Nevada Real Estate >> Las Vegas Real Estate Specialist: Attention Realtors® - Be ready, mortage loans are being denied without warning!

Attention Realtors® - Be ready, mortage loans are being denied without warning!

Warning: Your loan may be denied without warning.  If you are approved for a home loan or are a Realtor® with a client approved for a home loan you need to watch this video. 

Also, today's mortgage rate trend report.  Do you know which bank recently got fined one of the biggest fines ever handed out by the Fed for predatory lending practices?  All of this in today's current mortgage rate trends report.

Watch in HD by clicking next to CC bottom right corner

Contact me for your San Diego mortgage needs. First Priority Financial -San Diego's low cost direct lender. FHA, VA, Conventional and Jumbo loans.


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6 comments • Nevin Williams, San Diego's best mortgage pro! • July 22 2011 12:01AM

Comments

Nevin, I caught the $85M fine slapped on Wells Fargo this morning. In fact, we discussed it on the radio show this morning. You are right ... Wells will not absorb the fine ... the consumer will.

The change in conforming rates will undoubtedly impact a lot of people and cause delays in many escrows.  This is important information that we all need to be aware of. 

Posted by Kathleen Daniels, Broker-Owner San Jose Real Estate 1-800-972-1822 (San Jose Homes & San Jose Short Sales) 10 months ago

I did read that Wells Fargo was the company.  Loans are getting tricky.

Posted by Elite Home Sales Team Keller Wms. Realty 10 months ago

Nevin

Scary thought....and for this to happen to a large bank...the others are bound to be cited, too. After all, they were all doing the same thing!

Posted by Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA (Alain Pinel) 10 months ago

Kathleen - I wonder how many Billions they made after paying this fine.  They know it and ended up making more than it costs them so 85 million didn't hurt them that much.  Banks aren't stupid, I'm pretty sure they earmarked this money pending future lawsuits.

Elite Home Sales - Actually these are the cleanest loans in our history!  Underwriting is so paranoid aboout fraud and losing money that every deal is a clean deal.

Pacita - Probably right but the fines are usually a drop in the bucket compared to the profits they make doing this sort of stuff.

Posted by Nevin Williams, San Diego's best mortgage pro! (First Priority Financial, San Diego jumbo & conventional ) 10 months ago

And wasn't BofA hit with a large penalty recently as well for their Countrywide, err, acquisition.  I'm wondering if these fines go to countries that bought their loan packages.  Soverign debt is a big part of what the global economy is doing, and many of the countries in trouble purchased large MBS portfolios.  Good post about the new caps on "jumbo" loan limits. 

Posted by Carla Muss-Jacobs - Principal Broker/ Owner | Exclusive Buyers Agent | (503-810-7192 | BuyersAgentPortland.com) 10 months ago

Nevin I LOVE your video presentation.  Very professional with great information to boot!  Gosh the word really needs to get out to borrowers expecting to pay more than the $417K for a house.  That covers a large portion of Downey! 

Posted by Andi Grant - First Time Home Buyers Los Angeles, Long Beach, Downey, Carson (310-508-4354 | FirstTimeHomeBuyerRealEstate.com) 10 months ago

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