Archive for the ‘Spring Hill Lender’ Category

postheadericon Is It Cheaper To Buy A Home VS Renting A Home?

Rents in Spring Hill Florida continue to rise, however mortgage rates are still historically low. With house prices starting to rebound in Hernando County this may the best time in years to purchase a home in Spring Hill FL! For quick a quick Mortgage Approval contact us at 352-688-7949 or apply online at www.e-loanmortgage.com

Steve Fingerman

President E Loans Mortgage

352-688-7949 Office

727-946-0904 Cell

NMLS# 856640

postheadericon Understanding The New TRID Rules

Scales-of-justiceThe Importance of TRID

If you are working anywhere near the real estate industry, by now you have heard about the importance the regulations known as TRID, which are effective for residential mortgage applications submitted on or after October 3, 2015. There are many questions about these new regulations and in this article we will try to answer these from a consumer and real estate practitioner point of view.

What is TRID?

TRID is the result of the Federal Consumer Financial Protection Bureau’s “Know Before You Owe” initiative in which the agency is trying to make the home buying process easier to understand for consumers as well as making important documents available before the actual closing takes place. TRID is an acronym which stands for the TILA and RESPA Integrated Disclosure Rule. Yes, the government has actually come up with an acronym to replace two acronyms. Thus, first we must explain TILA and RESPA.

TILA stands for the Truth-in-Lending Act. This law regulates all consumer lending, not just real estate finance. For example, if a consumer obtains a credit card, there will be a TIL disclosure issued for the purpose of giving the consumer the “true cost” of borrowing by factoring in borrowing fees into an overall number called the “Annual Percentage Rate” or APR. What is unique about mortgages is that an initial TIL Disclosure is required for mortgages within three business days after submitting an application and a final TIL Disclosure is required at closing. In contrast, you might obtain a credit card the same day you apply for it.

RESPA stands for the Real Estate Settlement Procedure Act. This law specifically focuses upon the regulation of residential real estate transactions. There are many aspects of RESPA, but here we will focus on another required disclosure, the “Good Faith Estimate” of Closing Cost, which also must be issued within three business days of application. RESPA also requires the issuance of a HUD-1, the final closing statement, which some years ago was aligned so that the numbers were synchronized with the initial Good Faith Estimate.

How does TRID change all of this?

The government’s goal is to make the process simpler by integrating the two disclosures into one—both upfront and at closing. Thus, there is a new disclosure required three days from application which is called a Loan Estimate. This new disclosure replaces both the Good Faith Estimate and the Truth-in-Lending Disclosures. At closing, the HUD-1 and final TILA are replaced by the Closing Disclosure.removing-fear640x392jpg

Though these rules are designed to make the process simpler, in reality the requirements for timing, re-disclosure if changes occur before closing, and making the forms “multi-purpose,” can actually be quite complex. Even the definition of what constitutes a “business” day can be confusing.

What about the timing requirements?

Though there is no change with regard to the timing requirements after application, there are two important timing changes that take place under TRID.

  1. The Closing Disclosure must be provided to the consumer three business days before closing.  This means that transaction’s numbers must be finalized well before the settlement date.
  2. The Loan Estimate must be issued seven business days before closing. Depending upon weekends and Holidays, this means that most closings must occur at least two weeks after application. In addition, if allowable changes occur, the Loan Estimate must be reissued within three business days and received by the consumer four days prior to loan closing.

What does this mean for homebuyers?

While it makes perfect sense that homebuyers should have access to their closing costs, payments and other final details well before closing, home purchases can often be fluid situations. For example, if someone is purchasing a new home, what if an option is added late in the process which would change the sales price and perhaps the final mortgage amount? Or perhaps a home inspection calls for significant repairs to the property which changes the purchase price.

Above all, this means that everyone involved in the transaction must work together in order to make sure all details are set earlier in the process. All actors must do their part:

  • The applicant must get all required documents to their mortgage company promptly and make sure they are complete, legible and accurate.
  • The real estate agent(s) must make sure that all contract issues are resolved very early in the process.  Any changes must be communicated promptly as well.
  • The title company must provide required information to the mortgage company so that the final numbers can be calculated on a timely basis.
  • The mortgage company must process and underwrite the file within a time frame which will allow the final disclosures to be issued on a timely basis.

What is the consumer’s most effective tool to assure a smooth and timely closing?

The best way a consumer can ensure that the process is smooth and closes on a timely basis is to make sure that they obtain a fully underwritten pre-approval before an offer is submitted on a home. A pre-approval enables the lender’s underwriters to analyze a consumer’s documentation and issue a pre-approval subject to an acceptable sales contract, appraisal of the property and locking in a loan program. Basically, there is a must shorter timeline from contract acceptance to closing when a pre-approval is issued.

