100% FHA Loan - Call me now!!! - 09/29/07 02:06 PM
Okay, got your attention right, well this is B.S. There is no 100% FHA loan, there is still a 3% required downpayment for FHA loans for purchase. I have seen lenders advertising new FHA 100% loan, which is bogus. Countrywide in our area is going to realtor offices and advertising it.
What … (2 comments)
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Make Your Next Open House a Winner - 09/27/07 01:55 AM
Many Real Estate professionals feel that open houses are too time.consuming. Frankly,they are time.consuming. But I can provide assistance as a mortgage professional onhand to field many questions for you regarding financing options.
Even in a booming market, homes don't sell themselves. I would like to be an ally for youand assist … (5 comments)
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Building a Referral Network - 09/26/07 10:49 PM
Everyone has heard the expression, "It's not what you know but who you know." Of course this isn't entirely true, but having a successful referral network can lead to a significant increase in satisfied clients with minimal effort on your part.
Have you ever gone into a large home improvement store, trying … (2 comments)
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The Perfect Purchase Transaction - 09/26/07 10:45 PM
Have you ever wondered what the Perfect Purchase Transaction would look like? Close your eyes and dream about it for a minute... Few inbound phone calls. Your cell phone never rings. Clients leave so ecstatic with your service that they hand you three names of people they know who are ready … (1 comments)
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Impac Lending Ceases Wholesale Operations - 09/26/07 10:37 PM
Impac Lending has ceased operations for wholesale and commercial lending. On September 18th, the company issued a statement explaining it is getting out of the mortgage business except for a couple of retail outlets it currently owns. Impac Lending was a wholesale Alt-A and sub-prime lender. Impac Lending has been on … (2 comments)
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Nationstar Mortgage is gone - 09/26/07 10:32 PM
Nationstar Mortgage has stopped originating loans and here is an excerpt from an e-mail to wholesale branches;
"We have made the decision to stop all wholesale originations effective September 21, 2007.
Therefore, Nationstar Mortgage is no longer accepting any new loan submissions through any of its wholesale channels. Any approved applications in the … (1 comments)
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Decision One is gone - 09/26/07 09:21 PM
The mortgage lender Decision One has stopped originating any new loans and will continue to fund loans that are already in the pipeline that are approved and locked. If they are not approved then those loans need to find a lender. Decision One was a sub-prime and Alta-A lender. They are the latest … (6 comments)
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Is There a Downside to the Feds Interest Rate Cut? - 09/23/07 09:06 PM
INTEREST RATE CUTS: Are there downsides to the Fed's cut in interest rates? Answer: Of course. First, the possibility of higher inflation usually goes along with a drop in rates. Most don't think that's a real issue these days due to the slowdown in the economy and the impact of globalization. … (5 comments)
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First Time Home Buyer Seminar - October 24th at Jackson St Boys & Girls Club - 09/22/07 02:20 PM
There will be a free First Time Home Buyer Seminar on Wednesday October 24th at the Jackson Street Boys & Girls in Wilmington, DE. The seminar will be from 6:30 PM till 8:00 PM and is open for anybody to attend. Please pre-register so that you will have a seat available … (5 comments)
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Saving Money on Your Homeowners Insurance - 09/22/07 02:14 PM
Homeowners' insurance prices can vary significantly. Companies offer several types of discounts, but they don't offer the same discount or the same amount of discount in all states. Ask your insurance agent or company representative about any discounts available to you.
Steps to help you save money on your homeowner's insurance
1. … (4 comments)
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What is Homeowners' Insurnace Why do you need it? - 09/22/07 02:06 PM
Homeowner's insurance
Unless you pay cash for your home, your lender will require proof of a homeowner's insurance policy, secured before closing. This policy protects your investment as well as the lender's. If you choose to have the lender escrow your insurance payment, then you need to pre-pay a full years premium in advance. … (1 comments)
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Free Seminar for Real Estate Professionals - Mortgage Market Meltdown - 09/22/07 01:56 PM
There will be a free seminar on Wednesday October 17th from 6:30PM till 8:00 PM at Citizens Lending Group's office in Newark, DE. The seminar will cover why the current mortgage market meltdown happens as well as the current credit liquidity crisis. Real Estate Professionals will learn how this crisis has effected the … (0 comments)
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House of Representative Passes FHA Bill - 09/21/07 10:17 PM
The house of representatives on Tuesday passed the FHA Reform Bill (H.R. 1852). This bill raises the FHA loan limit in high cost areas to $417,000 which is the current conventional loan limit. This is a big step, but there is a ways to go, the bill has to make its … (1 comments)
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Fannie Mae is making changes again to 100% Financing - 09/21/07 07:48 AM
