Rates Are Coming Back Down

Rates Dropped 0.25% in November and another 0.25% in December. 

Say Good Bye HARP and Hello RRP, The Feds Are Preparing For A Possible Drop In Home Values

Fannie and Freddie’s HARP program is going away December 31^st 2018, however there’s good news. Fannie and Freddie are rolling out a replacement for the program, starting November 1^st called the Relief Refinance Program.

Fannie and Freddie’s HARP program is going away December 31st 2018, however there’s good news. Fannie and Freddie are rolling out a replacement for the program, starting November 1st called the Relief Refinance Program.

So It’s very important you understand these five minimum requirements when looking at this product:

1. It needs to be a Fannie to Fannie or Freddie to Freddie refinance
2. The previous loan cannot be a previous HARP refinance
3. The loan had to of closed on or AFTER OCT 1 2017
4. The loan must have 15 months seasoning before we close the loan
5. There has to a borrower benefit, meaning we can go from an ARM to a FIXED, or lowering the rate, or shortening the term

There are some other details and qualifying aspects to this, call me at 855-955-SOEZ option 1 to find out more.

There are many advantages to this program
1. No LTV cap for fixed products, you can go over 200% loan to value
2. 105% LTV cap for ARM products
3. PMI transfer, so if you’re not paying PMI now, you wont be paying MI inf the future
4. Minimal document requirements, the list goes on

We understand come Nov 1, we are not going to see a lot of applications for this loan. This is more preparing for if god forbid, values decrease in the future.

Be a pro, remember this product, call me if you have questions, and if you or your friends could ever use it, our address is so easy to remember it’s www.SoEZ.tv

Join Our "Leveraging Your Equity Through Refinance" Webinar

On Thursday, October 25, get a firsthand look at the refinance process, gain insight on interest rates, popular mortgage options and how to utilize your equity. All webinar registrants also qualify for $1,420* in mortgage savings!

Summary

This refinance webinar will help you better understand the mortgage process so you know what to expect every step of the way. Whether you're ready to refinance your home right now or just looking to gain insight into a refinance, you’ll get useful tips to make the process as smooth as possible.

Topics include:

• Explore the various ways you can leverage the equity in your home
• Whether or not now is the right time for you to refinance
• Mortgage advice from the expert
• Knowing your market and what mortgage products are right for you
• How to save money when you use Quicken Loans and their Family of Companies

Speaker

Michael Hansen
Web Mortgage Banker
So EZ Mortgage

President’s Club So EZ Banker. I have funded over 800 loans since 2009. When I am not at work you can find me spending time with my wife Danielle and our two beautiful children, Kaylin and Joseph. We enjoy traveling and visiting family all across California and Arizona. We are also big superhero fans. We love to attend Ace Comic Conventions and root on our favorite heroes.

INFOGRAPHIC: Identify and Eliminate Vampire Appliances

As you know, I, Michael Hansen, write all my own post, but every once and a while. I copy and paste, the original post link is at the bottom. 

Slay vampire appliances that are draining energy in your home.

• October 28, 2016

Some of your electronic devices at home drain energy even when they are turned off, but still plugged into an outlet. The average U.S. home spends about $100 per year to power devices while they are off or in standby mode. Here are some tips to help you identify and eliminate the energy-sucking appliances in your home.

Interesting facts about vampire appliances:

• The average home has about 40 vampire energy electronics. 
• Standby power can account for about 20 percent on your energy bill. 
• Powering devices while they are off or in standby mode can cost you about $100 per year. 

Vampire Appliances in your home:

• Televisions 
• Cable or satellite boxes 
• Game consoles
• DVD, DVR or VCR players 
• Computers
• Devices that turn on automatically with a remote control 
• Chargers (such as your cell phone or camera chargers)
• Printers
• Standby coffee makers
• Electronics with a standby light or clock 

Tips to help you eliminate vampire appliances:

• Unplug your devices - If you have an extra TV or desktop computer you don’t use often, unplug it until you need to use them. 
• Use a power strip - Power strips allow the convenience of powering devices on and off so that they’re not consuming power when you’re not around. 
• Smart Upgrades - ENERGY STAR appliances have a lower standby consumption and use less energy than a general appliance. 
  
