Mortgage Debt Forgiveness Relief Act 2014 #mortgage #types


#mortgage relief act

#

Short sale and foreclosure tax slated to return in 2014

The time has come. The Mortgage Debt Forgiveness Relief Act has finally run its course, and many homeowners will now be on the hook for short sale tax or foreclosure tax in 2014.

Let’s start with the back story. Originally passed in 2007, the Mortgage Debt Forgiveness Relief Act provided a tax exemption to homeowners when their mortgage company forgave debt though a short sale or foreclosure.

Let’s say you had purchased a home for $400,000 and took out a mortgage for $300,000. Later, you short sold the home for $200,000 and your lender agreed to forgive the balance of $100,000. Instead of the IRS considering that forgiven $100,000 as income, Congress allowed homeowners to short sell or foreclose without having to pay the IRS for their canceled debt.

In October 2008, due to the ongoing hardships suffered by the housing market, the act was extended through December 31, 2012. It was then extended once more by Congress through December 31, 2013. According to the LA Times. “as much as $2 million in forgiven debt for each household was exempted from federal taxes under the 2007 law.”

With 6.4 million homeowners still underwater on their mortgages, meaning they owe more on the loan than the property is worth, the government aid is still very much needed. However, despite bipartisan support, the law expired at midnight on Tuesday, December 31st and wasn’t extended because lawmakers were home for the holidays.

All hope is not lost however, as pending legislation in the House and Senate would extend the Mortgage Debt Forgiveness Relief Act through 2015, the LA Times reports. Such an extension could be passed retroactively, going into effect January 1st, as it was last year.

The extension of the act would not only alleviate tax burdens for homeowners, it would help keep the housing recovery alive. The legislation for extension is backed by the Mortgage Bankers Association and the National Association of Realtors, to name a few.

Seeing as the health of the housing market is indicative of that of the overall economy, lawmakers will hopefully do whatever they can to extend the act—ensuring the housing recovery is sustainable rather than a fleeting resurgence.

Mortgage Debt Forgiveness Relief Act 2014 by HouseHunt

Related Posts

  • Top 5 Tax Breaks for Real Estate Agents
  • First-time home buyers reportedly losing interest in short sales
  • 14 Ways to Build Client Loyalty

Hi Mark,
Thanks for your comment. Good luck with the new home! We hope the act gets extended as well, many a homeowner needs a break!

When will we know if these guys (Congress) are going to pass the extension or just let 6 million go down in flames? What s the hold up and why should it end before it is finished? We still have millions of Americans twisting in the wind. I am a REALTOR® and I have clients waiting for this act with Open escrows and just waiting for the bank to ok an all cash offer at nearly market price. They have passed it around the departments for weeks on end, waiting, as well, for Congress to act. Most people at that point in their lives don t have a pot to pee in or the window to throw it out of! Taxing poor people for market failures caused by lousy policies is just a way to shift the blame onto their backs. I am conservative but even I would call these folks victims. So, Congressmen Congresswomen, put aside your numerous perks for a minute and pass the extension of the Mortgage Debt Relief Act!

Allan, we agree, the passage of this act would aid thousands of homeowners. We hope it passes ASAP!

I found out in February of this year that Wells Fargo had forgiven my mortgage on my home. I had been behind for 4 months and when I contacted them to make payment, I was told that they had written off the debt and would pursue no claims to the property. I was told that they notified the Recorder of Deeds for my county that they had no further interest in the property. I immediately went to the Recorder of Deeds office to obtain a copy of Satisfaction Piece.

Wells Fargo also said they would be sending me a 1099 which I have not received as of today. Should the 1099 be for 2013, or am I to expect one in December of this year? The Satisfaction Piece was dated December 20, 2013 and recorded on December 31, 2013.

I have been going thru foreclosure forever and now they are saying I can get a deed in lieu instead is this covered by the mortgage debt relief program if they reinstate it for another year greentree can t give me any answers on this and I haven t got a reply back from the IRS either. Can you give me an answer so I don t make a mistake and have to pay taxes on it

Hi Nancy,
Your best bet is to do some research. The government and/or bank are probably not going to grant you a deed in lieu, they are going to make you short sale and/or pay some amount. And yes, you will be taxed on any amount forgiven because the government counts it as income.
Please contact a real estate attorney sooner rather than later to make the right decision since we don t have all of the facts about your specific case.
Best of luck!

I had a house foreclose and of course lost it in 2008, the IRS is still after me for the remaining $89,000 and take my tax returns and will eventually wage garnishment. the house was sold and the amount was not taken off the amount I so called owe. how do I get this forgiven and who do I contact, I am at a loss and cannot find anyone to go to. help.

Hi Jason,
So sorry to hear this has been such a hastle. Since I m not a lawyer, your best bet would be to get in contact with a real estate attorney to sort out the legal issues you re having.
Sorry I can t be of more help!

