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(14 unread)

• Veronica Oden Platinum Mortgage (1 unread)
• Janet C. Smith, Platinum Mortgage Inc.
• AdamHainesPlatinumMortgage (10 unread)
• DEWAYNE GRIFFIN PLATINUM MORTGAGE MATTERS (2 unread)
• BethMillerPlatinumMortgage (1 unread)

Unread items (14)

AdamHainesPlatinumMortgage

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  [ping.fm]

  Posted: September 22nd, 2011, 12:26pm PDT

  [ping.fm]
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  A Debt Default Will Be a Disaster July 25, 2011

  Posted: July 26th, 2011, 8:14am PDT

  A Debt Default Will Be a Disaster “How would a debt default by the Federal Government impact the home mortgage market?”
  We can only guess about the extent of the impact, but it would range somewhere between ugly and catastrophic. Ugly might be a doubling of interest rates and a drop of 50% in loan volume. Catastrophic would mean an almost complete shut-down.
  About 95 of every 100 home loans being written today are placed into mortgage-backed securities that are sold in the market with guarantees by Fannie Mae, Freddie Mac or Ginnie Mae. These are Federal Government guarantees, the value of which would drop like a rock with a default.
  At best, the securities market would immediately demand a sizeable rate premium on new guaranteed mortgage-backed securities to compensate for the added risk. This would immediately translate into sharply higher interest rates charged to new borrowers.
  At worst, the markets for these securities would stop functioning altogether as investors retreated to the sidelines to await further information on which Government obligations would be honored and which would not. That could be a long wait, since the systems the Government uses to make payments have no provisions for allocating funds when there isn’t enough money to pay all claims, and there are no contingency plans for this contingency. 
  “If a default had the horrendous consequences you describe, and these induce Congress and the Administration to agree finally on an increase in the debt ceiling, how long would it take financial markets to return to normal?”
  Markets would never return to a state where US Government obligations are viewed as riskless. We will pay for this loss of grace forever.
  Investors in fixed-income securities are worse-case oriented, and make a major distinction between the impossible and the unlikely. The current rates that the Treasury must pay investors are based on the assumption that default is impossible. Once a default occurs, it will NEVER again be viewed as impossible. The additional cost of carrying debt on which default is possible will be paid forever.
  “How much extra would it cost?”
  That is not knowable in advance, but I’ll hazard a guess. My guess is that the cost of carrying the Federal debt will increase by about 3 percentage points where it would more or less match the return on investment grade corporate bonds. On a debt of $14 trillion, an increase of 3% in carrying cost would add about $420 billion to our annual deficit.
  An optimistic estimate would be that the cost would rise by only .25%, which would increase the annual deficit by “only” $35 billion.
  “Do you really think there will be a default?”
  Given the current political impasse, I think the probability is frighteningly high. Many important events, especially in the political world, are the result of inadvertence. Nobody planned them, often nobody wants them, but events set in motion years earlier acquire a momentum of their own and nobody has the motivation and/or power to stop it. Since nobody wants it, everybody expects someone else to swing the axe.
  In that connection, the threat posed to mortgage lenders, Realtors and home builders by a debt default is enormous, but where are their spokespersons? When a bill is introduced to, e.g., eliminate tax deductibility of mortgage interest, the trade groups are all over the Congress and Administration to beat it. But on an issue that threatens their very existence, they are nowhere to be seen. Their assumption seems to be that at the 11^th hour the politicians will prefer doing the right thing to laying the blame for disaster on their adversaries. In the current political climate, that is a terribly risky assumption. © 2011 Mortgage Professor
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  Homebuilder Confidence Edges Higher in July

