Gateway Mortgage Group Implements GCC Servicing Systems

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Gateway Mortgage Group, an originator and servicer of retail and wholesale mortgages, said it selected and successfully implemented GCC Servicing Systems' loan servicing platform G/SERV for real estate and home equity loans.

Kevin Stitt, Gateway Mortgage Group president, said, "To maintain better control and track our product performance, we decided the best long-term investment was to bring our mortgage servicing in- house from a sub-servicer.

"Our vice president, Roy Briggs, is a mortgage industry veteran and he did an outstanding job of leading our team with evaluating the various servicing programs and vendors. We looked at the bigger firms but decided GCC was a great fit with Gateway based on their capabilities, service and reasonable price point."

According to a release, on July 1, G/SERV -- GCC's servicing platform -- automated all of Gateway's loan servicing functions including loan set-up, escrow and insurance administration, payment processing, credit bureau reporting, HUD delinquency reporting, VA delinquency reporting, Fannie Mae investor reporting, Ginnie Mae pool reporting as well as the WHFIT (Widely Held Fixed Investment Trust) reporting required by Ginnie Mae. G/SERV also provides functionality for customer relationship management, delinquency management, bankruptcy management, foreclosure management, and loan modification management. In addition, Gateway chose to use the G/ SERV Web Portal to give its customers internet access for on-line payments and account review.

GCC President, Glenn Liebowitz, said, "Gateway is a dynamic player in the mortgage industry and we're excited to have been selected to be their provider for a loan servicing system."

Gateway is licensed to sell FHA and VA, conventional Fannie Mae, conventional expanded levels, and Jumbo loans in 25 states including California, Texas, Florida, Illinois, Michigan, Virginia, Arizona, and Indiana and services a loan portfolio of over $600 million.

J. P. King to Conduct 4 Bank-Ordered Property Auctions in North

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Nine properties across North Carolina will sell at a bank- ordered real estate auction on Aug 17 and 18, according to J. P. King Auction Company, a real estate auction marketing firm.

In a release, J. P. King said the company will conduct four events that span across two days, where they will offer commercial buildings, homes and land. The four events will take place in Spindale, Winston-Salem, Southern Pines, and Kannapolis.

"It's a great opportunity to buy a variety of properties at a fraction of the original cost," said Craig King, president and CEO of J. P. King Auction Company. "When banks acquire properties through foreclosure, they want to convert those properties back into active loans as quickly as possible, and this provides discounted rates and high values for buyers."

The first event, in Spindale, takes place on Aug. 17 at 10 a.m. A two-story home will be offered followed by six acres of development land. The land, which is zoned for a residential development, will sell absolute with no minimums and no reserves.

Two land tracts and five homes will be offered at the Kannapolis event, including 52 acres in The Falls Subdivision and 42 acres at 412 Village Park. This event will be held at the Holiday Inn in Salisbury at 3 p.m.

In Winston-Salem, J. P. King will offer an 11,000 square-foot commercial building fronting Reidsville Road. This brick building sits on 1.5 acres and will be auctioned at 10 a.m. on Aug. 18. At 3 p.m. in Southern Pines, a large commercial building, formerly an indoor golf facility, will sell on-site at 110 Pinehurst Avenue.

J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums, land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Texas, Florida, Tennessee, Oregon, Wisconsin, Alabama and Wyoming. This sale is conducted through its asset division, which serves corporate clients, financial institutions and government entities in the disposition of strategic assets.

Qualifying for FHA loan likely to get tougher

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The Virginian-Pilot

Homebuyers in Hampton Roads in recent years increasingly have relied on loans insured by the Federal Housing Administration. But in an effort to shore up its balance sheet, the agency is planning measures that would limit the number of people who can qualify for their loans.

Mortgage insurance, which compensates the lender if the borrower stops paying, typically is required when an individual purchases a home. As private mortgage insurers tightened standards in the wake of the housing downturn, homebuyers found the FHA's loan-guarantee program one of the only ways to qualify for a loan.

The share of local home sales with loans insured by the FHA grew to 27 percent in 2009, the highest point in more than a decade and up from 4 percent in 2005, according to figures compiled by Old Dominion University economists. Real estate experts said that percentage is likely to grow in 2010.

The FHA program was set up in 1934 to expand homeownership by helping people with lower incomes qualify for loans. The FHA program came under scrutiny as defaults on its loans climbed past 9 percent nationwide at the end of last year.

In January, the agency announced that it would raise fees and increase down payment requirements for borrowers with low credit scores in a bid to boost its dwindling reserve fund, which fell below a minimum set by Congress of 2 percent of its outstanding loans.

