About VIP Mortgage #best #mortgage #loans

#mortgage grapevine


About VIP Mortgage

VIP Mortgage Inc was founded in 2005 by Clark Miller, Brian Shatto, Russell Pulliam, and Chuck Weaver.

Prior to starting VIP, the four partners were the Operational Managers for what was then the largest independently owned mortgage company in Tarrant County. Over the course of 3 years they quadrupled the size of the company.

VIP aims to provide real estate financing solutions matching each customer and their unique needs.

We intend to provide our customers with white glove service. The customer will receive the best of all worlds excellent customer service, great quality with multiple options, and a good overall price.

Home Loans/Mortgage Brokers Servicing ALL of TEXAS including: Colleyville, Hurst, Keller, Southlake, Dallas, Fort Worth, Grapevine, Euless, Bedford

Contact Us

817.514.0110 Main
817.514.2501 Fax
92 Piazza Ln
Colleyville, TX 76034

NMLS License #266210 Copyright © 2014 VIP Mortgage, Inc. A Texas Mortgage Broker Based in Dallas – Fort Worth. All Rights Reserved. Powered by Tier 1 IP

About Us – Nationwide Mortgage Rates #current #refinance #rates

#nationwide mortgage



Nationwide Home Loans

Nationwide Home Loans is a Florida based mortgage lending firm recognized for its outstanding customer service and a strong reputation for getting even the most difficult of loans closed. We offer a wide variety of mortgage options, competitive pricing and sound advice about what is best for each clients individual situation.

As a full service mortgage lender, Nationwide Home Loans has made the dream of homeownership come true for thousands of home buyers. We are able to offer a wide range of products, including; Conventional, FHA, VA, and various terms on fixed or adjustable rate loans. Whether you are buying, refinancing, or building your home, Nationwide Home Loans can provide you with the right mortgage to meet your specific needs.

In order to ensure the quality service you deserve, we control the entire mortgage process from application through closing. Our lending specialists provide personal contact with an experienced staff that will guide you every step of the way to answer questions and make sure you get your loan closed with ease. Whether you apply in person, or online, you receive the same unsurpassed service from Nationwide Home Loans.

The professionals on our staff are some of the most experienced in the business. Our lending specialists are top professionals dedicated to building strong relationships with consumers, real estate agents and builders. You will find our customer support staff to be dependable, knowledgeable and responsive to your needs. Working together as a team, we monitor the changing trends in the market, and strive to be at the forefront of the mortgage lending industry. Thank you for visiting our website. We look forward to putting our mortgage expertise to work for you!

Justin Stoltz President / CEO

About the Settlement #5 #year #arm

#federal mortgage relief


About the Settlement

In February 2012, 49 state attorneys general, the District of Columbia and the federal government announced a historic joint state-federal settlement with the country’s five largest mortgage servicers:

This bipartisan settlement has provided over $50 billion in:

  • Relief to distressed borrowers in the states; and
  • Direct payments to signing states and the federal government.

It’s the largest consumer financial protection settlement in US history.

The agreement settled state and federal investigations finding that the country’s five largest mortgage servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law.

The settlement provides benefits to borrowers in the signing states whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service. Borrowers from Oklahoma were not eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.


Aid to homeowners needing loan modifications. including first and second lien principal reduction. The servicers were required to provide up to $17 billion in principal reduction and other forms of loan modification relief nationwide. They ended up providing over $50 billion in gross relief which translated into $20.7 billion in credited relief under the terms of the Settlement.

State attorneys general submit that the settlement’s requirement for principal reduction has shown that principal reduction modification is one effective and appropriate tool in combating foreclosure.

Aid to borrowers who are current, but whose mortgages exceed their home’s value. Borrowers were able to refinance at historically low interest rates. Servicers were required to provide up to $3 billion in refinancing relief nationwide and actually provided $3.6 billion in credited refinancing relief.

Payments to borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. Approximately $1.5 billion was distributed nationwide to eligible borrowers. The National Mortgage Settlement Administrator mailed Notice letters to eligible borrowers in 2012 and payments were mailed in 2013 to borrowers who submitted valid claims.The deadline to submit a claim form has passed and claims are no longer being accepted. You can contact the National Mortgage Settlement Administrator toll-free at 1-866-430-8358 with questions.

Immediate payments to signing states to help fund consumer protection and state foreclosure protection efforts.

First ever nationwide reforms to servicing standards ; something that no other federal or state agency had previously been able to achieve. These servicing standards require single point of contact, adequate staffing levels and training, better communication with borrowers, appropriate standards for executing documents in foreclosure cases, ending improper fees, and ending dual-track foreclosures for many loans.