  Posted: July 18th, 2011, 9:35am PDT

  Homebuilder Confidence Edges Higher in JulyBy Kristen Askin Published July 18, 2011| FOXBusinessReutersBuilder confidence for newly constructed, single-family homes gained rose slightly in July, to 15 from 13, according to the National Association of Builders/Wells Fargo Housing Market Index released Monday.The increase offsets the index’s three-point drop seen in June, and remains in the same three-point range for the ninth time in the past 10 months."We view the upward movement in the July HMI as a correction from an exceptionally weak number in June that was at least partly attributable to negative economic news and the close of a disappointing spring selling season," said NAHB Chief Economist David Crowe.Of the HMI’s three components, current sales conditions rose two points to 15, back to their May level, sales expectations in the next sixth months rose seven points to the April level of 22, and gauge for prospective buyer traffic remained steady from June, at 12 points.The index rose in many regions, including three-point gains to 17 from 14 in the South and West, and a one point gain to 12 in the Midwest. The only region to post a decline was the Northeast, dipping two points to 15."While builders continue to confront serious challenges with regard to competition from foreclosed properties that are priced below replacement cost, inaccurate appraisals of new homes, and a very restrictive lending environment for new home construction, select markets are showing gradual improvement as consumers begin to take advantage of very favorable buying conditions," said Bob Nielsen, chairman of the National Association of Home Builders and a homebuilder from Reno, Nevada.The NAHB barometer attempts to measure builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor," and also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low."
  
  Read more: [www.foxbusiness.com]
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  Alabama could get another shot at US Audi plant

  Posted: July 12th, 2011, 12:54pm PDT

   Alabama could get another shot at US Audi plantPublished: Tuesday, July 12, 2011, 6:00 AM By Michael Tomberlin -- The Birmingham News The Birmingham News
  Follow 13 Share close Google Buzz Digg Stumble Upon Fark Share Email Print German automaker Audi wants to build a U.S. plant and, if history counts for anything, Alabama may have the inside track.
  Audi CEO Rupert Stadler told the Automotive News in a story Monday the company is once again considering building a new plant in the United States.
  "It is totally clear that we need new production capacity in the U.S.," Stadler is quoted as saying in the leading industry trade publication. "The question only is when."
  Economic developers are hoping Stadler and Audi can remember "when." In the mid-1990s, economic developers in the state were convinced Audi would build its first U.S. plant on a 1,300-acre site in the Northeast Opelika Industrial Park. The automaker may have done just that, but the entire plan got scrapped in a boardroom in Germany before final negotiations were complete.
  But Alabama officials hope site searchers for Audi, the luxury brand of the Volkswagen Group, have an even shorter memory.
  A site in Huntsville was the runner-up for the $1 billion Volkswagen plant that ended up going to Chattanooga.
  Neal Wade was head of the Alabama Development Office during the Volkswagen recruitment. He said Monday that he would be surprised if Audi didn't look in the Huntsville area and he would be even more surprised if economic developers there didn't fight hard to win the project.
  "If I was sitting in North Alabama, I would be all over it," said Wade, who now heads economic development for the St. Joe Co. in Florida. "They have so much to offer from a work force standpoint, from a quality of life standpoint, from all of the suppliers that are already in the region."
  Pivotal question
  
