mycarterlo - Conventional, FHA, VA, Fractional,Commercial, Construction & Reverse Mortgage info

Alot have changed

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Mon, 08 Oct 2007 08:28:23 -0500

I haven't been around these parts in a while and it seams that alot have. Changed like now there is a ActiveRain Sponsors banner poping up everywhere, what's with that? Can someone catch me up to speed about this new ActiveRain. What with all the ads and how does it benefit the community. what other less obvious changes are there.

NYU Professor Says Subprime Mortgages Can Be Good

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Wed, 11 Jul 2007 14:12:33 -0500

Many of you probably don't know, but my 1st two years of college was a NYU. So it really peaked my interest when I recieved this BrokerUniverse newsletter today.

By Alton Gary Simpson

NEW YORK -- Taking a stance contrary to the emerging conventional wisdom that subprime mortgages are the root of all evil in the mortgage market are Alexei Tchistyi of New York University's Leonard N. Stern School of Business and Tomasz Piskorski of Columbia Business School. The pair has authored the study, "Optimal Mortgage Design," to answer the question, "Assuming 'full rationality,' what is the best possible mortgage contract between a homebuyer and a financial institution?" They posited an optimal mortgage contract and then compared the features of existing mortgage contracts with those of the optimal contract. They concluded that alternative mortgage products such as subprime products -- such as, option ARMs or the combination of an interest only mortgage with a HELOC, are more efficient than traditional mortgages.

Click here to read the full story.................

I for one do believe that subprime works because it help me get into my 1st home when other's wouldn't give me a chance. The key I believe is to get a loan officer who is reputable to assit you so you donn't go over your means.

Looking for Originators

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Wed, 11 Jul 2007 00:31:54 -0500

We're Hiring,

If you are looking for a stable mortgage company to work for there is no better company than Carteret Mortgage Corporation. While other are closing shops and laying off their people we are still agressively hiring and opening new DCB. I tell you it was one of the best decision I ever made when I transfered to Carteret over a year ago and I have not regretted it since.

Because of the subprime bust a lot of good Loan Officers have been left in the dust with broker shops after broker shops are closing their doors or downsizing. The ones that remain are not receiving enough commission for their hard work.

Why Carteret?

Carteret's commission split is 70% for qualified loan officer's with over 2yrs experience
5% bonus for Loan Officer's generating over 100k per year
Programs Available for New Loan Officers or Loan Officers with less than 2yrs experience.
Carteret currently has mortgage licenses and/or can do business in 49 states and Washington, D.C.. Carteret is individually owned, not a large impersonal corporation.
Carteret provides a very high compensation package plus a recruitment bonus for every new employee you hire. No glass ceiling. Medical, Life and disability insurance is available as is a 401K plan.
Carteret is FHA and VA approved.
Carteret is approved as an originator by over 400 major wholesale lenders: Bank of America, Citicorp, INDY MAC, Washington Mutual, First Horizon, Molton-Allen-Williams, Chase, Countrywide, Flagstar, Chevy Chase, Interfirst, plus many others.
Carteret is in the forefront of today's technology, communicating through E-Mail, web pages, sites for advertising, and subscriptions to Lion, Inc.-the mortgage industry's Internet lender hotline.
Carteret provides loan officers with the choice of becoming a self-sufficient business either as an individually home-based business (where permitted by state and federal regulations) or as an office-based branch with several loan officers.
Carteret doesn't hold earned commissions for months before dispersing. Commissions are paid as received weekly.

If you are interested to work for a company with stability call me at 877-509-8800. If you have questions post it here because it may be beneficial to others as well. Something personal email me at caryllmiller@yahoo.com

To Niche or not to Niche

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Tue, 10 Jul 2007 23:31:09 -0500

Niche, Niche, Niche, Niche - That's all everyone ever says about marketing. Caryll you have to pick a Niche and focus everything on it. Our company his so good at all parts of property loan that it's hard to choose and then I feel as if I will kill the other areas of business from flowing in if I only focus one a certain niche. So I guess my question is

How do you let the public know you can assist them in other areas if you are only concentrating on a certain Niche?

Blogging

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Tue, 10 Jul 2007 23:28:53 -0500

I know I say it all the times but I am truly going to try to get back into the blogging mode. See in school writing was not my big thing. I am more of a math and since gal. However to be honest blogging on Activerain as been good to me. People like to read and get to know the people who they are doing business with. I even notice that I refer to the internet more and more to acquire information on people and places that I am thinking of doing business with. With so many people rushing to the computer with questions it would suite us to have the answers and insights they are looking for.

Don't know your own town

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Mon, 25 Jun 2007 16:04:32 -0500

Well as Realtor you probably know your own town but as a Jamaican born New York raised and Military brought to VA Loan Officer you might not. My girl friend move from Mary Land to VA and we decided to start a work out program. To be quite honest I have put on a lot of weight since getting out of the Navy. Some one had referred the Newport News Park and because I have drove through there before I thought it might not be a bad idea. So this morning after dropping our girls off to School we went to the park.

