Finding a first-time homebuyer who actually has the necessary credit score to qualify for a mortgage can be challenging. According to a study published by the Federal Reserve Bank of New York, more than one-third of Americans have a credit score below 620. What is even more alarming is the CFPB study that found there are another 45 million adults who are either un-scoreable or who do not have a credit score.
Read MoreSacramento area loan officer Shelly Haines easily establishes real connections with her clients thanks to her warm personality and big laugh. Not only does the personal touch help her understand first-time homebuyers, but it also makes her job more meaningful. During her 30-year career, she has become a CalHFA Preferred Loan Officer (PLO) by closing countless CalHFA loans in the Sacramento area, helping locals discover that they can, in fact, afford a down payment on a house — a process she finds greatly rewarding.
Read MoreWhen it comes to Reverse Mortgage, the offerings of old have evolved toward what’s provided anew via the Home Equity Conversion Mortgage—also known as HECM. Rare is the case to have perfected, a model that’s been fully structured and operating out of in its initial phases. The Reverse program underwent careful sowing to see realized a fully grown, working fruition.
Read MoreThere’s a generation among us living on a financial silent edge – those so monetarily strapped, that most months are spent in the dreadful negative. Our cherished old-timers. The ones who’d proudly reminisce the era from which they’ve arrived. The rightful boasters to a better time.
Read MoreIn Bulletin 2017-23, Freddie Mac announced changes to student loans repayment requirements. In their bulletin, they indicated that they believe that the updated requirements for qualifying borrowers with student loan debt support access to credit and provide sellers with a responsible, simplified approach that addresses student loan repayment plans and student loan forgiveness programs offered today.
Read MoreBoth Chambers of Congress have now passed the Republican Tax Overhaul Bill. It is the first such overhaul in more than 30 Years! The Corporate cuts are permanent, while the individual changes expire at the end of 2025
Read MoreThis past August, Freddie Mac released Bulletin 2017-12, in which they announced several changes, both enhancements and restrictions, in regards to rental income. These changes are effective with all settlement dates on and after February 9, 2018, however they will allow implementation of the changes in their entirety immediately. PRMG will be requiring that all loans funded on or after Tuesday, December 26, 2017 follow the new requirements.
Read MorePRMG University is a great resource for all employees, as well as for our external TPO partners as we offer a variety of training classes each month. Retail, Wholesale and Correspondent channels, as well as our TPO partners are able to benefit from these courses as they are designed to enhance skills, improve prior knowledge, and ultimately increase success at PRMG. PRMG University publishes a monthly training calendar with courses that are continually updated and relevant to the industry.
Read MoreOn the weekend of July 29, 2017, Fannie Mae implemented Desktop Underwriter (DU) Version 10.1, which included several enhancements to their existing offering. Since the updates only apply when using DU 10.1, if the loan was run previously though DU, the loan will need to be rerun with a new DU case number. It is important to note that DU will continue to run the loan using the existing version (in this case DU 10.0) unless you go in and trigger it to run the new version.
Read MoreAccording to Forbes.com, there is 1.3 trillion dollars of student loan debt in the United States. Student loan debt is the second highest consumer debt category (mortgage debt is the first) and is higher than both credit cards and auto loans. The Forbes article indicates that the average student in the class of 2016 has $37,172 in student loan debt.
Read MoreFreddie Mac (FHLMC) has announced several upcoming changes to their seller guide, specifically in relation to Assets and Income. With these changes, you will find there are some enhancements for qualifying, as well as some new restrictions/requirements. One of the changes is that FHLMC will be requiring analysis of the business to support that the business has sufficient liquidity and is financially capable of producing stable monthly income for the borrower, similar to Fannie Mae.
Read MoreOur goal with PRMG University is ultimately to enhance employee satisfaction, improve performance and increase productivity.
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