…is like saying there was no fraud that took place during the last few years in housing. No loan officers falsified loan documents There was no signature fraud No escrow/title agents producing phantom Settlement Statements No complicit real estate agents in the loop No complicit Notary Public signers No fraudulent appraisals No cash back post…
Author: S-Crow
"S-Crow" (Tim Kane) is co-owner (with spouse Lynlee, LPO-Designated escrow Officer) of Legacy Escrow Service, Inc., an authentic independent escrow firm closing residential purchase/sale and refinance transactions.
A remarkable period in time: a changed market.
I’ve got so many topics to talk about but very little time. I have to start somewhere. Just months ago it was not uncommon (understatement) to see 100% financed nothing down purchase transactions with various ARM’s tied to LIBOR or other indices coupled with hefty pre-payment penalties, interest-only hybrids with no escrow impounds for taxes…
Interest Rate update
I’m seeing via various sources that interest rates are moving up. Today I’m reading that 30 yr fixed rates are around 5.75%. The yield on 10 yr bonds has been increasing lately. Have a good day.
Freddie Mac: 81% 4th Qtr. ’07 Refi’s exceeded original loan by 5% or more.
Frank Nothaft, Vice President and Chief Economist of Freddie Mac: “In the fourth quarter of 2007, 81% of Freddie Mac-owned loans that were refinanced resulted in new mortgages with loan amounts that were at least 5% higher than the original mortgage balances, according to Freddie Mac’s quarterly refinance review. The revised share for the third…
Time to crank some Foo Fighters: Would you please shop for loans people. Please.
It is important that consumers who are buying homes or refinancing understand that until a fiduciary relationship (one where the loan officer is working in the best interest of the borrower) becomes law, you are on notice that by not shopping you could be paying hundreds of dollars more per month than need be and…