Scott Ivey

FHA Mortgage Premium Changes for April 2013

scottivey — Mon, 13 May 2013 18:49:54 +0000

Earlier this year, the FHA and HUD issued a press release about changes to the FHA mortgage insurance policy. The new policy will include alterations to current mortgage insurance premium policy and how long such policies remain in effect.

The short version of the announced changes includes a higher MIP, plus a policy change that will require mortgage insurance to be paid for the life of certain FHA home loans. Some types of refinancing are excluded from the MIP increase.

According to the FHA official site. “FHA will increase its annual mortgage insurance premium (MIP) for most new mortgages by 10 basis points or by 0.10 percent. FHA will increase premiums on jumbo mortgages ($625,500 or larger) by 5 basis points or 0.05 percent, to the maximum authorized annual mortgage insurance premium.”

The press release announcing these changes adds, “These premium increases exclude certain streamline refinance transactions. FHA will also require most FHA borrowers to continue paying annual premiums for the life of their mortgage loan.” The “life-of-the-loan” MIP requirement does not take effect at the same time as the MIP rate increase.

FHA Mortgagee Letter 2013-04, which says “The section of this Mortgagee Letter that increases the annual MIP is effective for case numbers assigned on or after April 1, 2013, except as noted below.” That exception applies as follows:

“This Mortgagee Letter increases the annual MIP on all forward mortgages previously announced in ML 2012-4, except single family forward streamline refinance transactions that are refinancing existing FHA loans that were endorsed on or before May 31, 2009; the rate for those streamline transactions remains at the level announced in ML 2012-4.” (Emphasis ours)

What is the official start date when the new “life-of-the-loan” MIP requirement begins? According to the FHA, the date for loans “with FHA case numbers assigned on or after June 3, 2013,” is when “FHA will collect the annual MIP for the maximum duration permitted under statute.”

To learn more about the policy changes mentioned here, discuss the issue with a loan officer or contact the FHA directly at 1-800 CALL FHA.

If you would like more information on how you too may work with the Scott Ivey Real Estate Team, please contact us today. You can reach Scott Ivey by calling (916) 283-7959 or email Scott personally at scott@scottivey.net

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

Scott has a passion for helping people. Whether you are young family buying a first time home or an empty-nesters ready to downsize, an Investors moving in and out of the real estate market or addressing a struggling mortgage issue, Scott is there to help.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net
Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.

BrightNest launched its home maintenance utility

scottivey — Sat, 11 May 2013 23:20:25 +0000

BrightNest lets its content do the talking, sees 20% growth in the last week (via Pando Daily)

By Michael Carney On March 29, 2013When 500 Startups alumni BrightNest launched its home maintenance utility platform platform in early 2012, it offered a simple calendaring and reminder tool. Not surprisingly, it bombed. The problem was that home maintenance isn’t sexy. Soon after, BrightNest founder…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

Wealth management isn’t for old farts anymore.

scottivey — Fri, 10 May 2013 23:12:29 +0000

Wealth management isn’t for old farts anymore. Personal Capital uses technology and design to spice up a boring topic (via Pando Daily)

By Michael Carney On April 11, 2013Once you accumulate a bit of wealth, managing it can becomes a second full-time job. Making it worse, technology to simplify the process is sorely lacking. That is, it was lacking. Personal Capital released a completely redesigned version of its wealth management…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net

Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.

Haves and have nots in the sharing economy

scottivey — Fri, 10 May 2013 00:57:43 +0000

Haves and have nots in the sharing economy (via Pando Daily)

By Francisco Dao On May 7, 2013The sharing economy is almost universally portrayed as a good thing. A move toward a less materialistic culture and a way of living a “smaller,” more sustainable lifestyle. Who could argue with maximizing something’s utility value, whether that be a car, a house…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

Forget City Hall, the insurance industry is what could really help the sharing

scottivey — Thu, 09 May 2013 00:52:48 +0000

Forget City Hall, the insurance industry is what could really help the sharing economy (via Pando Daily)

By James R. Fisher On May 7, 2013Understanding risk has been my life’s work. Over the past 36 years, I have spent time in all varieties of insurance: reinsurance, personal and commercial lines, accident, health, and more. I’ve seen all sides of the business, as a CEO, CFO, Director, and investor…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

Real Estate Agency Employees Show Company Pride With Tattoos

scottivey — Wed, 08 May 2013 00:06:30 +0000

Think you take pride in your company, would you tattoo the company logo on your body for 15% more pay. That is exactly what some local NY real estate agents did.

Real Estate Agency Employees Show Company Pride With Tattoos (via NewsLook)

Video News by NewsLook Agents at one New York City real estate agency are showing their commitment by getting the company’s logo tattooed on their bodies. So far, nearly 40 employees at Rapid Realty have had the logo inked somewhere on their body, but the agency is giving a 15% commission hike to people…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net

Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.

Court rules that MERS meets definition of beneficiary

scottivey — Mon, 06 May 2013 23:50:41 +0000

Court rules that MERS meets definition of beneficiary (via AGBeat)

State Court rules in favor of MERS MERSCORP Holdings, Inc. today announced that a five-justice panel of the Idaho Supreme Court unanimously affirmed a lower court decision in favor of Mortgage Electronic Registration Systems, Inc. (MERS) and three other defendants, dismissing the Plaintiff’s complaint…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net

Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.

U.S. home prices up 9.3% in February

scottivey — Sun, 05 May 2013 18:44:51 +0000

U.S. home prices up 9.3% in February (via The Star-News)

WASHINGTON | U.S. home prices rose 9.3 percent in February compared with a year ago, the most in nearly seven years. The gains were driven by a growing number of buyers who bid on a limited supply of homes. Facts Mixed results locally The average price of a Wilmington-area home sold in February slipped…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net

Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.

Top 10 worst traffic cities in America

scottivey — Sat, 04 May 2013 22:45:15 +0000

Top 10 worst traffic cities in America (via AGBeat)

Worst traffic jams in the nation There are some cities that are famous for having horrible traffic, for having massive crowding, and general congestion, but other cities have landed on the Top 10 worst traffic cities that are more surprising. Los Angeles tops the list after falling behind Honolulu…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net

Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.

HARP doing well, HAMP still an embarrassment to nation

scottivey — Fri, 03 May 2013 23:39:14 +0000

HARP doing well, HAMP still an embarrassment to nation (via AGBeat)

HAMP vs. HARP: a tale of two government programs The Home Affordable Refinance Program (HAMP) and the Home Affordable Refinance Program (HARP) are federal responses to the housing crash, with HARP set up to help underwater and nearly underwater homeowners refinance their mortgages, while HAMP was designed…

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Scott Ivey

Scott has been a licensed Real Estate Professional and Realtor in California since 2004 (DRE:01438657). Through his real estate network, Scott is able to help families across America.

You can reach Scott Ivey by calling (916) 283-7956 or email Scott personally at scott@scottivey.net

Are you a real estate professional, or considering becoming an agent? Scott’s real estate network is expanding across the U.S. and we are hiring. Call Scott today.