Barbara's Blog

Mission accomplished with Wells Fargo modification...

Barbara Cruz (Yesterdays Mortgage ) — Thu, 01 Apr 2010 14:13:24 -0700

Finally got a mod from Wells - took 8 months to accomplish.... homeowner was denied help through NACA etc..... original payment $1,120.00 - mod to $576.67 for first 5 years then $706.89 after the 8th year. Congrats Ms. McLean in Lauderdale, Fl.

TN Modification finally completed

Barbara Cruz (Yesterdays Mortgage ) — Wed, 24 Feb 2010 22:26:26 -0800

Received a TN Modification approval with B of A - this is an in house modification. Original payment was 4294.95 with escrows- new payment is 2161.26 with escrows. Homeowner was past due over a year or 65k behind. Congradulations Mrs Burns in Tn. : ) Yesterdays Foreclosure Where persistence = results.

CA Modification completed

Barbara Cruz (Yesterdays Mortgage ) — Wed, 24 Feb 2010 22:23:06 -0800

We completed a CA Mod. Payment went from 2,335.01 to 730.45 at 3% with taxes and insurance included. Borrower was over 20k delinquent on their taxes and 15k delinquent on their loan. This is a step ladder mod so the peak rate will be 6% with final payment being $1226.08 - this was a doozy but because we are persistent and insistant it all worked out. Congradulations Mr Grimes - Oakland, Ca

Another successful Making Homes Affordable client

Barbara Cruz (Yesterdays Mortgage ) — Thu, 31 Dec 2009 14:07:08 -0800

After a year of persistence to keep this family in their home, we finally received news from Chase that they had made this families loan permenant through the MHA program.

This family suffered what I consider a great hardship. The mother has been battling cancer for a few years and became disabled. She is married so her husband has been taking care of all the bills. I am happy to see her and her family will get to stay in their home and at an affordable rate. Great job! Happy New Year for this family .

The Plan was approved through Chase at 2.0% interest to peak at 4.75% after 5th yr. Payment went from $2,765.91 to $1,080.87 with escrows. Nothing due upfront - mortgage was over 1 yr delinquent - all delinquent funds capitalized.

The Making Homes Affordable program since its release in March 2009 has been slow to

There are many factors that have contributed to the delay in success of the program. Many homeowners have contimplated even staying in their homes because of how far under water they are; many decide to just walk away. For those homeowners who were put into the trial plan - 33% of them did not return the necessary paperwork to proceed with the program. Another contribution to its slow success is the overall process with working between the government, lender and homeowner.

There are current 3,299,780 loans that currently qualify for this program
697,026 loans are in active trial plans
31,382 loans have become permenent modifications under the MHA program

Hoping to see a lot more completed in 2010

Loan Modification Education for Professionals and their clients

Barbara Cruz (Yesterdays Mortgage ) — Fri, 27 Nov 2009 15:04:26 -0800

"Loan Modification" such a controversial term these days.

Although there are dozens of so called Loan Modification companies around now; they’re not sticking around for long. The process of doing a Loan Modification is tedious, cumbersome and the time it takes to complete one can be costly for a third party. Throwing in the towel before finishing a client’s case is not uncommon.

So then what…

Yes it's easier to hand off the burden and responsibility of one's mortgage issues to a third party but for homeowner's who consider a Loan Modification company,

1) a loan modification may charge anywhere from $ 1,500.00 to $ 3,500.00. In the end however, the lender may only save the homeowner, say $300.00 a month - that means it will take them 5 months to recover the fee and reap the savings; homeowners usually feel scammed by the third party.

2) some lenders are difficult and may take longer than usual to come to a resolution, how many companies will stand by a homeowner's side until the end?

3) in most cases the lenders will talk to the homeowner anyway; the homeowner is the final decision maker.