Does anyone know what the extension status? If it does not go through a serious hardship will be layed upon millions of Americans.


Святой Винсент (2014) #mortgage #estimate #calculator


#vincent mortgage

#

Святой Винсент (2014 )

Storyline

Plot Keywords:

Taglines:

Love Thy Neighbor See more

Genres:

Motion Picture Rating (MPAA )

Rated PG-13 for mature thematic material including sexual content, alcohol and tobacco use, and for language | See all certifications

Parents Guide:

Trivia

Naomi Watts learned her Russian accent for her role as Daka by watching YouTube videos and by going to a Russian spa in order to observe mannerisms and dialect. See more

Goofs

During Oliver’s presentation, he says that Vincent fought in the Ia Drang valley campaign as part of the 5th regiment and without specifying a division. On the US side, the battle was actually fought by 1st Battalion, 7th Cavalry Regiment of the 1st Cavalry Division. See more

Quotes

[ first lines ]
Vincent. So this Irish guy knocks on this lady’s door and says, you know, “Have you got any, uh. Any, uh. work for me?” And she says, “Um, well, you now, as a matter of fact, you could paint the porch.” ‘Bout two hours later, the guy comes back and says, “I’ve finished, ma’am, but just for your information, it’s not a porch, it’s a BMW.”
[ bar patrons stunned ]
See more

Crazy Credits

In Loving Memory of PAUL QUINN See more

Connections

Soundtracks

Molodaya Luna
Written and Performed by Vechyaslav Samarin
Courtesy of Megaliner Records
By arrangement with Fine Gold Music
See more

Frequently Asked Questions

User Reviews

A Little Contrived but Very Charming

Bill Murray can mug with the best of them and in this film he is pretty much the whole thing. Playing a Vietnam vet, Vincent, who has seen better times, he parlays his drunkenness into opportunity. The film begins with him totally wasted, backing his car, an old woody convertible, over his picket fence. The next day, a couple of Hispanic movers bringing a middle aged woman (Melissa McCarthy) and her son to their new digs, damages a tree branch. Murray uses this to threaten her with a law suit unless she pays up. It s obvious that she doesn t have much money. It turns out that she and her son are escaping her husband, a philanderer, and the two are on the road to divorces. What ensues is a relationship that grows out of necessity as Murray is enlisted to look after the boy, Oliver, at significant cost to the mother. The kid now becomes a part of Murray s daily forays into irresponsibility: bars, horse track, joy riding, etc. He also brings the child to a hospital where his Alzheimers stricken wife lives. Murray is devoted to her, even though he has an ongoing thing with a Russian hooker, Naomi Watts, whom he may have impregnated. She has the heart of gold in a combative personality. The boy, Jaeden Liebehrer, is a gem of an actor. He has this fatalistic sense to him. He knows he will remain the perpetual victim, but when Vincent comes into his life, he begins to absorb tools to try to get by. Mom works sixteen hour shifts and has no idea of what goes on after Murray picks the boy up from school. What is heartening is that nothing is simple here. Murray continues his bad ways almost throughout, but we know he has a marshmallow center. With all the darkness in the world, give this one a shot.

26 of 29 people found this review helpful. Was this review helpful to you? Yes No

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Used Car Dealer Billings MT near Laurel MT-CarMart 360 #car #insurance #missoula #mt, #carmart #360


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CarMart 360 located in Billings, MT near Laurel, MT

Visit CarMart 360 in Billings, MT for the best used vehicles.

We Are Your Laurel Used & Preowned Dealer Near Huntley, Park City, Shepherd, Ballantine, Joliet, Pryor, Fromberg, Columbus, Bridger, Worden, Roberts, Reed Point and Lodge Grass, MT

If you’re wondering where is CarMart 360 or what is the closest Used Car dealer near me? CarMart 360 is located at 680 S. 20th Street West, Billings, MT 59102. You can call our Sales Department, Service Department or our Parts Department at 877-578-1668. Although CarMart 360 in Billings, Montana is not open 24 hours a day, 7 days a week – our website is always open. On our website, you can research and view photos of vehicles that you would like to purchase or, value your trade-in and visit our Meet the Staff page to familiarize yourself with our staff who are committed to making your visit to CarMart 360 a great experience every time. Also, don’t forget to go to our CarMart 360 Dealer Reviews page for the latest comment and dealership reviews.

CarMart 360 Used Cars, Trucks, & SUVs

As one of Laurel’s best used car dealerships, CarMart 360 has a wide variety of preowned cars, trucks & SUVs for you to choose from. Each vehicle has undergone a rigorous inspection to ensure the highest quality used vehicles in Montana. Stop by CarMart 360 or search online to find the used car, truck or SUV that is right for you. We have used cars, trucks & SUVs for every need and budget, and our expert staff will always work with you to get you in the vehicle you want for an affordable price. Feel free to browse our online inventory, request more information about our vehicles from one of our expert CarMart 360 sales professionals, or set up a test drive with a sales associate.

