Not disclosing yield spread premium is a violation of the Real Estate Settlement and Procedures Act, so it’s a crime for sure. If the crime is considered “fraud” per se, I am not sure. However, it is unlikely the Good Faith Estimate (GFE) and/or the HUD1 Closing Statement won’t disclose YSP if it’s being paid. [...]

Wells Fargo Home Mortgage is a subsidiary of a Federally chartered depositor bank which merged with Norwest Bank in 1998 an has become the second largest mortgage originator. Wells Fargo Home Mortgage is part of the $40 Billion mega-bank. Wells Fargo Home Mortgage Website and Phone Contacts Website: www.wellsfargo.com Phone: (800) 288-3212 Additional Phone Numbers: [...]

The housing crash currently in it’s infancy will soon grow up into an economy killing monster that the Federal Reserve has no weapon strong enough to defeat. A housing crash is unlike a stock market crash in that there is no easy way out. Let’s take a walk back in time to the tech stock [...]

The Fed makes a rate cut and current mortgage interest rates rise. The current mortgage interest rate on 30 year fixed loan routinely inches up compared to rates before the cut. Consumers are expecting the opposite to happen and yet it rarely does. This opposite market reaction is pretty consistently over the last few cuts. [...]

The question: “What rate can I expect on refinancing a rental property - 1 percent above par?” The rate doesn’t have to be effected at all. Simply use the chart below to determine the investment property adjustment or “add-on”…and pay it as discount points directly to the lender. The rate will remain par if you [...]

The question: “I wanted to know if it was a good idea to consolidate my current mortgage and my home equity loan. I have a 30yr 5.875% mortgage with approximately $157K remaining. I pay about $500 extra a month on the principle so I pay this closer to a 15 yr schedule. My HELOC loan [...]

The question: Are lenders of defaulted or foreclosed homes willing to short sale? The short answer is…Nope…not really. To my surprise, after reading a number of agent and buyer emails, lenders are showing limited interest in accepting “short sale” offers. Lenders Hate Short Sales To explain quickly, a short sale, is asking a foreclosing lender [...]

I am afraid it is not that simple. Finding an “honest” mortgage broker is part knowing how to interview them and part “keeping them honest” by demonstrating your knowledge. In other words, the brokers (even the good ones) are willing to over-charge, if the client shows no real knowledge of how loans are priced, locked, [...]

Here’s the question: “I just found out the bank my mortgage is with went under. I have not heard from them at all, nor can I get through on any of their many phone numbers. I do not know what to do. Do I still send my payment to the same place? Do I try [...]