4) most third party companies were established because it was the “in” business at the time and don’t have the empathy or compassion to be persistent

5) many lack the knowledge, skill and overall determination it takes to complete a loan modification

Since 2004, we have helped over 1,000 homeowners obtain Mortgage Relief. Although we have performed so many loan modifications on behalf of homeowners, we shifted our focus about six months ago. We have been advocating to homeowners to educate themselves and handle the situation without a third party. There is just no one else that will be more determined to get the job done as the homeowner themselves will be. Rather than a company that processes modification requests, we support the homeowner's right to do it themselves and instead are utilized as a support system. A third party cannot “negotiate” a homeowner's mortgage; only the homeowner can. A third party merely acts as a facilitator of the homeowner's request.

Real Estate Professionals who have a wide range of homeowner clients, may want to consider our 3rd Party Advocate's Guide to Modifying Loans. This empowers the professional with information they need to know about modifying loans. They don't need to perform the actual modification themselves but instead offer their client the option to sit with them and educate them of the process and expectations and advocate being a support system. Go to www.3rdpartyadvocate.com for details regarding this product.

For Real Estate Professionals who would be interested in offering our Consumer's Guide to Obtaining Mortgage Relief to homeowner's, I will offer a $25.00 referral bonus (sorry, I don't sell these manuals at a high price but it does add up. This is not for the support system, just the manual) Go to www.optimalmitigationgroup.com for details regarding this product.

Mortgage Relief for homeowner's

Barbara Cruz (Yesterdays Mortgage ) — Thu, 29 Oct 2009 13:57:28 -0700

Help homeowner's obtain Mortgage Relief.

Our 3rd Party Advocate's Guide to Modifying Loans blows away every other "how to" manual available.

Tailored for use by Mortgage Brokers, Attorneys and other Real Estate professionals, you will learn how to process a successful loan modification request from the very people who have years of hands on experience with the lenders.

This is not only a step by step how to manual, it is also a manual that will teach you how to overcome homeowner and lender challenges. You will gain knowledge as to how the loan modification process actually works in "a to z" detail.

The 3rd Party Advocate's Guide to Modifying Loans is not an e-book. You will receive the manual via mail.

3rd Party Advocate PRO MOD Tool Box Our PRO MOD Tool Box includes everything you need to develop your own processing department. Perfect for Mortgage Broker Shops and Law Firms. It includes the 3rd Party Advocate's Guide to Modifying Loans, Over 25 lender specific forms and packets plus lender contact spreadsheet and NPV spreadsheet. You also receive on-line access to our Advocate Self Help Center and Advocate Support for up to 30 days of purchase.

BONUS, you also receive the Big Secret Behind making money doing Loan Mods even in states that don't allow "upfront fees." It's simple and it's totally legal!

Visit us at www.3rdpartyadvocate.com for additional details.

The Making Homes Affordable Stats

Barbara Cruz (Yesterdays Mortgage ) — Tue, 13 Oct 2009 15:13:28 -0700

MHA stats..... There are currently 487,081 active trial modifications for the Making Homes Affordable Program. Chase (including WAMU, EMC) leading with 117,196 of them. In all stats show that 3,100,305 loans are eligible for the plan - where do you think mortgages are going with this plan being the leader of all modifications.

3rd Party Advocates Guide to Modifying Loans

Barbara Cruz (Yesterdays Mortgage ) — Mon, 12 Oct 2009 21:43:12 -0700

3rd Party Advocates Guide to Modifying loans on Facebook

Our 3rd Party Advocate's Guide to Modifying Loans blows away every other "Do It Yourself" manual available on the web. Learn how to process a successful loan modification request from the very people who have years of hands on experience with the lenders.

OMG's new 3rd Party Advocates Guide to Modifying Loans will be available for purchase October 30th.

The guide covers the in's and out's of processing a successful Loan Modification request. Including:

* Pre-qualifying a prospective client on the ...spot

* How to specifically deal with the banks

* The Making Homes Affordable program; using it to your advantage

* How to properly fill out a financial statement

* When to have a Forensic Loan Audit completed

* Processing a self-employed homeowner

* Which lenders require what

AND MORE Click the above facebook link to reserve a copy.