• https://www.insideedison.com/stories/infographic-identify-and-eliminate-vampire-appliances

Mortgage Lending Disclosures Change Yet Again

TRID 2.0 is effective today and we've been doing the heavy lifting so you can keep on originating loans and serving clients without worrying about compliance.

Below are couple things on the CD have changed that you need to be aware of:

1. Only the deed and mortgage recording fees will be itemized, any other recording fees (currently itemized in section E) will be included in the total loan costs
2. Seller Paid fees are separated out into the Seller Paid column (as opposed to the Paid by Others column) according to the Purchase Agreement
3. Include seller only fees like realtor commission, seller attorney or home warranty in section H in the seller column

To recap, no changes needed on your end, our technology has you covered! Please make sure to confer with your own legal counsel on anything outside of processing loans in the partner portal.

The New Home Equity Conversion Mortgage - Loan Amounts Up To $4,000,000

We are offering our own JUMBO EQUITY LOAN called the HELO

Benefits:

• Max Loan Amount: $4,000,000
• MIP Required: NO
• 100% of Funds available at closing
• Debt Consolidation Included in Loan Process

If you are 62+ then you can run your own scenarios through our scenario calculator, which is a human robot named Michael Hansen, at HELOQuote@SoEZMortgage.com to see what products you can qualify for. If you do not have access to Michael Hansen yet, please call 855-955-SOEZ and he will  provide you with a live training session by sending you a link to join him on a webinar, without having to download an application. 

Please reach out if you have any questions. I am here to help! 

CURRENT TURN TIMES
New Registration	30 minutes * May increase based on volume levels
Submit to UW for Conditional Approval	24 hours
Conditions Review	24 hours
Clear to Close	24 hours
Docs to Closing Agent	24 hours * From Final HUD Approval

No Income - No Employment - No Documentation

Sorry, we do not specialize in these types of loans. No documentation, no loan.

Those types of loans exist, however we do not offer high risk loans at So EZ Mortgage. 

EZ 11-Day Purchase Program | California, Nevada & Arizona ONLY

At So EZ Mortgage, we are dedicated to helping you grow your purchase business!

With the decline in refinance activity, we understand the importance of maintaining good relationships with our valued Realtor partners.  We are committed to preserve those relationships!

How will an 11-day purchase commitment help your business?

Loan contingencies are often the most critical contingencies on a purchase contract, and brokers want to give their real estate professional the assurance that that the loan will be approved quickly and the loan documents will be delivered for signature on time. 

How can So EZ Mortgage commit to 11 business days?

Purchases are driven by timelines dictated by the Sellers and Realtors, so we have updated our procedures and operations to accommodate them. As long as you can meet the milestones listed on the next page, we commit to reviewing and executing our responsibilities in the time-frames indicated.

What products are offered with the 11-Day program?

This program is available for FHA and Conventional loans.

Milestones for the So EZ 11-day Purchase Program

Business Day #1: So EZ to Complete

Coordinate Title/Settlement Agent approval
Complete Submission to Underwriting
Documentation of all income, assets and expenses
Sourced down-payment funds
Sourced earnest money documentation
Fully Executed Purchase Contract and all current Addenda

Business Day #3:  Rocket Mortgage Issues Conditional Approval 

(These turn times are only guaranteed through So EZ, a small shop with more control over their loans than a large one. Going directly to the giant Rocket Mortgage is not the same. The pricing is higher and you will not get Michael Hansen as your loan officer for life. Google other lenders, then google So EZ Mortgage, the difference is transparent.)

