A couple weeks into my job of mortgage underwriting and I am realizing that with everyone and their brother refinancing due to record low rates, Big Ben is giving a stimulus. The majority of these refinances are rate/term and are lowering the payment by over $200 a month on average. [more]
I accepted a permanent full time local job with a large regional bank here AND I am almost in the top 100 in caps again (rank 134).
Thanks caps community for your support during my crazy transitional period.
Just had to vent about the crap that was underwritten at end of 2006 in my scratch and dent pool review. We have a no income/no asset loan (no income stated whatsover) on an 84 year old retired lady (fixed income applicants should NEVER be stated...well no one should be stated, but especially people that are retired!). It has an inflated property value I am reviewing for a scratch and dent pool. Subject is in Sunland, California, was done as a SFR. It had 2 parcel numbers, one is for a 20 stall horse barn with arena and the other if for the subject. Was appraised for $995,000 and is now worth just over $200,000. It didn't help the appraiser used comps that were 3-4 TIMES our square footage and bed/bath count. [more]
America is like the person that makes 50k annually, but has $ 3000 monthly mortgage and $30,000 amassed in consumer credit cards. He refinanced 3 times in the past 5 years to "debt consolidate, pay off about $30k in consumer debt and get $40k additional cash out each time. Living large with all that spending and cash he bought the finest cars, boats and toys. But he now finds himself underwater 20% on his house. He can't refinance now and its just a matter of time before the bankruptcy hammer comes crashing down on him. Oh, and to make matters worse, his company downsized and he got laid off and has had to find another job only paying 35k annually. [more]