Mortgage Industry Changes

Just got this moments ago from HUD. FHA Mortgage Insurance Premium going up in April. Another slap in the face to borrowers who in my opinion have suffered enough at the hands of our very own government.

Read for yourselves and remind your buyers not to sit on the fence too long this year. Rates and premiums are on the rise.
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U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING-FEDERAL HOUSING COMMISSIONER www.hud.gov espanol.hud.gov January 21, 2010
January 21, 2010
MORTGAGEE LETTER 2010-02
TO: ALL APPROVED MORTGAGEES
SUBJECT: 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 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.
Programs Covered by Insurance Premiums Shown Below

The upfront and annual premiums and the requirements described in this Mortgagee Letter apply to all mortgages insured under FHA’s Single Family Insurance Programs except those listed below:

- Title I
- Home Equity Conversion Mortgages (HECMs)
- Hope for Homeowners (H4H)
- Section 247 (Hawaiian Homelands)
- Section 248 (Indian Reservations),
- Section 223(e) (declining neighborhoods)
- Section 238(c) (Military Impact areas in Georgia and New York)

Upfront Premiums
FHA will charge an upfront premium in an amount equal to the following percentages of the mortgage:

Purchase Money Mortgages and Full-Credit Qualifying Refinances = 2.25 percent
Streamline Refinances (all types) = 2.25 percent
HOPE for Homeowners (Delinquent Mortgagors) = 2.00 percent
Home Equity Conversion Mortgages = 2.00 percent

Annual premiums (monthly) will not change at this time.

Happy New Years!

For my readers in blog land I just wanted to say Happy New Year to all of you! I hope and pray that your holiday plans tonight are festive, full of your closest friends, and most of all safe. 2009 was a good year for some and a difficult year for others with the economy in the condition that it is currently in. My prayer is that in 2010 a big turn around will come and that good news will come to those who desparately need it. My plan for 2010 is to simply work hard at all I do; both personally and professionally. And as the Bible says in 1st Corinthians to "make love your aim", well, that is also top priority on my agenda.

Last but not least, I'll leave you with the words of Benjamin Franklin -

"Be always at war with your vices, at peace with your neighbors, and let each New Year find you a better person."

Blessings,

Frank

Merry Christmas

I hope and pray that everyone reading this has a wonderful holiday season. Make sure that you do a few things that really warm your heart this year like:

-make cookies with your kids...and let them eat til their hearts are content

-squeeze someone you love and tell them that you love them. Tell them that God loves them too

-take a day off from work and do something you love WITH SOMEONE you love

-watch a good Christmas movie.

-tell your kids about Jesus. Why He was born; and why He died. He's the only reason for the season.

God bless and Merry Christmas,

Frank Sellers
Monarch Mortgage

It's the Holiday Season: Tips to Protect Your Credit

Hi folks!


With the Christmas shopping season here, what better time is there to discuss how holiday shopping can affect your credit score. First of all, and most importantly is that if you or someone you know is in the market for a mortgage of any kind, then they should be thinking about their credit. Lending guidelines are becoming more and more strict on the borrower and there are now fewer and fewer people who will qualify for a mortgage. The new benchmark for a minimum credit score is 620; so if your score is close to this, then starting a new department store credit account can be catastrophic to your ability to buy a home, if it causes your score to dip below this mark. Just be careful. Know your credit before you apply for those department store cards. They have the power to throw off your plans of refinancing or purchasing a home.

Also, be alert and watch your accounts carefully; especially for identity theft. With retail shopping in full swing, thieves are working full time too. You might want to consider putting a hold on the release of your credit information. That way, if identity thieves did try to open an account in your name, they would be unsuccessful because the credit bureaus would not have correct authorization.

I want my clients to be ahead of the game and their assets safe and secure. I hope that this holiday season is a safe and blessed time for you all and I look forward to serving all of your mortgage needs.

Merry Christmas,

Frank Sellers
Monarch Mortgage
910-256-3588 Office
910-520-2315 Cell
fsellers@monarchmtg.com

And The Winner Is...

With the help of my four year old son, I selected a winner, in a very scientific manner...

Congratulations MizSassy! I'll be in touch with you today!

Thank you so much to everyone who played. Please bookmark this site and check in often to see what's happening in the mortgage world. We may do another raffle closer to Christmas!

Merry Christmas and God bless!

Frank Sellers

The winner will be posted tomorrow.

Thanks to everyone who visited my blog.

Good night!

Frank

Christmas Gift Card Give Away!!!

Hi everyone! Let me first say, THANK YOU for visiting my blog. My name is Frank Sellers and I am a Senior Loan Officer with Monarch Mortgage in Wilmington, NC. Monarch Mortgage is NOT a mortgage brokerage. We are a mortgage bank that is licensed to originate both government backed mortgages such as FHA and VA; as well as conventional mortgages. We have offices from Delaware to South Carolina so location is not a problem and our interest rates are some of the best you'll find anywhere. Here at my blog, I try to keep readers informed on the hot topics related to mortgage lending and the national economy. It is also a good place for readers to ask questions related to mortgage lending. Please tell everyone you know about my services, my blog, and my company. All of my contact information is found under my profile information. My email is fsellers@monarchmtg.com and my website is www.monarchmtg.com/fsellers. Now on to the good stuff.

Christmas is approaching quickly and as a way of thanking you for stopping by my blog, I'm having a GIFT CARD GIVE AWAY CONTEST! Depending on how you play, one lucky contestant will win either a $25.00 gift card OR a $50.00 dollar gift card to TARGET!

Here are the rules:

LEAVE A COMMENT on my blog with your blogger I.D. or a valid name and email and receive one entry to win. MAKE SURE TO LEAVE ME A VALID WAY OF CONTACTING YOU!!!

WRITE A POST ON YOUR BLOG telling your friends about this contest with it linked back here to my blog; and add a comment HERE with a link to your post and receive a second entry!

BECOME A FOLLOWER OF MY BLOG and if you win, I will make it a $50.00 card.

It's easy and fun to play. Who knows? You just might win!!!

Entries will close at midnight eastern time on November 26th. I will announce the winner on Friday November 27th.

Good luck everyone and happy blogging!

-Frank Sellers
Monarch Mortgage
910-256-3588