Posted on January 5, 2015 by Rory Mark Schmer from South Florida
For all your Real Estate needs go to www.SouthFloridaHomeSale.Com
WASHINGTON – Jan. 5, 2015 – Lenders' quick adoption of a recently announced decision to allow 3 percent downpayment mortgages created a nice holiday gift for the mortgage industry and homebuyers.
Lenders say they've sped up the normally cumbersome process because some things have changed. For one thing, they're able to get the new product out faster because many lenders now sell their loans directly to Fannie Mae and Freddie Mac instead of aggregators or wholesale lenders that have historically attached extra lending guidelines – called overlays – to the loan requirements.
Also, the qualified mortgage rule (QM), while stricter, has made it easier for lenders to assess quality control, underwriting and risk decisions because there are now fewer gray areas that require study.
Still, most consumers don't yet know that a 3 percent downpayment mortgage product exists – yet. The mortgage industry must now start to make consumers aware that the low downpayment loan products are available.
"If you want to push it, market it and get it out there, I think you should absolutely be able to increase your business if you market it to your clients and real estate agents and everybody else," says Michael Deery, president of San Diego-based mortgage brokerage Citywide Financial.
Source: American Banker (12/26/14) Finkelstein, Brad
Would you like to search for Real Estate here in South Florida? Please click on the
link>>> Property Search Engine
Considering buying, selling or leasing Real Estate here in Miami-Dade, Broward or the Palm Beach Counties? We have resided here in South Florida for 45 plus years. Conducting Real Estate on a very high level! Making friends and building relationships.
For all your Real Estate needs go to www.SouthFloridaHomeSale.Com
WASHINGTON – Jan. 5, 2015 – Lenders' quick adoption of a recently announced decision to allow 3 percent downpayment mortgages created a nice holiday gift for the mortgage industry and homebuyers.
Lenders say they've sped up the normally cumbersome process because some things have changed. For one thing, they're able to get the new product out faster because many lenders now sell their loans directly to Fannie Mae and Freddie Mac instead of aggregators or wholesale lenders that have historically attached extra lending guidelines – called overlays – to the loan requirements.
Also, the qualified mortgage rule (QM), while stricter, has made it easier for lenders to assess quality control, underwriting and risk decisions because there are now fewer gray areas that require study.
Still, most consumers don't yet know that a 3 percent downpayment mortgage product exists – yet. The mortgage industry must now start to make consumers aware that the low downpayment loan products are available.
"If you want to push it, market it and get it out there, I think you should absolutely be able to increase your business if you market it to your clients and real estate agents and everybody else," says Michael Deery, president of San Diego-based mortgage brokerage Citywide Financial.
Source: American Banker (12/26/14) Finkelstein, Brad
Would you like to search for Real Estate here in South Florida? Please click on the
link>>> Property Search Engine
Considering buying, selling or leasing Real Estate here in Miami-Dade, Broward or the Palm Beach Counties? We have resided here in South Florida for 45 plus years. Conducting Real Estate on a very high level! Making friends and building relationships.
Please contact me Rory Mark Schmer CEO & Founder of SouthFloridaHomeSale.Com
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Have a great day,
Rory Mark Schmer PA
Have a great day,
Rory Mark Schmer PA
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