Fittest loser

Articles filed under Guttentag, Jack

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  • Senate committee’s proposal for replacing Fannie Mae, Freddie MacApr 12, 2014 12:00 AM
    Legislators agree on the need for a plan to pahase out Fannie Mae and Freddie Mac, once the twin kingpins of the home loan market. There now is at least a preliminary game plan, which is contained in the draft on housing finance reform recently released by leaders of the Senate Banking Committee. The draft has received a positive response in some quarters as evidence that bipartisan cooperation is still possible.

     
  • Unmarried couples buying a house together may also be buying troubleMar 22, 2014 12:00 AM
    More and more couples, both mixed and same-sex, are electing to live together without getting married, and often this includes purchasing a home together. This is a major decision fraught with potential consequences if and when they decide to split.

     
  • Mortgage-related issues for married couplesMar 15, 2014 12:00 AM
    When a married couple purchases a house with the help of a mortgage, they become subject to a wide range of legal rules and custom-based practices at every stage of the process. This article will summarize some of the major issues that arise.

     
  • Builder financing may be problematicMar 8, 2014 12:00 AM
    I purchased a home from builder XYZ for $320,000, and have a $10,666 Realtor rebate coming back to me. In addition, if I use XYZ’s lender, the lender will pay $5,000 toward my settlement costs.

     
  • Would a HECM reverse mortgage work for you?Mar 1, 2014 12:00 AM
    In a recent article, I described a reliable and easy-to-use calculator that could improve the ability of seniors to determine whether or not their lives would be benefited by a HECM reverse mortgage. However, having a tool is one thing, knowing how to use it effectively is another.

     
  • Should condo owners press their boards to seek FHA approval?Feb 22, 2014 12:00 AM
    If a condo meets FHA approval, purchasers of units in the condo are eligible for FHA financing. This is advantageous to existing residents who want to sell their units. However, many condos that could qualify have never sought approval.

     
  • Will home purchases ever be transacted in bitcoins?Feb 15, 2014 12:00 AM
    Will home purchases and mortgages ever be transacted in bitcoins? That this question gets asked with increasing frequency is an indication of how far the bitcoin phenomena has come. Readers should recognize that any answer at this point has to be highly speculative.

     
  • Breaking the logjam on HECM reverse mortgages Feb 1, 2014 12:00 AM
    With HECM reverse mortgages, a fear of being overcharged is part of a climate of distrust that strengthens senior reluctance to become involved, and retards market growth. The remedy can be independent networks that provide true price competition and protection against lock abuse on loans.

     
  • Breaking the logjam on HECM reverse mortgages Jan 25, 2014 12:00 AM
    People reaching retirement age are living longer than ever, and retiring with less capacity to maintain their living standards. Yet most retiring seniors own homes in which they have significant equity, which could be unlocked by taking a HECM reverse mortgage.

     
  • New mortgage disclosure forms lack useful comparisons Jan 18, 2014 12:00 AM
    The Consumer Financial Protection Bureau has developed two new disclosure forms designed to make the mortgage process more manageable for borrowers. This article considers whether the disclosures will help borrowers select the type of mortgage that best meets their needs.

     
  • Mortgage professor: If borrowers owned the appraisals they pay for, they would be able to shop for a mortgage effectively Jan 16, 2014 12:00 AM
    The Consumer Financial Protection Bureau (CFPB) has developed two new disclosure forms that will replace three forms administered by HUD and the Federal Reserve. The adoption date was recently extended to August 2015, which hopefully will allow CFPB to make some needed improvements.

     
  • Will borrowers now be protected from unjustified price increases? Jan 4, 2014 12:00 AM
    I have received letters for many years, with the volume increasing noticeably following the financial crisis, about government-mandated disclosures people receive after they have applied for a mortgage. These disclosures are followed by a second, usually a third, and often by a fourth set of disclosures.

     
  • Payday loans can be an addictive vice Dec 21, 2013 12:00 AM
    Payday loans appear to be growing in importance. The Internet is a more cost-effective way of marketing payday loans than the traditional storefront. In addition, a number of banks have entered the market in recent years with “deposit advances,” which are essentially the same as payday loans.

     
  • What should be done with Fannie Mae and Freddie Mac? Dec 14, 2013 12:00 AM
    There seems to be an almost universal consensus that Fannie Mae and Freddie Mac should be phased out. The tough question is not how we phase out the agencies but how we replace the market support they now provide. Right now, there is no game plan for replacing them. We are just drifting, one more example of federal government dysfunction.

     
  • Can you use the good-faith estimate to shop mortgage prices? Nov 30, 2013 12:00 AM
    Under Federal law, every home mortgage borrower must be provided with a Good Faith Estimate of Settlement Costs (GFE) within three days of receipt of the borrower’s application. People often ask if the GFE can be used to shop mortgages and rates.

     
  • When mortgage borrowers need an ombudsman Nov 23, 2013 12:00 AM
    The ombudsman concept developed as a protection, or a source of redress, for individuals treated unjustly by governments, corporations, universities and other entities whose powers vastly exceeded theirs. Their role is to examine complaints made about the entity involved, and to find a way to resolve them.

     
  • What to look for in a mortgage loan officer Nov 16, 2013 12:00 AM
    My new program to certify mortgage loan officers (LOs), which will become operational early next year, will focus on two features that are critically important to borrowers: price integrity and decision support. LOs offering price integrity do not understate the prices they quote to mortgage shoppers in order to corral them as clients, and do not overstate the price when they lock it for an already committed client.

     
  • What to look for in a mortgage loan officer Nov 8, 2013 12:00 AM
    When a mortgage borrower selects a lender with whom to deal, the identity of the firm is much less important to the borrower than the identity of the individual loan officer.

     
  • The HECM reverse mortgage program gets a makeover Nov 2, 2013 12:00 AM
    Last month, FHA announced a series of sweeping changes in the HECM reverse mortgage program, most of which have already taken effect. The changes are a response to increasing losses suffered by FHA in connection with the extensive misuse of the program. As a result, the program is more complicated than ever.

     
  • Why will some lenders accept borrowers that other lenders reject? Oct 19, 2013 12:00 AM
    Some mortgage applicants will be accepted by every lender and others will be rejected by every lender. However, there is a group of “marginal applicants” who will be rejected by some lenders and accepted by others.

     
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