  Of course, Wade said that only matters if Audi doesn't decide to build next to the Volkswagen plant in Chattanooga.
  "I think the first decision Audi and Volkswagen have to make is, 'Are we going to do something on the current site in Chattanooga?' If they decide to do that, all bets are off," Wade said. "But if they decide to look elsewhere, I would think they would do something somewhat similar to what Hyundai and Kia did and that's look within a circle where both plants can benefit by sharing suppliers."
  Hyundai opened its $1 billion plant in Montgomery in 2005 and a $1 billion Kia plant across the state line in West Point, Ga., last year.
  "I also think Audi would want to look there," Wade said. "I would think North Alabama would be a prime area for them to look at."
  The announcement Chattanooga had bested Huntsville for the prize came almost three years ago to the day of this week's news from Audi.
  A close second
  Some Volkswagen officials told Alabama economic developers they liked the Huntsville site better, but in the end Alabama could not (or would not) match the $577.4 million incentives package Tennessee put up to win the project.
  "It was a very good, close race," Wade said. "Tennessee was able to incentivize it at a different level and I think Chattanooga was maybe a step more aggressive than Huntsville was in that competition. Huntsville and Alabama did everything it should have done to win the project."
  Stadler indicated Audi does not plan to make a decision before 2013, so it is likely the site search either has not started or, at least is not yet in the elimination phase.
  Brian Hilson was head of the Huntsville-Madison County Chamber of Commerce during the Volkswagen recruitment. Hilson, now chief executive of the Birmingham Business Alliance, said he hopes the Birmingham metro area will get consideration from Audi but said Huntsville may be in a better position.
  "It certainly gives us familiarity with the company and how they go about site selection and the decision-making process," Hilson said. "There might also be established relationships that can be built upon."
  The same reasons Volkswagen looked at Alabama will apply to Audi, he said.
  "Given the success Alabama has had with major automotive plants -- Mercedes, Toyota, Honda and Hyundai -- we are well-positioned in that the companies understand we as a state 'get it.' We understand their industry," Hilson said. "We have a second-to-none work force capable of responding to the unique needs of automotive assembly. That premise ought to give us the potential to be a contender."
  Hilson said Chattanooga had an edge over Huntsville for the Volkswagen plant because the automaker went from looking from another north Alabama industrial site to what was 1,400 acres of farm land in Limestone County.
  "The Huntsville site initially was an afterthought. They were looking at another north Alabama site and in the process noticed the land closer to Huntsville," Hilson said. "The interest Volkswagen had in it allowed us to jump-start that site. We were at a significant disadvantage compared to the Chattanooga site because we were really starting from scratch."
  But if Huntsville gets a second chance with Audi, Hilson said they will be ready.
  "It's a tremendous site that continues to have that same potential for Huntsville and Limestone County and, obviously, from Volkswagen's perspective at least, they are very familiar with it," he said.
  The Automotive News also reported Volkswagen Group may build a separate engine and transmission plant to supply both the Volkswagen plant and the future Audi plant.
  Though it was the favored site years ago, the Opelika site is now home to several automotive suppliers to both Hyundai and Kia. Its proximity to the Kia and Hyundai plant make it an unlikely choice for Audi this time around because automakers don't like to fight for workers in the same labor pool.
  The Opelika plant was a finalist for the Hyundai plant before it went to Montgomery and a Nissan plant, which chose a site in Mississippi.
  Stadler told the Automotive News no decision has been made as to what vehicle or vehicles would be produced at a new plant, though the automotive press was speculating the rumored crossover vehicle, the Q6, is a likely candidate.
  Productivity goals
  Audi has said it wants to produce 1.5 million vehicles globally by 2015 and 2 million by 2020. Doing so will almost certainly require a new U.S. plant.
  But Hilson said the rumors of an Audi plant have had economic developers on pins and needles before only to have the project never become a reality.
  "Economic developers in several states have reacted to this news before," Hilson said.
  Join the conversation by clicking to comment or email Tomberlin at mtomberlin@bhamnews.com.
  
  
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  New TV Commerical

  Posted: July 7th, 2011, 9:49am PDT

  
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  Different Ways to Hold Title on Real Property

  Posted: July 5th, 2011, 10:41am PDT

  Different Ways to Hold Title on Real PropertyThere are different ways to hold title to real property and each method has its advantages and disadvantages.  With each example, I suggest that you contact an attorney or your estate planner to make sure that the way you hold title is appropriate for you and your family. Joint Tenancy with Rights of Survivorship – Joint tenancy with rights of survivorship is when two or more people hold title to real estate jointly, with equal rights to enjoy the property while still alive.  In the event of death of either party, the ownership rights pass on to the survivors.  ·         Advantage – The parties who own the real estate need not be married or even related.·         Disadvantage – If the property is sold, the title to the property cannot be transferred without the okay of the other person(s).  Another disadvantage is that if a creditor has a legal debt to collect against one of the owners, and files a lien against the property to collect the debt, the lien will affect all owners.  Tenancy in Common – Tenancy in common is when two of more people hold title jointly, with equal rights to enjoy the property during their lifetime.  However, it’s different than “joint tenancy” being that tenants in common hold title “individually” for their respective “part “of the property.  For example, 3 people could hold title, with one person having 50% ownership, and the other two with 25% ownership each.  Each person can sell their portion of ownership or will their percentage to another person upon their death. ·         Advantage – Allows for one owner to use their portion of the property for liens/borrowing purposes and not encumber any leans against the other owner’s portion/percentage. ·         Disadvantage – If the property is sold, all liens must be paid off for a total transfer to take place. Tenants By Entirety – Tenants by entirety is ownership “assumption”  that a husband and wife are one person for legal purposes and conveys ownership as one person.  This method can only be used when owners are legally married.  ·         Advantage – If one of the spouses dies, the title to the property is automatically transferred to the spouse and no legal action, will or probate is needed for this to occur.  ·         Disadvantage—In the case of a divorce, (depending upon state law), the “title” to the property automatically converts to “tenancy in common”, meaning that one owner can transfer ownership to their 50 percent to whomever they wish.  Sole Ownership – Sole ownership can be held by an individual person or an “entity”, like a corporation or a trust.  The most common are single men or single women who buy real estate.  However, a married person may want to hold title alone (without their spouse).  In this situation, a title company or the laws of your state may require the spouse (who will not take title) to acknowledge that they know the other person is buying real estate and they do not want to be on title.  ·         Advantage – As a sole owner, no other owner needs to be consulted to sell or place a lien on the property·         Disadvantage – Should the sole owner die or become incapacitated, the sale or transfer to the real estate would have to be settled in court.  That is, unless the sole owner had a will or an official document (like a pre-signed deed) that gives ownership to another person. Important - ONLY ADD THIS additional PARAGRAPH IF YOU LIVE IN A COMMUNITY PROPERTY STATE
  - there are nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Puerto Rico allows property to be owned as community.  Alaska is an opt-in community property state; property is separate property unless both parties agree to make it community property through a community property agreement or a community property trust.   We have not added “advantages” or “disadvantages” as there are no choices because real property ownership is dictated by state law. 
  Community Property – Community property is a form of ownership that is dictated by the state they live in.  Each spouse technically owns an undivided one-half interest in the property. This type of ownership applies to most property acquired by the husband or the wife during the course of the marriage.
  It generally does not apply to property acquired prior to the marriage or to property acquired by gift or inheritance during the marriage. After a divorce, community property is divided equally.
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  100% Financing for Disaster Victims