Auto Finance, Loans, Special Offers & Preapprovals

Visit our CarMart 360 finance page to get preapproved today! Our finance department staff are dedicated to putting you in the car you want, at a price you can afford. Whether you are looking to finance a car, truck, or SUV, our finance experts will work to arrange affordable payments for our customers.

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  • 5 ways the jumbo mortgage market will change in 2014 #mortgage #calculation #formula


    #jumbo mortgage

    #

    5 ways the jumbo mortgage market will change in 2014

    Big changes are coming to jumbo mortgages.

    Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007.

    But the jumbo-mortgage landscape is shifting this year. New mortgage rules from the Consumer Financial Protection Bureau, which go into effect on Jan. 10, could limit choices. Other regulatory actions are also expected to kick in that could make credit access on the high end more expensive.

    Despite the changes, there is a silver lining for wealthy buyers: More lenders are competing for their attention, which means that rates on jumbo mortgages could rise at a slower pace than other loans. Lenders could also require smaller down payments.

    Here are five changes to expect in 2014:

    Fewer types of jumbos

    Several jumbo-mortgage repayment options are tougher to find. That includes the interest-only jumbo mortgage, which doesn’t require principal payments during the first few years, and many mortgages with balloon payments that require small monthly payments and a lump-sum payment to pay off the remaining balance after five or seven years.

    Mortgages that are originated with these features fall outside of the definition of a “qualified mortgage,” which was first established by the Dodd-Frank financial reform bill of 2010 and whose terms were announced by the CFPB. Lenders can still originate these loans if they believe the applicant has the ability to repay, but they stand to incur more risk going forward. Should borrowers default, they could challenge foreclosure proceedings by arguing the lender didn’t properly vet them to confirm that they can afford the loan.

    Some lenders are requiring borrowers to make large down payments. National lender EverBank, for instance, says it requires at least a 35% down payment for interest-only jumbo loans, compared with 20% for other jumbos. Some lenders have been scaling back. By the third quarter of 2013, interest-only mortgages accounted for roughly 3.2% of jumbo mortgages that were being securitized, down from 8.5% the prior quarter, says Guy Cecala, publisher of Inside Mortgage Finance.

    Lower down payments

    Lenders started lowering down-payment requirements last year. Most notably, Wells Fargo began accepting 15% down payments for jumbos, down from 20%, and Bank of America made the same change for loans of up to $1 million. Experts say more lenders will likely follow and that some will begin accepting 10% down payments.

    Low down payments allow affluent borrowers to lock less cash into a home and to invest it elsewhere. For lenders, lower down payments help attract more applicants and are a sign lenders are becoming more comfortable loosening underwriting guidelines.

    So far, most jumbo lenders aren’t requiring private mortgage insurance—an added expense that was widely employed during the housing boom to lessen losses from borrowers who went into foreclosure. But that is expected to change this year. Private insurers say lenders have been contacting them about reintroducing this cost.

    Higher hurdles for “nonqualifed” mortgages

    Lenders that originate “nonqualified” jumbos are raising requirements for borrowers.

    For instance, in most cases qualified mortgages don’t permit borrowers to end up with a debt-to-income ratio—the percentage of their monthly gross income that goes toward paying debt—that exceeds 43%. Zions Bank, which is based in Salt Lake City, is originating jumbos for borrowers with a DTI as high as 50%. But those borrowers need to meet stricter guidelines, including a higher FICO credit score and provide documentation proving they have six to 18 months of mortgage payments (including taxes and insurance) in cash reserves, says Kim Casaday, president of the bank’s home-financing division.

    Separately, fewer lenders will make exceptions for borrowers who don’t supply full income documentation. Affluent jumbo borrowers have been able to provide partial documentation with some lenders and still get approved—a setup that helped those who are self-employed or have complex income structures.

    But the CFPB’s new mortgage rules prohibit low- and no-documentation mortgages. These loans “may be much harder to come by,” says Keith Gumbinger, vice president at mortgage-info website HSH.com.

    Bigger push to ARMs

    Banks will likely ramp up their pitches for adjustable-rate jumbos—in indirect ways. Tom Wind, executive vice president of home lending at EverBank, says lenders will slowly raise rates on 30-year fixed-rates jumbos, which will result in more borrowers turning to ARMs.

    Banks hold most private jumbos on their books and prefer ARMs because once their rates reset, they stand to receive larger interest payments from borrowers. While the CFPB’s new mortgage rules have made qualifying for these loans tougher—lenders can no longer approve borrowers based on the loan’s introductory rate—that is unlikely to affect wealthy home buyers who have the income or assets to qualify at a higher rate.

    Mortgage experts say jumbo rates are likely to remain low this year in comparison with non-jumbos. Lenders are still courting affluent borrowers and want to add more of these loans to their books. The lowest rates will continue to be on the adjustable-rate jumbos while fixed-rate jumbos are expected to get pricier later in the year.

