Spotlight

Rates, COVID-19, and Forbearance – Oh My! How has Lending Changed & how does it Affect you? By Jennifer Galvan (NMLS 1646419), NXT Mortgage and Member of of CCAR’s Affiliate Committee RATES Unlike the stock market, mortgage rates can change multiple times a day. This has been a common occurrence over the last 30 days. …

Added Benefits for our Veterans in 2020 By Eric Gomez, ACE Credit Consulting and Member of CCAR’s REALTOR®/Lender Committee The Blue Water Navy (BWN) Vietnam Veterans Act of 2019 (PL 116-23) made changes to the VA Home Loan Program that exempt Purple Heart Recipients that are currently serving on active duty from the VA Home…

What’s Happening on the Credit Side in Early 2020? By Mickey Lynam (NMLS 974623), IBERIABANK Mortgage, Member of CCAR’s REALTOR®/Lender Committee “The lowest midwinter mortgage rates in history have contributed to an unusual early-year surge in home buying” (and refinancing)  -MoneyWise, Feb. 3, 2020 The Highlights: During mid-January, the pace of homebuyers applying for mortgages…

No More Excuses By Alexandra Swan (NMLS 117371), Willow Bend Mortgage and 2019 Chair of CCAR’s REALTOR®/Lender Committee The last article of the year for the REALTOR®/Lender Committee is the responsibility of the outgoing chair.  I have had this on my calendar for about 75 days with the best of intentions to finish it well…

Appraisal Do’s and Don’ts By Vaughn Kerkorian of Kerkorian Residential Appraisals and Member of CCAR’s REALTOR®/Lender Committee Once the appraisal appointment has been scheduled, what can a real estate agent do to best assist their client and the appraiser without creating undue influence within the appraisal process?  Do It is permissible to meet the appraiser…

FHA Condo Rules Loosen and VA Loan Limits Eliminated By Tracy Walden – Thrive Mortgage, NMLS #1048123 and member of CCAR’s REALTOR®/Lender Committee FHA ISSUES NEW CONDOMINIUM APPROVAL RULE Comprehensive policy revisions include ability to approve individual units in non-approved condo projects – effective October 15, 2019 In an effort to promote affordable and sustainable…

TREC Contract Changes to 40-8 and 49-1 Requires Adjustments to Lender/REALTOR® Workflow By Dawn Ferreiro – Supreme Lending, NMLS #514152 and member of CCAR REALTOR®/Lender Committee TREC made several changes to the 1-4 Residential Single Family Contract in November of 2018. This article specifically addresses changes made to the “Third Party Financing Addendum (40-8)” article…

What is FIRPTA? By Diane Donley, Republic Title North Coit, Member of CCAR’s Affiliate Committee FIRPTA (The Foreign Investment In Real Property Tax Act of 1980) is a tax law that may impose a tax on certain defined “foreign persons” selling U.S. real estate. It is important to determine as early in the transaction as…

How Low Can You Go? The Lowest Down Payment Required for a Conventional Loan By Wendell Cox, Creative Credit Solutions, Member of CCAR’s REALTOR®/Lender Committee What is the lowest percentage of down payment possible on a conventional loan? If you responded “20%” – you are with the majority. You are also incorrect. The lowest down…

Economic Update: Good News, Bad News, and Be-on-the-Lookout News By Mickey Lynam (NMLS 974623), IBERIABANK Mortgage, Member of CCAR’s REALTOR®/Lender Committee Today’s economy is anything but stable. One day the stock market is up, the next day it falls significantly. Why? Who knows. That’s why I am in the mortgage business! However, one does not…