In addition, obtaining a pre-approval puts a consumer in prime negotiating position with a seller who may be entertaining multiple offers. This pre-approval basically signals to the seller that the prospect is a serious buyer.

Loan-CrossingWhat about “back-to-back” closings?

Many times one consumer will be attempting to effect two real estate transactions in one day – selling a home and then purchasing a home. The vast majority of the time, the owner must sell the home first because they need the cash from closing to purchase the second home and typically can’t qualify with both payments. Under TRID, this more complex situation is likely going to be more difficult to coordinate because of the disclosure timing requirements. In these cases it may behoove both the buyer and seller to obtain their mortgage from the same lender so that coordination is more seamless in this regard.

Under TRID, the world of real estate transactions is changing. The purchase of a home is the most important investment for most Americans and certainly a most important lifestyle decision. It is imperative that a potential homebuyer work with a mortgage company armed with the technology and experienced staff to effectively and efficiently comply with the timing requirements of TRID, ensuring a smooth and on-time settlement.

Steve Fingerman

President

E Loans Mortgage Inc.

NMLS# 856640

727-946-0904

postheadericon ‘Twas The Night Before Christmas In Spring Hill Florida

 

 

Twas the night before closing on one Christmas Eve,

Package was expected, an early delivery it was believed

Soon next day broke and the title agent appeared, no closing docs on email just as she feared.

 

 

Back at the apartment the silence was broken, with a frantic call from Nicole- What? No docs are you joking?

The children still sleeping, quiet in bed, while mom and dad prayed for their docs to get prepped.

Where is Steve Fingerman? Asked the Realtor with fear? When do you think he might appear? And just then he rode in on a horse with white hair.

 

With docs in the saddle and no time to waste, he broke through the door at that bustling title place.

As he dismounted his steed, as he fell off the horse, a little bit shaken but alas off the ground he arose.

 

On buyer, on seller, on Realtors galore. They all appeared in hopes that this closing wouldn’t be such a chore.

With no time to waste he took off his cloak, and out came the docs they waited to get since they all had awoke.

Closing went well and funding was swift, all in time to move in really quick.

Another happy buyer moved in and a seller moved on, all is Merry and happy on this Christmas dawn!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

From the team at:

E Loans Mortgage

Steve Fingerman
President
E Loans Mortgage Inc.
NMLS #856640
www.e-loanmortgage.com

Cell 727-946-0904
Office 352-688-7949

postheadericon HARP 2.0 Home Buyer Education, Get Complete Details On HARP 2.0 Refinance

 

Free Online HARP Workshop

Online Workshop Registration

HARP 2.0 – Everything You Need To Know About HARP 2.0. Register By Clicking The Link Below!

Welcome to the HARP 2.0 University!

Here you our complete workshop on everything to do with the HARP 2.0 Refinance program other wise known as the Home Affordable Refinance Program.
Who Qualifies For HARP 2.0?
What Are the Benefits?
What Are the Guidelines?
What can and can’t HARP 2.0 Be Used For?
This and many more HARP 2.0 Refinance questions will be answered in this informative HARP 2.0 class.
There is nothing being sold here so view the workshop at your
earliest convenience. There is no fee or charge for the workshop, it’s just our way of getting you the information you need to make informed decisions about your home loan and the HARP 2.0 refinance programs. If you have any questions, or require immediate information you can also call us any time at the numbers listed below.
Steve Fingerman
President
E Loans Mortgage
Florida Mortgage Center
4117 Mariner Blvd.
Spring Hill FL, 34609
Office 352-688-7949
Cell 727-946-0904

postheadericon HARP 2.0 Refinance Is Here, Florida Home Owners Who Are Underwater Can Now Refinance

Video: New HARP Program To Help Underwater Homeowners

The latest version of the federal Home Affordable Refinance Program went into full swing this week.

 

The program, which officially began in December but wasn’t fully available until this week, now allows homeowners to refinance at today’s low interest rates if they are current on payments and hold loans on which they are more than 125% underwater.

 

The program is limited to homeowners whose loans are backed by Fannie Mae and Freddie Mac. That means no principal will be reduced, but it may be possible to get a lower interest rate and a lower payment. Homeowners who aren’t eligible for HARP may be eligible for other modification programs.

To get a HARP 2.0 refinance, homeowners must have taken out their loan before June 1, 2009. You can read all the guidelines here . The plan will be effect until the end of 2013.

You can apply for a HARP Refinance at E Loans Mortgage.

The previous version of HARP limited the refinancing to homeowners who owed less than 125% of their home’s value.

  • The enhanced HARP is one of a number of refinancing and mortgage-modification opportunities unveiled in recent months to keep more homeowners out of foreclosure and in their homes.

