Eight years ago today, I published my very first post on this blog. It all began because I was a bit frustrated with the (then) new mortgage originator licensing laws, created from the SAFE Act, having different standards for LO’s based on what type of mortgage institution they worked for. Mortgage loan originators who were employed by banks or credit unions were not held to the same standards, per the SAFE Act, as those who were not employed by a depository institution. Some will argue that this is because banks and credit unions were already regulated…however, one just needs to remember the good ol’ friend of the family to know that those regulations were not enough.
Archives for November 2014
What May Impact Mortgage Rates this week: November 24, 2014
November 24, 2014 by 1 Comment
This is a short week with offices closed Thursday and Friday for the Thanksgiving holiday. There are no economic indicators scheduled to be released today, however the rest of this week is stuffed, like a Thanksgiving turkey.
BREAKING NEWS: 2015 Conforming Loan Limits HIGHER for King, Pierce and Snohomish Counties
November 24, 2014 by 3 Comments
I just received notice from FHFA that overall, 2015 loan limits will remain the same for most counties except for a few counties with higher loan limits. In Washington state, the counties with higher loan limits in 2015 are King County, Snohomish County and Pierce County.
2015 Conforming Loan Limits for King, Snohomish and Pierce Counties:
- One Unit: $517,500 (increased from $506,000)
- Two Unit: $662,500 (increased from $647,500)
- Three Unit: $800,800 (increased from $783,000)
- Four Unit: $995,200 (increased from $973,100)
All other counties in Washington state have the same loan limits as 2014.
Stay tuned for announcements on FHA and VA loan limits for 2015.
My Personal Tiki Mug
November 23, 2014 by Leave a Comment
My Mom is a very talented artist and has recently started creating custom tiki cups as a hobby. Check out this one she made of me!
Determining Rental Income for a Conforming Mortgage
November 22, 2014 by 1 Comment
Recently Fannie Mae updated their guidelines for rental income, including the addition of Rental Income Worksheets for the lender to complete to help make sure the rental income is calculated correctly. How much rental income may be used and how it is calculated will depend on when the borrower obtained the rental property, when rents were collected and what how many units there are with the subject property. Underwriters are looking the likelihood that the rental income will continue as well as the losses too. If your rental is producing a net loss, that will factored into your qualifying ratios.
Don’t be naughty to your preapproval status over the holidays
November 18, 2014 by Leave a Comment
![iStock_000004639657XSmall[1]](https://i0.wp.com/mortgageporter.com/images/2014/11/iStock_000004639657XSmall1.jpg?ssl=1)
If you are currently preappoved for a mortgage to buy a home or are considering getting a mortgage in the New Year, what you do now with regards to your credit and income may impact your preapproval status.
A mortgage preapproval is based on information provided at the time of the pre-application. It is only valid assuming that the information provided at that time has not changed. You may not be aware that you’ve done something that may have jeopardized your preapproval until a month or two later when you’re getting ready to make an offer on a home and then learn you’ve been Scrooged.
What May Impact Mortgage Rates this Week: November 17, 2014
November 17, 2014 by Leave a Comment
This morning, Japan announced their GDP (gross domestic product) continues to decline, giving US mortgage bonds a slight boost. This week has a lot of economic indicators scheduled to be released that could impact the direction of mortgage rates. Keep an eye out for data that reveals inflation, as that will cause mortgage rates to trend higher.
Currently mortgage rates are continuing to improve (see below) compared to last week’s mortgage rate post.
What May Impact Mortgage Rates this Week: November 10, 2014
November 10, 2014 by 1 Comment
This is a short week with Veterans Day on Tuesday (bond markets will be closed) and a light economic calendar. Rates are improved compared to what I quoted last Monday.
- Tuesday, November 11, 2014: Veterans Day.
- Thursday, November, 13, 2014: Initial Jobless Claims
- Friday, November 14, 2014: Retail Sales; and Consumer Sentiment (UoM)
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