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Description:
With our new app, Access Loans Chico, you can easily take your mortgage information with you. Enjoy the native iPhone app with enhanced user interface, now on other smart devices through the Android Market. View mortgage and real estate resources, staff profiles, mortgage calculators, social media integration(s), and more. Our Mobile Mortgage app is convenient, informational, and free.

Features:
One Touch Interface – Directions, Call, or Share all by one touch
Resources – Browse Mortgage and Real Estate educational content that will help you with every aspect of a loan
Staff Directory – Engage with your mortgage professional and share contact info
Mortgage Calculators – Calculate payments that fit your budget (Rent vs. Buy, Affordability, Monthly payment, and Refinance – Coming Soon!)
Social Media – Connect by Facebook, Twitter, Linkedin, and Blog
Newsletter – Sign up for Monthly Newsletter for updates, featured loan profucts, and news

Additional Materials

Finding a Home:
These tools will support Realtors and their business, on-the-go as well as their clients. Our home finding features enable us to not only collaborate with agents as well as clients but in a way that can help you be more efficient. Open House Tour Guide – Plot route
Open House Sign-In – Handheld option to capture information
Value Finder – Zillow Home Search by Geo Targeted Location

Refer A Buyer© – Successful realtors are constantly on the road, hosting open houses, meeting with clients, or otherwise occupied with their business. They often don’t have the opportunity to get make a call and get a potential clients information to you in as timely a manner as they’d like. With Access Loans Chico, there is a simple way to send and receive contacts. Our Refer A Buyer feature is perfect for people on-the-go.

Document Checklist – Many first time home buyers don’t know the steps involved when it comes to purchasing a home. Our app provide a simple solution for agents to supply their buyers with a document checklist for pre-approval, one of the first steps a potential buyer should take. Buyers can use our interactive checklist within the app or e-mail the checklist directly from their phone.

APMobile V.1.2

In this first segment, Daniel gives you a detailed laydown for the second installment for the HARP program (HARP 2.0). This refinancing option may help lower your mortgage payments! Remember to stay tuned into our website or social medias to see the upcoming mortgage videos.

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Get our NEW Mortgage/Real Estate Mobile App for FREE

Danny Salas of Access Real Estate Lending in Chico, Ca.
Video Produced by: Alpine – For Access Real Estate Lending 2012.

*This industry changes rapidly and on a daily basis, information after posting may be subject to change.

iPhone App Store | Android Market

3/06/12 – Access Real Estate Lending now has its very own top-notch mortgage mobile app in the iTunes App Store! This app will bring your mortgage & real estate needs while connecting with Access right to your palm! Not to mention, our app is FREE.

Description:

With Access Loans – Chico, you can easily take your mortgage information with you. Enjoy the native iPhone app with enhanced user interface. View mortgage and real estate resources, staff profiles, mortgage calculators, social media integration(s), and more. Easily swipe your finger at the bottom of your home screen and you will see the tabs transition. Our Mobile Mortgage apps are convenient, informational, and free.

Features

One Touch Interface – Directions, Call, or Share all by one touch
Resources – Browse Mortgage and Real Estate Related information
Staff Directory – Engage with your mortgage professional and share contact info
Mortgage Calculators – Calculate payments that fit your budget
Social Media – Connect by Facebook, Twitter, Linkedin, and Blog

Additional Materials

Open House Tour Guide – Plot route
Open House Sign-In – Handheld option to capture information
Value Finder – Zillow Home Search by Geo Targeted Location

APMobile Version 1.2
Compatible with iPhone, iPod Touch, and iPad – Requires iOS 3.2 or later

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HUD Announcement: Single Family Mortgage Insurance: Annual and Up-Front Mortgage Insurance Premium – Changes

The Temporary Payroll Tax Cut Continuation Act of 2001 has all investors and lenders going into a pricing tailspin. The response by investors to absorb the initial increase in guarantee fee was uniformly quick, but the impact on pricing and rate sheets is quite diverse because each investor has its own pricing model and structure. This has become clearly evident in our routine comparative analysis of our rates sheets against a select group of lenders. We anticipate that this will continue over the next 30 days as the April 1, 2012 effective date draws near.

Our rate sheet will be no exception to this turbulent trend. We thus encourage all our loan originators to pick up the phone and call Secondary Marketing, if any rate sheet pricing appears to be out of whack, or when a concession may be needed to make deals work.

CAPITAL MARKETS

January 2012
Fannie Mae and Freddie Mac Pricing Changes due to Guarantee Fee Increase

As you probably have gathered from the notices you have recently received from other wholesale lenders, investors have immediately implemented the increase in the Fannie Mae and Freddie Mac guarantee fee. We apologize and wish we could have given you more notice. The following schedule illustrates the timing of guarantee fee increase on 45, 30 and 15 day locks.

45 days                                         1/11/2012
30 days                                         1/18/2012
15 days                                          1/23/2012

In addition, we need to temporarily adjust our lock extension and relock fees. Again, this is temporary until the new guarantee fee is completely absorbed. The following schedule illustrates the cost and timing of the our temporary relock and extension policies;

Prior to 2/10/12 0                                                 0
After 2/10/12 50 bps                                         50 bps

As you will see, our pricing, relock and extension fee changes are consistent and in line with what you will see from other lenders.

The following are some FAQ’s that might help explain this:

Why is this occurring?
As directed by the Federal Housing Finance Agency (FHFA), pursuant to the Temporary Payroll Tax Cut continuation Act of 2001, Fannie Mae and Freddie Mac are required to increase the guarantee fee charged for all mortgages delivered on or after April 1, 2012 by 10 basis points. In the next few months, FHFA will further analyze whether additional guarantee fee increases are appropriate to ensure the new requirements of the law are being met.