 

Economists believe putting more money into homeowners’ hands, through lower payments also will help the economy.

  • As Mark Zandi and Cristian Deritis wrote in an analysis for Moody’s Analytics:
The economic benefit of a restrung HARP is clear. If more mortgages are refinanced, fewer borrowers will default, homeowners will have more to spend elsewhere and the fragile recovery will receive a quick and potentially sizable cash infusion.

If you think you want a HARP refinance, you should move quickly. Mortgage rates have already started rising, so you want to lock in a low rate while you can.

postheadericon What Are The Benefits Of The New HARP 2.0 – E Loans Mortgage Florida

 

What is a HARP 2.0 Loan?

 

 

HARP 2.0 Is A Refinance Program That Allows The Refinancing Of Homes Where The Mortgage Balance Exceeds The Value Of The Property.

E Loans Mortgage In Spring Hill FL is offering the HARP.20 Refinance Program in addition to our other Mortgage Products.

What Are The Requirements Of HARP 2.0?

The Loan Must Be Owned By Either FANNIE MAE Or FREDDIE MAC

The Loan Must Have Been Closed Before May 31st Of 2009

 

What Are The Benefits Of HARP 2.0?

 

Loan To Values For Lending Purposes Can Go Up As High As 125%. In Other Words, You Can Be Up To 25% Negative In Equity And Still Qualify For A Refinance

Low Rates! The Maximum Loan Level Pricing Adjustments Are Only .75%. That Means Its Realistic To Achieve Today’s Very Low Interest Rates Which Nationally Are Averaging Below 4% For A 30 year Fixed Term. There is No Loan Level Pricing Adjustments On 10, 15, and 20 Year Terms

Condominiums Are Eligible! Condo’s Can Be Refinanced Under HARP 2.0 Up To 125% LTV

Property Inspection Waivers Are Available In Many Cases. This Means An Appraisal May Not Be Required At All!

For More Information About HARP 2.0 Or Other Mortgage Products Contact Us Today:

 

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Spring Hill FL, 34609

Office 352-688-7949

Cell 727-946

postheadericon FAIR Files Additional Lawsuits Against Florida Home Owners Insurance Carriers

Thank You Channel 10 News For Continued Coverage. FAIR is commited To Bringing Balanced Reform For Florida Home Owners. For Information On Joining The Class Action Please Click On the Citizens Class Action LawSuit Button At The Top Of The Screen.

E Loans Mortgage In Spring Hill FL, and Steve Fingerman will continue to fight for Florida Home Owners To Keep Home Ownership In Florida, I Proud To Be A Part Of This Action And Committed To Keeping Home Ownership In Hernando County and The Surrounding Tampa Bay Area Affordable.

Please Subscribe To The Right And Forward This Site To Your Friends Using The Buttons Below.

The 10 News Investigators have learned the group suing Citizens Insurance over its insurance practices will file more lawsuits Monday.

We’ve learned that group — FAIR — will be filing class-action lawsuits against private insurance companies Monday.

Those suits will go along with the cases they’ve already begun against Citizens.

The 10 News Investigators have been leading the way on this. Following reports by 10 News last fall, allegations surfaced.

The claims: insurance companies statewide are setting the replacement costs of some homes extraordinarily high — much higher than they should be.

That means the companies can charge you more to insure your house. The technique lets them make more money and dodge state laws that limit how much they can raise your rates.

That practice is what led the group FAIR — Florida Association for Insurance Reform — to the steps of the state Capitol last week.

FAIR announced it’s suing Citizens Insurance over the issue. Citizens is run by the state and backed up by Florida taxpayers.

PREVIOUS COVERAGE:

postheadericon FAIR Files Class Action LawSuit Against Citizens Insurance

On February 7, 2012 FAIR announced a Class Action Lawsuit against Citizens Property Insurance. Attorney Mark Beausoleil, FAIR Regional Director David Welch, Steve Fingerman Board Member and President E Loans Mortgage Inc and Senator Mike Fasano, Announce FAIR’s Lawsuit against Citizens Property Insurance for their practices of inflating Replacement Cost Values and Overcharging Florida Consumers. Florida Association Of Insurance Reform Announced on Feb 7, 2012 A Class Action Lawsuit Brought Against Citizens Insurance by It’s Policy Holders at The Capital Building In Tallahassee

postheadericon Breaking News: E Loans Mortgage Inc Opens In Hernando County

I have some exciting News To Annouce:

We Are Happy To Announce The Launch Of E Loans Mortgage Inc!

It’s not news that the Real Estate and Mortgage Industry both have seen their fair share of challenges over the past few years, but sometimes out of those challenges come exciting innovations and new ideas. With that said, it my honor and privlage to announce the launch of E Loans Mortgage Inc.