I wanted to find out about renting a picnic area for my daughters birthday so we decide to stop at the visitors center. When we pulled into the parking place we were right in front of a plague that displayed the history of Newport News. I never knew it was so rich in history and before I demean that I would rather blog about the history of Newport News when I either right down what the plaque says or do some research.

After leaving the visitors center and started on my trail each step took was a reminder of the history with marking of the fight that took place here. I could not help but to wonder how may people lost their life her in fight for what they felt was freedom. Because in the end isn't that what we all fight for, isn't that what we all join the military to protect. If not why fight. As I struggle to loose this weight our boy and girl struggle oversees while our commander in chief enjoy life with is family. AWWWWWWWWWe but let me not go there because I am talking about VA.

So let me do my research, learn my town and then I will let you guys in.

Work from home as a Realtor

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Wed, 20 Jun 2007 20:43:45 -0500

I have a girl friend who just moved here from Maryland and is going to a real estate school. She is a single Mom so she want to be a Realtor so she as flexibility to be there for her daughter. I was wondering if you know any Real Estate company were she could work independently from home as a Realtor. If so what are the draw back for working for such a company vs working for a traditional real estate company. Any feedback would be very helpful

Thanx in advance

Forest Fire on Highway 13

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Tue, 19 Jun 2007 18:03:03 -0500

A forest fire along Highway 13 is forcing the evacuation of up to 30 homes along Gatlington Road. My heart and prayer go out to them and hope that their homes will be speared. I hope no one in the ActiveRain community is affected and if you are, you know you will have our support here. With the weather so hot in this region this is certainly not a surprise. All we can do is gear up for what mother nature as to offer.

Your are invited to Join "What's Hot in Virginia"

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Thu, 14 Jun 2007 08:10:02 -0500

Yeah, I know we have Localism but, months back I started a group titled What's Hot in Virginia on the ActiveRain Network.

(What is Active Rain? Read the ActiveRain FAQ . To join the network, click here.)

Lately certain person(s), that should remain nameless have been posting fluff pieces to increase their points so, I feel compelled to go over our posting guidelines.

Guidelines for posting: The purpose of the group is to discuss "What's hot and what's not in Virginia Real Estate Market". In other words something Real Estate that directly affects us in VA. Not things that are already happening nationwide unless you have a direct example on how it's affecting Virginians.

For anyone that cannot keep up with the spirit of the group and decide to become a renegade. The group's new Administrator Tchaka Owen or I will notify you of your violations along with a refresher of our guideline. Keep doing it and we will change your status to "Member -- Can't Post". Continued misbehavior will result in removal from the group.

TX Realtor referral

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Wed, 06 Jun 2007 18:15:41 -0500

Good evening everyone,

I couple of weeks ago I client call me after seeing me on ActiveRain. They are from Loangview TX, they currently own their home but is looking to upgrade. I have already pre-qualified them using the husband. Who have great scores and a stable job.

Since it's because of ActiveRain I found this clients I feel it is only fair it goes to an ActiveRain Realtor. However, if you know you are going to try to steal my client do not contact me because I will put you on blast all over the Interenet. Now if I can't help them that is a different situation but that will not be the case with these clients because they a have clean file and I have already received several pre-quals for him from several lenders.

So if you are interested please give me a call at 757-369-5721 / 877-509-8800 or email me

Thanx

How does a Reverse Mortgage affect my government healthcare coverage?

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Tue, 29 May 2007 12:28:54 -0500

* Line of credit option is the most feasible way to receive reverse mortgage proceeds for individuals using government healthcare coverage.

Many of you are so scared to use Reverse mortgage in fear that it will hurt your medicaid but so I hope this flyer helps in your understanding on how you can still benefit. Its time to stop struggling and take advantage of this great program.

I'm Back

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Mon, 14 May 2007 16:37:30 -0500

I know I have been a little scares lately but I thought it would go unnoticed. However that was not the case. I received several calls from clients looking for a loan or just some friendly advise. It wasn't until last week though that I realise by me taking a break from bloging that some may think I am out of the business. A local mortgage sales manager sent me an email saying.

"Subject: Are you still in the business "

But moments after thinking ay I am missed I realise that he might have been trying to recruit me it seams I get more of that, than calls from clients lately. The thing thou is none of them cann't even begin to offer what I have with Carteret.

