The Krain Blog

Fannie and Freddie Set Timeline Requirements for Short Sales

KRAIN - Residential and Commercial Real Estate — Thu, 26 Apr 2012 20:32:00 GMT

Beginning June 15, real estate agents working with distressed homeowners whose loans are backed by Fannie Mae and Freddie Mac should expect to receive a decision on a short sale offer within 30-60 days.

The GSEs issued new guidelines Tuesday that fall under the Servicing Alignment Initiative rolled out last fall and aim to bring greater transparency to the short sale process and expedite decisions related to these pre-foreclosure sales.

Not only is a short sale an effective foreclosure alternative when home retention is no longer an option, but it keeps homes occupied and helps to maintain stable communities, according to the Federal Housing Finance Agency (FHFA).

Addressing real estate practitioners’ No. 1 complaint about short sales, FHFA directed Fannie Mae and Freddie Mac to establish a new uniform set of minimum response times that servicers must follow in order to facilitate more efficient short sale transactions.

The GSEs’ new short sale timelines require servicers to make a decision within 30 days of receiving either an offer on a property under the companies’ traditional short sale programs or a completed Borrower Response Package (BRP) requesting short sale consideration, whether it’s through the federal government’s Home Affordable Foreclosure Alternative (HAFA) program or a GSE program.

If more than 30 days are needed, servicers must provide the borrower with weekly status updates and come to a decision no later than 60 days from the date the BRP or offer was received.

According to the GSEs, this 30-day add-on will provide some leeway for servicers who may need more time to obtain a broker price opinion (BPO) or a private mortgage insurer’s approval for a short sale. All decisions must be made within 60 days.

In the event a servicer makes a counteroffer, the borrower is expected to respond within five business days. The servicer must then respond within 10 business days of receiving the borrower’s response.

The GSEs plan to use the new short sale timelines to evaluate servicer compliance with the Servicing Alignment Initiative.

Edward DeMarco, acting director of the FHFA, says the GSEs new borrower communication and timeline requirements for short sales “set minimum standards and provide clear expectations regarding these important foreclosure alternatives.”

GSE servicers must comply with the new minimum communication time frames for all short sale evaluations conducted on or after June 15, 2012, although servicers are encouraged to begin implementing the new requirements sooner.

“I applaud Fannie and Freddie for finally coming out with real guidance with real world timelines for their servicers,” commented Anthony Lamacchia, broker/owner of McGeough Lamacchia Realty Inc., which specializes in short sales. “There is no question that this will help short sales and the market as a whole.”

Last year Freddie Mac completed 45,623 short sales, a 140 percent increase since 2009. Fannie Mae’s short sale completions shot up by 101 percent over the same period, totaling around 79,800 in 2011.

SOURCE: DS NEWS.COM
By: Carrie Bay

Is the Housing Market Bottoming Out?

KRAIN - Residential and Commercial Real Estate — Wed, 14 Mar 2012 17:09:00 GMT

http://www.themreport.com/articles/standard-poors-has-housing-market-hit-bottom-2012-03-13

Standard & Poor’s Tuesday Webinar provided insight into a key industry question – “Is the housing market bottoming out?” The broad inquiry served as the title for S&P’s web-based presentation, which included contributing analysts Beth Ann Bovino, Erkan Erturk, and Valerie White.

Offering their take on the current state of U.S. real estate, the participants discussed home pricing, the return of the private-label securitization market, not-for-profit housing, corporate homebuilders, and the nation’s housing agencies. The panelists didn’t provide a final answer to the Webinar’s headlining question, but the analysts did make it clear that they feel a market “bottom” has arrived or will be reached by the close of 2012.

Bovino provided specific commentary on the direction of specific market sectors, noting that it’s likely the Federal Housing Finance Agency home index will not “reach its trough until next winter.” Bovino went on to reveal her predictions for home pricing, saying, “We now forecast S&P/Case-Shiller prices will drop another 4 percent from where they are now, to a record 36 percent below the July 2006 peak sometime in the fall.”

Tackling the matter of a reemergence of private-label residential mortgage-backed securities (RMBS), Erturk called the future of private housing finance “unclear” and stated that following the

transition to privatization, “the mortgage market is likely to [be] smaller.”

Erturk continued, “We have seen a few private-label RMBS transactions in the market during the last few years, but the sector’s revival is still several years away–and relies on more than just a turnaround in the housing market, but positive housing news could be just the starting point for a recovery.”