Real Estate Agents and Short Sales

Barbara Cruz (Yesterdays Mortgage ) — Thu, 15 May 2008 02:04:06 -0700

Why should real estate professionals work with short sales? First and foremost, agents should put working with short sales in their repertoire because it allows them to really help people out of an emotionally stressed situation. They are providing a much needed service, while at the same time, helping their own econmy and the economy at large. The more properties sell, the more people work, it's that simple. Revenue and business is generated. The real estate agent works, the mortgage lender, the title rep, the processing agent, the administrators, home improvement and inspection professionals etc. Second, it is a good way to pick up a few extra salable listings., build an investor pipeline maybe and avoid REO baby sitting hassles. Truly, though, there is nothing quite like helping a client who feels overwhelmed and distraught find their way out of a bad position. After all - isn't helping people what we are all here to do? Though short sales are tedious, time consuming and a sure pain in the ?BEEP? it is our duty as professionals of real estate to step up and help homeowners through this epidemic.

New rules for Borrowers with Foreclosures

Barbara Cruz (Yesterdays Mortgage ) — Sat, 10 May 2008 00:18:41 -0700

At the end of the month, Fannie Mae will adopt higher minimum down payments and credit scores for borrowers with a past foreclosure.

The government-sponsored enterprise already has boosted the time period for these borrowers to re-establish their credit to five years from four years.

While exceptions could be made for borrowers in hardship situations, Marianne Sullivan, senior vice president of single-family credit policy and risk management at Fannie Mae, says those who had the ability to pay but walked away from their homes should be treated differently than those who met their payment obligations.

Additionally, Sullivan says Fannie Mae will make it more difficult for borrowers to transform their current residences into rentals and purchase new homes to discourage them from walking away from the existing home after the transaction closes.

Fannie Mae is making these changes as Congress considers passing legislation that would allow struggling borrowers to refinance into FHA loans after their lenders write down a portion of their mortgages, and the mortgage industry is pushing for speculators to be barred from the program.

Former Mortgage Bankers Association chair Regina Lowrie asks, "Why should a servicer take a haircut or have a cram-down for any borrower that truly has the ability to pay?"

Source: American Banker, Kate Berry (04/22/08)

Fannie Mae loses $2.2 billion

Barbara Cruz (Yesterdays Mortgage ) — Fri, 09 May 2008 01:05:32 -0700

Here's an article from the Associated Press I thought some may be interested in reading if they haven't already. WOW

The Associated Press
May. 6, 2008 08:10 AM

WASHINGTON - Fannie Mae reported losses of $2.2 billion in the first quarter and the nation's largest buyer of home loans said Tuesday it would cut its dividend and raise $6 billion in new capital, with expectations that the housing slump will persist into next year.

Home prices fell faster in the first quarter than Fannie Mae had expected, the government-sponsored company said, and it will open a $4 billion share offering immediately, with the remainder being offered in the "very near future."

Fannie Mae's federal regulator, the Office of Federal Housing Enterprise Oversight, announced Tuesday that following the stock sale, it will cut the capital surplus cushion the company has to maintain by 5 percentage points to 15 percent. Another five-point cut will come in September, provided there is "no material adverse change" in the company's regulatory compliance.


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The agency's director, James B. Lockhart, said capital requirements were eased because Fannie Mae has improved internal financial controls following a multibillion-dollar accounting scandal in 2004.

The company's estimated fair value of net assets as of March 31 was $12.2 billion, down 66 percent from $35.8 billion at the end of December. The huge decline was attributed to falling home prices and changes made to reflect new accounting methods. The assets are not counted toward the overall loss.

Fannie Mae's first-quarter loss contrasts with a profit of $961 million in the January-March period last year. The company reported Tuesday that the early 2008 loss was equivalent to $2.57 a share. It earned 85 cents a share a year earlier.

Wall Street analysts polled by Thomson Financial had expected the company to lose 81 cents a share in the latest period.

Following Fannie's earnings release, Moody's Investors Service downgraded Fannie's financial strength rating because of the potential for credit losses over the next two years.

Reflecting the ravages of the housing crisis, Washington-based Fannie Mae was forced to set aside $3.2 billion to account for bad loans. The losses were greatest in the hardest-hit states: California, Florida, Michigan and Ohio.

And the company said it only expects credit losses to worsen next year.

