loans: FHA Urging It's Servicers Conduct A Full Review Of Their Foreclosure Documentation Processes. - 10/14/10 12:04 PM
FHA Commissioner David H. Stevens has issued an alert urging all FHA-approved servicers to conduct a full review of their servicing procedures. This announcement is a result of recent news reports of widespread deficiencies in foreclosure documentation processes.
Major Lenders like Bank of America have been ordered recently to put a stop to their foreclosures because of their procedures.  As many of you have read and know that they were approving foreclosures without even reading the documents.  FHA is concerned that some of their servicers might be guilty of the same thing.  Normally I would try to summarize what the Commissioner is requiring FHA … (30 comments)

loans: Connecticut Housing Finance Authority (CHFA) 4.375% 30 Year Fixed - 12/17/09 04:32 AM

 
The Connecticut Housing Finance Authority (CHFA) is at 4.375% for a 30 Year Fixed for the forth consecutive week.  This is the lowest that I can remember the CHFA Interest Rate being at, and the fact that it is at that rate for a forth consecutive week is amazing.
The rate gets even better if the Borrower is a Teacher, Military Veteran, Buyer purchasing in a Targeted Area, or a Police Officer in a participating town.  If a Borrower is in one of these special categories they will receive and additional .125% to .250% off the rate.
The CHFA … (12 comments)

loans: Why Not Get A Mortgage Inspection. - 06/02/09 03:31 PM
A couple of years ago we at McCue Mortgage started offering what we call a Mortgage Inspection. In the Real Estate Industry, we don't think twice about recommending to a Buyer that they should have a Home Inspection done.  So why not also  suggest a Mortgage Inspection to make sure that they are truly qualified for the amount that they have been told.
The Buyer does not have to the loan with the Loan Officer who does the Mortgage Inspection, but just like with the Home Inspection it can provide peace of mine for everyone during the home search process, especially … (13 comments)

loans: Second Employment Verification Before Loans Close. - 05/01/09 09:06 AM
Many areas of this great county of ours are facing serious employment issues.  Here in Connecticut the Insurance Capital of the world, we have been particularly hard hit.  Insurance Companies have suffered many losses, and as a result, have had to down size and let many people go.
Because of the many job loses, several of the Lenders/Banks have add one more condition to their Commitment Letters, condition #3 of the Commitment Letter below:
Employment Verification has always been part of the Loan Approval Process, but I have never seen Employment Verifications done a second time until recently.  Most people might … (16 comments)

loans: Connecticut Pure Maple Syrup!!! - 04/29/09 02:32 AM
That is right you read the title correctly.  Most people, especially here on the East Coast think of Vermont when the subject of Pure Natural Maple Syrup comes up.  But Vermont is not the only State in New England that produces Pure Natural Maple Syrup, Connecticut does as well.  And the best Connecticut Maple Syrup, in my opinion, is produced by my neighbors, the Graves Family. located on Chancey Road in Middletown.
They do not produce it in large amounts, and it is only sold at a Stand located on their farm, but it sure is good. I missed taking pictures … (9 comments)

loans: PMI Changes Making FHA and VA Much More Go To Loan Products. - 04/27/09 01:37 PM
MI Companies are notorious these days for making changes without any advance notification.  The latest change that we are seeing is that MI Companies have lowered the back end ratio, especially on loans with a 95 LTV to 41%.  Also if the area happens to be one that is being classified as a declining area, the lowest LTV that they will issue MI on is 90%.
I don't know if EVERY MI Company has made this change, but the four major ones that issue MI here in Connecticut have adopted these changes.  These latest changes further make FHA and VA Insured … (14 comments)

loans: Wordless Sunday - 04/26/09 06:48 AM

******************************************************************************************************************
Info about the author:
George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com
(34 comments)

loans: Slow Sales Causing Appraisal Problems. - 04/25/09 07:40 AM
One of my Borrowers Closed on a Refinance Loan yesterday that many of us in this Industry would consider a "Slam Dunk Loan".  This Borrower had Credit Scores in the 800's, ratio's of 15/17, and 60% LTV.  "Slam Dunk" right? Wrong!
This house was located in a neighborhood made up of a small cluster of house that are separated from most of the other residential neighborhoods in town.  The last known sale in this neighborhood was 8 months ago, and nothing comparable to it in near by neighborhoods had sold in a lesser time period.  The Appraiser did an amazing job … (15 comments)

loans: Social Networking Workshop. - 04/23/09 07:08 AM
I wrote a blog at the end of last month Social Networking Workshop informing those within driving distance of Middletown, Connecticut, about a Social Networking Workshop/Presentation, at the Middlesex Chamber of Commerce, on how we can more effectively use Social Networking Websites. The workshop was presented by one of our members Diana Bartolotta, who after listening to her is not only very knowledgeable about what she presented, but a Social Networking junkie to boot.
Diane concentrated mainly on Linkedin and Facebook, but also briefly touched on Twitter.  I of course brought up ActiveRain and Diane stated that she would most likely … (21 comments)

loans: Scam Loan Modification E-Mails - 04/20/09 09:25 AM
Loan Modifications must be the new scam in town, because I have been getting three to four e-mails each day, each one from a different sender, but all with the same message.  They all start with the same subject line which contains my address followed by "value drop notice". The message is also the same in everyone:
Dear George:
If you are still residing in your home at "my address" and would like a lower payment, just based on your location you could bring your payment down by as much as 45% through a loan modification working with current MIDDLETOWN home … (14 comments)

loans: Official First Day Of Spring. - 04/19/09 09:10 AM
March 20th was officially the first day of Spring for 2009, but it was not my first day of Spring.  For me the first day of Spring is not a day on the calendar, or as defined by Wikipedia
"Spring comes in between the 19th to the 23rd of March and at different times. It changes on a yearly basis because the first official day of spring is the (Spring) Vernal Equinox. This is when the sun is directly above the equator. It rises due East and sets due West and does not do so on the exact same day every … (12 comments)

loans: Connecticut Housing Finance Authority (CHFA) CT Families New Refinance Program. - 04/18/09 07:22 AM

CHFA just rolled out its new CT Families Program which is now self-insured, unlike the previous program that followed FHASecure Guidelines.  This new version of that program might finally make this a viable program for those who are in trouble on their mortgage, because of it being an Adjustable Rate Mortgage (ARM).
The previous program was basically a:
Refinance program for subprime borrowers And it was Insured by FHA. The new programs main differences are:
Refinance program for families experiencing or having experienced hardships Self-insured by CHFA The main thing that still remains common between the two is that only … (4 comments)

loans: FHA Approvals ............. Follow-Up. - 04/17/09 12:16 PM
Three weeks ago I wrote a blog "FHA Approvals" about how it looked like FHA was loosening up on the Debt-To-Income Ratio's, and that I would be keeping an eye on it to see if that was really the case.  Well it is now three weeks later, and in that time I have had five more Borrowers that received an Approved/Eligible through  Automated Underwriting (DU) with ratio's around 42+ on the front/top ratio and 55+ on the  back/bottom ratio.
This is enough to convince me that FHA has made an adjustment to the level of risk that they are willing to … (2 comments)

 
George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages)

George Souto

Your Connecticut Mortgage Expert

Middletown, CT

More about me…

George Souto NMLS #65149 FHA, CHFA, VA Mortgages

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

Office: (860) 573-1308

Mobile: (860) 573-1308



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