Comments on: Truth About What Fannie Mae will Allow to 2nd Mortgages! http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/ from the offices of North Shore Enterprises Wed, 28 Dec 2011 20:36:56 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Julia Huntsman http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-438 Julia Huntsman Wed, 21 Apr 2010 01:39:24 +0000 http://preforeclosuredailygrind.com/?p=366#comment-438 It's also interesting that on Ocwen's site under the "fee schedule", they cite that they follow Fannie and Freddie industry standards for setting foreclosure attorneys fees. Why don't they use Fannie and Freddie standards for Realtor commissions as well? It’s also interesting that on Ocwen’s site under the “fee schedule”, they cite that they follow Fannie and Freddie industry standards for setting foreclosure attorneys fees. Why don’t they use Fannie and Freddie standards for Realtor commissions as well?

]]> By: Truth about what FNMA will allow to 2nd mortgages | Short Sale Daily News http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-262 Truth about what FNMA will allow to 2nd mortgages | Short Sale Daily News Mon, 16 Nov 2009 16:49:56 +0000 http://preforeclosuredailygrind.com/?p=366#comment-262 [...] Truth about what FNMA will allow to 2nd mortagages! Tweet This!Share this on del.icio.usShare this on RedditShare this on FacebookShare this on LinkedinSeed this on NewsvineShare this on FriendFeedDigg this!Submit this to Script & StyleStumble upon something good? Share it on StumbleUponShare this on BlinklistPost this on DiigoBuzz up!Share this on TechnoratiShare this on MixxPost this to MySpaceSubmit this to DesignFloatSubscribe to the comments for this post?Share this on DevmarksAdd this to Google BookmarksAdd this to Mister WongAdd this to IzebyShare this on TipdShare this on PFBuzzMark this on BlogMarksSubmit this to TwittleyShare this on FwispMoo this on DesignMoo!Share this on BobrDobrAdd this to Yandex.BookmarksAdd this to Memory.ruAdd this to 100 bookmarksAdd this to MyPlace [...] [...] Truth about what FNMA will allow to 2nd mortagages! Tweet This!Share this on del.icio.usShare this on RedditShare this on FacebookShare this on LinkedinSeed this on NewsvineShare this on FriendFeedDigg this!Submit this to Script & StyleStumble upon something good? Share it on StumbleUponShare this on BlinklistPost this on DiigoBuzz up!Share this on TechnoratiShare this on MixxPost this to MySpaceSubmit this to DesignFloatSubscribe to the comments for this post?Share this on DevmarksAdd this to Google BookmarksAdd this to Mister WongAdd this to IzebyShare this on TipdShare this on PFBuzzMark this on BlogMarksSubmit this to TwittleyShare this on FwispMoo this on DesignMoo!Share this on BobrDobrAdd this to Yandex.BookmarksAdd this to Memory.ruAdd this to 100 bookmarksAdd this to MyPlace [...]

]]> By: Rich Steffen http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-261 Rich Steffen Wed, 11 Nov 2009 20:57:42 +0000 http://preforeclosuredailygrind.com/?p=366#comment-261 Bob and Chris, On the BOA 2nds and 5% rule, what happens when BOA is in 1st and 2nd position? Also, try submitting a HUD with a BOA 1st and put 5% of the net to the 2nd, different lender, and see how much they like their rule. They won't even discuss it. Bob and Chris,
On the BOA 2nds and 5% rule, what happens when BOA is in 1st and 2nd position? Also, try submitting a HUD with a BOA 1st and put 5% of the net to the 2nd, different lender, and see how much they like their rule. They won’t even discuss it.

]]> By: Bob Lachance http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-260 Bob Lachance Wed, 11 Nov 2009 18:29:32 +0000 http://preforeclosuredailygrind.com/?p=366#comment-260 JB, Thanks for the great feedback! Bob JB,

Thanks for the great feedback!

Bob

]]> By: JB Beyer http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-259 JB Beyer Wed, 11 Nov 2009 16:53:53 +0000 http://preforeclosuredailygrind.com/?p=366#comment-259 Bob and Chris love the info. I am 0/3 with Ocwen. How can the servicer dictate to the investor 4% commissions when both fannie mae and Freddie Mac have published acceptable commissions to 6%? At 4% it makes it difficult for a third party company to process and get paid. Look for buyers to bring negotiation fee to the closing table and get a upfront fee agreement signed. https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf http://www.freddiemac.com/sell/guide/bulletins/pdf/bll0922.pdf chapter B65 I called Freddie Mac and he said when calling Ocwen talk to Florida dept not India and ask for on site Freddie mac representative to get clearance for 6%. I have not tried this yet but will on my next Ocwen deal should I choose to accept the file. JB Beyer Coastal Mitigation Partners LLC Bob and Chris

love the info. I am 0/3 with Ocwen. How can the servicer dictate to the investor 4% commissions when both fannie mae and Freddie Mac have published acceptable commissions to 6%? At 4% it makes it difficult for a third party company to process and get paid. Look for buyers to bring negotiation fee to the closing table and get a upfront fee agreement signed.

