Razor Mortgage LLC

After running out of money to guarantee loans USDA pulled the plug.  A couple of weeks later they published a letter that said banks could continue to fund USDA Guaranteed Mortgages which would be subject to receipt of funds in the future from Congress…..then a day later they pulled the plug again!  Well they are [...]

Effective June 1 (some items July 1) there will be many changes to Fannie Mae which are called the Quality Initiative.  Many o f these changes are trasnparent to the consumer and those involved in the transaction, but could cause some confusion, possibly some delays and some turn downs well into the mortgage process. Being [...]

After years of trying it seems that we are right around the corner from the much anticipated new and “improved” Good Faith Estimate.  The idea behind this estimate is to change the wanton disregard that many originators in the past had used when “dispensing” these pieces of important paper.  Now under the rules and regs [...]

On June 1st Fannie Mae made changes to the way its automated underwriting engine evaluates applicants for mortgages.  Details follow: • As of June 1 Fannie Mae “upgraded” their underwriting engine to version 7.0.  This new version has some major changes including:

The newspapers have been touting the “meltdown” in the mortgage and real estate world which has caused some markets to react even more negatively than they would under the same circumstances without all the neagtive press and television coverage.  The fact remains that many banks did