- LoanSafe charges a flat fee to analyze loans and according to Moe, they have found problems in at least 80 percent of the 300 or so mortgages they have examined.
- Among the problems found were notary problems, Truth-in-Lending-Act (TILA) violations and Real Estate Settlement Procedures Act (RESPA) violations.
- One common violation occurs when the interest rates or fees change between the time a borrower initially receives a cost estimate on the mortgage and when the borrower actually closes the loan.
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Loan Modifications Covered by New York Times
It appears that the concept of Loan Modifications is gaining momentum. In today’s New York Times, they ran a feature story on loan modifications and referenced LoanSafe and Moe Bedard.
Some highlights in the story about LoanSafe and quotes from Moe include:
According to Moe:
“When presented with these findings, most lenders and servicers quickly agree to a loan modification and many of the deals that my firm has arranged have an initial interest rates in the 3 percent range.”
Hmmm.
So the concept behind LoanSafe is that they have their team of lawyers examine the initial and closing paperwork of the person’s loan — find violations of law and then strong-arm the lender into giving the homeowner a loan that they can afford?
Sounds kind of like a modern-day version of Robin Hood to me.
Lender Conditions 2008 vs Lender Conditions 2006
This week, I have spoke with more than one person who is involved with the Arizona Real Estate market who has made the comment “my best lenders are saying they have never seen conditions like the ones they are getting recently from lenders!”
The first time I heard it, I kind of shrugged my shoulders and went about my business. The second time I heard it (from a different person), I made a mental note. The third time I heard it (again, from another different person), I thought to myself “hey, this may be a good blog topic”. The reason for this next series of posts was actually the FOURTH time in ONE DAY that I heard someone mention this and she actually said “hey, that would be a great blog topic!”
Hat tip Dru. Way to make me go to work and start talking about this kind of stuff!
CRC Report: Mortgage Servicers Most Common Response To Distressed Borrowers? Foreclosure.
I was in Corona, California this week meeting with Moe Bedard and Loan Safe Solutions. We were talking about the different ways that Loan Safe can help people who are facing serious financial problems due to a toxic mortgage loan.
Are lenders doing enough to help troubled borrowers?
Not according to the California Reinvestment Coalition, which released a report that argued mortgage servicers and lenders are not working with borrowers who need loan modifications in order to keep their homes.
Kevin Stein, CRC associate director who provided analysis on the survey results was quoted in a Housing Wire article as saying:
“With little accountability, obligation, or oversight, home loan servicers are not doing enough to keep borrowers in their homes. For some borrowers, this may mean that they will be doubly victimized by predatory lending practices on the front end, and now by unhelpful loan servicing practices that lead to foreclosure on the back end. We must work immediately and diligently towards solutions to avoid this result.”
Maricopa County Mortgage Activity Q1 2008
I just received my copy of Mortgage Banking Magazine for July and happened to notice that compared to the rest of the country, Maricopa County mortgage activity appears to be alive and well!
Maricopa County was #1in the nation for purchase money mortgages for Q1, 2008 with 12,937 loans funded.
Maricopa County Purchase Activity Q1 2008
On the refinancing side, Maricopa County was ranked #3 nationwide with 30,924 loans funded and Pima county broke into the top 25 with 7,306 loans funded.
Maricopa County Refinance Activity Q1 2008
If you are in the mortgage business and times seem to be slow, it is time to increase your “finding” activities. The market isn’t dead — in fact we are doing better in terms of volume than majority of the country.
First Time Homebuyer? Arizona Housing Finance Authority to Offer $25 million in Assistance
The Arizona Housing Finance Authority has recently announced two initiatives that will help first-time home buyers in rural Arizona counties through the agency’s Homes for Arizonans initiative — The Mortgage Revenue Bond program and the Mortgage Credit Certificates program.
The combined value of the initiatives is approximately $25 million and is a combination of the agency’s Mortgage Revenue Bond program ($10 million) and the Mortgage Credit Certificates program ($15 million).
Both programs are aimed to assist first time home buyers and may be used in conjunction with the AzHFA down payment and closing cost assistance program in 13 rural Arizona counties – including:
“For eligible families, these two programs can make the dream of homeownership a reality even in these difficult economic times.”
– Fred Karnas, AzHFA Executive Director
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