Review Mortgage Lenders

Mason McDuffie Mortgage

Chad Focht with Mason McDuffie Mortgage Video Update - April 13th 2011 This video includes a brand new approval process by Mason McDuffie ...

Mason-McDuffie Mortgage Corp. focuses on borrower experience

As chairman, Herb Tasker led the team that founded the third iteration of Mason-McDuffie Mortgage in 2005, bringing a historic name back into the real estate market place. The first Mason-McDuffie Mortgage was founded in 1887. His involvement with Mason-McDuffie Mortgage dates back to the 1970s and he served as chairman and CEO from 1982-1984.

In addition to Mason-McDuffie Mortgage, Tasker has been successfully involved as a senior executive in the formation and eventual sale of other mortgage companies, including All Pacific Mortgage and AIG Centre Capital. He is a former president of the Mortgage Bankers Association as well as a former president of both the California Mortgage Bankers Association and the Southern California Mortgage Bankers.

He currently serves on the board of directors of First American Title and AmNet Mortgage. Other board appointments include University of San Diego and the university’s Burnham-Moores Center for Real Estate Policy Advisory Board.

Good news for homebuyers saddled with student debt

2. For an estimated 8.5 million American homeowners who are still carrying student debts, Fannie has lowered the costs of a "cash out" refinancing, provided the extra cash you pull out from your equity is used to retire your student debt. Among the potential beneficiaries: parents participating in "parent plus" programs that help pay off their kids' student debts, and parents who have co-signed for their children's student loans.

3. If you have nonmortgage debts that are being paid for by someone else — say, your parents pay your monthly credit card balances — these no longer will be included in your DTI computation, provided the payments have been made steadily for 12 months. This should improve the debt ratios of young buyers who are still getting a little help on their cash flows from Mom and Dad.

Jerry Kaplan, senior vice president for Cherry Creek Mortgage Co., a lender in the Denver area, sees Fannie's student loan changes as "a huge deal." It's not uncommon, he said, to see loan applications showing $50,000 to $100,000 or more in unpaid student loan balances, and Fannie's previous rules often made it difficult for those applications to get approved.