  Posted: May 23rd, 2011, 10:38am PDT

  
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  Getting the Word Out to Condo Homeowner Associations

  Posted: April 12th, 2011, 9:29am PDT

  Getting the Word Out to Condo Homeowner AssociationsCreating FHA Financing [] Marketability through Leasing Restrictions on Condominiums
  Let’s face it. 
  An FHA-approved condominium unit is typically an easier property to sell than a unit in a project that isn’t FHA approved.
  ·         3.5% down payment·         Gift funds can make up entire down payment·         6% seller contribution allowed·         Non-occupying co-borrowers allowedWhat’s not to love about FHA financing?Since 2008, FHA has prohibited the approval of condo projects that had leasing restrictions in its project documents.  Well no more.  Projects can once again protect their marketability by limiting the number of units that can be leased to retain the 50% owner occupancy threshold that FHA requires for project approval. And it’s more important than ever since FHA now requires that a project be recertified every two years.  So spread the word!  Home Owners Associations need to know that if they’ve previously been turned down for FHA approval, they may now qualify.  Other projects may want to look into revising their project documents to incorporate leasing restrictions to be more secure in continuing their FHA approved status. 
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  Maximum Seller Contribution Chart

  Posted: March 29th, 2011, 9:32am PDT

  Fannie/Freddie/FHA/VA/USDAMaximum Seller Contribution Chart
  With all the mortgage rules changes, I know it’s difficult to keep updated on exactly how much money a seller can contribute to helping a client buy a home.  Here’s a handy chart that covers all the loan programs and the percentage the seller can pay.
  

  	FNMAFHLMC	FHA	VA	USDA
  Owner OccupiedLTV/CLTV 90.01 or greater75.01 to 90.0075.00 or less	3%6%9%	6%Maximum all loans	4%Closing cost & points Plus up to 4% sales concession Total: 8%	No Seller Contribution Limit* Closing cost can also be financed up to 100% of appraised value.
  Non-Owner Occupied	2% Maximum all LTV’s	N/A	N/A	N/A
  FNMA Homepath	Follow standard maximum’s with the exception of LTV’s over 90% allow up to 6% concessions	N/A	N/A	N/A