Here at E Loans Mortgage our Mission is simple : To Provide The Highest Level Of Professional Mortgage Banking Services To Our Clients, Using The Latest Technologies To Help Our Borrowers Achieve Their Goals Through The Most Transparent, Easy To Understand Lending Practices Possible.

Through my many years of industry contacts I have built a strong network of Partner Wholesale Lenders and Service Providers who offer some of the best Mortgage Products available anywhere. By Leveraging These Contacts, we have been able to secure negotiated Mortgage Terms that will provide our Borrowers with some of the Best Rates and Closing Costs available anywhere.

We offer the following Mortgage Products:

usda_logo.png

FHA                         USDA                       VA                  CONVENTIONAL

The Team Here at E Loans Mortgage Inc is excited about the new opportunity to serve our borrowers, and it’s my personal belief that you wont find a better more educated team of Mortgage Professionals anywhere. Regardless if you are a First Time Home Buyer or a Seasoned Investor, rest assured we have a Mortgage Product to fit your individual needs. Being an independant Lender, E Loans Mortgage does not have to fit you into a specific box, this allows us the opportunity to custom tailor a Mortgage Plan designed to meet your specific financial goals and needs.

Humbly,

Steve Fingerman

President

E Loans Mortgage Inc

4117 Mariner Blvd.

Spring Hill FL, 34609

Office 352-688-7949

Cell 727-946-0904

www.E-LoanMortgage.com

 

postheadericon California Files Suit Against Fannie and Freddie

SAN FRANCISCO – California’s attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state’s mortgages respond to questions in a state investigation.

Attorney General Kamala Harris, whose office filed the lawsuits in San Francisco Superior Court, is investigating Freddie Mac’s and Fannie Mae’s involvement in 12,000 foreclosed properties in California where they served as landlords. She also wants to find out what role the companies played in selling or marketing mortgage-backed securities.

 

The essentially identical lawsuits ask the mortgage firms to respond to 51 investigative subpoenas that call on Fannie Mae and Freddie Mac to identify all the California homes on which they foreclosed. They also want the mortgage firms to reveal whether they have information on the decreased value of those homes due to drug dealing or prostitution, as well as explosives and weapons found on those vacant properties.

“Foreclosures not only affect the families who lose their homes, but also the safety, health and welfare of the entire community,” the lawsuit said.

Harris also called on Fannie Mae and Freddie Mac to disclose whether they have complied with civil rights laws protecting minorities and members of the Armed Forces against unlawful convictions and foreclosures.

The suits also seek to determine whether the companies are in compliance with California’s securities and tax laws.

The companies were taken over by the federal government and put into conservatorship under the Federal Housing Finance Agency in September 2008 to save them from collapse.

An attorney representing the Federal Housing Finance Agency said in a letter attached to the lawsuits that the 51 subpoenas were “frequently vague and ambiguous,” and said state attorneys general did not have the authority to issue subpoenas against the federal conservator.

“The burden to collect that information would be nothing short of staggering,” the letter said.

Representatives of Fannie Mae and Freddie Mac said the companies would not comment on the lawsuits Tuesday.

The lawsuits could determine whether states have a right to investigate the mortgage firms while they are under federal control. Harris argues that since the mortgage companies own properties in California, they are subject to state law and demands.

Fannie Mae and Freddie Mac buy home loans from banks and other lenders, package them into bonds with a guarantee against default and then sell them to investors around the world. The two own or guarantee about half of U.S. mortgages, or nearly 31 million loans.

The companies have so far cost American taxpayers more than $150 billion — the largest bailout of the financial crisis. They could cost up to $259 billion, according to the FHFA.

Two former CEOs at Fannie Mae and Freddie Mac last week became the highest-profile individuals to be charged in connection with the 2008 financial crisis. In a lawsuit filed in New York, the Securities and Exchange Commission brought civil fraud charges against six former executives at the two firms, including former Fannie CEO Daniel Mudd and former Freddie CEO Richard Syron.

The executives were accused of understating the level of high-risk subprime mortgages that the companies held just before the housing bubble burst.

Harris has created a task force that is pursuing criminal charges and civil judgments in mortgage fraud cases. She has said that her office would not join a planned 50-state settlement over foreclosure abuses that federal officials and other state attorneys general are negotiating with major U.S. banks.

She said the settlement gave bank officials too much immunity from civil litigation.

Harris said 768,330 residential mortgages were foreclosed on in California between January 2007 and June of this year.

Read more: http://www.foxnews.com/politics/2011/12/20/california-attorney-general-sues-fannie-freddie-demanding-answers/#ixzz1hAzFp71w

 
 
 
 
 
 
Branch Manager
4117 Mariner Blvd.
Spring Hill FL, 34609
 
Office 352-688-7949
Cell 727-946-0904
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