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mortgage: This Lenders Take On The World - 01/23/10 09:35 PM
If there is one thing that I hear over and over again from agents is that lenders just don't communicate with them what is going on with a deal.  As a lender since 1991, one thing I learned quickly is you communicate information, good or bad, as quickly as possible.
So why won't lenders communicate with you?  As the Sr. Vice President - Regional Sales Manager for a bank, I too wonder why lenders just won't communicate.  However, I think it primarily is centered around the fear of what would happen if they just told you the truth.  Not that I … (1 comments)

mortgage: Financing Investment Property - 07/03/08 11:15 PM
I have recently run into a string of borrowers who have been turned down by lender after lender for the purchase of investment property.  These borrowers are generally investors who have accumulated multiple properties (many within the last couple of years).  So what is the common problem these borrowers are running into that is stopping them from getting approval?  Simply put, their lenders inexperience.  Did I just say that out loud?All of these borrowers are borrowers with credit scores in excess of 720, documentable income as well as verified cash for their down payments.  So why wouldn't a lender want to … (0 comments)

mortgage: End of Down Payment Assistance for FHA? - 07/03/08 10:30 PM
For many of us, the use of Down Payment assistance programs such as Ameridream, Nehemiah, Neighborhood Gold, etc. has become a common way to help homebuyers achieve homeownership with little to no cash investment. 
Last year, HUD took aim at these seller funded down payment assistance programs in an attempt to put an end to them.  In the opinion of HUD (backed by their research) these programs have led to an increase in foreclosures and borrowers who use them tend to default at a rate greater than those that have the minimum 3% cash investment.  The DPA providers sued HUD in … (0 comments)

mortgage: If Last Week Wasn't Enough, Hold On, There's More! - 01/26/08 11:56 PM
Wow! What a week in the mortgage market. We have seen a tremendous amount of volatility over the past 7 days. Tuesdays surprise rate cut by the fed led to a substantial drop in mortgage rates. 30 year fixed rate mortgage's saw rates in the low 5's. What a difference a day can make, on Wednesday, the bond market rally lasted till early afternoon. That afternoon, the Dow Jones Industrial Average (stocks) shot up to the tune of nearly 300 points. This caused a huge decrease in bond prices and sent mortgage rates thru the roof. In that afternoon alone, in … (1 comments)

 
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Dan Moralez

Grand Rapids, MI

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First Place Bank

Address: 4175 Parkway Place, Grandville, MI, 49418

Office Phone: (616) 931-4629

Cell Phone: (616) 931-4629

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