    Further rate increases could come by next year as well. A rule proposed under the Dodd-Frank law will require the small number of securitization firms—which sell mortgages to investors—to retain 5% of the loan amount on their books.

    The Treasury Department is coordinating the rule, which will be completed by six federal agencies. This rule will likely result in the companies asking investors for a higher price for those loans, which will trickle down to higher rates for borrowers.

    Copyright 2016 MarketWatch, Inc. All rights reserved.

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    Mortgage Debt Forgiveness Relief Act 2014 #mortgage #rates #seattle


    #mortgage relief act

    #

    Short sale and foreclosure tax slated to return in 2014

    The time has come. The Mortgage Debt Forgiveness Relief Act has finally run its course, and many homeowners will now be on the hook for short sale tax or foreclosure tax in 2014.

    Let’s start with the back story. Originally passed in 2007, the Mortgage Debt Forgiveness Relief Act provided a tax exemption to homeowners when their mortgage company forgave debt though a short sale or foreclosure.

    Let’s say you had purchased a home for $400,000 and took out a mortgage for $300,000. Later, you short sold the home for $200,000 and your lender agreed to forgive the balance of $100,000. Instead of the IRS considering that forgiven $100,000 as income, Congress allowed homeowners to short sell or foreclose without having to pay the IRS for their canceled debt.

    In October 2008, due to the ongoing hardships suffered by the housing market, the act was extended through December 31, 2012. It was then extended once more by Congress through December 31, 2013. According to the LA Times. “as much as $2 million in forgiven debt for each household was exempted from federal taxes under the 2007 law.”

    With 6.4 million homeowners still underwater on their mortgages, meaning they owe more on the loan than the property is worth, the government aid is still very much needed. However, despite bipartisan support, the law expired at midnight on Tuesday, December 31st and wasn’t extended because lawmakers were home for the holidays.

    All hope is not lost however, as pending legislation in the House and Senate would extend the Mortgage Debt Forgiveness Relief Act through 2015, the LA Times reports. Such an extension could be passed retroactively, going into effect January 1st, as it was last year.

    The extension of the act would not only alleviate tax burdens for homeowners, it would help keep the housing recovery alive. The legislation for extension is backed by the Mortgage Bankers Association and the National Association of Realtors, to name a few.

    Seeing as the health of the housing market is indicative of that of the overall economy, lawmakers will hopefully do whatever they can to extend the act—ensuring the housing recovery is sustainable rather than a fleeting resurgence.

    Mortgage Debt Forgiveness Relief Act 2014 by HouseHunt

    Related Posts

    • Top 5 Tax Breaks for Real Estate Agents
    • First-time home buyers reportedly losing interest in short sales
    • 14 Ways to Build Client Loyalty

    Hi Mark,
    Thanks for your comment. Good luck with the new home! We hope the act gets extended as well, many a homeowner needs a break!

    When will we know if these guys (Congress) are going to pass the extension or just let 6 million go down in flames? What s the hold up and why should it end before it is finished? We still have millions of Americans twisting in the wind. I am a REALTOR® and I have clients waiting for this act with Open escrows and just waiting for the bank to ok an all cash offer at nearly market price. They have passed it around the departments for weeks on end, waiting, as well, for Congress to act. Most people at that point in their lives don t have a pot to pee in or the window to throw it out of! Taxing poor people for market failures caused by lousy policies is just a way to shift the blame onto their backs. I am conservative but even I would call these folks victims. So, Congressmen Congresswomen, put aside your numerous perks for a minute and pass the extension of the Mortgage Debt Relief Act!

    Allan, we agree, the passage of this act would aid thousands of homeowners. We hope it passes ASAP!

    I found out in February of this year that Wells Fargo had forgiven my mortgage on my home. I had been behind for 4 months and when I contacted them to make payment, I was told that they had written off the debt and would pursue no claims to the property. I was told that they notified the Recorder of Deeds for my county that they had no further interest in the property. I immediately went to the Recorder of Deeds office to obtain a copy of Satisfaction Piece.

    Wells Fargo also said they would be sending me a 1099 which I have not received as of today. Should the 1099 be for 2013, or am I to expect one in December of this year? The Satisfaction Piece was dated December 20, 2013 and recorded on December 31, 2013.

    I have been going thru foreclosure forever and now they are saying I can get a deed in lieu instead is this covered by the mortgage debt relief program if they reinstate it for another year greentree can t give me any answers on this and I haven t got a reply back from the IRS either. Can you give me an answer so I don t make a mistake and have to pay taxes on it

    Hi Nancy,
    Your best bet is to do some research. The government and/or bank are probably not going to grant you a deed in lieu, they are going to make you short sale and/or pay some amount. And yes, you will be taxed on any amount forgiven because the government counts it as income.
    Please contact a real estate attorney sooner rather than later to make the right decision since we don t have all of the facts about your specific case.
    Best of luck!