State AG oversight of national banks for the first time.

  • National banks were required to regularly report compliance with the settlement to an independent, outside monitor that reports to state Attorneys General.
  • Servicers had a duty to pay heavy penalties for non-compliance with the settlement, including missed deadlines.


This agreement holds the banks accountable for their wrongdoing regarding residential mortgage foreclosures and mortgage servicing. This settlement does not seek to hold them responsible for all their wrongs over the years and the agreement and its release preserve legal options for others to pursue.

Specifically, this settlement does not.

  • Release any criminal liability or grant any criminal immunity.
  • Release any private claims by individuals or any class action claims.
  • Release claims related to the securitization of mortgage backed securities that were at the heart of the financial crisis.
  • Release claims against Mortgage Electronic Registration Systems or MERSCORP.
  • Release any claims by a state that chooses not to sign the settlement.
  • End state attorneys general investigations of Wall Street related to financial fraud or the financial crisis.

The agreement settles only some aspects of the banks conduct related to the financial crisis (foreclosure practices, loan servicing, and origination of loans) in return for the second largest state attorneys general recovery in history and direct relief to distressed borrowers while they can still use it.

State cases against the rating agencies and bid-rigging in the municipal bond market, for example, continue. Claims and investigations into how Wall Street packaged mortgages into securities also continue.

What Heirs Need to Know About Reverse Mortgages-Kiplinger #bac #mortgage

#reverse mortgages


What Heirs Need to Know About Reverse Mortgages

Death of the borrower triggers the loan payoff, but the estate and heirs will never owe more than what the home is worth.

If you have a reverse mortgage, let your heirs know. Soon after you die, your lender must be repaid. Heirs will need to quickly settle on
a course of action.

See Also: Tighter Rules on Reverse Mortgages

If one spouse has died but the surviving spouse is listed as a borrower on the reverse mortgage, he or she can continue to live in the home, and the terms of the loan do not change. At the death of the last borrower, though, adult children and other nonspouse heirs must pay off the loan. They can keep the property, sell the property or turn the keys over to the lender—and their decision is “usually driven by whether there’s equity left in the property,” says Joseph DeMarkey, a principal member of Reverse Mortgage Funding.

A reverse mortgage allows seniors age 62 or older to tap their home equity. Nearly all reverse mortgages are federally backed Home Equity Conversion Mortgages. The homeowner doesn’t make payments on the loan while living in the house, but the loan becomes due at the death of the last borrower.

Heirs get an initial six months to deal with the loan payoff. And it’s to their advantage to move as quickly as possible. Until the loan is settled, interest on the balance and monthly insurance premiums will continue to eat into any remaining equity.


The good news for heirs is that reverse mortgages are “nonrecourse” loans. That means if the loan amount exceeds the home’s value, the lender cannot go after the rest of the estate or the heirs’ other assets for payment. “The estate can never owe more than the value of the property,” says Gregg Smith, president and chief operating officer of One Reverse Mortgage.

The difference is covered by federal mortgage insurance, which the borrower pays while holding a HECM. If there is leftover equity after the loan is paid off, that money goes to the estate.

When the last owner dies, the estate’s executor should contact the lender. (Lenders keep track of databases that note deaths and will send a notice to heirs if records indicate the last borrower has died.) Loan proceeds disbursed as monthly payments will stop. If the borrower took a line of credit, that line will be closed.

When It Makes Sense to Keep the House or Sell

Within 30 days of notification, the lender will send a federally approved appraiser to determine the home’s market value. The amount that’s due to the lender is the lesser of the reverse mortgage loan balance or 95% of the appraised market value of the home.

Say the appraiser determines the home is worth $200,000 and the loan balance is $100,000. To keep the house, the heirs need to pay the loan balance of $100,000. If the house is sold, the heirs get any equity above the $100,000 loan balance.

But say the home declined in value during the housing slump and the loan now exceeds the home’s appraised value—the home is appraised for $100,000, but the loan balance is $200,000. To keep the home, the heirs will need to pay $95,000—95% of the $100,000 market value. The heir doesn’t have to pay the full balance; the government insurance covers the remaining loan amount.

If the heirs decide to sell this house, the home must be listed at a minimum of the appraised value. (The 5% difference helps cover the costs of selling.) Because all sale proceeds go to pay off part of the loan and real estate fees, the estate receives no equity. The government insurance picks up the difference on the loan.

But if there is no potential equity, heirs may decide to simply hand the keys to the lender and avoid the hassle of trying to sell the home. Known as “deed in lieu of foreclosure,” the heirs sign the deed over to the lender. “If the property was underwater, the heirs may have no interest in selling it or keeping it,” says Diane Coats, senior operational oversight specialist for Generation Mortgage.