            *Some investors have an internal policy limiting seller contribution to 6%

Veronica Oden Platinum Mortgage

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  FHA Changes

  Posted: March 15th, 2011, 11:43am PDT

  The increase in Annual Mortgage Insurance Premiums for forward mortgage amortization terms is effective for case numbers assigned on or after April 18, 2011.
  The new procedures for requesting case numbers are effective on April 18, 2011. Automatic case number cancellation is effective for all case numbers not insured prior to April 18, 2011.
  Summary – Increase in the Annual Mortgage Insurance PremiumGiven the legislative mandate in section 202 of the National Housing Act for ensuring that FHA’s Mutual Mortgage Insurance Fund (MMIF) remains financially sound, it is imperative that the MMIF is further strengthened to ensure that FHA will continue its historic role of providing a home financing vehicle during periods of economic volatility and its mission of helping underserved borrowers.The charts below illustrate the 25 basis points (bps) increase in the Annual Mortgage Insurance Premiums. There are no changes to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that this increase will have minimal impact on borrowers but will significantly strengthen the capital position of the MMIF.The increase in the Annual Mortgage Insurance Premiums for forward mortgage amortization terms is effective for case numbers assigned on or after April 18, 2011.

BethMillerPlatinumMortgage

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  Changes in MIP

  Posted: March 15th, 2011, 11:35am PDT

  hey send me a loan

AdamHainesPlatinumMortgage

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  FHA Changes Effective April 18, 2011

  Posted: March 15th, 2011, 11:33am PDT

  The increase in Annual Mortgage Insurance Premiums for forward mortgage amortization terms is effective for case numbers assigned on or after April 18, 2011.
  The new procedures for requesting case numbers are effective on April 18, 2011. Automatic case number cancellation is effective for all case numbers not insured prior to April 18, 2011.
  Summary – Increase in the Annual Mortgage Insurance PremiumGiven the legislative mandate in section 202 of the National Housing Act for ensuring that FHA’s Mutual Mortgage Insurance Fund (MMIF) remains financially sound, it is imperative that the MMIF is further strengthened to ensure that FHA will continue its historic role of providing a home financing vehicle during periods of economic volatility and its mission of helping underserved borrowers.The charts below illustrate the 25 basis points (bps) increase in the Annual Mortgage Insurance Premiums. There are no changes to the Upfront Mortgage Insurance Premium (UFMIP). It is anticipated that this increase will have minimal impact on borrowers but will significantly strengthen the capital position of the MMIF.The increase in the Annual Mortgage Insurance Premiums for forward mortgage amortization terms is effective for case numbers assigned on or after April 18, 2011.

DEWAYNE GRIFFIN PLATINUM MORTGAGE MATTERS

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  NEW PRODUCT: 97% Conventional vs FHA

  Posted: March 15th, 2011, 11:27am PDT

  
  

  MONTHLY PAYMENT COMPARISON
  	Lender Paid MI Single Premium	FHA	Borrower Paid MI Monthly
  Credit Score	720	720	720
  DTI%	31%	32%	33%
  Upfront MI Premium:	$7675	$2500	n/a
  1st Mortgage Amount:	$250,000	$250,000	$250,000
  MI Premium Amount Financed:	n/a	$2,500	n/a
  Total Amount Borrowed:	$250,000	$252,500	$250,000
  1st Mortgage Start Rate:	5.50%	4.75%	5.25%
  1st Mortgage Monthly Payment (P&I):	$1419.47	$1317.16	$1,380.51
  Monthly MI Payment:	n/a	$187.50	$225.00
  Other Monthly Housing Expense:	$500.00	$500.00	$500.00
  Total Monthly Payment:	1919.47	2004.66	2105.51
  Monthly Difference:	-	+ 85.19	+ 186.04

  
  
  
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  NEW PRODUCT: 97% Conventional Financing vs FHA

  Posted: March 15th, 2011, 11:27am PDT

  
  

  MONTHLY PAYMENT COMPARISON
  	Lender Paid MI Single Premium	FHA	Borrower Paid MI Monthly
  Credit Score	720	720	720
  DTI%	31%	32%	33%
  Upfront MI Premium:	$7675	$2500	n/a
  1st Mortgage Amount:	$250,000	$250,000	$250,000
  MI Premium Amount Financed:	n/a	$2,500	n/a
  Total Amount Borrowed:	$250,000	$252,500	$250,000
  1st Mortgage Start Rate:	5.50%	4.75%	5.25%
  1st Mortgage Monthly Payment (P&I):	$1419.47	$1317.16	$1,380.51
  Monthly MI Payment:	n/a	$187.50	$225.00
  Other Monthly Housing Expense:	$500.00	$500.00	$500.00
  Total Monthly Payment:	1919.47	2004.66	2105.51
  Monthly Difference:	-	+ 85.19	+ 186.04