Fannie Mae hasn't made a public announcement yet, but it told all of its lenders that big changes are coming for 100% financing programs backed by Fannie Mae. What are the changes? Fannie Mae is getting rid of EA-II and EA-III approval for all of its 100% financing programs. DU (Desk … (8 comments)
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Free Educational Seminar - Understanding Credit & Credit Repair - Oct.13th - 09/20/07 09:33 PM
There will be a Free Seminar on Understanding Credit & Credit Repair on Saturday October 13th from 10:00 AM till Noon at Citizens Lending Group's Office in Newark, DE. The seminar will cover the basics of the credit scoring model including the 5 factors that make up a credit score. It … (1 comments)
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Are your prepared for the New Real Estate Market? - Free Seminar for Realtors - 09/16/07 09:32 PM
The Real Estate Market is in the midst of going thru big changes, are you prepared? The mortgage market meltdown and the credit liquidity crisis have accelerated a declining Real Estate Market and will have a dramatic effect on your career as a real estate professional. Find out WHY the meltdown happened, … (0 comments)
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First Time Home Buyer Seminar - Sept 29th - Still Room Left - Register Now!! - 09/16/07 08:37 PM
There is a Free First Time Home Buyer Seminar on Saturday September 29th from 10:00 AM till Noon at Citizens Lending Group's office at 256 Chapman Rd, Suite 105, Newark, DE 19702. The seminar will cover all of the basics of buying a new home, from budgeting to credit, to getting pre-approved. … (0 comments)
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Free Real Estate Investment Seminar - Sept. 26th - Still Room Left - 09/16/07 08:49 AM
There is a Free Real Estate Investment Seminar on Wednesday September 26th from 6:30 PM till 8:00 PM in Newark, DE. There is still room left so register now to reserve your spot. The seminar covers getting started in Real Estate Invensting. It will lay out a plan for you to … (0 comments)
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What are Partnerships? - 09/14/07 10:27 PM
Partnerships
As a proprietorship grows, or if a company begins with more than one owner, it may become a partnership. A partnership is a non-corporate, for-profit business offering inexpensive and easy formation and no corporate taxation. However, like the proprietorship, partnerships have unlimited personal liability and limited life. There is also … (0 comments)
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What is a Sole Proprietorship? - 09/14/07 10:23 PM
Sole proprietorship Entrepreneurs usually begin as sole proprietors. Likewise, most companies begin as proprietorships. This is the simplest business structure, which is an unincorporated business owned by one person and is the most popular form of small business ownership. "Sole proprietorships are good for a person who is on his or … (2 comments)
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FICO Score Explained - 09/14/07 09:42 PM
Fair, Isaac & Co (FICO) says you are a 635, what does it mean? Your FICO number is a major factor in determining what loan products and interest rates are available to you as a borrower. Your FICO score is based on a scoring system and each credit reporting bureau uses … (6 comments)
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The 5 Five Factors that Make up a Credit Score - 09/14/07 09:29 PM
The credit-scoring model used by the major Credit Reporting Bureaus has five factors that affect the credit score. The five categories are payment history, balances carried, credit history, mix of accounts, and inquiries. The scoring is not equal among the categories. Each category is weighted and is given a percentage. The … (7 comments)
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Mortgage Market Update for September 13, 2007 - 09/13/07 11:41 AM
Here is an update on market conditions for today September 13, 2007. Bonds have moved lower.
Mortgage Bonds are under selling pressure so far today and are having a rough week overall after being pushed lower from resistance.
Sometimes things have to get a little worse before they can get better...and that's … (0 comments)
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Core Competencies for Loan Officers to Excel - 09/13/07 10:02 AM
When it comes to being disciplined about developing core competencies that help one to really excel as a Loan Officer; here are the top three.
1) Networking to build your database(includes potential clients as well as referral sources)
2) Consistently staying in touch with your database in a variety of ways. At least … (0 comments)
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Mortgage Lead Generation - Orphan Files - 09/12/07 01:03 PM
When a loan officer leaves a company the clients he/she brought to the company are called orphan files. These clients now belong to the company. Ask your manager to see if you can contact any orphan files in your office to see if they need any mortgage or real estate help. … (2 comments)
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Lead Generation - Tradeshows - 09/12/07 11:47 AM
An out of the box marketing idea is to attend tradeshows that are no directly related to your business. You can go to electric shows, design shows, car shows, women trade shows, etc.
Most of the time if you setup a table you will be the only real estate business at the … (6 comments)
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Lead Generation - Join an Association - 09/11/07 06:26 PM
If you are looking to generate leads for your real estate business, be it realor, loan officer, appraiser, notary, settlement attorney, etc, start by joining an association.