Heirs can request up to two 90-day extensions. To get that full year, they must show evidence that they are arranging the financing to keep the house, or they are actively trying to sell the house, such as providing a listing document or sales contract.

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Editor’s Picks From Kiplinger

Important Facts about Mortgage Debt Forgiveness #mortgage #rates #trends

#mortgage relief


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Important Facts about Mortgage Debt Forgiveness

IRS Tax Tip 2013-31, March 12, 2013

If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012.

Here are 10 key facts from the IRS about mortgage debt forgiveness:

  1. Cancelled debt normally results in taxable income. However, you may be able to exclude the cancelled debt from your income if the debt was a mortgage on your main home.
  • To qualify, you must have used the debt to buy, build or substantially improve your principal residence. The residence must also secure the mortgage.
  • The maximum qualified debt that you can exclude under this exception is $2 million. The limit is $1 million for a married person who files a separate tax return.
  • You may be able to exclude from income the amount of mortgage debt reduced through mortgage restructuring. You may also be able to exclude mortgage debt cancelled in a foreclosure.
  • You may also qualify for the exclusion on a refinanced mortgage. This applies only if you used proceeds from the refinancing to buy, build or substantially improve your main home. The exclusion is limited to the amount of the old mortgage principal just before the refinancing.
  • Proceeds of refinanced mortgage debt used for other purposes do not qualify for the exclusion. For example, debt used to pay off credit card debt does not qualify.
  • If you qualify, report the excluded debt on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. Submit the completed form with your federal income tax return.
  • Other types of cancelled debt do not qualify for this special exclusion. This includes debt cancelled on second homes, rental and business property, credit cards or car loans. In some cases, other tax relief provisions may apply, such as debts discharged in certain bankruptcy proceedings. Form 982 provides more details about these provisions.
  • If your lender reduced or cancelled at least $600 of your mortgage debt, they normally send you a statement in January of the next year. Form 1099-C, Cancellation of Debt, shows the amount of cancelled debt and the fair market value of any foreclosed property.
  • Check your Form 1099-C for the cancelled debt amount shown in Box 2, and the value of your home shown in Box 7. Notify the lender immediately of any incorrect information so they can correct the form.
  • Use the Interactive Tax Assistant tool on IRS.gov to check if your cancelled debt is taxable. Also, see Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. IRS forms and publications are available online at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

    Additional IRS Resources:

    IRS YouTube Videos:

    Page Last Reviewed or Updated: 13-Sep-2013

    About the FHA Streamline Rate Reduction Program #tila #mortgage

    #mortgage reduction program


    About the FHA Streamline Rate Reduction Program

    FHA streamline rate reduction allows FHA-insured mortgage holders to apply for a lower rate with less paperwork.

    The FHA streamline rate reduction program is a option for homeowners with FHA-insured mortgages to reduce their interest rates and monthly payments with a lower amount of paperwork and qualification. Homeowners with an FHA mortgage can check to see if they can lower their payments through the streamline program. If mortgage rates decline, homeowners can keep checking until it makes sense to use the program and get a lower mortgage rate.


    The FHA has offered homeowners with FHA-insured mortgages a streamlined refinance ability since the 1980s. The purpose of the FHA streamline process is to allow homeowners to get into a lower-cost mortgage with reduced paperwork and underwriting. The U.S. Department of Housing and Urban Development–HUD–notes that streamline does not mean there are no costs involved in this type of refinance.


    To qualify for a streamline refinance, the homeowner must meet several qualifications. The home must currently be financed by an FHA loan and the loan must have current payments for the last 12 months. The refinance must result in a lowering of both the interest and payments for the homeowner. The homeowner must provide proof of employment. A streamline refinance does not require a credit approval or meet debt-to-income requirements.


    There are three ways a streamline FHA refinance can be structured. If the homeowner elects to pay the closing costs, the new mortgage will start with a principal balance equal to the current balance of the existing mortgage. The new loan will be financed at the current FHA interest rate. Some lenders offer a “no-cost” streamline refinance by charging a higher interest rate and using the profits from the premium rate to pay the closing costs. The rate will still be below the rate for the existing mortgage and the homeowner will have no out-of-pocket cost. The third option is to have the closing costs rolled into the mortgage, increasing the amount of the mortgage principal. This option requires an appraisal to be performed on the home.


    If the closing costs are rolled into the loan balance and a new appraisal is required, the loan must meet the FHA loan-to-value guidelines. In most cases, the new loan must be less than 96.5 percent of the appraised value. The streamline options that do not require an appraisal do not have any loan-to-value restrictions. The amount of the homeowner’s mortgage principal is not increased with these options.