When asked why a privatized RMBS market “should” return to the housing industry, Erturk said, “We believe there is a strong desire by policymakers and market participants to privatize housing finance and reduce the influence of Fannie and Freddie over time, private-label RMBS provides an alternative to agency mortgage securities. Private-label RMBS would also increase the diversification of funding sources and expand the pool of both investors and funds.”

Speaking out on the interest rate decisions made by the country’s housing finance agencies during the Webinar, White noted, “To compete, HFAs lowered mortgage rates on the products they offered to at or below market rates in order to compete with commercial lenders. The resulting factors–low mortgage rates not only limit loan production due to competition with the commercial mortgage market but also limit issuer earnings on bond spread.”

White elaborated, adding, “In addition, low interest rates on invested monthly mortgage deposits pledged to semiannual bond payments further limit earnings and long-term growth of assets in bond transactions. Lower earnings on bond programs negatively affect the agency’s bottom line, particularly in those instances where the agency’s sole source of revenue comes from its bond programs. Examination of continued low interest rates in the immediate future through Fed Reserve Board low interest rate period–we projected assumed interest earnings and liability on bond payments would remain constant through 2014.”

For more information on current and upcoming Webinars from S&P, visit the company’s website.

SOURCE: www.themreport.com

Are You Owed Unclaimed Money Held by IL State Treasurer?

KRAIN - Residential and Commercial Real Estate — Fri, 09 Mar 2012 18:25:00 GMT

http://www.treasurer.il.gov/ or www.cashdash.net

Dan Rutherford - Illinois State Treasurer

YOU CAN REFINANCE NO MATTER WHAT YOUR HOME IS WORTH!!!!

KRAIN - Residential and Commercial Real Estate — Fri, 09 Mar 2012 17:40:00 GMT

Starting March 19^th Fannie Mae & Freddie Mac will be rolling out HARP 2.0 (Home Affordable Refinance Program) which will allow just about every homeowner to take advantage of today’s rates no matter what your appraised value comes in at! That’s right, even if you’re upside down 150% or more you’ll still qualify*! Although you may make your mortgage payment to BofA, Chase, Wells, etc. every month there’s a good chance the loan is being serviced on the secondary market by Fannie or Freddie. All residential property types are eligible (sfh, condos, 2-4 units) as well as occupancy types (primary, secondary, investment property). Call for additional details.

There’s also help for FHA customers. If you have a FHA loan you too will be able to take advantage of a new streamline program due out in the next couple of months. Look for significantly reduced upfront fees as well as reduced monthly PMI rates with this new program. Certain restrictions apply, contact me for additional information.

Here’s today’s mortgage rates for your consideration:

30-yr fixed @ 3.875%, 3.925% APR

15-yr fixed @ 3.25%, 3.288% APR

5-yr ARM @ 2.75%, 2.797% APR

5-yr Interest Only @ 2.875%, 2.977% APR

7-yr ARM @ 2.875%, 2.922% APR

FHA 30-yr fixed @ 3.75%, 4.288% APR

FHA 5-yr ARM @ 2.75%, 3.212% APR

30-yr fixed jumbo @ 4.625%, 4.655% APR

5-yr jumbo ARM @ 3.25%, 3.278% APR

If you or someone you know can take advantage of these programs please let me know!

*Certain restrictions apply. Your loan must be serviced by Fannie Mae or Freddie Mac and registered with them prior to 6/1/09. Must be current on the mortgage with zero (30) day late payments in the past 12 months.

Have a good weekend!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

1933 W Lunt - For Sale in Rogers Park

KRAIN - Residential and Commercial Real Estate — Fri, 09 Mar 2012 16:50:00 GMT

Victorian Home on Larger Lot.

• 3,198 sq. ft., 3 bath, 5 bdrm other "Victorian 2 Story" - MLS® $339,500 - Large Victorian Home!

Rogers Park, Chicago - Large Victorian with great potential, directly across a park/playlot. Most of this neighborhood offer similar homes, on larger lots. Prime location minutes to the Metra, CTA, Lake and Clark/Ashland Shops. Area is a great alternative to nearby higher priced Edgewater/Andersonville. Area offers city living with a slight Suburban feel. Blackhawk Golf Course, New Dominick's Grocery nearby. Fannie Mae Homepath Property.

Property information

1st Ward Alderman - Proco Joe Moreno - Newsletter for March 8th

KRAIN - Residential and Commercial Real Estate — Thu, 08 Mar 2012 18:39:00 GMT

March 8, 2012

Proco Joe Moreno

2058 N. Western Ave.
Chicago, IL 60647
p. (773) 278-0101
f. (773) 278-2541
ward01@cityofchicago.org

For more information,
please visit my websites

Ward1.org

AldermanMoreno.com

Upcoming Events

Wicker Park Bucktown Mixologist Mash-up

Jackson Junge Gallery, 1389 N Milwaukee

Thursday, March 8

6-9 p.m.

