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Major Changes in the Los Angeles Real Estate Means it's Easier to Qualify for a Mortgage - Local Records Office

LOCAL RECORDS OFFICE - New laws in real estate will qualify Norwalk, CA residents to low-cost mortgages says, the Local Records Office.

The new law will help those who have been wanting to become first-time homeowners but never were able to qualify.

During the last housing boom, anyone with a pulse could get a mortgage, but after the financial crisis, underwriting rules tightened significantly.

As a result, current default rates on loans made in the last eight years are lower than historical norms. At the same time, younger borrowers with high levels of student loan debt are being left out of the housing recovery, unable to qualify for a home loan.

Duncan said a consumer's debt level is just one of many factors considered by lenders when underwriting a mortgage.

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"For the third consecutive quarter, the share of lenders expecting a decrease in profit margin over the next three months exceeded the share with a positive profit margin outlook. For the former, the percentage citing competition from other lenders as a reason for their negative outlook reached a survey high," Duncan wrote in the report.

Fannie Mae also noted in its announcement of the DTI changes that its appetite for risk remains the same. That may mean a shift in other parts of a borrower's risk profile.

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"There is the belief that there is this windfall for consumers, that consumers will just be able to get more credit," said Brown of LexisNexis. "Well, the reality is the risk in the marketplace has not changed. The information that's used to assess risk is what's changing, and so for banks and others extending credit, if they want to maintain the same loss rates, they have to tighten credit somewhere else. It's just pure math."

Demand for home loans has weakened considerably, to the lowest level in two years, even though lenders say they are easing underwriting standards, according to another quarterly survey from Fannie Mae.

The government-backed mortgage giant also reported a drop in the share of consumers who think now is a good time to buy — to a record low. On the flip side, lenders are looking to further ease standards in order to attract business.

"Expectations to ease credit standards climbed to survey highpoints in the second quarter as more lenders reported slowing mortgage demand and increasing concerns about competition from other lenders," said Doug Duncan, senior vice president, and chief economist at Fannie Mae.

"Easing credit standards might also be due in part to increased pressure to compete for declining mortgage volume."

Additionally, changes to Fannie Mae, Freddie Mac and FHA underwriting standards set to take place in July should open the door for more borrowers and more lending businesses.

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The rating reflects the high quality of the Fannie Mae mortgage-backed certificate, a sound legal structure where the principal and interest payments are passed through to bondholders on a monthly basis and cash flow projections that indicate the sufficiency of revenues to pay full and timely debt service at all times.

This conduit financing will serve to finance a portion of the acquisition and rehabilitation costs associated with an existing 78 unit residential facility located in the Norwalk, California.

Additional sources of project funding include an equity contribution provided by the sale of low-income housing tax credits and other loan proceeds.

Factors that Could Lead to an Upgrade

- Not applicable

Factors that Could Lead to a Downgrade

- A downgrade of the counterparty (Fannie Mae)

- An asset to debt ratio below 100%

METHODOLOGY

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