The Government’s alphabet soup of mortgage help programs has really set a lot of confusion amongst homeowner’s, agents, and professionals alike with all the programs that they have brought to pass. HAFA, as relatively one of the newer programs, has been met with a large bit of confusion as to the terms to be...
Posts Tagged ‘ Financial ’
Wells Fargo: Waive your principal goodbye; for now.
In an effort to help defaulting homeowners Wells Fargo is offering their own version of FHA’s Partial Claim Program. This version varies in several ways but is aimed at what Wells Fargo is referring to as a “Principal Forbearance”. Now this is not like the Principal Reductions everyone is speaking about these days or...
What is a 4506-T and how is it different than a 4506T-EZ.
We find that our clients are really frequently asking these days with the HAMP and HAFA programs (Obama Modification Program or Making Homes Affordable Program) the question that seems to be on everyone’s mind and that is what is this 4506t? Traditionally the 4506t is used be loan officers and submitted to mortgage lenders...
Wilshire Customers get the Boot. BAC Loan Servicing to pick up the slack. IBM in the Loan Biz?
In the shopping spree that incited in 2008 with the collapse of the mortgage/lending industry, Bank of America (now operating as BAC Loan Servicing), purchased an asset called Merrill Lynch. Under that umbrella they picked up several subsidiaries of which one of those was known as Wilshire Credit Corporation. In some unusual events IBM at the end...
One, Bank Failure, Two, Bank Failure, Three, Bank Failure, 2009 Leaves a big dent.
A short time ago we were going to report to you about the 100th bank failure in ’09 but as the pixels we typed out were just starting to settle the numbers just jumped again. We decided to ride it out and wait even past January (not only due to the changes we experienced...
NEWS: Bank of America: $2.2 billion loss
Surprise! Not really. The largest bank in the world taking some of the largest hits just makes sense. Especially after they bought only one of the largest sub-prime servicers this side of the Mississippi (probably either side). Kenny Lewis has the Czar on his back and on the heals of that these numbers come...
Nevada closings require Certified Funds only as per NRS AB #133
The state of Nevada is catching up to many other states effectively asking for Certified Funds only at all closing. As of October 1, 2009, per Nevada NRS AB #133, All closing funds must be in the form of a Cashier’s Check or other form of certified funds (check with your title company for...