More information here

Wicker Park Bucktown

Green Business

Resources Fair

2160 N Ashland (Ashland/Webster)

Wednesday, March 28,

9 a.m. to 1 p.m.

More information here

Hamlin Park

Advisory Council

First fundraiser/

Easter Egg Hunt

3035 N. Hoyne

Sunday, April 1

10 - 11:30 a.m.

City Facts

In 1803, the United States Army built Fort Dearborn, which was destroyed in the War of 1812, Battle of Fort Dearborn.

The Ottawa, Ojibwe, and Potawatomi ceded additional land to the United States in the 1804 Treaty of St. Louis.

The Potawatomi were eventually forcibly removed from their land following the Treaty of Chicago in 1833.

On August 12, 1833, the Town of Chicago was organized with a population of around 200 at that time.

Within seven years it would grow to a population of over 4,000.

The City of Chicago was incorporated on Saturday, March 4, 1837.

Share with your neighbors and help them stay informed.

NEW TREES COMING THIS SPRING

I'll be using just under $50,000 of my annual infrastructure improvement (menu) fund to have, at least, 95 new trees planted in the 1st Ward this spring.

The majority of these new trees will be planted in the western part of our ward, along the major arterial streets (Milwaukee Ave, etc.)

I'd like to hear from you about where you'd like to see some new trees too. Please contact Orlando in my office to request a new tree.

This tree planting is part of my office's never-ending effort to beautify our community.

Everyone knows that the city doesn't have funds for this kind of work, which it had just three or four years ago. It's my responsibility to try to be innovative and keep making our community better.

1ST WARD GRAFFITI BUSTERS

Following on from the sentiment above, I bought a case of SoSafe Graffiti Removal products last week and a team of my volunteers were trained on how best to utilize this product yesterday.

This product is very environmentally-friendly and especially effective for removing graffiti from metal surfaces (light poles, mail boxes, etc.) Unfortunately, it cannot be used on brick.

Over the next few days, you'll probably see my volunteers in the community removing graffiti, and depending on your feedback, I'm prepared to continue buying this product from my own (not taxpayer) money.

As long as vandals keep hitting our neighborhoods, we'll keep finding ways to remove it. Please contact my office and tell us where we can best apply this product.

BINGHAM STREET/JOE KOPERA WAY

Last Saturday, I presented an honorary street dedication to 50 year Bingham Street resident, Joe Kopera.

This is only the second time I have dedicated a street and Mr. Kopera is a more than worthy recipient of this honor. Not only has he lived on this street for 50 years, but he has been an advocate of, and fighter for, his community.

Mr. Kopera is a dedicated court advocate and CAPS attendee. My office (and the previous Alderman) has relied on his perseverance and valor on numerous occasions.

Many members of the Kopera family and Bingham Street residents came out on this chilly afternoon to honor one of the most Chicago-Chicagoans I've ever had the pleasure to meet.

As I said at the ceremony, our community is very lucky to have him and if every neighborhood had a Joe Kopera our city would be a much improved place.

3/7/12 Rates

KRAIN - Residential and Commercial Real Estate — Thu, 08 Mar 2012 17:51:00 GMT

3/7/12 purchase rates with 0% points

30-yr fixed @ 3.875%, 3.925% APR

15-yr fixed @ 3%, 3.088% APR

5-yr ARM @ 2.75%, 2.797% APR

5-yr Interest Only @ 2.875%, 2.797% APR

7-yr ARM @ 2.875%, 2.922% APR

FHA 30-yr fixed @ 3.75%, 4.288% APR

FHA 5-yr ARM @ 2.75%, 3.212% APR

30-yr fixed jumbo @ 4.625%, 4.655% APR

5-yr jumbo ARM @ 3.25%, 3.278% APR

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 780 credit score.

97% Conventional Financing Available

No longer do you have to rely on FHA financing for low down payment buyers. Avoid the strict FHA appraisal requirements, upfront FHA MI premiums and high monthly FHA PMI rates with this new conventional program. Program is available for single family homes and Condos.

530 FICO Scores For FHA Financing Available

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Did you know we do HomePath & HomePath Renovation financing? If a property your client is interested in is HomePath approved (www.homepath.com) they can put down as little as 3% with conventional financing. Furthermore, approved properties do not require monthly PMI (increases buying power) nor an appraisal. HomePath also allows financing in condo developments with high HOA delinquencies, ongoing litigation and higher than normal investor concentration. It’s a fantastic program for first-time buyers or seasoned investors with quick turn times* since the property is already Fannie Mae approved.

