Entries by Steve Furlong


Evolution of the Mortgage Industry

Remember when we could close loans without a paystub, bank statement or even a completed appraisal report? Mortgage companies were filled with twenty-something go-getters, resembling something off the stock exchange floor; anyone that could dial a phone could be hired to originate loans. Thankfully, those days came to a blissful end years ago. It seems […]


Qualified Mortgage Rule Noted Effects

We are nearly a month into the Consumer Finance Protection Bureau’s (CFPB) rules for Qualified Mortgage (QM). I found a helpful guide to the new rules here: CFPB Whitepaper on ATR and QM. So far, the primary issues we are working through deal with upfront private mortgage insurance. This is required for conventional loans greater […]

Benefits to Home Ownership for Business Owners

For business owners, many benefits exist to owning a home near your principal business location. In addition to all the standard benefits of home ownership, business owners can help offset commercial and industrial tax levies by strengthening the residential tax base of a municipality. When a home is sold it generally carries positive economic value […]


Qualified Mortgage Rule

Upcoming Changes to the Qualified Mortgage Rule The primary impact home buyers and home owners will see from the Qualified Mortgage (QM) rule is the ability to repay provision. Here in Minnesota, we have been ahead of the national curve due to changes made to state law in 2007 and 2008. Mortgage originators have been […]

, ,

Why Use Zillow?

As a mostly-inclusive, online real estate search engine, Zillow offers users more information than most real estate web searches. Not only does it incorporate the active listings on the MLS, but also simultaneously shows pre-inventory data. This pre-inventory is information on mortgages that are in default, or have been to foreclosure auction, and may be […]


New Changes to FHA Mortgagee Letter

This message was released by the U.S. Department of Housing and Urban Development covering the newest update to FHA loans. Mortgagee Letter 2013-26 Date: August 15, 2013 To: All FHA-Approved Mortgagees Subject: Back to Work – Extenuating Circumstances Purpose: The purpose of this Mortgagee Letter (ML) is to: Provide minimum underwriting standards and criteria for […]


President Obama Reflects on Steve Furlong’s Question

  President Obama discusses the future of Fannie Mae and Freddie Mac. Steve Furlong had his question directly answered by the President! See the full webcast here: http://www.whitehouse.gov/photos-and-video/video/2013/08/07/president-obama-answers-your-housing-questions-zillow The question was: “President Obama: If Congress is successful in scaling Fannie Mae and Freddie Mac down, what model fills the gap?” His answer was that less […]