Real estate market

Seriously damaged credit is normally unacceptable for conforming programs, although occasional exceptions are allowed. Conforming loans must have grade-A credit, although A- minus credit is acceptable when compensating factors are present.
For all other applicants, non-conforming loan programs are available with a variety of alternative financing opportunities. It is even possible to provide refinance [...]

A jumbo loan is any loan that exceeds conforming guidelines. Since Fannie Mae and Freddie Mac’s charter are focused on servicing America’s low, moderate and middle income home buyers, loan amount limits filter high-income borrowers. FHA loans institute even lower loan amount limits than does Fannie Mae and Freddie Mac. As of January 2000, [...]

The second mortgage market has been an increasingly active industry during the past two decades, especially as homeowners discover their uses and cost-effectiveness. Fannie Mae and Freddie Mac normally do not purchase home equity loans and home equity lines of credit. In fact, credit lines are usually either portfolio, with the originating lender keeping [...]

Whereas there may be dozens of conforming loan programs available at any given time, there are probably thousands of different non-conforming programs. Non-conforming lenders design loans for specific conforming guideline restrictions–or rather for the borrowers and situations that fail to meet those conforming restrictions. Most non-conforming programs tend to fall within the following six [...]

The American free market economy is vibrant, dynamic and always looking for additional, more profitable business opportunities. The non-conforming is one such market for financial investors and lenders. Fannie Mae, Freddie Mac and Ginnie Mae only serve A-credit borrowers, who meet those agencies’ strict guidelines regarding income, employment, assets, property, etc. For a [...]

Mortgage loans can normally be categorized according to three categories, depending on how they are handled by the lender after closing:
● Portfolio
● Conforming
● Non-conforming
A portfolio loan is kept by the lender in its “portfolio” rather than sold to the secondary mortgage market. [...]

If the borrower in a refinance has at least two mortgages—both a first mortgage and a second mortgage—on the subject property, that borrower will have three refinancing options, which have different challenges:
● Consolidation. The borrower may choose to pay off both loans with a new refinance loan. This refinance loan [...]

An additional processing step required by refinances is that the loan officer or processor must acquire a payoff statement from all institutions and lenders who will be paid by the proceeds of the refinance loan. The payoff statement will indicate how much the borrower owes the creditor.
In most situations, the most important payoff statement [...]