*HomePath Renovation turn times vary depending on the size of the project.

We also do HomeStyle Renovation financing. The HomeStyle Renovation Program allows your first-time, move up or investor clients buy a home and repair or improve it with just one loan. You can also use it as a refinancing tool to refinance an existing mortgage and borrow funds for improvement repairs! This is a fantastic program if you currently work with REO properties on the selling side or if you have buyers looking for foreclosed properties that may not be turn key.

For additional info. contact my office or click the link: https://www.efanniemae.com/sf/mortgageproducts/pdf/hsrenofacts.pdf

DID YOU KNOW YOU CAN NOW REFINANCE YOUR HOME EVEN IF YOU’RE 100% UPSIDE DOWN? That’s right, as long as your loan was sold to Fannie Mae or Freddie Mac prior to 6/09 you may qualify* for the HARP 2.0 program which allows you to take advantage of today’s market rates even if you owe more than your home is worth!

*Certain restrictions apply, contact me for additional information.

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

Apartment For Sale in North Loop

KRAIN - Residential and Commercial Real Estate — Thu, 01 Mar 2012 16:13:00 GMT

Prime Real Estate in Downtown Chicago

• 690 sq. ft., 1 bath apartment "Highrise Studio Condo" - MLS® $135,900 - Price Reduction!

North Loop, Loop - Lake views, Rare Find off Michigian Ave across from NU Hospital. High Rise with Central Air and other Upgrades. Unit Offers standard upgrades European Kitchens Granite Counters, Stainless Appliances, Granite Vanity in Bath. Doorman, Parking, Pool and most Utilities included in low Assessment. Sale includes 1 on site Garage Parking Space. Premier location, owner occupant or investment-this is a gem! 16th Floor!

Property information

New Jumbo Asset Based Program For Self-Employed Buyers.

KRAIN - Residential and Commercial Real Estate — Mon, 27 Feb 2012 16:50:00 GMT

Program Guidelines:

· Primary & Secondary transactions only

· 1-2 units

· Max loan amount $3m

· Min loan amount $417,001

· 30% down up to $1m, 35% down $1m-$2m, 40% down $2m-$3m

· 720 credit score

· 30-yr fixed, 5, 7 & 10-yr ARMs

Feel free to call or email me with any additional questions!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

Mortgage Rates for 2/14/12

KRAIN - Residential and Commercial Real Estate — Wed, 15 Feb 2012 17:54:00 GMT

See below for additional programs offered including renovation financing.

2/14/12 purchase rates with 0% points

30-yr fixed @ 3.875%

15-yr fixed @ 3.125%

5-yr ARM @ 2.875%

5-yr Interest Only @ 3%

7-yr ARM @ 3.125%

FHA 30-yr fixed @ 3.5%

FHA 5-yr ARM @ 2.75%

30-yr fixed jumbo @ 4.75%

5-yr jumbo ARM @ 3%

Purchase rates with optional 1% point

30-yr fixed @ 3.5%

15-yr fixed @ 2.875%

5-yr ARM @ 2.5%

5-yr Interest Only @ 2.625%

7-yr ARM @ 2.875%

FHA 30-yr fixed @ 3.375%

FHA 5-yr ARM @ 2.75%

30-yr fixed jumbo @ 4.375%

5-yr jumbo ARM @ 2.75%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 780 credit score.

97% Conventional Financing Available

530 FICO Scores For FHA Financing Available

That’s right, we can get your not so perfect credit clients approved with this FHA program.

*HomePath Renovation turn times vary depending on the size of the project.

For additional info. contact my office or click the link: https://www.efanniemae.com/sf/mortgageproducts/pdf/hsrenofacts.pdf

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

Home Affordable Refinance Program Now Benefits More Borrowers

KRAIN - Residential and Commercial Real Estate — Wed, 08 Feb 2012 17:56:00 GMT

Mike Jennings
Capital Financial Bancorp Inc
2538 West Chicago Avenue
Chicago, IL 60622
312-493-6021
mjennings@capitalfinancial.net

Home Affordable Refinance Program Now Benefits More Borrowers

Dear John,

Capital Financial Bancorp Inc and I wanted to make you aware of some recent changes to the Home Affordable Refinance Program (HARP). If you owe more than your home is worth, this program may help you save money. HARP has helped nearly 900,000 Americans refinance and the new guidelines are aiming to increase that significantly.

