I really don't understand this whole new phenomenom about REO listing agents (and now short sale & standard transaction agents) requiring a pre-approval from a "Direct Lender".  Maybe I'm just bitter because my client who was told by a "Direct Lender" that their financing was secure and all they had to do was find a property.  So I found them a property and then 20 days later the "Direct Lender" denies the client due to credit/employment/income factors (layered risk) that were present prior to the client being issued their pre-approval.  Maybe its because for the most part the loan reps I see at Direct Lenders at the banking institutions I go to (Bofa, Chase, Wells Fargo) are young, seemingly inexperienced and likely unlicensed.  Many loan reps working at…

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Did you know that the state of California is offering a $10,000 tax credit for homebuyers buying new construction?

Well time is running out on this great opportunity.

  
For more information go to CA Franchise Tax Board website at:

http://www.ftb.ca.gov/individuals/New_home_Credit.shtml

 

Update: as of July 3rd, 2009 the state has run out of funds for this program.  Sometimes when sales people are telling you that you'd have to "Act Now" its actually true....

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If all borrowers are required to sign IRS 4506-T forms that allow underwriter to verify income documentation, why do lenders require income documentation?  Shouldn't they just be able to take a signed 4506-T form get the IRS transcript and verify the income coming directly from the IRS?  Wouldn't the world be easier for loan originators and processors too if they could just order a 4506-T verification direct from the IRS covering a 2 year time period, get the transcript and divide by 24 to get the borrowers monthly income?

 

Just thinking out loud into the blogosphere...

 

 

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Here is an interesting application of the job loss protection gurauntees the auto industry introduced being applied to the Real Estate Market

http://www.mortgagenewsdaily.com/channels/video/79154.aspx

 

 

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Here is the website for the program the Real Estate Company is using as the insurance backstop for making this claim

http://www.helpprogram.org/index.htm

 

C.A.R. launches Mortgage Protection Program (Thursday, April 2, 2009)

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