"They're trying to stem these foreclosures because they know there's probably another wave coming," said Steve Rockefeller, past president of the Tidewater Mortgage Bankers Association.

By : Josh Brown


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CRAIG Bellamy only wants to leave Manchester City on LOAN - so he can return and prove his worth in the future.

The fiery Welshman is not in manager Roberto Mancini first-team plans and could even be left out of City's 25-man Premier League squad following the arrival of Spanish star David Silva.

Bellamy is keen on a move to Harry Redknapp's Tottenham, but Celtic are also interested while his home town club Cardiff City still cling on to a forlorn hope that he will choose them if he fails to find a home in this transfer window. He has made no secret of the fact that he'd like to end his career at Cardiff, but the Bluebirds' financial woes make that move impossible at the moment.

However, Bellamy does not want to move anywhere permanently this summer and that surprise news was flashed to all interested clubs last week.

The hitman reckons he could yet return to Eastlands and prove to Mancini that he can still do a job for the Eastlands club.

Meanwhile, City are ready to give Gai Assulin a shock 'debut' this week - with the former Barcelona babe close to clinching a move.

Israeli attacking midfielder Assulin has spent a successful week in training at City and is set to feature in a strong City side at Southport on Tuesday.

The youngster - a free agent after securing his release from the Spanish giants - hopes to prove he is worth a contract.

SHEFFIELD UNITED have nipped in for left-back Stephen Jordan as boss Kevin Blackwell adds to his defensive options.

Jordan, 28, had been training with Portsmouth after his release from Burnley, but underwent a Blades medical on Friday.

Blackwell also wants to add Hungarian right-back Laszlo Bodnar and Arsenal's Kyle Bartley on loan before the end of the month.

By : Alan Nixon

Successful home loans scheme is set to be expanded

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A LOAN scheme which lets people on low incomes borrow up to half the price of a house is being expanded.

Amber Valley Borough Council has previously offered the scheme to people in Belper but said it proved so successful it will be offered in Alfreton, Langley Mill and Somercotes.

A spokesman for the council said the three areas have been chosen for the same scheme as they contain the lowest proportion of homeownership in Amber Valley. Under the scheme, the council lends buyers up to 50% of the value of a property, with a maximum loan value of Pounds 45,000.

This means houses worth up to Pounds 90,000 are eligible and only households with an annual income of Pounds 30,000 or less can apply.

That cash does not have to be repaid until there is a change in ownership of the property, it is no longer a residential dwelling or it is no longer the applicant's main home.

Anyone interested in applying should contact Sue Li at Amber Valley Borough Council on 01773 841340.

Flexible way to an ideal house

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Taylor Wimpey has launched a campaign to let propertyseekers know how easy it can be to buy one of its homes in Leicestershire - whatever their circumstances.

The developer's Flexi-Move campaign recognises that every homebuyer is different, and that's why they have come up with a variety of tailormade incentives.

Available now on selected properties at new homes developments across the county, they include: Deposit Match - purchasers can double their deposit with an interest-free loan covering up to 10 per cent of the price of their new Taylor Wimpey home, repayable in up to three instalments over a 10-year period.

Easy Start - qualifying firsttime buyers can secure up to 25 per cent of the price of their new Taylor Wimpey home through an interest-free equity loan, repayable in up to three instalments over 10 years, with a deposit as low as 5 per cent.

Easymover - purchasers with a property to sell can sit back and relax while Taylor Wimpey finds a buyer for their current home - usually in five to six weeks but sometimes in as little as a fortnight. The housebuilder can also cover estate agents' fees and the cost of moving, and the customer's chosen plot is reserved throughout the process.

Part exchange - Taylor Wimpey offers homebuyers the market value of their existing home (based on the average of independent professional valuations) off the price of their brand new purchase. Part-exchange customers are free to remain in their current property until their new home is ready to move in to.

Flexi-Move deals are available at: Cedar Walk, Loughborough Road, Birstall. One-bedroom apartments from Pounds 125,250, three-bedroom houses from Pounds 186,995, four-bedroom houses from Pounds 195,250. Open seven days a week, 10.30am to 5.30pm. Call 0845 671 3138.

Peartree View, Derby Road, Loughborough. Four-bedroom houses from Pounds 350,250. Open Thursday to Monday, 10.30am to 5.30pm. Call 0845 672 3805.

The Fairway, Herongate Road, Humberstone, Leicester. Three- bedroom houses from Pounds 169,750, four-bedroom houses from Pounds 180,750. Open seven days a week, 10.30am to 5.30pm. Call 0845 672 3811.