Will I Qualify?

HARP enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. Some other guidelines for eligibility are:

Your existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
You must be current on your mortgage payments with no late payment in the past six months and no more than one late payment in the past 12 months.
The program will continue to be available for loans with the current loan-to-value (LTV) above 80%.

Let's review your account and determine if you can benefit from new HARP guidelines. Contact me at 312-493-6021 or mjennings@capitalfinancial.net.

Sincerely,

Mike Jennings
Senior Mortgage Advisor
Capital Financial Bancorp Inc
NMLS# 215236
Company NMLS# 133656

Price Reduced on 2035 W Fullerton in Bucktown

KRAIN - Residential and Commercial Real Estate — Tue, 31 Jan 2012 23:50:00 GMT

Bucktown, Chicago - Announcing a price reduction on 2035 W Fullerton, a lot / land. Now MLS® $300,000 - .

Property information

12/16/2011 RATES

KRAIN - Residential and Commercial Real Estate — Fri, 16 Dec 2011 18:54:00 GMT

Happy Holidays!

Did you know we are a HomePath lender? If a property your client is interested in is HomePath approved (www.homepath.com) they can put down as little as 3% with conventional financing. Furthermore, approved properties do not require monthly PMI (increases buying power) nor an appraisal. HomePath also allows financing in condo developments with high HOA delinquencies, ongoing litigation and higher than normal investor concentration. It’s a fantastic program for first-time buyers or seasoned investors with quick turn times since the property is already Fannie Mae approved.

12/16/11 purchase rates with 0% points

30-yr fixed @ 3.875%

15-yr fixed @ 3.25%

5-yr ARM @ 2.75%

5-yr Interest Only @ 3%

7-yr ARM @ 3.125%

FHA 30-yr fixed @ 3.25%

FHA 5-yr ARM @ 2.875%

30-yr fixed jumbo @ 4.875%

5-yr jumbo ARM @ 3.25%

Purchase rates with optional 1% point

30-yr fixed @ 3.75%

15-yr fixed @ 2.875%

5-yr ARM @ 2.5%

5-yr Interest Only @ 2.75%

7-yr ARM @ 2.75%

FHA 30-yr fixed @ 3%

FHA 5-yr ARM @ 2.625%

30-yr fixed jumbo @ 4.5%

5-yr jumbo ARM @ 2.875%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

95% Conventional (non-FHA) Condo financing available.
No need to search for already approved FHA condo projects or having to worry about obtaining new FHA project approval with this conventional program.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

Fannie Mae Homestyle® Program

KRAIN - Residential and Commercial Real Estate — Thu, 08 Dec 2011 16:55:00 GMT

The HomeStyle® Renovation Program allows your first-time, move up or investor clients buy a home and repair or improve it with just one loan. You can also use it as a refinancing tool to refinance an existing mortgage and borrow funds for improvement repairs! This is a fantastic program if you currently work with REO properties on the selling side or if you have buyers looking for foreclosed properties that may not be turn key.

Homestyle® Features:

Loan amount based on as completed value but capped at the current FannieMae loan limits of ($417k).
5% down for owner occupied
20% down for second homes
25% down for investor
1-2 units, condos, modular homes and PUD’s allowed
Funds for renovation are capped at 50% of the completed value
15 or 30-yr fixed programs
Hard and soft costs can be financed

Call me today for additional information!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

Cook County Assessor Berrios Releases first-year Report Card

KRAIN - Residential and Commercial Real Estate — Wed, 07 Dec 2011 20:13:00 GMT

Assessor Berrios Releases first-year Report Card

Makes assessment process more transparent, customer-friendly

Chicago – Since taking office on December 6, 2010, Cook County Assessor Joseph Berrios has made marked improvements to the Assessor’s office, while maintaining a level of fiscal responsibility.

"In the past year, I have made sure that property values reflect today’s housing market, and that the office moved swiftly with the assessment process" Berrios said. "I’m also pleased that all of my 386 employees took their furlough days, and that we made our budget goals."

Berrios accelerated the 2011 assessment process more than three months early. The next earliest completion of an assessment occurred in 1993.

"This speed and efficiency ultimately helps in the timely mailing of tax bills," Berrios said. "More importantly, it ensures that local taxing bodies receive their funds sooner."

Berrios managed to finish early, despite having almost 400 employees take furlough days, as required by the President’s Office. He also met President Toni Preckwinkle’s request to reduce the 2011 budget by 16 percent, and her request for a 9 percent reduction for 2012.

