Last month I talked about the new appraisal rules, the direction and history of mortgage interest rates as well as high cost conforming loan limits and pre-foreclosure obligations of lenders. Visit our newsletter archive for this and other past newsletters on www.cwcfinancial.com.
This month, the key issues are:
- H.R. 1728 - The Big Banks are trying to eliminate competition.
- The new appraisal processes (HVCC) - CNBC Video.
1. H.R. 1728
H.R. 1728 is an attempt by the large banks to eliminate competition and increase their profits on home loans. What this means to you is higher mortgage costs and fewer choices. The large banks want to prevent mortgage bankers and mortgage brokers from offering zero point and no cost mortgages. Does that sound good to you? I don't think so... and if you take 1 minute, you can call or email your Senator and ask them to vote NO on H.R. 1728 by selecting your State after clicking here.
2. HVCC - Home Valuation Code of Conduct: Fix or Fraud? (Source: National Association of Mortgage Brokers)
On May 1, 2009 the Home Valuation Code of Conduct (HVCC) went into effect, drastically changing the way business is conducted in the mortgage industry. Included in agreements between New York Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac, and their Regulator the Federal Housing Finance Agency (FHFA), the HVCC may be mandating the very practices it aims to outlaw.
Click here to read the article »
Click here to watch a video »
As always, I welcome you to give me a call or drop me a note anytime so that I can analyze your individual situation and advise what strategy might serve your best interest based on the present market.
Sincerely, Charlie Christensen
888-711-5454 Toll Free / 415-454-1130 Local ext. 111
charlie@cwcfinancial.com
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