FGIC Sues Ally Financial

Bond isuing giant, FGIC, has sued Ally Financial units for fraud and breach of contract. This information has been sent to the press today from The Wallstreet Journal. The first lawsuit involves Ally financial's GMAC unit and what FGIC is calling misleading business practices involving the quality of thousands of home loans during the housing boom. FGIC is stating that GMAC represented their home loans at a lower risk rate than known to be true to make sure FGIC would insure the $1.2 billion transaction that took place in 2006. Additionally, FGIC is suing Ally Financial's Residential Funding unit regarding Underwriting misrepresentation, among other things, of two notes it insured totalling $1,431.3 million as well as 1.2 billion mortgage-backed securities transaction in 2005.

Let's Boost Your Score

We don't consider ourselves "Credit Repair" but we are always willing to help a borrower in need. We can go down to a 620 minimum credit score on FHA financing but we also like to take a look at the credit report to see if we can help your borrower raise it and get better options. We won't charge the borrower for this but instead see it as just a part of our fiduciary duty to them. In the past we have raised scores by close to 100 points and helped borrowers understand what their adverse information on their report means. If you use Aapex Financial, you are sure to not only get your loan closed quickly but gain true piece of mind for your borrower. Before you go to one of your "usual" lenders, give us a call today 704-892-5211 and see how we can help you.

You Don't Need a Bank....You Need a Lender!

Let it be known that Aapex Financial Solutions is equipped with a knowledgeable Underwriting Department that focuses on speed and accuracy to make sure that any loan placed in our hands will close when it is intended to. We have had the pleasure of helping out a man who has been struggling since September through two "Large Banking Establishments" that told him he was unable to get the house he desired due to incorrect guidelines. This loan was sent to us in hopes of salvage on 11/16 and we are closing it on Wed. the 30th. This man had been waiting on the other banks for months but was able to get his home through us in 10 business days. This is because he didn't need a bank, he needed a lender! Give us a try and see how we can help your borrowers. You can't afford not to: http://www.aapexfinancial.net/

Happy Thanksgiving

Aapex Financial Solutions would like to wish everyone a Happy Thanksgiving and hope you enjoy this time with your family and some great food. In hard economic times, it can be difficult to focus on the things to be thankful for. This Thanksgiving, we can be thankful for family, friends and the housing industry steadily rising again.

Bank of America Refuses to Purchase Buybacks

A Business Week article covers the story of Bank of America refusing to adhere to Fannie Mae's buyback provision. Fannie Mae has demanded that lenders repurchase mortgages or pay any losses if the insurer lets go of coverage. Previously, Fannie Mae had not fully enforced this law as it did not want to harm the relationships it had with lenders during a time of lower defaults. Now that defaults are higher, Fannie Mae is standing by their contracts which spokeswoman of Fannie Mae, Amy Bonitatibus, says clearly state that once a mortgage insurance company drops the required mortgage insurance, the lender is subject to a buyback. Bank of America has different ideas regarding the contracts validity and is concerned this policy will result in higher repurchasing costs. According to Bank of America, due to Fannie's new aggressive nature, it is hard to determine what the possible loss will be from their policy which demands Bank of America repurchase the loans rejected from mortgage insurance or have 90 days to appeal.

Higher Loan Limits Reinstated for FHA Loans

The US Senate and House of Representatives voted to pass the bill on Thursday that will bring back the  maximum size of loans that FHA guarantees to $729,750 with 3.5% down for high cost areas. This limit was first implemented three years ago in the midst of the mortgage crisis but had expired in October of 2011. Once expired, the loan limits for FHA had fallen to $625,500 in over 600 high cost counties. This newly reinstated loan limit provides borrowers with the option to choice a Jumbo loan with at least a 20% down payment or acquire an FHA loan with a much lower down payment but the added cost of  insurance premiums. The choice will require borrowers to research and decide which option is best for their situation. To learn more about each type of loan and which will work for your situation, click HERE and contact one of your local branches.

Mortgage Ad Scams on Google Shut Down

Cnet.com has published an article about the government agency know as SIGTARP, Office of the Special Inspector General for the Troubled Asset Relief Program, shutting down 85 potential mortgage scams advertised with Google targeting desperate home buyers. Trigger words were used through Google advertising and fees were charged to home buyers for activities never implemented, such as lowering their mortgage payments. Speculation of Google's ethics in regards to ignoring or not taking precaution against corrupt advertising have been a center of topic in the past and are once again being brought up. To see the full Press Release from SIGTARP, click HERE.