Among Berrios’ other accomplishments this year:

Redesigned Assessment Notice – In addition to the standard assessment information, the new residential reassessment notice includes: an estimated fair market value, assessment history, transactions from the Recorder of Deeds, history of tax payments and a photo of the property.

Timely Completion of the 2010 Assessment – The Assessor’s Office certified all 2010 assessment values almost two months ahead of schedule, on March 30, 2010. This will help ensure that tax bills will be mailed in a timelier manner and in turn will help the local taxing bodies receive their funds sooner.

Decreasing Assessments to Reflect the Real Estate Market – The Assessor has worked to ensure that the impact of the volatile real estate market is accounted for when taxpayers are filing appeals.

Re-Opening Rolling Meadows Branch Office – In an effort to better serve suburban taxpayers, Assessor Berrios has reopened the Rolling Meadows Branch Office.

Worked as an Advocate for Cook County Seniors – The Assessor spearheaded a program to protect seniors. The Senior Tax Opportunity Project (STOP) reached out to seniors who were in danger of losing their homes and who had not applied for prior-year property tax exemptions. By applying for exemption refunds, seniors received money to help pay their delinquent taxes and their homes were protected from the tax sale during the Certificate of Error process

Worked with the Board of Review to begin online appeals filings -- Berrios and his staff worked closely with the Board of Review by offering his staff and technology. As a result of this intergovernmental cooperation, anyone filing an appeal with the Board can now do so online.

Enhancements to the Web site – The Assessor continues to improve the Cook County Assessor’s Office Web site.　 Taxpayers may file appeals on-line, obtain assessment information, and download applications and forms.　 The Assessor’s Web site is one of the most visited Web sites in the county and receives close to 500,000 monthly visitors.

"We have accomplished much in the past year, but there’s so much more to be done," Berrios said. "We must continue to make strides while maintaining the high level of customer service that property owners expect."

Source: www.cookcountyassessor.com

12/7/11 Rates

KRAIN - Residential and Commercial Real Estate — Wed, 07 Dec 2011 20:11:00 GMT

Happy Holidays!

12/7/11 purchase rates with 0% points

30-yr fixed @ 3.875%

15-yr fixed @ 3.25%

5-yr ARM @ 2.875%

5-yr Interest Only @ 3%

7-yr ARM @ 3.125%

FHA 30-yr fixed @ 3.75%

FHA 5-yr ARM @ 2.875%

30-yr fixed jumbo @ 4.875%

5-yr jumbo ARM @ 3.25%

Purchase rates with optional 1% point

30-yr fixed @ 3.75%

15-yr fixed @ 3%

5-yr ARM @ 2%

5-yr Interest Only @ 2.5%

7-yr ARM @ 2.875%

FHA 30-yr fixed @ 3.5%

FHA 5-yr ARM @ 2.75%

30-yr fixed jumbo @ 4.5%

5-yr jumbo ARM @ 2.875%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

Mortgage Rates - 11/15/2011

KRAIN - Residential and Commercial Real Estate — Tue, 15 Nov 2011 20:31:00 GMT

11/15/11 purchase rates with 0% points

30-yr fixed @ 3.875%

15-yr fixed @ 3.25%

5-yr ARM @ 2.875%

5-yr Interest Only @ 3%

7-yr ARM @ 3.125%

FHA 30-yr fixed @ 3.75%

FHA 5-yr ARM @ 2.875%

30-yr fixed jumbo @ 4.5%

5-yr jumbo ARM @ 2.875%

Purchase rates with optional 1% point

30-yr fixed @ 3.625%

15-yr fixed @ 3.125%

5-yr ARM @ 2.5%

5-yr Interest Only @ 2.625%

7-yr ARM @ 2.875%

FHA 30-yr fixed @ 3.625%

FHA 5-yr ARM @ 2.625%

30-yr fixed jumbo @ 4.25%

5-yr jumbo ARM @ 2.625%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

Did you know we are a HomePath lender? If a property your client is interested in is already HomePath approved (www.homepath.com) they can put down as little as 3% with conventional financing. Furthermore, approved properties do not require monthly PMI (increases buying power) nor an appraisal. HomePath also allows financing in condo developments with high HOA delinquencies, ongoing litigation and higher than normal investor concentration. It’s a fantastic program for your buyers and best yet, we can close them quickly since the property is already Fannie Mae approved. Call or email me for additional information.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

13th District Police Station May Be Closed!

KRAIN - Residential and Commercial Real Estate — Fri, 30 Sep 2011 19:16:00 GMT

13th District Police Station May Be Closed!