    I had a house foreclose and of course lost it in 2008, the IRS is still after me for the remaining $89,000 and take my tax returns and will eventually wage garnishment. the house was sold and the amount was not taken off the amount I so called owe. how do I get this forgiven and who do I contact, I am at a loss and cannot find anyone to go to. help.

    Hi Jason,
    So sorry to hear this has been such a hastle. Since I m not a lawyer, your best bet would be to get in contact with a real estate attorney to sort out the legal issues you re having.
    Sorry I can t be of more help!

    Does anyone know what the extension status? If it does not go through a serious hardship will be layed upon millions of Americans.


    Святой Винсент (2014) #mortgage #insurance #premium


    #vincent mortgage

    #

    Святой Винсент (2014 )

    Storyline

    Plot Keywords:

    Taglines:

    Love Thy Neighbor See more

    Genres:

    Motion Picture Rating (MPAA )

    Rated PG-13 for mature thematic material including sexual content, alcohol and tobacco use, and for language | See all certifications

    Parents Guide:

    Trivia

    Naomi Watts learned her Russian accent for her role as Daka by watching YouTube videos and by going to a Russian spa in order to observe mannerisms and dialect. See more

    Goofs

    During Oliver’s presentation, he says that Vincent fought in the Ia Drang valley campaign as part of the 5th regiment and without specifying a division. On the US side, the battle was actually fought by 1st Battalion, 7th Cavalry Regiment of the 1st Cavalry Division. See more

    Quotes

    [ first lines ]
    Vincent. So this Irish guy knocks on this lady’s door and says, you know, “Have you got any, uh. Any, uh. work for me?” And she says, “Um, well, you now, as a matter of fact, you could paint the porch.” ‘Bout two hours later, the guy comes back and says, “I’ve finished, ma’am, but just for your information, it’s not a porch, it’s a BMW.”
    [ bar patrons stunned ]
    See more

    Crazy Credits

    In Loving Memory of PAUL QUINN See more

    Connections

    Soundtracks

    Molodaya Luna
    Written and Performed by Vechyaslav Samarin
    Courtesy of Megaliner Records
    By arrangement with Fine Gold Music
    See more

    Frequently Asked Questions

    User Reviews

    A Little Contrived but Very Charming

    Bill Murray can mug with the best of them and in this film he is pretty much the whole thing. Playing a Vietnam vet, Vincent, who has seen better times, he parlays his drunkenness into opportunity. The film begins with him totally wasted, backing his car, an old woody convertible, over his picket fence. The next day, a couple of Hispanic movers bringing a middle aged woman (Melissa McCarthy) and her son to their new digs, damages a tree branch. Murray uses this to threaten her with a law suit unless she pays up. It s obvious that she doesn t have much money. It turns out that she and her son are escaping her husband, a philanderer, and the two are on the road to divorces. What ensues is a relationship that grows out of necessity as Murray is enlisted to look after the boy, Oliver, at significant cost to the mother. The kid now becomes a part of Murray s daily forays into irresponsibility: bars, horse track, joy riding, etc. He also brings the child to a hospital where his Alzheimers stricken wife lives. Murray is devoted to her, even though he has an ongoing thing with a Russian hooker, Naomi Watts, whom he may have impregnated. She has the heart of gold in a combative personality. The boy, Jaeden Liebehrer, is a gem of an actor. He has this fatalistic sense to him. He knows he will remain the perpetual victim, but when Vincent comes into his life, he begins to absorb tools to try to get by. Mom works sixteen hour shifts and has no idea of what goes on after Murray picks the boy up from school. What is heartening is that nothing is simple here. Murray continues his bad ways almost throughout, but we know he has a marshmallow center. With all the darkness in the world, give this one a shot.

    26 of 29 people found this review helpful. Was this review helpful to you? Yes No

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    5 ways the jumbo mortgage market will change in 2014 #seattle #mortgage #rates


    #jumbo mortgage

    #

    5 ways the jumbo mortgage market will change in 2014

    Big changes are coming to jumbo mortgages.

    Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007.

    But the jumbo-mortgage landscape is shifting this year. New mortgage rules from the Consumer Financial Protection Bureau, which go into effect on Jan. 10, could limit choices. Other regulatory actions are also expected to kick in that could make credit access on the high end more expensive.

    Despite the changes, there is a silver lining for wealthy buyers: More lenders are competing for their attention, which means that rates on jumbo mortgages could rise at a slower pace than other loans. Lenders could also require smaller down payments.

    Here are five changes to expect in 2014:

    Fewer types of jumbos

    Several jumbo-mortgage repayment options are tougher to find. That includes the interest-only jumbo mortgage, which doesn’t require principal payments during the first few years, and many mortgages with balloon payments that require small monthly payments and a lump-sum payment to pay off the remaining balance after five or seven years.

