Provident Funding whacky underwriting

If you are a loan officer and you are considering sending your loans to Provident Funding beware. It seems like they are not following fannie mae guidelines and making up all kinds of crazy conditions. It's too bad because their rates are great, they are just too hard to work with now. I think they are just running scared and don't want to write any bad loans.

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Bank of America, no cost mortgage

Just to set the record straight on Bank of America and their no cost mortgage, it isn't. I was recently in my branch and asked one of the personal bankers about it. He told me that they just raise the rate to cover the fees. What a breakthrough. Thanks BofA.

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Credit Crunch hits Ireland

I just got back from Belfast. I could not believe how many houses were for sale. There was a Sherry Fitzgerald sign on every corner. Real Estate signs are everywhere. I heard that values were dropping as well. I spoke with an estate agent who told me that Ireland is always behind the US by six months. I even saw a sign advertising 100% financing. I don't think that they learned anything from our mistakes.

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Bank of America no Cost Mortgage?

I was in my Bank of America branch yesterday setting up a new checking account. I noticed a sign in the lobby touting a no cost mortgage. I inquired with the personal banker about the details of the mortgage. He told me that they just raise the rate to cover the closing costs. I said to him that it doesn't sound like a no cost mortgage because there is a penalty in rate for the no closing cost option. I also said that if it were a true no cost mortgage then it should be the same rate as the full fee mortgage. He did not have any comment on that. My guess would be that there is no such thing as a no cost mortgage. Thanks BofA for confusing me.

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Why did my home equity line get reduced?

Consumer Dave can help you answer that question. Millions of Americans are receiving letters from their second mortgage lenders alerting them that their home equity lines or helocs have been cut or reduced. Can the banks cut your home equity line? Absolutely, it is written into their notes. I know it sucks but they can do it. They just are hedging against future loses.

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