According to various media sources and local residents, the City may be planning to close the 13th District Wood Street Police Station. We are currently trying to get some facts direct from the source.

There is an online petition started by a local resident to oppose the closing.

Here is a flier created by the same local resident.

Here is an article from the Sun Times.

The WTCC Board of Directors has yet to officially vote on the issue, however the majority are opposed to closing the station via email poll. We have reached out to the 13th District Commander to get some more facts and will share as we receive. We plan to have a petition to save the 13th Police Station at the welcome tents at Design Harvest this weekend.

Do Division Street Fest Proceeds

KRAIN - Residential and Commercial Real Estate — Fri, 30 Sep 2011 19:14:00 GMT

What a summer! The Do Division Street Fest kicked the summer season off with a great event that raised over $148,000 for the local community! The proceeds got split between the chamber, three local elementary schools, and primarily benefitted the Division Street Committee which plans marketing and beautification programs specifically for the Division Street commercial corridor.

$148,663	Proceeds Do Division Street Fest 2011 benefiting:
$29,733	WTCC 20%
$11,893	Pritzker School 8%
$11,893	Lasalle School 8%
$7,433	De Diego School 5%
$87,711	Division Street Committee 59% / - 15K Sponsorship = $72,711 net)

9/22/11 Rates + Fed injects $400 billion to keep rates low for the next 3 years, rates tumble on news

KRAIN - Residential and Commercial Real Estate — Thu, 22 Sep 2011 17:49:00 GMT

The Federal Reserve will replace some bonds in their portfolio with longer-term Treasuries in an effort to reduce borrowing costs, the Federal Open Market Committee said today in Washington. The central bank will buy $400 billion worth of bonds with maturities of six to 30 years between now and June 2012, while simultaneously selling an equivalent amount of debt maturing in three years or less. In buying longer-term debt, the FOMC hopes to “put downward pressure on longer-term interest rates and help make broader financial conditions more accommodative,” according to a statement released this afternoon. The Federal Reserve will also reinvest maturing mortgage debt into mortgage-backed securities. http://wallstcheatsheet.com/economy/fomc-fed-to-buy-longer-term-treasuries.html/

This is move should secure low rates for the next three years which is great for our industry. On the news rates have tumbled and have yet again hit new lows!

9/22/11 purchase rates with 0% points

30-yr fixed @ 3.75%

15-yr fixed @ 3.125%

5-yr ARM @ 2.75%

5-yr Interest Only @ 2.875%

7-yr ARM @ 3%

FHA 30-yr fixed @ 3.625%

FHA 5-yr ARM @ 2.75%

30-yr fixed jumbo @ 4.5%

5-yr jumbo ARM @ 3.125%

Purchase rates with optional 1% point

30-yr fixed @ 3.625%

15-yr fixed @ 2.875%

5-yr ARM @ 2.5%

5-yr Interest Only @ 2.5%

7-yr ARM @ 2.875%

FHA 30-yr fixed @ 3.5%

FHA 5-yr ARM @ 2. 625%

30-yr fixed jumbo @ 4.125%

5-yr jumbo ARM @ 2.75%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

Mortgage Foreclosure Surplus Fund

KRAIN - Residential and Commercial Real Estate — Thu, 08 Sep 2011 23:40:00 GMT

Nearly 2,000 people are listed on the Mortgage Foreclosure Surplus Fund list and are owed money. If you lost a home in Cook County due to foreclosure and would like to find out if you are entitled any funds, please click on the following link and you will be directed to the "Mortgage Surplus Search" portal on the Clerk's Office website. http://services.cookcountyclerkofcourt.org/foreclosure/

8/30/11 rates + HomePath benefits

KRAIN - Residential and Commercial Real Estate — Tue, 30 Aug 2011 22:51:00 GMT

Did you know we are a HomePath lender?

If a property your client is interested in is already HomePath approved (www.homepath.com) they can put down as little as 3% with conventional financing. Furthermore, approved properties do not require monthly PMI (increases buying power) nor an appraisal. HomePath also allows financing in condo developments with high HOA delinquencies, ongoing litigation and higher than normal investor concentration. It’s a fantastic program for your buyers and best yet, we can close them quickly since the property is already Fannie Mae approved. Call or email me for additional information.

