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lenders: Yes, REALTORS are missing the boat with Lenders too. - 06/02/08 02:50 PM
Recently, Jonathan Osman wrote a well pointed piece about how mortgage professionals are missing the boat when it comes to working with Realtors. I agree 100% with what he said, but wanted to bring another perspective to this topic.
Realtors are missing the boat with Lenders as well. Sure, there are 100's of lenders to call on that can write a mortgage loan for your buyers. And we all know that spam effect of the lenders emailing you constantly about sending business their way. But there are a couple things Realtors and real estate professionals should be aware of too.
I … (57 comments)
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lenders: Another Underwriting Change - 01/14/08 07:40 PM
Chase, one of the leader wholesale lenders, has announced some big changes and modifications to their product line up.
Here are a few of the highlights: Elimination of their Alt A Products Elimination of the MyCommunityMortgage Interest Only Product Increase of Min Credit Scores for Non-Agency 30 and 40 year loans and Interest Only Loans Elimination of 100% Combo loans - Max combined max combo loans ( 95% Agency, 90% non-Agency) Elimination of all Non-Traditional Credit Elimination of internal underwriting of stated income loans Major changes to products in "declining markets" (which Charlotte is NOT!) These changes are being made in light of … (3 comments)
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lenders: Inside the Money 12/19/07 - 12/19/07 05:22 PM
Last week I was unable to publish my weekly update on the mortgage industry. For those of you that enjoy the updates, I do apologize! With the holidays here, please understand that the next couple weeks will be hectic and I will try to publish as much as I can.
Rates
Over the past 2 weeks, Charlotte mortgage rates have remained fairly flat. We have seen minor adjustments, but overall rates have stayed within 1/8th of the rates from a month ago. Over the next few weeks I anticipate rates to remain flat for the most part, however there is a trend that … (2 comments)
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lenders: Inside the Money 12/05/07 - 12/05/07 10:04 PM
This week, Inside the Money:
Rates drop slightly
Mortgage rates for Charlotte and the local area dropped slightly to the lower 6% range over the past week. Rates are still fluctuating from day to day, usually about 1/8 a point at a time. This is good news as buyers look to cash in on a great buyers market in Charlotte!
Option One closes
Unfortunately, another mortgage lender has decided to close its doors. Option One Mortgage, a division of HSBC issued an email today stating that they had decided to closed their doors and would not accept any more applications. It has been a while since a … (2 comments)
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lenders: Inside the Money 11/28/2007 (Pineville Edition) - 11/28/07 10:40 AM
This week, Inside the Money:
Rates fluctuate, but remain steady
Mortgage rates for Pineville and the local area remained steady in the lower 6% range over the past week. Rates are still fluctuating from day to day, usually about 1/8 a point at a time. This is good news as buyers look to cash in on a great buyers market in Pineville!
Media still Focused on Negative "news"
While the national news is still focused on mortgage failings across the country, good news came out of the Charlotte area real estate market. Home prices are holding and foreclosures are not as bad as it seems. … (0 comments)
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lenders: Inside the Money 11/28/2007 - 11/28/07 10:33 AM
This week, Inside the Money:
Rates fluctuate, but remain steady
Mortgage rates for Charlotteand the local area remained steady in the lower 6% range over the past week. Rates are still fluctuating from day to day, usually about 1/8 a point at a time. This is good news as buyers look to cash in on a great buyers market in Charlotte!
Media still Focused on Negative "news"
While the national news is still focused on mortgage failings across the country, good news came out of the Charlotte area real estate market. Home prices are holding and foreclosures are not as bad as it seems. According … (0 comments)
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lenders: Inside the Money 11/21/07 - 11/21/07 08:57 AM
This week Inside the Money:
Freddie Mac announces Higher Costs for Mortgages
Freddie Mac announced that beginning March of 2008, it will impose "delivery fees" to lenders that write loans with credit scores below 680 and with loan to values over 70%. The fees will range from 0.75% to 2% of the loan amount on a sliding scale of credit score ranges. No word yet as to the ability to "roll" these fees into closing costs, or if the lender itself will just charge a higher rate to provide greater yeild to pay this fee. We will see as we get closer.
Rates remained … (5 comments)
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lenders: Inside the Money 11/15/07 - 11/15/07 01:06 PM
As many people have heard, Bank of America has decided to exit the wholesale marketplace to pursue a stronger retail presence in the mortgage industry. This is not considered to be a major blow to wholesale. While BOA is a big name bank, their presence in the wholesale market was very small. Many of the brokers I know and have spoken to that were signed up with BOA rarely used them because they were finding better rates with other lenders!
Regardless of that, the mortgage industry is still plugging along strong. While news media and the internet continue to pour out their … (0 comments)
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lenders: No favors please - 10/28/07 07:32 AM
Good morning all.
I have noticed, not so much here, but in general that there seems to be a riff between real estate agents and mortgage professionals. When I first started, I wondered why that was. But as I have developed in my business, I am beginning to understand why.
Right off the bat, permit me as a mortgage professional to apologize to all real estate agents on behalf of all loan officers. You have been over-promised and under-delivered, mislead and in many cases, down right lied to. You have all dealt with "Sr. Loan Officers" that were only in the business for … (11 comments)
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The articles, reviews and stories written and published on this website are simply the opinions of Ed Nailor. While Ed Nailor has professional experience as a mortgage loan officer, the information posted on this website should not be taken as personal counsel or an endorsement of anything. For mortgage related counsel or advice to be meaningful and effective, one must sit down one on one with a professional to discuss the particulars of their situation. Ed Nailor can not be held liable for any decisions you make as a result of what you might read or infer on this website. Proud supporter of the Right to Free Speech.
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