"Going forward, we expect our financial results to continue to be affected by the difficult (housing) market," Fannie's chief financial officer, Stephen Swad, said in a statement.

Revenue rose 38 percent in the first quarter, to $3.8 billion, bolstered by increases in fees that Fannie Mae charges lenders to guarantee mortgages and in interest income.

After falling 6 percent, Fannie Mae shares rose 81 cents to $28.52.

Amid the deepening housing downturn and the financial turmoil it sparked, the government has increasingly looked to Fannie Mae and its smaller government-sponsored sibling, Freddie Mac, to step up their role and help restore stability to the market by buying up more mortgages and bundling and selling them as securities. Three-quarters of mortgage-backed securities are issued by the two companies.

In March the regulators reduced by a third the mandatory cash cushion that must be held by Fannie and Freddie, in order to free up an additional $200 billion to finance new mortgages and help existing homeowners battered by the roiling market to refinance into more affordable mortgages.

But analysts worry that the opening for Fannie and Freddie could put too much financial risk on the backs of the companies, which have taken multibillion-dollar hits from the foreclosure wave and have been hungry for capital. Critics have said that allowing the companies to take on more debt could threaten the global financial system.

On Tuesday, Fannie Mae said it would cut its dividend, starting in the third quarter, from 35 cents to 25 cents a share, freeing up around $390 million a year.

The company already had slashed the dividend 30 percent in December, when it also raised $7 billion in capital in a special stock sale.

Fannie Mae said it expects "severe weakness" in the housing market in 2008, bringing increased mortgage defaults and foreclosures.

Countrywide Wants To Sell You a House

Barbara Cruz (Yesterdays Mortgage ) — Sun, 06 Apr 2008 21:46:33 -0700

An interesting article I found at www.slate.com . I'm dealing with tons of Countrywide short sales. They are receiving around 300 short sale packets PER DAY. 80% of my files are short sales with Countrywide. Crazy stuff.

The foreclosure boom means they're the seller, the lender, and maybe even the appraiser. Would you buy a home that way?

So, you've heard about the foreclosure crisis, and to you foreclosure sounds a lot like opportunity. Maybe you've scanned the lists of foreclosed houses on the market and fallen in love with the house with "great bones" and faux Tudor facade in Sacramento that's had its price cut from $314,900 to just $214,900. Or maybe you've reached the point in life where you can consider something closer to the seven-figure range, like the $860,000 six-bedroom colonial in Maryland. But with all you've heard about the credit crunch, how are you going to get a loan to buy your new house?

Well, you're in luck. Because there's one lender certain to finance your purchase: Countrywide, the biggest mortgage lender in the country. And, yes, the very same company that foreclosed on these houses in the first place.

As the real estate market tanks and foreclosures surpass 2 million a year, financing the purchase of foreclosed houses is one bright spot in the mortgage market. As you might imagine, it's not something that lenders are rushing to advertise. But within the real estate world, the importance of this business is not a secret.

In December, according to notes made and posted online by one attendee at a Countrywide conference at the La Costa resort in Carlsbad, Calif., Brian Hale, a Countrywide exec responsible for the company's branch network, told real estate agents that this year financing REOs ("real estate owned," bank-speak for foreclosed properties) would make up 15 percent to 20 percent of his division's business in 2008. At the rate Countrywide's going right now, even the low end of that range would mean $22 billion in loans.

Right now Countrywide's Web site lists more than 14,000 houses that it has foreclosed on and is trying to resell. (The Countrywide Foreclosures Blog keeps a nice running tally for those keeping score.) That's a small fraction of the total that Countrywide has foreclosed on (a number that Countrywide's never released, but of the 9 million mortgages Countrywide manages, more than 101,000 have foreclosure pending). It doesn't include houses that Countrywide has already sold, or many thousands of others it has in inventory and hasn't listed with realtors yet.

So how eager is Countrywide to finance these houses a second time? The contract real estate agents give to potential buyers requires that unless they're paying all cash, they have to get "prequalified" by the local Countrywide office before they can even submit an offer.

