Category Archives: Mortgage / Credit
← Older postsWhat does your credit score mean?
March 15, 2011Your credit score is a number between 300 and 850. Credit Score Range Meaning 750 – 850 A is excellent credit 700 – 750 B is good credit 600 – 700 C is average 500 – 600 D is poor … Continue reading
Rates are even lower and tax credits may be extended
July 1, 2010It’s a busy week in the news for potential homebuyers. First, both 15-year and 30-year loans hit record lows for the second week in a row. Second, as Reuters reports, the tax credit extension has passed a key hurdle: The … Continue reading
#Albuquerque among MSAs removed from "distressed" list
June 22, 2010Good news for the Duke City: Albuquerque is one of 105 metropolitan statistical areas (MSAs) to be taken off the PMI Distressed Markets List. As MortgageDaily.com reports (subscription required), the change is part of a spate of positive news: “Mortgage … Continue reading
FHA loans: Net worth timeline, new monthly scorecard
June 22, 2010The Federal Housing Administration (FHA) has been busy recently. We’ve written before about a move to raise the minimum net worth worth requirements for loan originators. The FHA recently set out a timeline for implementation (MortgageDaily.com; subscription required). Among the … Continue reading
Video: Catch the latest dish on our new commercial
June 3, 2010Here at Frost, we believe there are a few fundamental things that bring true joy to life. One is our homes, of course. Another is our food. That’s why we’ve become such big fans of New Mexico’s Hot Chefs. Have … Continue reading
Are Jumbo mortgages coming back?
June 2, 2010The Mortgage Bankers Association suggests the news is mixed on whether Jumbo loans will make a comeback, though most agree they’re not likely to hit pre-crash levels anytime soon. Still, the first quarter of this year was above 2009 averages, and the idea … Continue reading
Final days for 'seller concessions'
June 1, 2010The writing is on the wall for funds for homebuyers from sellers that can pay for some services and taxes in the transaction. As the Washington Post explains, Say you’re buying a $200,000 house. If you are using FHA [Federal Housing Administration] … Continue reading
'Qualified mortgages' to be exempt from new risk requirement
June 1, 2010The recent “Wall Street Reform” bill required that 5 percent of a mortgage be retained as a buffer against risk. Fortunately, as National Mortgage Newsreports, a measure passed in May amended that requirement to exempt “qualified mortgages” (subscription required)–those that are generally … Continue reading
Reverse Mortgage program: Be aware of possible changes
May 25, 2010The future of the FHA Reverse Mortgage program is in jeopardy. Frost Mortgage helps seniors find home loans through this great program, but we’re disappointed to see that, without $250 million from Congress, the principal amount of a new loan … Continue reading
'This is going to be the year for e-mortgages'
May 13, 2010National Mortgage News reports on the rise of ‘e-mortgages’ (subscription required), in which documents are stored and submitted electronically. The article focuses on Xerox Mortgage Services’ “e-vault” product, which “leverages industry standards and platforms, including the Mortgage Industry Maintenance Standards Organization and the MERS eRegistry, making … Continue reading
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Greg Frost's Corner
I recently attended the annual Mortgage Bankers Association lobbying day in D.C. with 5 of my industry colleagues from New Mexico. It was a very insightful experience.
It is apparent to me that there is a prevailing feeling in both the House and Senate, along with the Executive Branch, that our government should reduce [...]
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