Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home...
-
Upload
cruz-scaggs -
Category
Documents
-
view
231 -
download
6
Transcript of Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home...
![Page 1: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/1.jpg)
Marion RabalaisLoan Production Officer
VA RLC Atlanta, GA
MBAC Convention October 2008
VA Home Loans 2008
![Page 2: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/2.jpg)
NEW LEGISLATION(Pending)
![Page 3: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/3.jpg)
New Legislation(Pending)
• Increase “Cash-out” refinancing loans to conforming rate.
• No longer limited to $144,000• Raise LTV from 90% to 100%• Renewal of ARMs and HARMs until 2012
![Page 4: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/4.jpg)
82% Veteran
Homeownership
Rate
68.1%National
Homeownership Rate
Race:White – 73%Black – 17%
Hispanic – 8% Asian/PI – 2% AI/AN – .6%
Median FICO Score
679
88% Male12% Female
$62,448 Median Income
$6,000Median Assets
30% Active Duty
70% Veteran
92% No Down Payment
Average Purchase
Loan
$199,000
Veteran and Loan Profile
![Page 5: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/5.jpg)
Year # Loans $ Amount
FY 2003 490,000 $63 Billion
FY 2004 336,000 $44 Billion
FY 2005 165,000 $24 Billion
FY 2006 143,000 $25 Billion
FY 2007 133,000 $25 Billion
FY 2008 179,000 $36 Billion
Total 1,446,000 $217 Billion
Recent Loan Guaranty Workload
Since 1944, VA has guaranteed over 18.3M loans for over $959B
![Page 6: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/6.jpg)
Carolina Loan VolumeFY 2008
• 17,570 Loans• $3,050,779,900• Average Loan $173,635• Commissions earned
$183,046,800
![Page 7: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/7.jpg)
18
5,5
53
13
,20
0
17
7,1
58
72
,85
1
17
7,0
26
14
0,2
25
14
8,8
10
34
0,6
08
15
2,3
95
18
3,3
93
11
9,1
30
46
,72
4
12
2,6
25
20
,09
8
11
7,9
40
15
,37
2
11
0,5
85
32
,61
3
0
50000
100000
150000
200000
250000
300000
350000
2000 2001 2002 2003 2004 2005 2006 2007 FYTD 2008
Volume by Type FY 2000 - FYTD 2008
Purchase
Refi
Purchase vs. Refinance Loans
![Page 8: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/8.jpg)
Loan Volume is Increasing…
02,0004,000
6,0008,000
10,00012,000
14,00016,000
18,00020,000
April May Jun
20072008
![Page 9: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/9.jpg)
Top Five States for VA Loans
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
TX VA NC FL GA
![Page 10: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/10.jpg)
Market Share
VA Mortgages
Total Mortgages
% of Total
CY 05 160,478 7,076,000 2.27%CY 06 137,845 6,478,000 2.13%CY 07 133,279 5,652,000 2.36%CY 08 thru May 72,426 1,882,000 3.85%
![Page 11: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/11.jpg)
471510
590
505548
470 484
587
535
724 726
0
100
200
300
400
500
600
700
800
Num
ber
of G
rant
s
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 FYTD2008
Specially Adapted Housing Grants 1998-Present
Since inception, the SAH program has made over 34,000 grants for approx. $668M
![Page 12: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/12.jpg)
132,534
62,805
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 FYTD2008
Defaults Pending 1997-Present
![Page 13: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/13.jpg)
Foreclosures
Monthly Foreclosures CompletedFY 2003-Present
545
1,641
920
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Flat-line projection puts EOFY figure at just over 9,000 foreclosures
![Page 14: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/14.jpg)
Mortgage Industry Delinquencies
0.77%0.89%
1.99%
6.22%
8.33%
16.42%
5.48% 5.26% 5.59%
2.74% 2.45% 2.88%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
Prime Subprime FHA VA
Loan Type
Serious Delinquencies (%) Q1 2006 -- Q1 2008
Q1 2006 Q1 2007 Q1 2008
Source: MBA National Delinquency Survey
![Page 15: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/15.jpg)
• VA does not make subprime loans, and the average VA borrower does not have subprime credit
– VA Credit Standards– Avg. VA FICO score = 679
• Toll Free Number for Outreach: (877) 827-3702
The Subprime Crisis
![Page 16: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/16.jpg)
Opportunities
• With the implosion of the subprime market, VA is one, if not the only, remaining no-down payment option in the market
• Recent policy & legislation in response to the housing market crisis have benefited VA
(HR 3221)
• This has created a unique opportunity for VA
![Page 17: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/17.jpg)
Opportunities
– New Loan Amounts• Limits range from floor of $417,000 (basic, standard
areas) up to max of $729,750 (high cost areas) • https://entp.hud.gov/idapp/html/hicostlook.cfm
(change limit type to Fannie/Freddie)• Exception: States of AK, HI, Guam & Virgin Islands still
have higher loan limit ranges
– SAH-related provisions• Increased PH and AH grants to $60,000 and $12,000• Annual adjustments to SAH grants based on
construction cost increases• TRA grants for active duty servicemembers• SAH benefits for permanent and total service-
connected disabilities resulting from severe burns
![Page 18: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/18.jpg)
HR 3221 Maximum Loan Limit by County NC, GA, &
TNLimit State County Name
$662,500 GA GREENE$729,750 NC CAMDEN$428,750 NC CURRITUCK$460,000 NC DARE$729,750 NC PASQUOTANK$729,750 NC PERQUIMANS$432,500 TN CANNON$432,500 TN CHEATHAM$432,500 TN DAVIDSON$432,500 TN DICKSON$432,500 TN HICKMAN$432,500 TN MACON$432,500 TN ROBERTSON$432,500 TN RUTHERFORD$432,500 TN SMITH$432,500 TN SUMNER$432,500 TN TROUSDALE$432,500 TN WILLIAMSON$432,500 TN WILSON
![Page 19: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/19.jpg)
Find HomeGo to Lender
Lender: Determines eligibility
electronically using WebLGY/Obtain COE
Uses AUS to get decision in minutes
Orders Appraisal thru TAS (7 workday timeliness)
Obtains Loan Guaranty Electronically 14-21 Days
Lender Closes Loan
Where we are Today..
