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TexasLending.com to Discuss the Obama Mortgage Tax on Radio KLIF in Dallas

23.05.12

Dallas, Texas (PRWEB) January 21, 2012

Kevin Miller, CEO and president of TexasLending.com, a Texas home loan and mortgage partnership specializing in Texas refinance loans and Texas home equity loans , and his co-hosts will argue how the new Obama Mortgage Tax has affected the housing market so far, increasing rates between .125% and .25% for people that refinance or realize a loan that will be sold to Fannie Mae or Freddie Mac on The TexasLending.com Mortgage Hour on KLIF radio in Dallas on Saturday January 21st, 2012.

In Dallas/Fort Quality the TexasLending.com Mortgage Hour radio show airs on Saturdays on AM 570 KLIF from 1:00 p.m. to 2:00 p.m.

“The impact of the Obama Mortgage Tax has been eleemosynary for those who thought they would get the lowest home loan rates on record only to be surprised by the increase in rates,” commented Kevin Miller.

TexasLending.com has been on the air for over 10 years to drill the consumer about home loans in Texas. Listen in each week as the CEO of TexasLending.com, Kevin Miller, and his co-hosts, converse about the behind the scenes information about the mortgage industry that will help you in making an informed decision about your home loan now and in the expected.

About TexasLending.

Source: PR Web (press release)

Mortgage Q&A: New HARP policies not taking hold

23.05.12

Q. I have announce your columns about the Fed ’s decision to revamp the Home Affordable Refinance Program (HARP) and have not seen anything since inopportune December. Can you give us an update?

A. It appears that the lenders are very slow to adopt the new policies of HARP.

For those who are unskilled in, HARP was designed to allow homeowners with good credit to refinance to today’s move rates even if their property values have dropped to a level that’s below the mortgage balance. Basically, HARP accepts refinance applicants as lengthy as the loan balance doesn’t exceed 125 percent of the home’s stylish value. Traditional underwriting guidelines would require 20 percent equity in codify to qualify for the best rates.

The program was largely unsuccessful because it was bogged down with nitpicky rules that made much of its goal market ineligible. In December, the Fed announced that HARP was being revamped and simplified to augmentation its pool of eligible borrowers.

So far, I haven’t seen a significant variety in the program. One of the changes was to eliminate the loan-to-value requirement. Few lenders have adopted this scheme, and from my perspective, this change will positively affect only the hardest-hit areas, such as Arizona and Florida.

In my point of view, HARP will not be successful until it addresses the following:

c Loans with second trusts cannot take dominance of HARP because the second-trust note holder refuses to subordinate to the new loan.

c Loans with Tommy Atkins mortgage insurance (PMI) cannot refinance because the PMI companies won’t renew the insurance if the loan is refinanced.

c Most well-connected, mortgage giants Fannie Mae and Freddie Mac continue, without admitting it, to use every trick in the book to find a intention to force a lender to buy back a loan. Until Fannie and Freddie openly purchase and accept competent loans that have been approved with common-sense underwriting, lenders are going be very dead-and-alive to adopt programs such as HARP.

Frankly, there is much talk, but not much substance. New York Fed President William Dudley recently made remarks supporting changes in underwriting guidelines to better refinance activity. Specifically, he said he would like to see “refinancing made broadly convenient on streamlined terms and with moderate fees to all prime conforming borrowers who are reported on their payments.”

Sounds like a common-sense approach to me. Stay tuned. I’ll be the first to spread the parley if common sense is ever brought back into mortgage financing.

Henry Savage is president of PMC Mortgage in Alexandria. Send email to henrysavage