8/30/11 purchase rates with 0% points

30-yr fixed @ 4.25%

15-yr fixed @ 3.375%

5-yr ARM @ 2.875%

5-yr Interest Only @ 3%

FHA 30-yr fixed @ 3.75%

FHA 5-yr ARM @ 3%

30-yr fixed jumbo @ 5.125%

5-yr jumbo ARM @ 3.25%

5-yr Jumbo Interest Only @ 3.375%

Purchase rates with optional 1% point

30-yr fixed @ 4%

15-yr fixed @ 3. 25%

5-yr ARM @ 2.5%

5-yr Interest Only @ 2.625%

FHA 30-yr fixed @ 3.625%

FHA 5-yr ARM @ 2. 75%

30-yr fixed jumbo @ 4.625%

5-yr jumbo ARM @ 3%

5-yr Interest Only @ 3.125%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236

www.mikeshomeloans.com

8/4/11 rates-lowest rates of the year!

KRAIN - Residential and Commercial Real Estate — Thu, 04 Aug 2011 16:17:00 GMT

The continuous volatility in the markets have pushed rates to 2011 lows!

8/4/11 purchase rates with 0% points

30-yr fixed @ 4.25%

15-yr fixed @ 3.5%

5-yr ARM @ 3%

5-yr Interest Only @ 3.125%

FHA 30-yr fixed @ 4%

FHA 5-yr ARM @ 3%

30-yr fixed jumbo @ 5.125%

5-yr jumbo ARM @ 3.5%

5-yr Jumbo Interest Only @ 3.625%

Purchase rates with optional 1% point

30-yr fixed @ 4.125%

15-yr fixed @ 3. 25%

5-yr ARM @ 2.625%

5-yr Interest Only @ 2.75%

FHA 30-yr fixed @ 3.75%

FHA 5-yr ARM @ 2. 5%

30-yr fixed jumbo @ 4.875%

5-yr jumbo ARM @ 2.75%

5-yr Interest Only @ 3%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

7/27/2011 Rates

KRAIN - Residential and Commercial Real Estate — Wed, 27 Jul 2011 22:00:00 GMT

7/27/11 purchase rates with 0% points

30-yr fixed @ 4.625%

15-yr fixed @ 3.875%

5-yr ARM @ 3.125%

5-yr Interest Only @ 3.25%

FHA 30-yr fixed @ 4.375%

FHA 5-yr ARM @ 3.25%

30-yr fixed jumbo @ 5.125%

5-yr jumbo ARM @ 3.375%

5-yr Jumbo Interest Only @ 3.5%

Purchase rates with optional 1% point

30-yr fixed @ 4.375%

15-yr fixed @ 3. 5%

5-yr ARM @ 2.875%

5-yr Interest Only @ 2.875%

FHA 30-yr fixed @ 4.125%

FHA 5-yr ARM @ 2.875%

30-yr fixed jumbo @ 4.875%

5-yr jumbo ARM @ 3%

5-yr Interest Only @ 3.125%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

Have your clients call today!

7/7/11 Rates

KRAIN - Residential and Commercial Real Estate — Thu, 07 Jul 2011 17:18:00 GMT

7/7/11 purchase rates with 0% points

30-yr fixed @ 4.75%

15-yr fixed @ 3.875%

5-yr ARM @ 3.25%

5-yr Interest Only @ 3.375%

FHA 30-yr fixed @ 4.375%

FHA 5-yr ARM @ 3.25%

30-yr fixed jumbo @ 5.125%

5-yr jumbo ARM @ 3.375%

5-yr Jumbo Interest Only @ 3.5%

Purchase rates with optional 1% point

30-yr fixed @ 4.5%

15-yr fixed @ 3.625%

5-yr ARM @ 2.875%

5-yr Interest Only @ 3%

FHA 30-yr fixed @ 4.25%

FHA 5-yr ARM @ 3.%

30-yr fixed jumbo @ 5%

5-yr jumbo ARM @ 3%

5-yr Interest Only @ 3.125%

*Assumes a 20% down payment for conventional SFH purchases

and 3.5% for FHA transactions with a 740 credit score.

97% Conventional Single Family Home financing available.

530 FICO scores for FHA financing available.

That’s right, we can get your not so perfect credit clients approved with this FHA program.

99% Financing available for owner occupied purchases!

1% down (must be borrower’s own funds)

No mortgage insurance required

Max loan amount is $250k

SFH, townhomes, condo and 2-flats only

Condos with litigation or HOA delinquencies allowed

Min FICO score is 625

Max debt ratio is 40%

5-yr ARM’s only

Current rates are 4.8%

Have your clients call today!

Mike Jennings

Sr. Residential and Commercial Mortgage Advisor

Nominated Mortgage Company of the Year

Capital Financial Bancorp, Inc.

1003 N Damen

Chicago, IL 60622

773-235-0111 x 115 Office

312-493-6021 Direct

773-496-8572 Fax

NMLS# 215236