Profile picture for Emmett Clark

Emmett Clark

Confirmed Lender

Loan Officer (17 years experience)

Specialties:
Purchase Loan,
Refinancing

Advice

  • (50 Contributions,
  • 1 Best Answers,
  • 6 Helpful)

Contributions are sorted newest to oldest.

Wells Fargo Refinance

Response

wow! that's insane.  Definitely over priced unless they were doing rental analysis forms and other forms beyond the regular appraisal.  The others are right - no way could they mail the GFE and have the appraiser there before it. 3 days waiting period unless they emailed it to you and you had logged in acknowledging receipt.

  (0)
Want to refinance ARM, owe more than value of home. Do we have options?

Answer

the first place to start is looking to see if your loan is owned by fannie mae or freddie mac (or other investors). go to the respective sites and look it up. If it is, you can refinance over 100% loan to value. You obviously need to still be able to qualify for the loan too. HOpefully the thresholds would still work for you.

  (0)
Which banks are leanding for condo purchase in Destin, Fl?

Answer

many, but keep in mind they are all looking at the HOA Certification that is part of the underwriting process now. things they will be looking at include the amount of investor-owned units in the HOA and also the number of delinquent homeowners. Why? Because in most cases, condos are insured by the HOA with the dues the homeowner's pay - if the accounts are not collectible, the bills can't be paid.

  (0)
FHA Borrowers Will Pay More

Response

brutal. as if moving it up earlier in the year wasn't enough. It's making FHA loans very unappealing! And this is all ahead of the desire to wind down operations with Fannie/Freddie. looks like they are just preparing to bring in a lot of $$$ for the feds.

  (0)
Zillow rating?

zillow mortgage section has been revamped and I don't see where a client can leave feedback / rate lender anymore. Am I just missing it?

  (0)
Urgent purchage loan problem needs help

Answer

you'll have to have the agency that ran the credit report re-do the report. Yes, the FICO report we generate as lenders/brokers is a bit different than what you get on the consumer end of the bureau's websites.  I'd be surprised if your score improved after showing a zero balance unless you can get a letter from the creditor showing it was a mistake and they can remove it altogether. That stinks!   Worse case is you may want to flip the loan to an FHA deal since the scores are affected... or take a little higher rate on the conventional loan.

  (0)