Business Day #4:  So EZ to Complete

Preliminary title report with Wire, CPL and HOA, if applicable  

Business Day #5  Rocket Mortgage 

Reviews conditions and title

Business Day #6:  So EZ to Complete                         

Approve Title/Settlement Agents

Business Day #8: So EZ to Complete                         

Final Conditions Submitted
Including HOI
Appraisal completed

Business Day #8: Rocket Mortgage to Complete  

 Issue Closing Disclosure

Business Day #10: Rocket Mortgage Issues Loan Documents
Business Day #11 or Close Of Escrow

Congratulations, your loan closed faster than cash. 

Please Note: Documents to be uploaded by 2:00 PST to be counted in that Business Day.

September to Remember Feature Release

	Take a look at our recently released features and enhancements to the communication solution that makes your mortgage So EZ.

	Introducing the new So EZ Meetings

	We’ve made it easier to work your way, anywhere and on any device. You are now able to join and view screen share with your favorite mortgage lender without downloading an application from the web. So EZ Meetings is available via mobile and desktop and include the core telephony features available in the most applications that normally require downloading. So EZ Meetings is your single place to: Call with enterprise-grade reliability, quality of service, and unified busy status when on a call or in a meeting. Message and collaborate with file sharing, task management, shared calendars, and more. Meet with a single click to launch the RingCentral Meetings integration.

	Currently available for So EZ Mortgage official customers.

	So EZ Meetings updates

	No-download web client: Allows So EZ VIP clients to join and view screen share without downloading the Meetings App. A dial-in audio option is available to listen and participate. Presence update: So EZ Meetings presence now reflects when you Officer Hansen is on a phone call or in a So EZ Meeting by displaying his status as busy. Client settings: Allows you to configure So EZ Meetings exactly the way you want them. Settings cover default video on/off, automatic muting, invite customizations, recording settings, dial in options, and much more. Additional updates: Emojis!!!!!!! 😂

9/11 So EZ Mortgage Broker Michael Hansen Was Among The First To Join The Fight

As we reflect on the events of 9/11 today, we remember members of the 320th TRS who where among the first in the United States Air Force to join in response to the attacks in New York, Pennsylvania, and Washington D.C.

Phillip Phillips - So Easy - Lyrics

Max Loan Amounts 2018

Links are for loan officers only. 

DU Fixed, DU ARM, DU Refi Plus, DU Refi Plus Unlimited
Maximum Loan Limits
Units	Lower 48	AK & HI
1	$453,100	$679,650
2	$580,150	$870,225
3	$701,250	$1,051,875
4	$871,450	$1,307,175
AK & IA - Minimum loan amount is $25,000

DU HomeReady
Maximum Loan Limits
Units	Lower 48	AK & HI
1	$453,100	$679,650
2	$580,150	$870,225

DU High Balance Refi Plus, DU High Balance Fixed and DU High Balance ARM
High Balance Loan Limits
Units	Lower 48	AK & HI
1	$453,101 - $679,650	$679,651 - $1,019,475
2	$580,151 - $870,225	$870,226 - $1,305,325
3	$701,251 - $1,051,875	$1,051,876 - $1,577,800
4	$871,451 - $1,307,175	$1,307,176 - $1,960,750
To determine the maximum loan limit use the lesser of the limit provided about or the Max County Loan Limit.

LPA Fixed, LPA ARM and LPA Relief Refi
Maximum Loan Limits
Units	Lower 48	AK & HI
1	$453,100	$679,650
2	$580,150	$870,225
3	$701,250	$1,000,000
4	$871,450	$1,000,000
AK & IA - Minimum loan amount is $25,000

LPA Home Possible
Maximum Loan Limits
Units	Lower 48	AK & HI
1	$453,100	$679,650
2	$580,150	$870,225

LPA Relief Refi High Balance, LPA High Balance Fixed and LPA High Balance ARM
High Balance Loan Limits
Units	Lower 48	AK & HI
1	$453,101 - $679,650	$679,651 - $1,000,000
2	$580,151 - $870,225	$870,226 - $1,000,000
3	$701,251 - $1,000,000	$984,526 - $1,000,000
4	$871,451 - $1,000,000	$1,000,000
To determine the maximum loan limits use the lesser of the limit provided above or the Max County Loan Limit.

