Mortgage Industry Update
I am pleased to announce that I, along with my co-owner and the staff of FCMC Mortgage Corp., have now joined Classic Mortgage LLC. Classic Mortgage is a mortgage banker in New York, New Jersey and Connecticut. At Classic, we will be able to offer the same excellent service; low lender interest rates and variety of brokered mortgage products as we did at FCMC Mortgage Corp.
However, in addition to brokering loans, since Classic Mortgage LLC, is a mortgage banker, Classic will make the loans themselves on many conforming, high balance conforming and FHA ...
HARP 2.0 Refinance Program Another Government Boondoggle Destined for Failure
On Monday, October 24th, to much fanfare, the Federal Housing Finance Agency announced that they were revising the Homeowners Affordable Refinance Program (a/k/a HARP). In addition to lowering some of the costs of refinancing (which will certainly be appreciated and is helpful but is not an impediment to refinancing in most cases), the major revision was the lifting of the equity cap of 125% for "underwater" homeowners. Previously, HARP provided that a homeowner could refinance if they had up to 25% of negative equity (i.e. a 125% loan to value).
Under HARP, which ...