    The streamline process from the FHA allows homeowners with FHA mortgages to lower their rates and payments almost anytime rates have fallen enough to cover the closing costs. An FHA loan can be streamline-refinanced as soon as six months after the loan is taken out. The streamline process does not allow any cash out from a home with equity. A cash-out refinance must go through the complete underwriting and approval process.

    What is Mortgage Foreclosure? Learn about mortgage foreclosure #best #mortgage #company

    #mortgage foreclosure


    What is Mortgage Foreclosure?

    Mortgage foreclosure simply means the deed can only be foreclosed through court action. Mortgage foreclosure is usually referred to as a judicial foreclosure.

    A mortgage is a security document that allows the borrower to keep title of the property while using the property as security or collateral for a loan. The lender then places a lien on the property in the event the owner does not pay the agreed payment. When the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage that removes the lien from the property. About half the states in the U.S. use mortgage foreclosure as the means of satisfying the loan balance.

    As with most mortgage foreclosure lawsuits, it starts with a summons and a complaint is issued to the borrower and any other parties with inferior rights in the property. Usually the lenders attorney is the one who issues the notice. The complaint is usually filed in the court where the trial is to be held. Here is the interesting part. Once the borrower has been notified, he or she has 20 days to respond back to the court challenging them on the mortgage foreclosure lawsuit. Once this occurs, the court now has 40 days to respond back to the borrower. Keep in mind that each correspondence must be legit and deal with some specific part of the complaint. This process may go back and forth as long as the borrower finds something erroneous with the complaint. This slows a mortgage foreclosure greatly because it must go through the court system. It may go as long as a year if needs be or even longer. Bottom line, you as the investor needs to contact the borrower or homeowner during this time and negotiate a purchase of the distressed property. This is when the homeowner is greatly motivated and must make a decision quickly.

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    Articles about Option One Mortgage Corp #mortgage #protection #insurance

    #option one mortgage


    Option One Mortgage Corp

    January 1, 2008 | From Times Wire Services

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    About Us #suntrust #mortgage #rates

    #cornerstone mortgage


    About Us

    Cornerstone Mortgage Group, LLC. is an Atlanta, GA based mortgage company that separates itself from the competition through its high quality service. Our mission is to provide ‘Raving Fan’ customer service in every aspect of the lending experience. Our company is considered mid-sized which means we have the resources of a large lender but not the feel of a big lender that is simply too big to care. We build long term relationships with each of our customers and business partners and give them the personal attention they deserve. We guarantee
    our customers the best interest rates available in the marketplace while also ensuring our loans close in a timely manner. Listed below are some of the value added services that make us different from other mortgage companies:

    Value Added Customer Service

    -Honesty and Realistic Expectations – We believe that perception is reality so we are always honest and upfront with our customers to ensure that everyone’s expectations are met from the beginning to the end.

    -No Application Fee – Call us today to get pre-qualified for a loan. There is absolutely no obligation and we can have your options available in as little as five minutes.

    -Guaranteed Closing Cost – We guarantee our closing cost on our good faith estimates. You don’t have to worry about any unexpected changes at the closing table. If you do find that one of our fees is more than you were quoted, please let us know and we will match our original quote in addition to giving you a $100 credit towards closing cost.

    -24 Hour Call Back The biggest complaint we hear in our industry is that loan officers don t return phone calls quickly enough so we have implemented a mandatory 24 hour call back policy for all of our staff.

    -On-time Closings – Another complaint about mortgage companies is that they are not able to close their loans within the timeframe set up-front. We have developed alliances with all of our lenders that allow us to ensure that our closing deadlines are met.

    -H.U.D. Settlement Statements provided 24 Hours before Closings – We provide a completed HUD Settlement Statement (a.k.a. closing statement) to our clients 24 hours prior to their closing to ensure that all the terms of the loan are correct and to ensure that any mistakes can be corrected prior to the closing.

    -Attend All Closings – Our loan officers attend all closings within a 30 mile radius of our office to ensure that any issues that may arise can be addressed immediately. However, in our experience this is usually a way for us to shake everyone’s hand for a job well done!

    Value Added Flexibility

    -Turn-key In House Processing – All of our loan processing is done in-house to create efficiencies. Our average loan closes in 7-10 business days once we receive all the requested documentation.

    -20+ Established Lenders – We have developed alliances with over 20 of the nation’s top lenders that allow us to provide customers in every situation the ability to obtain a loan.

    -Competitive Rates – We are able to ensure that we are offering the most competitive rates in the market because we have multiple investors we do business with. We are not constrained by one set of programs or guidelines so it allows us to ensure our customer is always getting the best rate available for their situation.

    Cornerstone Mortgage Group