.firsttuesday.us/

Tuesday, November 10, 2015

VA RARE LENDING OPPORTUNITY

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

Thursday, 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.

Tuesday, 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