What is a guarantee fee?
It is a fee charged by mortgage-backed securities (MBS) providers such as Fannie Mae and Freddie Mac, to lenders for bundling, servicing, selling and reporting MBS to investors. The main component of the guarantee fee is charged to protect against credit-related losses in the mortgage portfolio. Think of it as insurance. Commonly known in the mortgage industry as “g-fee”, this is a deduction in relation to the interest rate.

How does a 10 basis points increase in guarantee fee impact my borrower?
A 10 bp increase in g-fee effectively raises the interest rate to the borrower by 12.5 basis points. A 12.5 bp increase in rate generally translates to a 50 bp increase in fee or a 50 bp reduction in rebate. Since all investors have already implemented this increase in their respective pricing structures, you will be seeing the effect of this increase in the rate sheets published by all lenders.

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Recently, the President signed into law a new bill H.R. 2112, called the Consolidated and Further  Continuing Appropriations Act of 2012. In response to this new legislation, HUD has issued Mortgagee Letter 2011-39 detailing the acceptance and timing of the return to higher FHA loan limits.

Visit HUD’s FHA Mortgage Limits webpage for a simple way to find out your loan limits

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Home Affordable Refinance Program (HARP)

Listen to Real Estate Today Radio with Daniel Salas on the new guideline changes for these loans and how it affects borrowers.

Local Market Segments with Daniel Salas. Sundays from 11am to 1pm.

Read the article: http://accessloans.net/2011/11/22/clearing-up-confusion-on-harp-loans/

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If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. 

To see if your home loan is serviced by Fannie Mae, go to:  http://www.fanniemae.com/loanlookup/  

To see if your loan is currently serviced by Freddie Mac go to:  www.freddiemac.com/mymortgage

See the Federal Housing Finance Agency’s News Release on HARP changes go to:  http://accessloans.net/2011/10/24/harp-changes-to-reach-more-borrowers/

Clearing Up (or Causing More) Confusion on HARP Loans

The Federal Housing Finance Agency (FHFA) recently announced changes to the Home Affordable Refinance Program (HARP) to assist more home owners with the ability to refinance their homes, and save themselves from foreclosure.  While this announcement has grabbed the attention of the news media and the public, it needs to be understood that this is an update to HARP, not an introduction to HARP.  These loans have been in place for years; however, the guidelines have been updated to assist more borrowers with more opportunities than we have experienced in the past.  However, eligibility for these loan programs will not start until December 1, 2011, and it may take time for the GSE’s (Fannie Mae and Freddie Mac) to get contracts solidified with individual banks.  So patients, regarding true availability of these loan programs, must be expected. 

HARP, consists of Fannie Mae and Freddie Mac loans whereby borrowers may refinance their existing mortgage, lower the interest rate, and therefore payments, even if they were under water or had no equity in their homes.  Old guidelines enabled people to refinance up to 125% of their homes’ value, while new guidelines will not limit the loan to value…so, you, potentially, could refinance a $200,000 loan, even if your home is worth $100,000.

Also, with the old guidelines, you were limited to 105% of the value of your home, if you had a second mortgage, that was going to stay on the home, and the two loans combined could not exceed 125% of the value of the home.  This has changed as well. 

Fannie Mae participates in HARP via a loan called “RefiPlus.”   Freddie Mac participates in HARP via a loan called, “Open Access.”  Fore simplicity purposes, I will discuss Fannie Mae’s RefiPlus program, however, similar rules follow Freddie Mac’s Open Access’ eligibilities. 

One of the biggest changes is the cost of these loans.  Here’s what needs to be understood:  With risk, there’s cost.  For example, if someone is buying an investment home, that’s a riskier loan for the GSE’s to sell, so they are more expensive loans.  You can pay those fees up front, or you can increase the interest rate on that loan, absorbing all, or a portion, of the additional fees.  Same thing with these HARP loans!  If you have no equity, it’s riskier for the bank, and therefore, the GSE’s would charge more money, when you delivered the HARP loans to them…and therefore, the bank would pass those fees onto the consumer.  What the Enhanced HARP Guidelines have done, is lower those delivery fees, so that it can benefit more people by keeping those costs, and therefore interest rates, down. 

In the past you couldn’t be late on any mortgage payment, in the past twelve months to qualify.  Now, it’s going to just be the past six months.  If your payment is increasing by 20% (from an adjustable to a fixed rate mortgage) you must meet other guidelines in order to be eligible, but you still may be eligible.  If you have had a bankruptcy or foreclosure, you may not have to wait the traditional four to seven years, in order to be eligible.  If your loan amount is greater than 80% of the value of your home, the maximum amount of increased cost, or delivery fees, to the GSE’s will be .75% Points.  A fraction of what we’ve seen in the past.  These fee changes will not go into effect for loans delivered to the GSE’s until January 1, 2012. 

So, you’ll notice that the application dates, for eligibility are December 1, 2011; however, the delivery of these loans to the GSE’s are January 1, 2012.  These dates aren’t too far apart; however, you’ll notice that they are particular, regarding when you make take an application, qualify for the new program, qualify for the lower fees associated with the enhanced program, and delivery of that loan to the GSE’s.  All of these particulars must be hashed out behind the scenes, before eligibility for consumers may be taken advantage of.  Banks need to have their internal guidelines changed, to accommodate, and educate their underwriters, staff, etc., on qualifying and delivering these loans in an appropriate manner. 

So, the changes are coming, however, we must be patient.  This IS an opportunity that should increase more HARP volume, and save more Americans from foreclosure.

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