A new evolution of the HARP program is upon us. HARP 3.0 looks like it’s going to make it’s way to the street and be available to non-GSE loans.
In your real estate news and mortgage news today we have a handful of fairly interesting stuff. But before we get there don’t forget about two webinars today that you can still catch. At 9am PST you can catch the Listing Booster webinar that will help loan officers and real estate agents alike in getting leads right away. And then at 11am PST you’ve got the REMN 203k webinar where you’ll learn how to get more business utilizing this wonderful FHA product. Register for Listing Booster you can REGISTER HERE. And for REMN you can REGISTER HERE.
Now on to your real estate news and mortgage news. First of all, Mr. Demarco has been dethroned as head of the FHFA. Demarco was pretty popular with the banking community as he was against principal reductions as a means of modifications. Well, Mel Watt is the new kingpin and he’s all for principal reductions, so we’re probably going to see that implemented pretty quickly with is installment as the new head of the FHFA. By the way, just so you know, NAR applauds Watt coming to power. Just good to know.
You’ve also got the latest revision to the HARP program on the launch pad waiting to be ignited. The latest version is HARP 3.0. As far as we can see it’s pretty much business as usual with the exception that the underwater loan in question no longer has to be owned by the GSE’s. Kind of big news for the “never say die refi club members” out there. Looks like you’ve got another proverbial bone being tossed your way, so take it while you can get it.
Finally Title Insurance across the board has bumped up in cost significantly. In some areas as much as 54%. That’s a lot. So it looks like all the regulations out there that have increased mortgage costs have rippled their way to the title insurance industry. So prep your buyers and your sellers and double check our good faith estimates because you may be off by quite a bit on your best guestimates going forward!
Well one form of insurance that’s actually going down is private mortgage insurance through MGIC. They are lowering their premiums pretty much across the board so be sure to see what they’ve got going on by clicking on their banner on the right or LOOKING HERE.
And if you’re an MLO and you’re thinking of making a move, we can’t say enough about PRMG. We were at their annual convention a few months ago and we can confidently tell you that they are a top notch outfit that’s growing strong and looking for branches and individual MLO’s and account reps. So if you’re interested click their banner on the right or CLICK HERE.
With that you all have a wonderful day and we’ll see you tomorrow!
Frank and Brian