Hi Everyone! Thanks for a fun day in Boise!
Morning students attended the Advanced Short Sale Class. Here’s the follow up Q&A:
Here the link to a summary of the Dodd Frank Wall Street Reform Bill from the Mortgage Banker’s Association.
Here’s a link to the most important slide from the ‘market update’ section of the class showing that the government is still supporting the housing market even though the tax credit has expired.
Here’s a link to the IRS website for all your tax-related questions concerning the Mortgage Forgiveness Debt Relief Act.
Here’s a link to a good article on how a foreclosure v. short sale affects a person’s credit score.
I mentioned GMAC and how they mis-handled processing foreclosures in a few states. Here’s that story with some more educational reading from one of my favorite bloggers, Tanta. I wonder if this is a precurser to more lenders doing the same? Hmm. I will think about this.
And today, the Nat’l Assoc of Realtors applauded a bill that was introduced to try and force lenders to process short sales faster. Can you hear me laughing? I wrote a blog post on just this topic a few weeks ago.
Here’s the VERY important memo from the IREC on short sales titled “Short Sale Guidance.” I highly recommend all students read this PDF from start to finish at least twice.
Slides from this morning will be uploaded soon….my plane back to Seattle has arrived and I’ll be boarding soon!
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Afternoon students attended the class called “How to Become an REO Agent.”
Jeanne from the IREC mentioned a recent memo regarding Broker Price Opinions and who can/cannot complete BPOs. It’s called Joint Guidelines on Broker Price Opinions published just last month.
Here’s a link to this week’s unofficial problem bank list. Calculated Risk (CR) updates this every Friday night or Saturday morning.
Here’s how to find out which lenders in Idaho have the highest FHA default rates!