Archives for October 2013

Home Inspection Issues in Seattle #SeattleREChat

This episode of Seattle Real Estate Chat has a special featured guest to discuss home inspection issues in the greater Seattle area. Reid Guthrie is owner of The Home Detective.

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Mortgage Loans AFTER the Government Shutdown May Face Delays

iStock_000001750148XSmallMost of our lenders are being flexible about receiving IRS tax transcripts during the government shutdown. However, once the shutdown is over, expect lenders to require IRS tax transcripts to be included on every transaction…and expect possible delays.

Lenders obtain tax transcripts on transactions to make sure the income provided on the application and other supporting documentation matches what is filed with the IRS. This is largely due to the fraud that happened during the mortgage meltdown.

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CFPB takes action against a DIFFERENT Mortgage Master and Washington Federal

Yesterday, CFPB announced they ordered Mortgage Master, Inc. and Washington Federal to pay fines for violating the Home Mortgage Disclosure Act (HMDA).  “HMDA” (pronounced as “hum-da”) is the section of the loan application which asks applicants to disclose their sex and race, which is reported to the government to prevent discrimination.

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What May Impact Mortgage Interest Rates this Week: October 7, 2013

mortgageporter-economyAs the government shut down continues, Congress has the debt ceiling the contend with by October 17, 2013, or our country will lose the ability to borrow. It almost seems “subprime” to me that our country has to continue to increase the amount of funds we borrow because our country went out to dinner and two glasses of wine (as President Obama explained it in a speech last week). Mortgage rates continue to be at lower levels. Once the government is back to work and the debt ceiling issue is resolved, in my opinion, we may see mortgage rates pop up.

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Bad News equals Lower Mortgage Rates

iStock-000012863442XSmallIf there can be one positive tidbit from the government shutdown, it just may be lower mortgage rates. And by the way, we are still originating and closing mortgages during the government shut down. USDA has been reduced to essential functions only and therefore, loans that have not yet been approved USDA may not be closing during this time. However, conventional, FHA and VA loans are available.  Not all lenders are able to operate during the shutdown because of not being able to obtain tax transcripts from the IRS, so please do confirm with your lender whether or not this is an issue for your mortgage scenario. Self employed borrowers may find it more challenging during these times.

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Getting a Mortgage during the Government Shutdown

iStock_000001750148XSmallHow much this government shut down impacts mortgage loans depends on several factors, including what stage your mortgage is in processing, what type of mortgage it is and who the investor is. It’s possible that it may not impact your transaction at all. The more time our government is shut down, it may become more difficult or require more time to process a mortgage loan. The shutdown in 1995 lasted for a very long 21 days – let’s hope our representatives can get this resolved soon!

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Can You Get an FHA Mortgage during the Government Shutdown?

The simple answer to that question is YES!  HUD drafted a 67 page contingency plan in the event of a government shutdown. The HUD 2013 Contingency Plan Draft 9/25/2013 states the Office of Single Family Housing will:

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