ALLIED BRANCH MANAGER MICHAEL BRAMBLE ATTENDS FUNDRAISER FOR DEL. JACKSON MILLER AND SHOP TALKS WITH GOVERNOR BOB MCDONNELL OF VIRGINIA

Allied Branch Manager Michael A. Bramble recently attended a fundraiser event for Del. Jackson Miller. The Republican Governor of Virginia Bob McDonnell attended and is a supporter of business, and a great leader. Michael wore the badge that he received from the Allied training in February, which he smiled as he said “Allied Home Mortgage and another Mike”. In his brief conversation with the Governor they spoke about new legislation on financial reform and "not surviving these times but thriving." The Governor has the support of boss Jim Hodge and Allied. We love the Allied proactive spirit and we really like the Gov.'s Allied Blue Tie!

http://www.delegatemiller.com/home.aspx

http://www.governor.virginia.gov/

Michael A. Bramble 

mgr3017@alliedhomenet.com

NATIONAL ASSOCIATION OF REALTORS SURVEY OF HOME BUYERS AND SELLERS

From NAR, National Association of Realtors Survey of Home Buyers and Sellers

• 47% of all homes purchased were bought by First Time Homebuyers (FTHB).
• 78% of FTHB rented a home before they bought their first home.
• Marital Status 49% were married couples 12% were unmarried couples 25% were single women 12% were single males
• Six out of 10 buyers were under the age of 35. This group can be reached by video, creative emails, interactive website and social networking sites
• FTHB moved an average of 12 miles from their previouse residence.
• Over half the buyers were likely to purchase a home under $175,000.
• 24% - Homes Magazines 9% - TV
• Length of ime the FTHB plans to stay in this home Age 18-24 - 4% olan to sell within 2-3 years after purchase Age 25-44 - 24% plan to sell within 2-3 years after purchase.
• 10% - $75K-$100K 16% -$125K-$150K 10% - $175K-$200K
• 12% - $100K-$125K 13% -$150K-$175K
• Information Sources Prior to Buying a Home 94% - Internet Search 63% - Virtual Tours 43% - Open Houses
• 40% - Newspaper Ads
• Financing Home Purchase Downpayment from own savings - 61% Down Payment from Gift - 22%
• 96% were fixed rate mortgages

From  Allied Home Mortgage Capital Corporation Twigs & Branches

RECENT FNMA CHANGES REQUIRE MORE ATTENTION ACTIVITY TO CLOSING

Fannie Mae has been instituting new guidelines, which will affect the loan origination process. According to policies set forth in the Fannie Mae Loan Quality Initiative (LQI), Lenders are responsible for identifying and disclosing any new debts borrowers may have incurred just before closing, checking related parties against exclusionary lists, and validating Social Security numbers (SSN) throughout the origination process.

"Lenders must determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan..."
  
"...Fannie Mae's updated policy requires that lenders determine that the borrower has not established additional debt on or prior to the closing date. If additional liabilities are discovered, lenders must consider any such additional debts of the borrower in the qualification."
  
Lender that discover new information that could impact the performance of the loan may have to resubmit the loan.

"Examples of situations in which loan casefiles should be resubmitted... if new derogatory information is detected and/or the credit score has materially changed."
  
Additionally, going forward, loans found by Fannie Mae to be in noncompliance are subject to repurchase by the lenders.

"if Fannie Mae determines that any debts were not adequately disclosed on the application nor included in the debt-to-income ratio such that the loan would not have met Fannie Mae eligibility requirements, the mortgage loan will be subject to repurchase by the lender."
  
Essentially, this means lenders are responsible for identifying and disclosing credit activity that has occurred between the time the loan is approved to the time it closes. Fannie Mae recommends a few key steps to help ensure compliance with its LQI.

•        Refresh credit reports just before closing to identify any new inquiries or debt obligations
•        Investigate new inquiries to determine whether the borrower does in fact have any additional debt to repay
•        Validate SSN with solutions such as ID Risk Review, Level One authentication, or SSA89 verifications
•         Credit Comparison report to quickly identify differences from initial report and refreshed report

I would advise everyone who is in the process of obtaining a conventional loan to make sure you are mindful of any credit or spending through out the entire loan process. Any new debt that creeps up last minute regardless of how big or small can wreck havoc on your closing. I would also be very careful of any new inquiries, and make sure not to use any of your credit cards for appliances or other home related purchases until after your loan has closed and funded. There can be times where a simple increase in credit card balance of only hundreds of dollars will jeopardize your transaction and result in a last minute denial. This can happen right up until the day of closing. I know that as far as Allied goes, we will only pull updated reports with the credit score omitted, however many other lender will pull reports with new scores. If the report has a lower score, you might be out of luck! Think about it this way, if your score is a 622 and the minimum threshold to qualify is a 620, and you get to closing and your new score is only a 619, then your entire approval is null and void and your loan can and will be denied at the table!