People join associations for one of three reasons:
Social - they want to build or maintain friendships and influences that may have taken years to build;
Promotional … (6 comments)
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Short Sale and Taxes - 09/10/07 11:18 PM
Since foreclosure filings are at an all time high, lenders will be doing a lot more short sales to save the money and headache of the foreclosure process. What most home owners may not realize is that their are some tax consquences and some credit consquences when someone does a short … (3 comments)
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Real Estate Professionals - The importance of the Daily To Do List - 09/09/07 11:22 PM
I have used "TO DO LISTS" in the past and found that the time I spent planning in writing the list and then priortizing it, really ended up saving me time. Then I got too bust and/or too lazy to keep doing them the night before or the morning of and … (10 comments)
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What is the FDIC? - 09/09/07 09:06 PM
The Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. government, insures bank deposits of member banks up to the maximum permitted by law. So a bank savings account provides great peace of mind. That's important. Because of this safety net, experts generally agree that a family's emergency savings … (4 comments)
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Testing out my new HTML link to my website - 09/09/07 08:11 AM
Check out my link to my website, just learned how to put it into HTML so the link shows up as a clickable link with the name of my site instead of the whole web address.
Delaware Mortgage Loans
If you check out my link to see if it is working, … (5 comments)
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Relationship Building - Networking Oppurtunities - 09/08/07 09:58 PM
The key to our business is building long term relationships with referral partners and past clients. A good saying that definitely applies is "He/She with the most friends wins". I wanted to look at some networking opportunities that one can pursue to start building a long term referral business. You can … (0 comments)
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Countrywide to cut 12,000 jobs - 09/08/07 01:40 PM
Countrywide home loans announced yesterday that they are planning on cutting 12,000 jobs nationwide. This represents 20% of their work force. THe CEO cited current market conditions and a predicated drop in originations next year for the job cuts. Countrywide will also be cutting programs and focusing on conventional and governement … (0 comments)
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6 Things you need to know regarding the FHA Secure Plan - 09/06/07 09:18 PM
Here are the 6 things you need to know regarding the FHASecure Plan: 1. The payment-to-income ratio and debt-to-income ratios remain 31% and 43%, respectively. Compensating factors are to be provided by the underwriter when the ratios are exceeded. 2. The homeowner's mortgage payment history during the 6 months prior to the reset should … (8 comments)
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Looking for Delaware Realtors that want to grow their business in the current market - 09/05/07 11:27 PM
I am looking to network with any Delaware Realtors that want to grow their business in this new market that is emerging because of the credit liquidity crisis and the mortgage market meltdown. If you are wondering what to do with inventory stacking up, lenders going out of business, and loan … (0 comments)
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Credit Scoring Model in for Big Change - 09/05/07 11:11 PM
The Credit Scoring software produced by Fair Isaac Company will be changing this month to change how authorized user accounts are scored by the system. It will no longer recognize authorized user accounts so for most people this will lower their credit score. It doesn't matter how long you have had … (0 comments)
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The Truth About the Mortgage Market - 09/05/07 09:39 PM
Subprime mortgages have now been credited for bankrupting well over 110 lenders and seriously damaging operations at many major mortgage firms. They've reportedly wiped out 5 hedge funds, tens of thousands of jobs, and have led to millions of foreclosures with millions more on the way. And, as if that weren't … (0 comments)
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President Bush adds loan Program to FHA to help 1/4 million home owners - 09/05/07 08:53 PM
On August 31, President Bush annouced that HUD will help families avoid Foreclosure by providing a brand new FHA loan called the FHA Secured loan. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now … (4 comments)
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Market Update for Wednesday September 5th - 09/05/07 08:41 PM
Important News affecting the Economy and Mortgage Market Today.
The ADP Employment Report came in showing private sector job growth of only 38,000 jobs during August, the smallest monthly total in four years. After factoring in government Job growth, the ADP data suggests this Friday's official Jobs Report from the Labor Department … (3 comments)
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Existing Inventory of Homes for Sale - 09/05/07 03:25 AM
FOR SALE - There are more existing homes for sale today than at any time since October 1991 (source: NAR).
STOCKS vs. REAL ESTATE - Over the last 5 calendar years (2002-06), the average annual rate of home price appreciation (up +9.2% per year) was greater than the annual return achieved … (3 comments)
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Subprime Mortgage Market - How big is it? - 09/05/07 03:23 AM
MORTGAGES - The subprime mortgage market, which is available for borrowers with past credit problems or a limited credit history, represents 20% of the nation's $3 trillion mortgage industry (source: BusinessWeek).
The Subprime mortgage market has been hit hard this year and all of the trouble started in December of 2006 when … (8 comments)
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Update on Current Market Conditions - 52 Week Lows - 09/05/07 03:20 AM
HIGHS, LOWS - The number of New York Stock Exchange stocks hitting 52-week lows during the trading week has exceeded those hitting 52-week highs in each of the 6 weeks since our stock market peaked on 7/19/07 (source: Barron's).
GOING CRAZY - The Chinese Shanghai Composite stock index is up +95% YTD, … (1 comments)
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Facts about the S&P 500 Index in this market - 09/05/07 03:18 AM
JUST FALL AND WINTER LEFT - Since 1990, the final 4 months of the year (September-October-November-December), have averaged a +6.1% total return gain for the S&P 500. 82% of the years (i.e., 14 out of 17) have produced a positive total return for the 4-month period. The S&P 500 is an … (3 comments)
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