The Mortgage Blog

Anyone involved in mortgage banking today no doubt has heard of the struggles that both agency's are experiencing.  In a nutshell Fannie Mae and Freddie Mac are responsible for purchasing probably around 90% of every mortgage originated in America.  Our housing stability relies on their stability as a purchaser of mortgages.  Part of their duties when they were formed was to help low to moderate families secure financing, mainly by letting Lenders know that they would purchase high loan to value mortgages and being a bit more flexable with the underwriting guidelines on community lending programs. Well in less you live in a cave, you have probably heard of their financial woes as of recent (their stock is trading around $1.65 from a high of $62.00).  They have stopped purchasing several types of mortgages (which in some cases I do agree with) but what I don't agree with is the fee income they are now charging certain borrowers.

So their answer? Stick it to the consumer. And I do mean stick it. As a mortgage planner for 23 years I have never experienced such a travesty in "junk fees".  Whether you agree with FICO scoring or not, it is here until somebody proves a better way to show an individuals credit worthiness. But what angers me the most is the continuous raising of the credit score bar.  680 used to be a pretty darn good score, 700 was exceptional, and 620 was the starting tier for most mortgage products.  Today two of these scores will cost you dearly and the 620... sorry no mortgage for you. 

So how do we fight back? Fix your credit now! Raise your credit score, do what ever you can to get old negative tradelines off your credit profile, make certain you are paying your accounts on time.  I just heard a radio spot the other day offering a great car lease deal if your credit score is above 745.  This is getting crazy!  The most frustrating part is that almost everyone of us may have an erroneous account on our credit report that we are not even aware of, lowering our score right now.

Today I will share with you my endorsement of a company that will sift through the credit maze, offer you a personal credit coach and more than likely repair your score.  I have never endorsed a company outside of my business in my 23 year history.  But I am disgusted with some of my clients paying hundreds and in some cases thousands of dollars in mortgage fees that may be avoided with some credit score management.

If you have been in this situation or know of someone in it right now, please visit www.ficofixservices.com it may save them thousands of dollars and get them on the path to credit restoration.

I can be emailed directly at john@centerpointemortgage.com

Lets fight back!