How can the appraised value of a home be ok with a mortgage lender yet be too high for a PMI company?

Question by Daniel G: Do personal loan underwriters spend a lot of time verifying income or do they rely on credit score?
Do personal loan underwriters spend as much time as mortgage loan undertwriters verifying income? I know mortgage loan underwriters spend days checking a loan and have tools to check docs. Do personal loan underwriters follow the same guidelines?

Best answer:

Answer by kelly
yes they do they need both statements and information that support what you have written down to make sure that you are not a risk worth taking.

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Question by Allison: why is my FHA mortgage banker refiance taking so long?
We have had our complete FHA refinance package with the underwriting 2 weeks today. The loan officer tells us that it’s a more difficult file to process but says all looks good. I asked if they want to see any more documention and he told us that they haven’t asked for anything. We are getting concerned. If everythink looked fine, symptoms but they wanted some more documentation, wouldn’t they approve with stipulations? What could the hold up be? And at what point do we walk away and go with someone else?

Best answer:

Answer by MoneyMonkey
Sometime the squeaky wheel gets the grease. Ask him for a deadline, and keep calling him politely every day until it is complete. Ask him outright if you should be looking for a loan elsewhere.

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Question by Manny: can i sue chase bank for selling my mortgage with good credit during a HARP application?
During my application for modification or refinancing program to get a lower rate, information pills after 4 month
back and forth with paper work, without any detail explanation, the letter said I was not qualified
I never been late in payments, our credit scores were above 740 & 760 and we could make our payments,but our mortgage was underwater and this was the purpose for refinancing.
Two month later our mortgage was sold to LBPS/Seterus a motrgage service company.

Best answer:

Answer by A Hunch
Seturus a mortgage service company. They don’t own the loan, so Chase couldn’t have sold them the loan. They service the loan for the owner.

Was Chase the owner? Is Chase still the owner? Was Chase ever the owner or were they a servicer too?

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Question by ruby: How long is the process of a Home Affordable Modification Program with a bank last.?
I’m in a Modification Program with my bank since April and they are giving me the run around. My three months trial period had ended. They ask me for document which i presented, there now ever other week they are asking for the same documents or something new. I pay my mortgage on time and i have done ever thing in my power to please this bank. I have a lawyer on the case but nothing have change and i don’ t have any money to seek another. How can i resolved this situation.

Best answer:

Answer by linkus86
Loan modification is subjective Stay prepared and make copies of everything. Don’t be afraid to seek another contact person in regards to the modification. Be tenacious in your efforts.

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Question by A A: How much could I get a mortgage for if I make 31k a year?
I’ve been hearing about this 8k home credit if your a first time homebuyer and buy a new house. I’m thinking about buying a place by the end of the year.

I don’t make that much money, symptoms only 31k a year, pharm however my motorcycle and car are both paid off so I don’t have any big bills, pretty much only a credit card payment and my cell phone bill.

How much could I get a mortgage for and better yet how much could I afford?

Best answer:

Answer by ArtieEvans.com
I’m not sure anyone can afford a home on that small salary. I know I can not.

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A couple of nice condominium images I located:

The Colonnades Condominium, look Kota Kinabalu

Image by thienzieyung
The blue facade of the Costa and Crista blocks of the Colonnades Condominium produced the apartment blocks clearly visible under the morning sunlight from the peak of Bukit Padang. The Luyang Telecommunication Tree is also seen right here. A bit of the Sabah Museum and Sutera Harbour’s Pan Pacific can also be spotted from up right here.

For far more homes click here…
The gift of mortgage insurance this holiday season
According to private mortgage insurance (PMI) company, this web Essent Guaranty, physician “mortgage insurance protects lenders and investors from the credit risks associated with home loans if borrowers cannot pay their mortgages.” Additionally, the Federal Housing …
For more informaiton please visit here…

Mortgage insurance is a service generally used by lenders, not borrowers
Private mortgage insurance, or PMI, is insurance for the benefit of the lender only and not for your direct benefit. PMI allows borrowers to borrow more than 80 percent of a home's value. You already have a loan, and PMI is way off the mark in your …
More informaiton please visit here…

Future Housing Policy Should Consider More than Just FHA's Balance Sheet
The private sector cannot maintain the mortgage credit through economic downturns the way the public sector can. FHA and private mortgage insurance (PMI) have the same purpose but technical differences that set them apart, especially the fact that FHA …
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Restaurant hiring as opening nears
At economic development I stated I supported the loan to Chicken and Waffles, stuff why? The owner has major equity in the business. The city did not provide them the entire business, as they did with the Wine and Cheese, that is the paid for the complete …
More informaiton please visit here…

Comments on Non-agency Modifications and Stated Loans; Investors Examine …
So that borrowers who bought more expensive homes than conforming limits allow, or who had to lie about (oops sorry – meant to say "state") their income to get the loans get an interest subsidy for 5 years, just because someone looks into a crystal …
More informaiton please visit here…

Question by Anabela: Sell my house or re-finance with another lender?
I have no equity, viagra order can’t use HARP program and fixed rate only until next year 🙁 I am single mother and nervous with this situation. I wish I can lower my mortgage payment of 1, there 860.00!!!

Best answer:

Answer by Rob
sorry not enough info.

however unless u make 65.000$ yr.
time now to put it on the market with
quality realtor so it sells b4 u go to
foreclosure.

any income less than 60K , u just 1-2 yrs from
foreclosure.

u can rent and come out much better till
u get in better financial.

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Question by Stephen D: How can the appraised value of a home be ok with a mortgage lender yet be too high for a PMI company?
The conventional mortgage with 90% ltv for a home I am buying next week has been approved by the mortgage company based on the appraisal the mortgage lender sent out however the PMI company believes the home is worth about $ 15000 less than the appraiser says it is worth. What gives? If this breaks the deal can I get my money back for the appraisal? ($ 395) The home is in Pike county, there PA

Best answer:

Answer by Big daddy
To be honest, pill I have never heard of such a thing, but what I can tell you is this. There could be a shift in the pmi company’s thinking. They are losing a bunch of money as well with all the foreclosures as they were taking lenders appraisals at face value. They could be completing their own appraisals to have a second opinion to mitigate their risk. I would find out who the mi company is and give them a call. Most are more than willing to speak with you

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