Mortgage Companies are Protecting Themselves from December 1, 2009 Closings

October 19, 2009 by Leave a Comment

I am seeing disclosures from wholesale lenders advising that they will not be held responsible for transactions that do not close in time for the first time home buyers tax credit which is currently set to expire on November 30, 2009.   Here’s an example from a memo I received this morning from one of the lenders we work with:

Currently, the American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.  For purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

“Wholesale Bank” is providing this notice to our Correspondents and Brokers that “Wholesale Bank” cannot guarantee that the mortgage closing will take place prior to December 1, 2009 and therefore it is possible that your Borrower(s) will not qualify for the first-time homebuyers tax credit because of the date of purchase deadline.

“Wholesale Bank” strongly recommends that you use the attached form, or any similar from that includes this information to inform your Borrower(s) of the tax credit guideline…

In anticipation of the deadline nearing and the recent increase in loan volume, please plan ahead and get your loans in underwriting, closing and funding in ample time to meet the above deadline.

“Wholesale Bank” will not be responsible or liable for the purchase of the home failing to meet the deadline requirements of the first-time home buyer’s tax credit program.

Mortgage Master has adopted a similar disclosure which is being provided on our purchase transactions. 

 

As I’ve mentioned several times here at Mortgage Porter, if you’re counting on receiving the $8,000 First Time Homebuyer Tax Credit, and if you’re buying a home in the Seattle/King County area, please try to close no later than mid-November due to the holidays and county closures due to the furlough dates (and the increased volumes of transactions). 

 

Don’t risk closing the day after November 30, 2009.

Filed Under: Current Affairs, First Time Home Buyer

Fall Photos of West Seattle

October 17, 2009 by Leave a Comment

These are just some quick photos while doing errands in West Seattle.  I just love this time of year with the maple trees changing to brilliant colors.   And I've been meaning to capture the sunflowers during summer….next year!

PA110089

PA110090 PA120096

 

Filed Under: Seattle

November Recorder’s Office Closures for November for King, Pierce and Snohomish Counties.

October 15, 2009 by Leave a Comment

November 11, 2009 – Veterans Day (all offices closed)

November 25, 2009 – King County closed.  Snohomish County closes early at 3:30 pm.

November 26 – 27, 2009 – Thanksgiving (all offices closed)

Remember that on Friday's Snohomish and Kitsap Counties close early and to hug your Escrow Officer and Funder.

PS:  November 30, 2009 is the deadline for closings for the first time home buyer tax credit.   The last day King County is open prior to Monday, November 30, 2009 is Tuesday, November 24, 2009.  Not a lot of wiggle room for error should there be any mis-haps at closing.   Also keep in mind that since the furlough closures are due to budget issues, I highly doubt our counties will add extra staff or pay overtime to accomodate the huge record of recordings that may be taking place this date.    Between the potential redisclosure issues with MDIA and HVCC, hopefully first time home buyers are planning on closing in mid-November to avoid the insanity!

Filed Under: Escrow and closing

Mortgage Porter is in the Pink

October 13, 2009 by Leave a Comment

Your eyes are not playing tricks on you.  My blog is pink and will be pink throughout the month of October for National Breast Cancer Awareness Month and in honor of Michelle Brown, my friend and co-worker who lost her life to this disease.

Filed Under: Current Affairs, People

FHA Adopting Appraiser Independence

October 12, 2009 by 1 Comment

FHA appraisals will soon seem similar to those of Fannie and Freddie’s HVCC.   I’m hopeful from reading the Mortgagee Letter 2009-08 that FHA’s route of improving the relationship between appraisers and loan originators will be healthier than HVCC’s (where the banks are profiting from their ownership interest in the unregulated AMCs). [Read more…]

Filed Under: Mortgage Programs Tagged With: ,

How Much Home Can I Afford?

October 8, 2009 by 2 Comments

This is a common question from first time home buyers.  When working with home buyers who are just beginning the process, after discussing credit and other information, I like to ask in return:

  • What type of monthly mortgage payment would you be comfortable making?
  • How much money are you planning on using for a down payment and closing costs.

[Read more…]

Filed Under: Home Buying Tagged With: , , , , ,

RE(mini)Barcamp Takes Place Tuesday, October 6th

October 4, 2009 by Leave a Comment

Attention all real estate and mortgage professionals:MiniREBC

If you're interested in learning more about social media, come to RE(mini) Barcamp tomorrow in Bellevue at the Meydenbauer.

When:  Tuesday, October 6, 2009 from 8:30 am – noon

Where:  Meydenbauer Center

RSVP: by clicking here

Cost: FREE! 

This is a great chance to learn "peer to peer" with fellow real estate professionals who are implementing social media into their business practices.  

This event is called a "mini" because it's only a half day.  You will have the opportunity to attend three different sessions which will be determined Tuesday morning based on suggestions made by the participants.

Immediately after this event, WAMP will be holding their Annual Awards Luncheon with Spencer Rascoff of Zillow as the keynote speaker followed by the Connect Expo.  You're welcome to stay for either–rsvp here. 

By the way, Washington State Mortgage Originators, you can get 8 hours of continuing education Monday, October 5, 2009 at the Meydenbauer.  Jillayne Schlicke will be the instructor…I'm really looking forward to her classes.

I hope to see you on Tuesday!

Filed Under: Events, Web/Tech

Sunday Drive to Andrew Will’s Winery on Vashon Island

October 4, 2009 by Leave a Comment


Last month we had the opportunity to go to Andrew Will’s 2007 Release Party on Vashon Island.  My husband thought it would be funny to do a “play on words” with my Sunday Drive series…so the video above is of me…”driving”! [Read more…]

Filed Under: Sunday Drive - Neighborhood Tours, Washington Cities Tagged With: , , ,
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