As I understand it, the Home Valuation Code of Conduct (HVCC) was passed to erect a barrier between Loan originators having undue influence on appraisers.  Basically the Government is saying that Mortgage Brokers are twisting appraisers arm to inflate values so they enacted this law.  As I sit and try to understand this new law here are my initial thoughts:

  1. Lenders have whats called in house "Appraisal Review".  These departments basically analyze comparable sales to verify that appraisers aren't doing things like excluding better comparables.
  2. Why are some of the biggest lenders in the country allowed to run their own appraisal management companies?
  3. Why is there no oversight of Appraisal Management companies, no licensing required.
  4. There is a…

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There are alot of misconceptions surrounding FHA within the Real Estate Industry.  Especially from people that have been in the industry for a long time.  During the height of the "Mortgage Bubble" no one used FHA because of the relative difficulty in closing them.  HUD realized this and revamped the program in significant ways in order to make FHA a more competitive program within the marketplace.  These modernization efforts combined with the dissappearance of the Secondary Market for non-agency products and the simultaneous tightening of the Fannie/Freddie conventional guidelines has placed FHA back on top as the financing product of choice for Residential 1-4 unit purchase transactions and high ltv refinances.  I'll try to address some of these…

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Its that time of year again... 

NBA Playoff time in Los Angeles and the Lakers (like they usually do) have a legitimate shot at taking the title again this year.  2nd best record in the league, returning everyone from a team that should have won the whole thing last year if it wasn't for a complete meltdown in game 4 at Staples Center.  Plus with the addition of a healthy Trevor Ariza and Andrew Bynum things look very good for Phil Jackson's crew.

 

kobe_1_131

What does this mean?

Get ready to start seeing all those fair weather fans that probably can't name a player on another team in the entire league and still might think Shaq is on the team place their Purple & Yellow Laker flags on their cars.  This is LA of course and everyone always loves to try and…

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I am adamant in my opinion that Obama’s mortgage plan will be a bust.   It seems difficult for people to understand that:

  1. borrowers need to be in homes they can afford, regardless of the level of rates;
  2. home prices should (and will) fall to levels consistent with area incomes;
  3. re-default rates will continue to rise for a host of reasons;
  4. seems like the only mod plan that is working is the one where banks actually cut principal by a significant amount; and
  5. it is horrific public policy to give people that have loan modifications a credit after 5 years if they have paid their mortgage on time over that period, but provide other folks like renters and homeowners who have paid their mortgage on the up and up no relief. 

In related news, don't…

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This is a really complicated process and I don't have alot of teaching experience so I hope you can get all of this in one sitting...

  1. Go to this website. (LA County Assesor)
  2. Download one page form: "Decline-in-Value Reassessment Application (Prop. 8)" (bottom of page).
  3. Complete and sign form. 
  4. Printout 2-3 sales comparables from 1/1/09 - 3/31/09 that support value you want property assessed at.  If you need help with comps try www.zillow.com or www.cyberhomes.com  If you still need help contact me at (cell # in signature below) or e-mail here.
  5. Put both pieces of paper into envelope with stamp and mail back to assesors office.

Now please allow me to go rest after that long, strenous teaching session...

If you choose to pay someone or some…

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I guess I felt a little guilty about my outrage directed at all those fence straddlers I sent home in my last post,... so I went out and found this article just for you guys...

 

 

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I just locked a 95% 30yr fixed FHA Rate & Term Refinance loan on a 30 day lock at 5%

No points No fees No costs to client...None...our Investor is paying us to deliver these loans to them.

This is what you need to do:

Call IET Capital at 562 360-1027

Click here to e-mail the first available rep

Or apply online at http://www.ietcapital.com/apply-financing.php

If you are not doing anything and everything you can to refinance right now you are missing out on what will most likely be a a once  in a lifetime opportunity...  I'm not going to apologize for coming across as too sale-esy or too strong here.  What I'm telling you to do is in your best interest.  There is no time to beat around the bush or think about this.  Fence straddlers Go Home!  This…

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