Fannie & Freddie SS/Q Product Full Doc and Fannie & Freddie SS/Q Product Alt/Sub
Maximum Loan Limits
Units	Lower 48	AK & HI
1	$453,100	$679,650
2	$580,150	$870,225
3	$701,250	$1,051,875
4	$871,450	$1,307,175
AK & IA - Minimum loan amount is $25,000
High Balance Maximum Loan Limits
Units	Lower 48	AK & HI
1	$679,650	PMI: $679,650 No PMI: $1,019,475
2	$870,225	$1,305,325
3	$1,051,875	$1,577,800
4	$1,307,175	$1,960,750
To determine the maximum loan limit use the lesser of the limit provided above or the Max County Loan Limit.

FHA Approve/Eligible, FHA Refer/Eligible, & FHA Streamline
Loan Limits
Standard Maximum Loan Amounts – Lesser of the county limit or the limit provided below:
UNITS	Lower 48	AK & HI
1	$453,100*	$679,650*
2	$580,150*	$870,255*
Loan amounts greater than these are Jumbo Loans. In Alaska & Iowa, the minimum loan amount is $25,000. The UFMIP is not included in the loan limit calculation. Expanded/Jumbo Loan amounts may go up to the County Loan Limit. Streamline Only: Streamlines without an appraisal where the case number was assigned on or after January 1, 2014 are eligible to go above the new county loan limits. See the max loan amount requirements in the FHA Streamline page. *Case Numbers assigned prior to 1/1/2018 maximum loan limits: 1 Unit Lower 48: $424,100 1 Unit AK & HI: $ 636,150 2 Units Lower 48: $543,000 2 Units AK & HI: $814,500

FHA FICO 580-619 Approve/Eligible
Loan Limits
Standard Maximum Loan Amounts – Lesser of the county limit or the limit provided below:
UNITS	Lower 48	AK & HI
1	$453,100*	$679,650*
2	$580,150*	$870,225*
In Alaska & Iowa, the minimum loan amount is $25,000. The UFMIP is not included in the loan limit calculation. *Case Numbers assigned prior to 1/1/2018 maximum loan limits: 1 Unit Lower 48: $424,100 1 Unit AK & HI: $ 636,150 2 Units Lower 48: $543,000 2 Units AK & HI: $814,500

VA Approve/Eligible & VA Refer/Eligible
Maximum Loan Limits
Lower 48	AK & HI
$453,100	$679,650
To determine loan amount, see the Entitlement & Eligibility topic. VA Approve/Eligible Only: For loans above the maximum loan amounts shown above, see the VA Jumbo Matrix for requirements. Alaska & Iowa Only: Minimum loan amount is $25,000

VA IRRRL
Maximum Loan Amounts
Lower 48	AK & HI	Jumbo
$453, 100	$679,650	$1,500,000
*For loans above the maximum loan amounts shown above, see the VA Jumbo Matrix for requirements. Alaska & Iowa Only: Minimum loan amount is $25,000 The maximum base loan amount is determined using the lower of the 3 options below: State loan limit of Jumbo loan limit. Prior/existing total VA loan amount plus ALL of the following. All allowable closing costs, including pre-paid. 1% lender fee. Maximum of 2% discount points. Maximum LTV Limit based on appraised value (when completed) Note: Entitlement is NOT used on IRRRLs.

VA Jumbo
Minimum Loan Amounts
Lower 48	AK & HI
$453,100	$679,650
Max $1,500,000 for all 50 states. Client must meet the 25% rule. See the Entitlement & Eligibility topic for additional information.

Jumbo
Minimum Loan Amounts
Units	Lower 48	AK & HI
1	$453,101	$679,651
2	$580,151	$870,226

USDA

USDA does not have a defined loan limit. As long as the client meets the area median income and LTV requirements the limit will be based on their qualifying ratios.