Well it's great to be back before I start blogging away thou I am going to check out the scene to see what's hot and popping :)

Another lender bites the dust

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Mon, 02 Apr 2007 10:44:17 -0500

Just received this from SouthStar Funding

Dear Customer,

SouthStar Funding, LLC has ceased its mortgage lending operations effective immediately and is unable to close or fund any loans. The closing agents have been instructed to cancel any pending closings and are not authrorized to close or fund any loans from this point forward. The closing agents have been further instructed to immediately return any funds which have in their trust accounts to the source of the funds, wheteher SouthStar or one of its warehouse lenders.

We appreciate our relationship with you through the years and regret that this decision was necessary due to unprecedented downturn and policy changes in the mortgage industry.

If you have any questions, please contact the company at 1-800-567-9385.

Sincerely,

Kirk Smith
President

I am super happy

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Sun, 01 Apr 2007 21:01:19 -0500

My Mom as finally complete her move to Virginia. For many years I envied that my cousin had her near by to drop the kids off with or simple to chit chat. Now she is here with me, 4 houses away for me to drop my daughter off sometime and chit chat. Not to mention nothing beats your Moms cooking no matter how good you think you are. Hey maybe now I will get to go shake a leg :)

Fractional Ownership

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Sun, 01 Apr 2007 20:56:32 -0500

It seams fractional ownership is taking on some speed so I think I will be starting a Q & A on that as well for everyone who is curious about just how it works. If this is something that you think would be beneficial please comment here on anything in particular you would like to see discussed.

Where as the party girl gone

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Sat, 31 Mar 2007 22:44:17 -0500

Well it's Saturday night the end of another month and I am sitting here typing instead of out shaking my leg. When did I get to such a bore. What happen to the party girl? Where did she go? It seam the more she drifted the more weight I gained. If this is what children and marriage do to your waist line, GIRLS PLEASE DO NOT RUSH IN :)

Free Movie Tickets to Peaceful Warrior

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Sat, 31 Mar 2007 22:35:37 -0500

Good evening all,

Please click on the link below to receive up to 10 free tickets for the new movie Peaceful Warrior Compliments of Best Buy. Great movie to watch with the entire family. Its only good for today and tomorrow. All you have to do is put in your zipcode and it will check for the theaters in your area that is showing the movie and are not sold out. Then you choose the theater you want and it will produce tickets for that specific theater.

http://www.bestbuy.com/site/olspage.jsp?type=category&id=pcmcat114100050013&DCMP=rdr0000392

ENJOY :)

Don’t forget to check out www.mycarteretlo.com for update information on all types of properties and property loans

What's the 411? What are my responsibilities once I get a reverse mortgage?

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Sat, 31 Mar 2007 22:28:26 -0500

You must keep your homeowner’s insurance and property taxes current. You must maintain your home in good repair and continue to occupy the property as your primary residence.

With Reverse Mortgage so simple and beneficial no wonder it growing more and more with senior. The next series of questions and answers will concentrate on the process of obtaining a Reverse Mortgage.

Upcoming FAQ are:

Converting from a traditional Forward Mortgage to a Reverse Mortgage
Choosing the Right Reverse Mortgage for you
Different Reverse Mortgage Advance Options
Finding a counseling center
What to do when your spouse is younger than 62

Have any other questions on Reverse Mortgage or any other Mortgage Please post it here or visit my other blog www.mycarteretlo.com

What's the 411? What will happen to my house when I die?

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Fri, 30 Mar 2007 19:28:06 -0500

Upon your passing, home ownership passes to your heirs and the loan becomes due and payable. Your heirs can retain the property and refinance the reverse mortgage with a new loan, or they can sell the home, pay off the balance and keep any remaining equity, per the terms of your will.

If there are two people on the reverse mortgage, the loan will not due until the other spouse passes as well. In the case of a younger spouse that was not on the title you would want to take care that the spouse that is doing the reverse mortgage have sufficient life insurance to cover the cost of retaining the house for the younger spouse when they pass.

Upcoming FAQ are:

What are my responsibilities once I get a reverse mortgage?

Have any other questions on Reverse Mortgage or any other Mortgage Please post it here or visit my other blog www.mycarteretlo.com

March Webinar- HOW TO GET THE INTEREST RATE YOU WANT

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Fri, 30 Mar 2007 19:11:23 -0500

I started having Webinars last month and plan to do it every 4th Saturday of every month at 1pm Eastern Standard time.

There are 2 convenient ways of joining the Webinar

VIA INTERNET
Click here to join the Webinar. <http://connect.acrobat.com/mycarteretlo >
_____

VIA TELEPHONE
The phone conference details are as follows:

Phone Number: 218-486-2206

Participant ID: 4695662

Here is the outline for the one I had last week you can get the full notes for it and all my Webinars at www.mycarteretlo.com

We went over...