    Mortgages that are originated with these features fall outside of the definition of a “qualified mortgage,” which was first established by the Dodd-Frank financial reform bill of 2010 and whose terms were announced by the CFPB. Lenders can still originate these loans if they believe the applicant has the ability to repay, but they stand to incur more risk going forward. Should borrowers default, they could challenge foreclosure proceedings by arguing the lender didn’t properly vet them to confirm that they can afford the loan.

    Some lenders are requiring borrowers to make large down payments. National lender EverBank, for instance, says it requires at least a 35% down payment for interest-only jumbo loans, compared with 20% for other jumbos. Some lenders have been scaling back. By the third quarter of 2013, interest-only mortgages accounted for roughly 3.2% of jumbo mortgages that were being securitized, down from 8.5% the prior quarter, says Guy Cecala, publisher of Inside Mortgage Finance.

    Lower down payments

    Lenders started lowering down-payment requirements last year. Most notably, Wells Fargo began accepting 15% down payments for jumbos, down from 20%, and Bank of America made the same change for loans of up to $1 million. Experts say more lenders will likely follow and that some will begin accepting 10% down payments.

    Low down payments allow affluent borrowers to lock less cash into a home and to invest it elsewhere. For lenders, lower down payments help attract more applicants and are a sign lenders are becoming more comfortable loosening underwriting guidelines.

    So far, most jumbo lenders aren’t requiring private mortgage insurance—an added expense that was widely employed during the housing boom to lessen losses from borrowers who went into foreclosure. But that is expected to change this year. Private insurers say lenders have been contacting them about reintroducing this cost.

    Higher hurdles for “nonqualifed” mortgages

    Lenders that originate “nonqualified” jumbos are raising requirements for borrowers.

    For instance, in most cases qualified mortgages don’t permit borrowers to end up with a debt-to-income ratio—the percentage of their monthly gross income that goes toward paying debt—that exceeds 43%. Zions Bank, which is based in Salt Lake City, is originating jumbos for borrowers with a DTI as high as 50%. But those borrowers need to meet stricter guidelines, including a higher FICO credit score and provide documentation proving they have six to 18 months of mortgage payments (including taxes and insurance) in cash reserves, says Kim Casaday, president of the bank’s home-financing division.

    Separately, fewer lenders will make exceptions for borrowers who don’t supply full income documentation. Affluent jumbo borrowers have been able to provide partial documentation with some lenders and still get approved—a setup that helped those who are self-employed or have complex income structures.

    But the CFPB’s new mortgage rules prohibit low- and no-documentation mortgages. These loans “may be much harder to come by,” says Keith Gumbinger, vice president at mortgage-info website HSH.com.

    Bigger push to ARMs

    Banks will likely ramp up their pitches for adjustable-rate jumbos—in indirect ways. Tom Wind, executive vice president of home lending at EverBank, says lenders will slowly raise rates on 30-year fixed-rates jumbos, which will result in more borrowers turning to ARMs.

    Banks hold most private jumbos on their books and prefer ARMs because once their rates reset, they stand to receive larger interest payments from borrowers. While the CFPB’s new mortgage rules have made qualifying for these loans tougher—lenders can no longer approve borrowers based on the loan’s introductory rate—that is unlikely to affect wealthy home buyers who have the income or assets to qualify at a higher rate.

    Mortgage experts say jumbo rates are likely to remain low this year in comparison with non-jumbos. Lenders are still courting affluent borrowers and want to add more of these loans to their books. The lowest rates will continue to be on the adjustable-rate jumbos while fixed-rate jumbos are expected to get pricier later in the year.

    Further rate increases could come by next year as well. A rule proposed under the Dodd-Frank law will require the small number of securitization firms—which sell mortgages to investors—to retain 5% of the loan amount on their books.

    The Treasury Department is coordinating the rule, which will be completed by six federal agencies. This rule will likely result in the companies asking investors for a higher price for those loans, which will trickle down to higher rates for borrowers.

    Copyright 2016 MarketWatch, Inc. All rights reserved.

    Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S P/Dow Jones Indices (SM) from Dow Jones Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S P/Dow Jones Indices (SM) from Dow Jones Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time.

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    5 ways the jumbo mortgage market will change in 2014 #vanderbilt #mortgage #repos


    #jumbo mortgage

    #

    5 ways the jumbo mortgage market will change in 2014

    Big changes are coming to jumbo mortgages.

    Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007.

    But the jumbo-mortgage landscape is shifting this year. New mortgage rules from the Consumer Financial Protection Bureau, which go into effect on Jan. 10, could limit choices. Other regulatory actions are also expected to kick in that could make credit access on the high end more expensive.

    Despite the changes, there is a silver lining for wealthy buyers: More lenders are competing for their attention, which means that rates on jumbo mortgages could rise at a slower pace than other loans. Lenders could also require smaller down payments.