![Page 20: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/20.jpg)
99% of VA Loans are Automatics
1% are Priors 98.8% are LAPP
![Page 21: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/21.jpg)
http://vip.vba.va.gov
www.homeloans.va.gov
VETERANS INFORMATION WEBSITES
![Page 22: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/22.jpg)
![Page 23: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/23.jpg)
![Page 24: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/24.jpg)
![Page 25: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/25.jpg)
Eligibility Pending Timeliness• FYTD (through August 25, 2008) over
241,000 requests for a Certificate of Eligibility have been received by the Eligibility Center
• Of these 85,000 were electronic applications
• WebLGY allows you to obtain the certificate more quickly and is e-mailed to you when completed. No lost certificates!
• Currently the Eligibility Center is processing electronic applications three (3) days faster than mailed applications
![Page 26: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/26.jpg)
Seller Concessions• Limited to 4% of the appraised value• Does not include normal costs such
as: appraisal, credit report, title exam or title searches.
• May include VA funding fee, extra points or buy downs, prepaid items, buyer’s escrow accounts, payoff of buyer’s obligations
• Adding to sales price then amending contract is not allowed
• The VA funding fee can be paid by anyone!
![Page 27: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/27.jpg)
Adjustable Rate
MortgagesAuthority through September 30, 2008
Annual adjustments limited to 1%
Interest rate increase capped at 5%
Must be underwritten at 1% above initial
rate
![Page 28: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/28.jpg)
Did You Know ?There are now more
contractors than military personnel in Iraq????
That’s right….per the Government Business
Magazine, there are 180,000 contractors
& 156,247 military personnel in Iraq.
![Page 29: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/29.jpg)
Occupancyand the Veteran
• See Chapter 3, section 5 of Lender’s Handbook
• Generally, must occupy within 60 daysExceptions –• IRRRLs• Active Duty service person’s spouse• Specific future event and specific future date will make occupancy possible
![Page 30: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/30.jpg)
Occupancy by Spouse• Veteran’s spouse may occupy if
veteran is on active duty or if veteran cannot occupy within a reasonable time due to distant employment
• No family member, other than the spouse, may satisfy the occupancy requirement
![Page 31: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/31.jpg)
VA Disability IncomeVerification of VA Benefit Related
Indebtedness – VA form 26-8937dedicated fax # in Atlanta: 404-929-
55581) If Veteran has a VA benefit-related
indebtedness2) If exempt from the Funding Fee3) Disability Compensation Amount4) Receipt of non service-connected
pension (requires prior approval) 5) Incompetent? (requires prior
approval)
![Page 32: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/32.jpg)
VA Resale Program
Effective July 24, 2008,the sale of VA owned homeshas been contracted to:Countrywide(Bank of America)
![Page 33: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/33.jpg)
Contact Information
www.homeloans.va.gov
Atlanta RLC 888- 768-2132
General Fax 404-929-5401
Email: [email protected]
Winston-Salem Eligibility Center 888-244-6711 option 1-1-2
[email protected]@vba.va.gov for portal
assistance
![Page 34: Marion Rabalais Loan Production Officer VA RLC Atlanta, GA MBAC Convention October 2008 VA Home Loans 2008.](https://reader035.fdocuments.us/reader035/viewer/2022062223/55165c7c550346b2068b5d22/html5/thumbnails/34.jpg)
Questions?
A handout with telephone numbers, fax numbers, e-mail addresses, and web site addresses is available.