THE TOP 6 THINGS THAT EFFECT YOUR INTEREST RATE

HOW DO LENDERS RATE CREDIT SCORES

THE INCOME RISK FACTOR

UNDERSTANDING DTI

WHAT’S A LTV AND HOW DOES IT EFFECT YOUR INTEREST RATE

DIFFERENT LOAN PROGRAMS

POINTS & PRE-PAYMENT PENALTY

ADD 50 POINTS TO YOUR CREDIT SCORE IN 90 DAYS OR LESS

Continue reading "March Webinar- HOW TO GET THE INTEREST RATE YOU WANT" »

Mortgage lenders still falling like hot cakes

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Fri, 30 Mar 2007 18:56:35 -0500

Here is the latest and the greatest on subprime lenders

** Sunset Direct Lending- RIP

** Kellner Mortgage Investments -RIP

**Fairfield Financial Mortgage Group, Inc - to merge with Savings

Institute Bank and Trust on April 1, 2007. Name will change to: SI

Mortgage Corp.

**Encore Credit - bought by Bear Stearns

**ResMae Mortgage Corportion - bought by Citadel

**American Mortgage Network (Amnet) - merged with Wachovia Bank

**World Savings - merged with Wachovia Bank

**Option One Mortgage - looking for a buyer

**Accredited Home Lenders - looking for a buyer

**Equifirst - bought by Barclay's

Are Mortgage Rates really getting better

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Thu, 29 Mar 2007 14:01:17 -0500

Every day I read news on Mortgage Rates getting better but is it really. This week they are saying it's lower than last week but what they are falling to say is that it's getting better for people with over 700 credit score. As we all know the average borrower do not have over 700 score. Gone are the days that borrowers with 580 score can get a 100% percent loans. The score requirements for loans have increase therefore the interest rates for lower scores have increase. So I pose the Question are rates really getting better

What's the 411? How safe are Reverse Mortgage?

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Thu, 29 Mar 2007 13:35:18 -0500

The home Equity Conversion Mortgage (HECM) is the most popular reverse mortgage, it is insured by the Federal Housing Administration (FHA) and the concept of Reverse Mortgage is fully endorsed by the AARP. You continue to remain on title as the owner of your home. Also, as there are no monthly payments required, you can never be forced to leave your home due to falling behind on your mortgage payments.

That kind of peace of mind I think is the best thing about this program. I was just telling my Mom the other day that I which this program was available to everyone because I would be the first to jump on it.

Upcoming FAQ are:

What will happen to my house when I die?
What are my responsibilities once I get a reverse mortgage?

Have any other questions on Reverse Mortgage or any other Mortgage Please post it here or visit my other blog www.mycarteretlo.com

What's the 411? Will my Reverse Mortgage effect my Social Security or Medicare Benefits?

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Thu, 29 Mar 2007 13:21:40 -0500

Money from a reverse mortgage is not considered earned income. Your proceeds are not taxable income* and there is no affect on your Social Security or Medicare Benefits. Some people who receive Medicaid, SSI or any kind of public assistant and receive advances from their reverse mortgage will need to make sure that you do not keep them in an account past the end of the calender month. If you do keep them in an account past the end of the calender month you should make sure it is not greater than the amounts allowed by these specific public assistant programs because it is considered liquid assets if you do.

* As in anything it is always wise to consult a tax advisor

Upcoming FAQ are:

How safe are Reverse Mortgage?
What will happen to my house when I die?
What are my responsibilities once I get a reverse mortgage?

Have any other questions on Reverse Mortgage or any other Mortgage Please post it here or visit my other blog www.mycarteretlo.com

Only the strong survive

Caryll Miller ( Mortgage Specialist!) (Nations Funding Source) — Wed, 14 Mar 2007 00:51:22 -0500

Anyone that knows me knows my favorite poem is:

"The heights by great men reached and kept Were not attained by sudden flight But they while their companions slept Were toiling upwards in the night."
--Henry Wadsworth Longfellow

So after talking to my mom today about the pit falls the Mortgage business is going through right now she turned to me and said...........

--" I you had only got in the business two years earlier--

But I say I am glad I joined when I did because even though the profit may be harder to gain than before it will be sweet when it comes. Everyday you here of not only lenders feeling the crunch but Loan Originators as well. Since last September the amount of Originators joining the business have systematically decrease. The ones that were in the business through the good times are now packing their bags and heading off for different careers.

I am a hard worker so I see this as a time for me to shine because while my companions sleep I will be toiling away. I am excited because I am with a great company that cover a broad spectrum of property loans:

REVERSE MORTGAGE
Conventional
FHA
VA
Commercial Loans
Fractional Ownership loans at market rate
Hard Money

So if one area slowing down I still have others to hold me up. Never the less I don't think it's going to be an issue for me because once again my company is so great we still have a lot of lender who still do a 100% on subprime loans with up to 6% sellers concession

Switching to Carteret Mortgage was the best decision I have made in my Mortgage Career may some of you should give me a call about a job :)

seriously call me 877-509-8800

and if you have time check out my other blog www.mycarteretlo.com