    Here are five changes to expect in 2014:

    Fewer types of jumbos

    Several jumbo-mortgage repayment options are tougher to find. That includes the interest-only jumbo mortgage, which doesn’t require principal payments during the first few years, and many mortgages with balloon payments that require small monthly payments and a lump-sum payment to pay off the remaining balance after five or seven years.

    Mortgages that are originated with these features fall outside of the definition of a “qualified mortgage,” which was first established by the Dodd-Frank financial reform bill of 2010 and whose terms were announced by the CFPB. Lenders can still originate these loans if they believe the applicant has the ability to repay, but they stand to incur more risk going forward. Should borrowers default, they could challenge foreclosure proceedings by arguing the lender didn’t properly vet them to confirm that they can afford the loan.

    Some lenders are requiring borrowers to make large down payments. National lender EverBank, for instance, says it requires at least a 35% down payment for interest-only jumbo loans, compared with 20% for other jumbos. Some lenders have been scaling back. By the third quarter of 2013, interest-only mortgages accounted for roughly 3.2% of jumbo mortgages that were being securitized, down from 8.5% the prior quarter, says Guy Cecala, publisher of Inside Mortgage Finance.

    Lower down payments

    Lenders started lowering down-payment requirements last year. Most notably, Wells Fargo began accepting 15% down payments for jumbos, down from 20%, and Bank of America made the same change for loans of up to $1 million. Experts say more lenders will likely follow and that some will begin accepting 10% down payments.

    Low down payments allow affluent borrowers to lock less cash into a home and to invest it elsewhere. For lenders, lower down payments help attract more applicants and are a sign lenders are becoming more comfortable loosening underwriting guidelines.

    So far, most jumbo lenders aren’t requiring private mortgage insurance—an added expense that was widely employed during the housing boom to lessen losses from borrowers who went into foreclosure. But that is expected to change this year. Private insurers say lenders have been contacting them about reintroducing this cost.

    Higher hurdles for “nonqualifed” mortgages

    Lenders that originate “nonqualified” jumbos are raising requirements for borrowers.

    For instance, in most cases qualified mortgages don’t permit borrowers to end up with a debt-to-income ratio—the percentage of their monthly gross income that goes toward paying debt—that exceeds 43%. Zions Bank, which is based in Salt Lake City, is originating jumbos for borrowers with a DTI as high as 50%. But those borrowers need to meet stricter guidelines, including a higher FICO credit score and provide documentation proving they have six to 18 months of mortgage payments (including taxes and insurance) in cash reserves, says Kim Casaday, president of the bank’s home-financing division.

    Separately, fewer lenders will make exceptions for borrowers who don’t supply full income documentation. Affluent jumbo borrowers have been able to provide partial documentation with some lenders and still get approved—a setup that helped those who are self-employed or have complex income structures.

    But the CFPB’s new mortgage rules prohibit low- and no-documentation mortgages. These loans “may be much harder to come by,” says Keith Gumbinger, vice president at mortgage-info website HSH.com.

    Bigger push to ARMs

    Banks will likely ramp up their pitches for adjustable-rate jumbos—in indirect ways. Tom Wind, executive vice president of home lending at EverBank, says lenders will slowly raise rates on 30-year fixed-rates jumbos, which will result in more borrowers turning to ARMs.

    Banks hold most private jumbos on their books and prefer ARMs because once their rates reset, they stand to receive larger interest payments from borrowers. While the CFPB’s new mortgage rules have made qualifying for these loans tougher—lenders can no longer approve borrowers based on the loan’s introductory rate—that is unlikely to affect wealthy home buyers who have the income or assets to qualify at a higher rate.

    Mortgage experts say jumbo rates are likely to remain low this year in comparison with non-jumbos. Lenders are still courting affluent borrowers and want to add more of these loans to their books. The lowest rates will continue to be on the adjustable-rate jumbos while fixed-rate jumbos are expected to get pricier later in the year.

    Further rate increases could come by next year as well. A rule proposed under the Dodd-Frank law will require the small number of securitization firms—which sell mortgages to investors—to retain 5% of the loan amount on their books.

    The Treasury Department is coordinating the rule, which will be completed by six federal agencies. This rule will likely result in the companies asking investors for a higher price for those loans, which will trickle down to higher rates for borrowers.

    Copyright 2016 MarketWatch, Inc. All rights reserved.

    Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S P/Dow Jones Indices (SM) from Dow Jones Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S P/Dow Jones Indices (SM) from Dow Jones Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time.

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    5 ways the jumbo mortgage market will change in 2014 #amortization #calculator #mortgage


    #jumbo mortgage

    #

    5 ways the jumbo mortgage market will change in 2014

    Big changes are coming to jumbo mortgages.

    Wealthy home buyers signed up for these loans in droves last year because of their low rates and flexible repayment options. The total dollar amount of originated private jumbo mortgages—which exceed $417,000 in most parts of the country and $625,500 in pricey housing markets such as New York and San Francisco—was on track to be the highest since 2007.