Mortgage Delinquencies Lowest since 2008

The Wall Street Journal released an article today that shows hope for the housing industry market, especially after the speculation of a worsening mortgage crisis for this year. The good news is that the number of borrowers becoming delinquent on their  payments has fallen under 8 percent, the lowest it has been since the end of 2008. This information is supplied from the Mortgage Bankers Association for the third quarter of 2011. In addition, the number of borrowers missing just one payment has fallen to 3.2 percent, another number that is the lowest it has been in the last four years. The MBA believes this upturn is due to the increase in positive job growth throughout the US and believes that if the job growth continues to increase, so will the number of properties not becoming delinquent and going into foreclosure.

Mortgage Applications Drop in Last Week's Index

The Mortgage Banker Association has a seasonally adjusted index of weekly mortgage activity and the past week showed a drop in applications. The week ending in November 11th showed a decrease in 10 percent of applications for both purchases and refinances. The surveys conducted for this material obtain information from more than 75 percent of the residential mortgage market. The good news is that this is just a weekly synopsis and the week prior had a gain of 10.3% percent showing there is room for adjustment.

Marketleader.com Leads the Real Estate Industry

Real Estate professionals have found a new database to further the growth of their business, Marketleader.com This website is an online marketing and technology solution that provides a base for the professionals business stream from lead to close. The website itself was founded in 1999 for use in the United States and Canada for both Realtors and their respective agencies. Just recently has the company really taken off and become a fully integrated part of may real estate professionals business. Over the past sixth months, the users have doubles in size from 50,000 to 100,000. Perhaps the increase in users is a sign of a climbing industry.

Facebook Marketing for Real Estate Professionals

Mashable Business, an Internet resource for marketing and social media, has put out a new article regarding some top practices for real estate professionals to use in order to effectively use Facebook as part of their marketing strategy. The five best practices include:

1. Use Facebook to connect with potential clients

• Facebook is more than a social network, it is a business network. Create a business page on Facebook and you can use it to gain popularity and publicity for your business.

2. Maintain a consistent flow of communication

• Always stay current on Facebook and continue to stay in touch with potential clients and business partners. Even if it is the occasional "How has business been?" It keeps you on top of mind awarness when a new deal may break.

3. Integrate Facebook into excisting marekting

• Sync your Facebook page to your other social media outlets and websites. Every time you send a facebook notification, it will show up on your Twitter page. Every time you send a "Happy Birthday" to a business partner, include a link to you website.

4. Consider the use of Facebook ads

• Utilize the marketing aspects Facebnbook has to offer but always remember to keep the ads simple and to the point. Do not focus too much on yourself or your business but more on what you have to offer your clients.

5. Create and maintain a professional image

• Use your Facebook page strictly for business. Integrating your personal information and lives onto your business sites can be a downfall for the business.

HAPPY VETERAN'S DAY

Aapex Financial Solutions would like to give a large Thank You to all the Veteran's of the US for protecting and serving our country. We appreciate everything you have done for us and would love to return the favor in any way we can. Take a look HERE and find your local branch to ask about 100% Veteran Affairs home mortgage loan without having to worry about a down payment!

Ally Bank Mortgage Possibly Considering Bankruptcy

The Wall Street Journal has released information that Ally Bank is considering filling bankruptcy for their residential mortgage division, ResCap, due to having lost over half a billion dollars within the last two quarters and becoming $2.3 billion in debt that will be due before the end of 2013. ResCap was originally GMAC before becoming a bank in 2008 with said hopes of continuing in the industry through bailout money assistance. The bankruptcy filling is still in speculation and many think it is unlikely.

VA Mortgage Insurance Maximum Increases

The Department of Veteran Affairs announced that the maximum amount of Veteran mortgage insurance has now increased from $90,000 to $150,000. It has also been announced that starting January 1, 2012, that this maximum will increase to $200,000. Current policy holders of this insurance that is offered to disabled veterans living in adapted housing may opt out of the increase and stay with their current coverage. They also have the option to chose a different amount of coverage if they are not satisfied with this maximum amount they are able to receive. VMLI is one of the many options available to veterans of the US including VA home mortgage loans. This loan offers 100% financing and is available to all veterans, including those returning unharmed. To learn more about it, click HERE and contact your local branch.

Employment Fraud - How many people are using your Social Security Number?

