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Are You In The Tax Gap? Print E-mail
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If You Are In It, The IRS Wants You!
In the budget submitted to Congress, The Internal Revenue Service is again requesting an increase in their enforcement funding.  The goal is to reduce the tax gap.  The Tax Gap is defined by the IRS as “the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time.  The tax gap can also be thought of as the sum of non-compliance with the tax law.”
For the year of 2001 (which are the latest figures I’ve seen) that sum is 345 billion.  According to IRS Commissioner Mark W. Everson; “The magnitude of the tax gap highlights the critical role of enforcement in keeping our system of tax administration healthy.”  The IRS is determined to improve tax compliance “through increased  and better targeted enforcement and through increased taxpayer service and outreach efforts.” 
According to the IRS 80% of the tax gap is due to underreported taxes.  “Nonfiling and underpayment of tax comprise the rest of the tax gap.”  Audits in 2005 totaled 1.2 million which was a 20% jump from the year before.     04/07, Kazwell Newsletter

 
 
Study Shows Mortgage Brokers Can Be More Cost Effective than Banks Print E-mail
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  Mortgage brokers are more cost effective then banks for many borrowers according to a joint study done by economists at George Washington and Oklahoma State Universities.  The study analyzed loans closed By brokers and “traditional lenders” (banks) between 1995 and 2003.  It focused on the “sub-prime borrowers” which are those who have any situation which is considered less than ideal.  These situations can include matters of employment, self employment, divorce, credit history, bankruptcy and much more.
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BEWARE OF LAZY LOAN PROFESSIONALS Print E-mail
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Not all loans are created equal.  For that matter, neither are loan professionals.  Picking the right person to help you with your mortgage needs can make a difference whether your loan closes or not.  This is even more true in these troubled times. 

We recently received a phone call from a newly divoriced woman trying to buy a home.  This was her second attempt.  It seems that the loan officer she originally called had pre-qualified her over the phone and she was all set to move.  At least this is what she thad been told.  On the day of closing, however, she was informed her that her loan would not close. When she called us she was frantic.  The very first thing she did was request to be prequalified for a mortgage.   but she was told we did not work that way.  There are to many variables and we need to know what they are before we start promising.  Simply stated, being pre-qualified for a mortgage is worthless.
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Don't Have a Heart Attack On The Weekend Print E-mail
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It May Be Hazardous To Your Health. . .  A new study suggests that it’s best not to have a heart attack on the weekend.  It seems that the quality level of health care is lower on the weekends and the incidents of death are greater.    04/2007,  Kazwell Newsletter
 
Some Brokers Warned About Option ARMS Print E-mail
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Many mortgage professionals have been chastized for over-promoting option ARM loans before the mortgage meltdown.  Mortgage brokers have been particularily scandalized over the issue and many indeed minimized the risks while playing up the positives.  Nonetheless, not all lenders and brokers were guilty of such wrecklessness.  A case in point the the following article which appeared in the February, 2007 issue of the Kazwell Newsletter.

Take Caution With
1% or 2.9 % Mortgage Ads

I have two words for you, negative amortization.  Personally, I find those words to be very scary.  I’ll explain in a minute.  You’ve probably  seen the advertisements touting “1% Interest” or “Pay only 2.9%”. They go by different names and are very popular these days.  They certainly sound attractive. .  .  “Pay as little as $643 (1%) a month on your $200,000 mortgage.”  While that is technically true, it is only part of the truth!  Even people who understand them well can find themselves in a lot of trouble.  They are neither illegal nor immoral and are fabulous for certain circumstances.  They can also be very treacherous for many borrowers.  Here’s the deal.  Let’s say you have one of these mortgages that gives you the option of paying just 1% or $643 on your $200,00 loan.  Wow, that’s great.  Your mortgage however will be charged at a higher rate, maybe 6.5% interest.  The payment due on a 6.5% interest rate on a 30 year loan is $1264.  $1264 principal & interest due  -$643  1% minimum payment =$621  differance.  This is where the term  negative amortization comes in. 

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Decide The Why and How Before You Start Remodeling Print E-mail
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  So you are thinking about doing some remodeling.  That is a great idea.  It is part of the fun and work of having your own home.  It can be very rewarding and profitable.  Depending on what and how you do it, it can also be a mistake.  Before you start, it is important that you understand why you are remodeling.
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MortgageDaily.com News

  • Worst HAMP Month on Record

    During the final month of 2011, the number of loan modifications completed under the government's program saw the smallest gain in the history of the program.

    The Obama administration reported that 762,839 permanent loan modifications were active as of Dec. 31, 2011. The modifications were completed through the Home Affordable Modification Program.

    That was a gain of 12,091 over November -- the smallest gain on record.

  • DocX, Founder Indicted

    A grand jury has indicted DocX and founder Lorraine Brown, who could spend up to seven years in prison if she is convicted.

    Charges were based on 68 foreclosure documents with signatures in the name of Linda Green but allegedly not actually signed by Green.

    The criminal indictment is just one in a series of civil and criminal legal woes plaguing DocX parent Lender Processing Services.

  • Bank Picks Up MetLife's Northwest Production Ops

    A Seattle bank has picked up a majority of the production personnel employed in the Northwest by MetLife Home Loans.

    The planned shutdown of the MetLife Inc. subsidiary was disclosed last month. Mortgage staffing at MetLife stood at 5,507 as of Sept. 30, 2011.

    A MetLife spokesman recently explained that while a maximum 4,300 layoffs could occur, some of those employees will end up in other MetLife jobs while others will leave to work at other companies.

  • Regulation Requires SARs Filings by Non-Bank Lenders

    Mortgage brokers and non-bank mortgage lenders will soon be required to file reports when mortgage fraud is suspected. The additional compliance burden is likely to lead to an increase in filing statistics even though actual fraud activity could retreat.

    Non-bank residential lenders will now be required to file suspicious activity reports under new regulations finalized Tuesday.

    SARs reports help identify straw buyers, fraudulent flips and short-sale fraud.

  • Biggest Reverse Lenders in 2011

    While retail originators of federally insured reverse mortgages made production gains last year, wholesale lenders struggled to keep up. As three formerly prominent players exited the reverse lending arena, two firms have established themselves as the new retail and wholesale leaders.

    Wells Fargo Bank, N.A., exited the reverse lending arena with a bang.

    The company, which last June said it would stop originating home-equity conversion mortgages, saw 15,673 retail and wholesale HECMs endorsed by the Federal Housing Administration during all of 2011 -- more than any other lender.

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