You don't have to take Countrywide's offer (with all those houses on its books, Countrywide would probably rather sell the house even if they don't provide the mortgage). But of course making you get that prequalification is a chance for them to sell you on their loans.

And if you do get your loan from them, Countrywide will even throw in an appraisal for free by their appraisal unit. That'll save a few hundred bucks.

Take that offer and that means you'll be buying a house from Countrywide, financed by Countrywide, on the basis of an appraisal from Countrywide. You can file that under Department of Foxes and Henhouses.

Of course, Countrywide is a mortgage lender, so it's natural that they'd offer mortgages to buyers already on their doorstep. But playing the role of seller, lender, and perhaps appraiser creates some peculiar incentives. And remember, this is a company whose appetite for giving zero-down low-doc (go ahead and fudge!) and no-doc (guess-timate what you'd like to earn!) loans give it a special place in real estate history. Indeed, on Tuesday, a federal judge authorized a sweeping Justice Department investigation into allegations of widespread abuse in the firm's lending practices. Countrywide declined to comment for this story.

Surprisingly, exactly what kinds of loans Countrywide is pushing and how much its underwriting practices have changed is still a murky question. A year ago, a "leaked" Countrywide memo to brokers said that the company would no longer give out loans for 100 percent of a house's value. Then, just a few days later, Angelo Mozilo, Countrywide's ever sanguine CEO reassured potential customers that no, they could still get a house with no money down.

When it comes to its own foreclosed properties, that's most assuredly the case. Take this two-bedroom starter house in San Diego's Linda Vista subdivision: a Countrywide foreclosure that sold for $330,000 in August and was financed again with a 100 percent mortgage from the folks at Countrywide. Or the house in Palm Springs, Calif., that sold not long afterward, in September, for $275,000. Who knew you could get a house in Palm Springs for less than $300,000? Even better, according to mortgage records, the new mortgage from Countrywide was for the full $275,000.

The rub, of course, is that in the heady days of mortgage free love, all those zero-down mortgages tended to come with unpleasant side effects, such as high interest rates and prepayment penalties. And they often went to people who, not being able to afford to put any money down, were very optimistic about how much they could pay each month.

We won't know for a while whether the loans in this go-round are any less toxic than the ones that came before. But if the experience of other booms and crashes is any indication, there's every reason to think that however low standards went on the way up, they can go even lower in the last ill-fated efforts to keep the game going on the way down.

The 242nd lender to Implode .......................

Barbara Cruz (Yesterdays Mortgage ) — Thu, 27 Mar 2008 00:45:31 -0700

Here is their notice.

http://www.mmcb2b.net/Home/tabid/36/Default.aspx

The Mortgage Forgiveness Debt Relief Act of 2007 .....

Barbara Cruz (Yesterdays Mortgage ) — Thu, 27 Mar 2008 00:39:13 -0700

The Mortgage Forgiveness Debt Relief Act of 2007 allows
individuals to exclude from gross income any discharges of
qualified principal residence indebtedness. This exclusion
applies to discharges made after 2006 and before 2010 and is
entered on line 1e. Additionally, the basis of the principal
residence must be reduced (but not below zero) by the
amount excluded from gross income. For more information go directly to the form by this link.

Remember this Act does not apply to Investment properties.

http://www.irs.gov/pub/irs-pdf/f982.pdf

241 Lenders have "Imploded" since ........

Barbara Cruz (Yesterdays Mortgage ) — Tue, 25 Mar 2008 00:55:08 -0700

This is serious and crazy statistics. Since December 2006 there have been 241 Lenders that have "Imploded" All I can say is WOW

