Thomas Minetti's Blog

The mortgage rates for the end of the week are still looking great for our purchase contracts being written over the weekend.  The Virginia mortgage market is still going strong and expected to continue for the rest of the quarter.  Keep calling your customers and letting them know that the tax c...

It's a Great sunny morning in Virginia, just can not believe we just had 9 inches of snow and mother nature is blessing us with her sunshine. So let that enough about mother nature for the time being, Its time to get moving on all of your buyers because the Tax Credit is running out soon. Call me...

Man o Man, Had a bad dream last night that I sold my Snow Thrower!  My my dream came true because I sold mine 30 days ago after the X-mas snow fall because I never thought we would get another 2 foot of snow. Well, looked out this morning and we are currently at 2 foot of snow and expected to get...

IT'S OFFICIAL, FEBRUARY 15TH!! Then How long will it take to get your appraisals and to close your loans? As we all know, FHA appraisals for loans with case #s pulled after February 15th, 2010 will have to go through the ‘Appraisal Independence' format. Many lenders are using appraisal management...

We just got another 5 inches of snow in Virginia last night but the snow crews are getting the hang of the snow removal in our area.  We are getting ready for the big one later on this week and hopefully it won't hit until everyone is home... Mortgage rates are still looking great for us and new ...

Be careful when you short sale or have a foreclosure because Lenders are increasingly seeking to collect unpaid mortgage balances through deficiency judgments against borrowers who foreclosed or secured short sales. The FDIC reports a 48 percent surge in mortgage recoveries to a record $1.01 bill...

What do you think?  Will the government stop buying the MBS, I don't think so, at this point the would be jumping from the pan to the fire!  Rates would go UP and the market would cool and we would only go backwards at this point. They may slow the buying but I just don't think they would stop. S...

Its going to be another great week in the mortgage industry in Virginia.  We see loan applications increase for the last of the tax credit and we hope you all can close before it expires.  Don't miss the boat the second time around, not sure if they will extend the program for those that didn't t...

Effective for all FHA case numbers assigned on or after February 15, 2010 The New Appraiser Independence Requirements must be followed on your loan transactions Prohibits FHA lenders from accepting appraisals prepared by appraisers who are selected, retained or compensated by mortgage brokers and...

Have you seen Mortgagee Letter 2010-02, Increase in Upfront Premiums for FHA Mortgage Insurance Effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25%.  This policy change will increase premiums for ...