These challenging times continue to pose difficulties for borrowers, however if we are all diligent and proactive we avoid these issues and still close all of our transaction. We will continue to do everything possible to educate our customers to the new standards to make sure every loan closes as efficiently as possible, if you are not using Allied for your mortgage needs I would suggest you stay up on the latest changes and make sure your customers understand the new guidelines to avoid your deal crashing at the table.
Content Provided by::Steve Fingerman

ALLIED HOME MORTGAGE CAPITAL CORPORATION APPOINTS COMPLIANCE MANAGER

ALLIED HOME MORTGAGE CAPITAL CORPORATION APPOINTS COMPLIANCE MANAGER Jeanne L. Stell to oversee compliance, licensing policies and procedures for Allied Home Loan Branch Offices

HOUSTON, TEXAS – Allied Home Mortgage Capital Corporation, the nation’s largest privately held mortgage banker and broker (www.alliedhome.com), announced today it has contracted with Jeanne L. Stell to oversee the day-to-day operations of Allied’s more than 200 home loan branch offices across the US and the US Virgin Islands. 

Stell will serve as a consultant to Allied Home Mortgage, and will be responsible for ensuring the company’s branch offices meet all federal and state compliance and licensing standards, as well as fulfill Allied’s own policies and procedures. Stell is very familiar with these duties, having served as Executive Vice President of Compliance for Allied Home Mortgage from February 1998 through November 2007.

“The mortgage industry is rapidly changing, and our company continues to grow,” said Jim Hodge, CEO of Allied Home Mortgage. “It is extremely important that we help our branch managers keep abreast of regulations, licensing and procedure changes, and that we provide them with the best possible training and oversight. Jeanne is a consummate professional. I don’t know anyone with a better grasp of mortgage lending. Having her in this role will be invaluable as we continue to add branches and serve our customers.”

Stell has earned her Direct Endorsement Certification, VA Lapp and Credit Underwriting Certifications/Approvals. She also has been certified as a Continuing Education Mortgage Trainer and is a recognized Mortgage Banking Expert Witness. Stell has had several guest speaking engagements, including the American Conference Institute’s 10th Annual Forum on Responsible Mortgage Lending.

About Allied Home Mortgage:: Allied Home Mortgage is the nation’s largest privately held mortgage banker and broker with more than 200 branches throughout the US and the US Virgin Islands. Allied Home Mortgage is based in Houston Texas and has been providing residential mortgages to its customers since 1991.

Part of Allied Home Mortgage’s strength is in its ability to adapt to local market conditions and provide services that can be individualized to each customer.

Allied Home Mortgage Capital Corporation is a HUD-approved lender (US Department of Housing and Urban Development).

For more information, please visit www.alliedhome.com or call 713-353-0400.

Contact: Jerry Rose, APR

(480) 540-4966
For Immediate Release July 12, 2010

VA LOANS OFFER GREAT OPPORTUNITY

The end of World War II brought a huge number of our military service men and women home from the front lines abroad. Peace had been r estored and these young service people were eager to begin building their lives back home. In 1944, under President Roosevelt, our government created a home loan program, as part of the GI Bill, to assist these veterans in buying a home for their families. Today the VA home loan is still the best option for veterans and other service people looking to take advantage of our low-price real estate market.

The most attractive feature of the VA home loan is that it does not require any money for a down payment. This program also allows the home seller to pay the buying veteran's closing costs. This combination creates an opportunity for a veteran to buy a new home with not one penny out of his pocket. In fact, the VA home loan is often referred to as the "VA No-No," meaning that, when it is properly structured, it requires no down and no closing costs to the veteran. Another great feature of the VA home loan is that is does not require monthly mortgage insurance. Most other home loan products require expensive monthly mortgage insurance payments if you make a down payment of less than 20 percent. Omitting this monthly mortgage insurance can not only keep monthly mortgage payment lower, but also allows the buyer to qualify for a more expensive home. While this loan is called a Veterans Administration home loan it is not restricted to post-service veterans. Those who are currently serving in our armed forces, including the National Guard and Reserves may also qualify. A surviving spouse of a veteran may be entitled to this VA benefit as well under certain circumstances. The VA does require a minimal up front funding fee for this benefit, but it can be paid by the seller, or included in the new home loan if necessary. The buyer must be buying the home as a new principle residence, and qualify under all other standard VA home loan guidelines as well. Overall, the VA home loan has quite liberal guidelines, and they are written in a way that is to the benefit of our servicemen and women. It's also worth mentioning that, according to Retired U.S. Army General Erik Shinseki, who is now the secretary of Veteran Affairs, more than 90 percent of all VA home loans are made with Advertisement money for a down payment. Remarkably the VA home loan program has the lowest rate of foreclosures out of all loan products available. The American people support a great loan product, as a way to give back, and our service people and veterans appreciate it.

For more information on this outstanding home loan, or to find out if you are eligible for a VA home loan, contact an experienced VA home loan lender in your area. You can also find more information on the U.S. Department of Veteran Affairs Web site at www. homeloans.va.gov

P.S.- If you are a member of our nations Army, Navy, Air Force, Marines, National Guard, Coast Guard or are in the Reserves - thank you for all that you do. BY: Brent C. Bruce, Branch Manager, Allied Home Mortgage Capital Corp., 8480 Red Oak St., Rancho Cucamonga, CA 91730, Phone: (909) 463-4750, E-mail: bbruce@alliedhomenet.com  http://www.brentbruce.com Created: 01/12/2010 10:39:39 AM featured in the http://www.dailybulletin.com/

ALLIED HOME MORTGAGE CAPITAL CORPORATION BEGINS BLOG

Welcome to the Corporate Allied Home Mortgage Capital Corporation Blog.

We are on board with the social media band wagon. Here we will be bring you; news about Allied, our branches, mortgage loan product information, local home buyer seminars in your area and all else Allied! Stay tuned.