    But the jumbo-mortgage landscape is shifting this year. New mortgage rules from the Consumer Financial Protection Bureau, which go into effect on Jan. 10, could limit choices. Other regulatory actions are also expected to kick in that could make credit access on the high end more expensive.

    Despite the changes, there is a silver lining for wealthy buyers: More lenders are competing for their attention, which means that rates on jumbo mortgages could rise at a slower pace than other loans. Lenders could also require smaller down payments.

    Here are five changes to expect in 2014:

    Fewer types of jumbos

    Several jumbo-mortgage repayment options are tougher to find. That includes the interest-only jumbo mortgage, which doesn’t require principal payments during the first few years, and many mortgages with balloon payments that require small monthly payments and a lump-sum payment to pay off the remaining balance after five or seven years.

    Mortgages that are originated with these features fall outside of the definition of a “qualified mortgage,” which was first established by the Dodd-Frank financial reform bill of 2010 and whose terms were announced by the CFPB. Lenders can still originate these loans if they believe the applicant has the ability to repay, but they stand to incur more risk going forward. Should borrowers default, they could challenge foreclosure proceedings by arguing the lender didn’t properly vet them to confirm that they can afford the loan.

    Some lenders are requiring borrowers to make large down payments. National lender EverBank, for instance, says it requires at least a 35% down payment for interest-only jumbo loans, compared with 20% for other jumbos. Some lenders have been scaling back. By the third quarter of 2013, interest-only mortgages accounted for roughly 3.2% of jumbo mortgages that were being securitized, down from 8.5% the prior quarter, says Guy Cecala, publisher of Inside Mortgage Finance.

    Lower down payments

    Lenders started lowering down-payment requirements last year. Most notably, Wells Fargo began accepting 15% down payments for jumbos, down from 20%, and Bank of America made the same change for loans of up to $1 million. Experts say more lenders will likely follow and that some will begin accepting 10% down payments.

    Low down payments allow affluent borrowers to lock less cash into a home and to invest it elsewhere. For lenders, lower down payments help attract more applicants and are a sign lenders are becoming more comfortable loosening underwriting guidelines.

    So far, most jumbo lenders aren’t requiring private mortgage insurance—an added expense that was widely employed during the housing boom to lessen losses from borrowers who went into foreclosure. But that is expected to change this year. Private insurers say lenders have been contacting them about reintroducing this cost.

    Higher hurdles for “nonqualifed” mortgages

    Lenders that originate “nonqualified” jumbos are raising requirements for borrowers.

    For instance, in most cases qualified mortgages don’t permit borrowers to end up with a debt-to-income ratio—the percentage of their monthly gross income that goes toward paying debt—that exceeds 43%. Zions Bank, which is based in Salt Lake City, is originating jumbos for borrowers with a DTI as high as 50%. But those borrowers need to meet stricter guidelines, including a higher FICO credit score and provide documentation proving they have six to 18 months of mortgage payments (including taxes and insurance) in cash reserves, says Kim Casaday, president of the bank’s home-financing division.

    Separately, fewer lenders will make exceptions for borrowers who don’t supply full income documentation. Affluent jumbo borrowers have been able to provide partial documentation with some lenders and still get approved—a setup that helped those who are self-employed or have complex income structures.

    But the CFPB’s new mortgage rules prohibit low- and no-documentation mortgages. These loans “may be much harder to come by,” says Keith Gumbinger, vice president at mortgage-info website HSH.com.

    Bigger push to ARMs

    Banks will likely ramp up their pitches for adjustable-rate jumbos—in indirect ways. Tom Wind, executive vice president of home lending at EverBank, says lenders will slowly raise rates on 30-year fixed-rates jumbos, which will result in more borrowers turning to ARMs.

    Banks hold most private jumbos on their books and prefer ARMs because once their rates reset, they stand to receive larger interest payments from borrowers. While the CFPB’s new mortgage rules have made qualifying for these loans tougher—lenders can no longer approve borrowers based on the loan’s introductory rate—that is unlikely to affect wealthy home buyers who have the income or assets to qualify at a higher rate.

    Mortgage experts say jumbo rates are likely to remain low this year in comparison with non-jumbos. Lenders are still courting affluent borrowers and want to add more of these loans to their books. The lowest rates will continue to be on the adjustable-rate jumbos while fixed-rate jumbos are expected to get pricier later in the year.

    Further rate increases could come by next year as well. A rule proposed under the Dodd-Frank law will require the small number of securitization firms—which sell mortgages to investors—to retain 5% of the loan amount on their books.

    The Treasury Department is coordinating the rule, which will be completed by six federal agencies. This rule will likely result in the companies asking investors for a higher price for those loans, which will trickle down to higher rates for borrowers.

    Copyright 2016 MarketWatch, Inc. All rights reserved.

    Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S P/Dow Jones Indices (SM) from Dow Jones Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S P/Dow Jones Indices (SM) from Dow Jones Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time.

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