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Friday, December 10, 2010

I never have to worry about delays-Closing December 9, 2010


Thanks for another job well done on a new mortgage.  I can always count on you for great service, and never have to worry about delays or any other problems.


Barbara Kappen

Utah Housing Changes Interest Rate Policy

In recent years, Utah Housing has announced interest rate changes effective for one full week each Friday.  Effective immediately, UHC will no longer guarantee the announced rate for a full week and may announce rate changes more frequently.  The most current rate will continue to be posted on UHC's website and broadcast via email.

Forclosure seasoning changes for Conventional Loans

Conventional loans just changed their foreclosure guidelines from 5 years to 7 years.  (FHA is still 3 years)  See below:

DU Version 8.2 Implementation

In response to Fannie Mae Announcements and Freddie Mac Bulletins with subsequent updates to DU and LP, please see the following guideline changes:

·          The waiting period that must elapse after a borrower experiences a foreclosure will increase to seven years. If the foreclosure is reported within seven years of the credit report date, the loan case file will receive a Refer, and is ineligible for purchase.

Monday, December 6, 2010


TAXES - The top 10% of taxpayers reported 46% of all adjusted gross income (AGI) nationwide in 2008 and paid 70% of all federal income tax (FIT).  In 1980, this group reported 32% of AGI and paid 49% of FIT (source: IRS).