Further information on all Taylor Wimpey developments across the East Midlands is available by calling 0116 281 6470.

Making the most of a savings squeeze

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THE Bank of England's decision to leave interest rates on hold this week came as no surprise, but the longer rates are depressed, the more elusive a return on savings becomes.

The recent withdrawal by National Savings & Investments of two of its most popular products, as well as a reduction in its other rates, has reduced savers' options.

One consequence is that offset mortgages are becoming increasingly attractive for anyone who has both savings and a home loan. The policies, where savings can be used to reduce borrowers' mortgage interest costs, have become more and more mainstream since they were launched 10 years ago.

Offset deals enable home buyers to effectively earn the mortgage rate of interest on their savings. They work by combining a mortgage with one or more savings accounts and, in some cases, a current account. The borrower is then required to pay interest only on the net balance of the mortgage after the amounts in the linked savings and current accounts have been considered.

In other words, if the mortgage is pound(s)100,000 and there are savings of pound(s)10,000 available which are offset against it, interest is only payable on pound(s)90,000 of the loan. Rather than making lower interest payments, however, many people with this type of mortgage prefer to continue making repayments on the full loan so it is paid off faster.

Ray Boulger, senior technical manager at independent mortgage brokers John Charcol, says: "The key attraction of an offset mortgage is its tax efficiency. Interest received on savings would normally be subject to income but because no interest is actually received via the offset arrangement, it is very tax efficient, particularly for higher rate taxpayers. The tax treatment means that any savings in an offset account effectively produce a return at the mortgage rate grossed up at the borrower's relevant marginal tax rate."

Johnson signs for Terriers on loan

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ARGYLE midfielder Damien Johnson has signed for League One rivals Huddersfield Town on a season-long loan. The surprise switch was completed yesterday afternoon, less than 48 hours before Argyle commence their 2010/11 League One campaign. Johnson had seemed primed to be a key member of manager Peter Reid's plans for the new season. Reid had repeatedly talked about the importance of the experienced central midfield pairing of Johnson and captain Carl Fletcher. But now Johnson has moved to Huddersfield, who were beaten play-off semi-finalists in League One last term. Reid has not elaborated on the reason why the 31-year-old has been allowed to leave Home Park. But Johnson is one of Argyle's top paid players and Reid is under pressure to reduce the size of the club's wage-bill. So that could have led to Johnson's departure, only six months after signing for the Pilgrims from Premier League club Birmingham City. Johnson's move opens the way for summer recruit Anton Peterlin or Luke Summerfield to partner Fletcher against Southampton at St Mary's Stadium on Saturday. Reid said: "Sometimes circumstances dictate comings and goings at a football club, and this is one of those occasions. "Johnno has been brilliant for me since I arrived and I wish him good luck for this next stage of his career. "The lad's a terrific player and good pro but we have brought one or two people in -- Anton Peterlin has done well -- and we have got Carl Fletcher, Luke Summerfield, one or two players who can do the job in there." Johnson announced earlier this week he would be retiring from international football with Northern Ireland. He made 20 starting appearances for Argyle last season, after arriving from Birmingham, and scored two goals. Johnson's loan deal includes the stipulation he cannot play for Huddersfield against
Argyle in any league or cup games.

VERSAILLES SHOPPING SPREE {HEADLINE2} An investor is buying 28 homesVERSAILLES SHOPPING SPREE {HEADLINE2} An investor is buying 28 homes

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A 27-year-old investor says he has contracts to buy 28 of about 40 homes now on the market in Wellington's Versailles community, sales he said will stabilize prices in the once fraud-plagued neighborhood.

Christopher Anzalone is making the purchases as president of the Fort Lauderdale-based Liberty International Real Estate. He said the contracts total about $18 million.

Currently a renter in the pocket of 415 luxury homes near Lake Worth Road and U.S. 441, Anzalone said he learned real estate through a family business.

Anzalone sees opportunity in Versailles, where scam loans bought million-dollar mini mansions that now sell for half that -- or less.

He said the majority of his contracts are for one- third of what the homes last sold for.

The biggest deal: an $800,000 purchase price on a home where the bank was owed $5.7 million.

The Regional Multiple Listing Service had 41 active sale listings in Versailles as of Thursday.

"It's a beautiful community," Anzalone said. "The residents who live there have done a good job of getting rid of the fraudulent purchasers, and they are keeping it up meticulously."

Anzalone said he also has back-up contracts on nine additional properties, so if the original buyer falls through, he can scoop them up.