MSNBC has released a scary story about Jonathan Barnett, 27, who came to find that nearly 50 names were attached to his Social Security Number. Despite this, he had a clean credit report and no problems with creditors in the past. He learned about the additional users of his SSN through a letter sent to him by
Wells Fargo with his SSN present but a different name. Wells Fargo told him it is most likely a typo but Barnett deciding to take the investigation into his own hands. After numerous open ended phone calls he came to discover that almost ever major creditor in the US had an account with his SSN and would not release the information to him. The only one willing to help was his own credit union which  informed him that they suspected it was employment fraud, where undocumented workers use made up or stolen SSN to obtain work and most employers do not check this information's legitimacy; therefore, there is never an issue. What happens is the credit bureaus will actually open "sub-files" for these additional names under the same SSN and only provide each individual information on their own named "sub-files." This may sound shocking but a study was done by ID Analytics that found 40 million SSN's had numerous names attached to them. Barnett had contacted MSNBC for help regarding this issue and found through investigation that his SSN has a history of abuse dating back to 1995, which would have made him only 11 years old. This full story and others like it can be found HERE

Truth in Lending Statement

Many borrowers may be new to the mortgage industry and hear about the different disclosures and forms affiliated with a mortgage loan but may not know what they actually are and why they are provided. One of the most important documents provided for a borrower is called the TIL, Truth in Lending Disclosure. The initial form of this two page disclosure is required to be given to the borrower within three business days of the application and then an additional final form of the disclosure is given at closing. The main purpose of the TIL is to disclose the cost of the credit in the form of a finance charge and APR, annual percentage rate. This disclosure is also very important for the borrower as it will show any prepayment penalties they could incur from their loan. Want to learn more about mortgage disclosures and what their purposes are? Click HERE and contact a local branch manager to become more educated on mortgage financing.

Allied Pending Lawsuits

Bloomberg Businessweek has just released an article stating that the founder of Allied Home Mortgage, James C. Hodge, is suing HUD for suspending their FHA loan origination abilities. Allied will be taking a great hit with this suspension as about 70 percent of their business is done through FHA lending. What is even worse is that this suspension will cause Allied's warehouse lines to be terminated and this will completely drain Allied as a company. Currently, there is also a case where the U.S. District court is suing Allied for using corrupt lending practices. This case was put into action the same day that HUD suspended Allied's FHA originating. Hodges is asking the Judge to put a halt on the HUD suspension until the case with the U.S. District Court is resolved.

Some Home Fixes that Sounded Like a Good Idea at the Time

It can be a fun adventure to buy a home and try and fix it up or to even just try and renovate your current property. Even so, sometimes a fix that might have sounded like a good idea, could cause more pain the profit in the end.

• Homes built before 1978: These homes have lead paint and therefor any attempts at tearing down a wall to try and make a room bigger need to be handled by professionals with extreme care. Paint with lead in it can cause damage to a person's health and should always be taking into consideration when renovating older homes.
• Adding a master suite addition to your bedroom: This may sound like a good idea to add a touch of elegance to a home but frequently these types of additions can cost as much as the property is worth! Not a good bang for the buck.
• Adding a Sunroom: This parallels with the above addition as it will cost a pretty penny to add the square footage onto your home. This is something you must decide if it is worth it to you to have the extra light or the extra cash.
• A large home office: Having an office at the privacy of your own home is great but with an entire renovation of bookshelves and filing space, it may not be worth it. In these days everything has become wireless and paperless causing much less of a nee for such a large office space.

DocuSign is a leading Industry Standard

A new Press Release was just issued by Business Wire stating that DocuSign, an electronic document providing company, has now become the new standardized process for electronic signatures in the real estate industry. More than 200 of the largest credit unions have been decided to use DocuSign to ensure a faster and more Eco-friendly process for their home buying and refinancing procedures. Many of the companies using DocuSign have put out statements declaring an increase in document capacity and less of a strain of preparing and signing printed documents.

An Extra Halloween Special

Halloween may be over, but a little extra tribute to the holiday preceeds. Here are some real life haunted houses currently up for sale:

A rural farmhouse and former stage coach stop located near Olean, NY is on the market for $289,000. What makes this place so special? It has nightmarish tales dating back to the 1800's and has even been documented on the History Channel for paramormal activity.

The Magnolia Mansion in New Orleans actually promotes the fact that the home comes with your own personal ghost. It is a popular stop on ghost tours throughout the city and is using this as a selling point.

A horse farm in Lexington, KY is selling for $129,000. Sounds like a pretty good deal until you find out it's claim to fame is through the TV show "My Ghost Story."