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf

http://www.freddiemac.com/sell/guide/bulletins/pdf/bll0922.pdf
chapter B65

I called Freddie Mac and he said when calling Ocwen talk to Florida dept not India and ask for on site Freddie mac representative to get clearance for 6%. I have not tried this yet but will on my next Ocwen deal should I choose to accept the file.

JB Beyer
Coastal Mitigation Partners LLC

]]> By: Melissa Ackerson http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-258 Melissa Ackerson Wed, 11 Nov 2009 00:40:22 +0000 http://preforeclosuredailygrind.com/?p=366#comment-258 I wanted to respond to Peter's question about lenders outsourcing their short sales to 3rd party LM companies. It is happening more and more. I have also heard of AHMS outsourcing to a company that requires a registration fee up front. My experience with other 3rd party LM companies hasn't been that severe. I myself own a 3rd party LM company that works for sellers and buyers. We have seen several lenders outsource- National City, GMAC, etc. So far they have been fine to deal with, required no up front fees, did charge fees on the seller side that the lender of course agreed to, and didn't take from the agent's commission. BoA is apparently starting to outsource now to a company called Equator- although I don't think they have officially broken the news yet. So far the short sales have been more expedited through these 3rd party companies-- never a bad thing. I wanted to respond to Peter’s question about lenders outsourcing their short sales to 3rd party LM companies. It is happening more and more. I have also heard of AHMS outsourcing to a company that requires a registration fee up front. My experience with other 3rd party LM companies hasn’t been that severe.

I myself own a 3rd party LM company that works for sellers and buyers. We have seen several lenders outsource- National City, GMAC, etc. So far they have been fine to deal with, required no up front fees, did charge fees on the seller side that the lender of course agreed to, and didn’t take from the agent’s commission. BoA is apparently starting to outsource now to a company called Equator- although I don’t think they have officially broken the news yet.
So far the short sales have been more expedited through these 3rd party companies– never a bad thing.

]]> By: Mike Karsten http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-257 Mike Karsten Tue, 10 Nov 2009 23:54:52 +0000 http://preforeclosuredailygrind.com/?p=366#comment-257 Hey Bob, Watch your shirt, The camera doesn't like it, your killing my eyes. Thanks for the info. Hey Bob, Watch your shirt, The camera doesn’t like it, your killing my eyes. Thanks for the info.

]]> By: Lynne Johnson http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-256 Lynne Johnson Tue, 10 Nov 2009 20:23:13 +0000 http://preforeclosuredailygrind.com/?p=366#comment-256 I am so glad I did my Ocwen SS Deal in July! It was accepted in 3 days and closed iwthin a month. Lynne I am so glad I did my Ocwen SS Deal in July! It was accepted in 3 days and closed iwthin a month. Lynne

]]> By: Peter Ingram http://preforeclosuredailygrind.com/2009/11/truth-about-what-fannie-mae-will-allow-to-2nd-mortgages/comment-page-1/#comment-255 Peter Ingram Tue, 10 Nov 2009 17:50:21 +0000 http://preforeclosuredailygrind.com/?p=366#comment-255 Hey Bob and Chris, Great video - thanks. I heard that AHMS is now requiring all short sales to be handled by a certain loss mitigation company out of Florida they have teamed up with. The agent has to pay a $100 registration and give up 2.5% of their commission to this company..... However, we're still handling several AHMS files without much problem, but they have gotten funny, trying to charge their own LMS fees, etc. Have you seen any other servicing companies start outsourcing like this? Hey Bob and Chris,

Great video – thanks.

I heard that AHMS is now requiring all short sales to be handled by a certain loss mitigation company out of Florida they have teamed up with. The agent has to pay a $100 registration and give up 2.5% of their commission to this company….. However, we’re still handling several AHMS files without much problem, but they have gotten funny, trying to charge their own LMS fees, etc.

Have you seen any other servicing companies start outsourcing like this?

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