He said his original plan was to purchase all 46 homes for sale, but that some sellers were asking too much and other homes were already under contract.

Federal prosecutors have named 11 houses in the Versailles development that they believe were involved in some form of mortgage fraud.

Why Should I Consider an FHA Home loan to purchase a home?

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Why Should I Consider an FHA Home loan to purchase a home?

Purchasing a Florida home is one of life's major landmarks and for some, it is even a dream come true. Securing an FHA mortgage is the most important piece of the Florida home loan puzzle.

The FHA loan program was created to help increase homeownership. The FHA home loan makes buying a home easier and less expensive than other types of real estate mortgage home loan programs. Some highlights of the FHA loan program are:

Other FHA loan Advantages Include:

Minimal Down Payment and Closing Costs.

  • Down payment less than 3.5% of Sales Price
  • Gift for down payment and closing costs allowed.
  • No reserves or required.
  • FHA regulated closing costs.
  • Seller can credit up to 6% of sales price towards buyers costs.

Easier Credit Qualifying Guidelines such as:

  • Minimum FICO credit score of 540.
  • FHA will allow a home purchase 2 years after a Bankruptcy.
  • FHA will allow a home purchase 3 years after a Foreclosure.

Easier Debt Ratio & Job Requirement Guidelines such as:

  • Higher Debt Ratio's than other home loan programs.
  • Less than two years on the job is allowed.
  • Self-Employed individuals o.k.


Homeowners enjoy the benefits of investing in their Florida home year after year. For some, there comes a time when that investment can come in handy. Refinancing your home loan with FHA can prove to be an effective way to put that equity in your Florida home to work.

Florida has FHA loan limits these FHA loan limits were established to define how much you can borrow for FHA home loan. Each state has different FHA loan limits, so be sure to look up your state to understand what is available for your FHA home loan.FHA home loans are easier and less expensive than other home loan programs.

There are many reasons for Florida homebuyers to investigate an FHA home loan for their next purchase. First time Florida homebuyers should explore FHA loan options because it’s easier to qualify for an FHA loan than qualifying for a conventional mortgage.. FHA mortgage loans are guaranteed by the government, making your home loans application more appealing to FHA approved lenders. Since the typical first-time FHA mortgage applicant is young and just starting out their careers, chances are they still have student loans and other credit card debts to content with; The FHA mortgage loan costs less and is more forgiving of youthful indiscretions with credit and payments.

FHA mortgage loans don’t require a big down payment. For most Florida first-time homebuyers this can be an advantage; that typical Florida mortgage applicant in the early stages of a new career often doesn’t have a large down payment set aside specifically for purchasing a Florida home. Luckily the FHA mortgage only requires a low 3.5% down payment, and that money can come from a variety of sources including an FHA down payment assistance program including Florida Grants.

For Florida first time buyers, closing cost can be another issue to contend with. For the Florida homebuyer typical closing costs for FHA home loans are around 6% of the purchase price. One of the biggest advantages with an FHA Loan is that the seller can pay up to 6% of the Florida homebuyers closing cost and prepaid

FHA mortgage loans are not just for Florida first-time home buyers. Florida homeowners use FHA refinance mortgages to help people get out of sub-prime adjustable rate mortgages with interest rates on the brink of a huge increase. Florida homeowners on the brink of foreclosure with a conventional mortgage loan are finding that FHA home mortgage refinancing is a godsend for those who want to keep their Florida home.. The advantages of using an FHA mortgage include a low fixed rate mortgage guaranteed by the FHA. This means, predictable FHA mortgage payments over the life of the loan and lower interest rates making it easer for mortgage applicants to qualify with lower payments..

FHA also provides cash-out refinancing for those who need to use equity built up in their Florida home for unexpected expenses. FHA cash-out refinancing mortgage may offer lower interest rates than traditional home equity loans; you may qualify for one of two FHA mortgage plans which offer cash-out refinancing. One offers loan amounts for up to 97.75% of the appraised value of the home, another FHA refinancing loan offers amounts up to 85% of your Florida homes appraised value. Each FHA mortgage loan has its own requirements;

FHA home loans should take up no more than 35% of your Gross monthly income ( income before taxes) , and your FHA loan officer will ask for verification of your income to make the calculation. While some Florida mortgage applicants are able to get conventional loans using “stated income”, requirements for FHA home loans such as FHA refinancing loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

FHA mortgages have specific requirements for income, debt-to-income ratios, maximum FHA loan amounts and other details; each type of FHA mortgage loan is unique and must be applied for individu