NEWS FROM MORTGAGE DAILY

Wells Adds 6,000 Servicing Jobs in 6 Months

In August 2009, Wells Fargo Home Mortgage reported that its U.S.-based servicing staff stood at 11,500.

At the time, the company noted that it was staffing up to handle a backlog of pending loan modifications.

As of February, Well Fargo's servicing staff climbed to more than 14,500 employees, according to data reported by Moody's Investors Service.

SHOULD I PAY POINTS?

The decision whether or not to pay points can be derived at by considering how long it will take to recoup your initial investment, versus the monthly savings you’ll get by buying down the interest rate.

Example:

One point = $2000 buys down the interest rate .5% and reduces monthly payment by $50/month.

Dividing $50 into $2000, you will break even in 40 months or 3.3 years.  If you intend to retain the loan for more than 3.3 years, this would be a worthwhile investment.

BUYING ARTICLES

Buyers Walk Through Inspection Checklist (pdf)

Common Forms of Ownership in California (pdf)

Smaller Down Payments Help Qualify More Home Buyers (pdf)