Here's the lender list in it's exact order from the last to the first. Enjoy

241. Origen Financial, Inc. (Correspondent)
240. CitiMortgage - Home Equity Wholesale
239. Bear Stearns Mortgage
238. East West Mortgage Co. of VA
237. New Vision Residential Lending
236. Washington Savings Bank, F.S.B. - Wholesale
235. Macquarie Mortgages USA Inc.
234. Global Mortgage, Inc.
233. Unique Mortgage Solutions (UMS, LLC)
232. First Franklin - Merrill Lynch
231. First National Mortgage Sources
230. Resource Mortgage (Wholesale)
229. KH Financial
228. Lydian Mortgage
227. OMG Wholesale Lending
226. Saxon Mortgage (Wholesale)
225. Beazer Mortgage Corp.
224. E-Loan (Wholesale)
223. Allpointe Mortgage (Broker Program)
222. Popular Warehouse Lending
221. Allied Lending Corp. (Wholesale)
220. BF Saul Wholesale Lending
219. Community Resource Mortgage
218. Lehman/Aurora Loan Services
217. Residential Mortgage Capital
216. Maverick Residential Mortgage
215. Countrywide Financial Corp.
214. First NLC Financial Services
213. First American Bank (Wholesale)
212. Soma Financial
211. National City Corp. (Wholesale)
210. Heartland Wholesale Funding
209. Homefront Mortgage Inc.
208. PNC Bank H.E.
207. Family First Mortgage Corp.
206. First Fidelity Financial
205. BSM Financial
204. 1st Choice Mortgage
203. Wescom Credit Union
202. Coast Financial Holdings/Coast Bank
201. WaMu (Subprime)
200. First Madison Mortgage
199. Southern Star Mortgage
198. TransLand Financial
197. Secured Bankers Mortgage Company (SBMC)
196. ComUnity Lending
195. Delta Financial Corp
194. BayRock Mortgage
193. Empire Bancorp
192. Option One - H&R Block
191. Citigroup - FCS Warehouse
190. Charter One (Wholesale)
189. Wells Fargo - Home Equity
188. Paul Financial, LLC
187. Webster Bank (Wholesale)
186. Fieldstone Mortgage Company
185. Tribeca Lending Corp. (Wholesale)
184. WAMU Comm. Correspondent
183. Marlin Mortgage Company
182. Countrywide Specialty Lending
181. UBS Home Finance
180. MortgageIT-DB (Retail)
179. Edgewater Lending Group
178. ResMAE Mortgage Corp.
177. Citimortgage Correspondent (2nds)
176. AMC Lending
175. Liberty American Mortgage
174. Exchange Financial (Wholesale)
173. FirstBank Mortgage
172. Bank of America (Wholesale)
171. Diablo Funding Group Inc.
170. Honor State Bank
169. Spectrum Financial Group
168. Priority Funding Mortgage Bankers
167. BrooksAmerica Mortgage Corp.
166. Valley Vista Mortgage
165. New State Mortgage Company
164. Summit Mortgage Company
163. WMC
162. Paragon Home Lending
161. First Mariner Wholesale
160. The Lending Connection
159. Foxtons, Inc.
158. SCME Mortage Bankers (Wholesale)
157. Aapex Mortgage (Apex Financial Group)
156. Wells Fargo (various Correspondent and Non-prime divisions)
155. Nationstar Mortgage
154. Decision One (HSBC)
153. Impac Lending Group
152. E*Trade Wholesale Lending
151. Long Beach (WaMu Warehouse/Correspondent)
150. Expanded Mortgage Credit Wholesale
149. The Mortgage Store Financial
148. C & G Financial
147. CFIC Home Mortgage
146. All Fund Mortgage
145. LownHome Financial
144. Sea Breeze Financial Services
143. Castle Point Mortgage
142. Premium Funding Corp
141. Group One Lending
140. Allstate Home Loans / Allstate Funding
139. Home Loan Specialists (HLS)
138. Transnational Finance Wholesale
137. CIT Home Lending
136. Capital Six Funding
135. Mortgage Investors Group (MIG) - Wholesale
134. Amstar Mortgage Corp
133. Quality Home Loans
132. BNC Mortgage (Lehman)
131. Accredited Home Lenders, Home Funds Direct
130. First National Bank of Arizona
129. Chevy Chase Bank Correspondent
128. GreenPoint Mortgage - Capital One Wholesale
127. NovaStar, Homeview Lending
126. Quick Loan Funding
125. Calusa Investments
124. Mercantile Mortgage
123. First Magnus
122. First Indiana Wholesale
121. GEM Loans / Pacific American Mortgage (PAMCO)
120. Kirkwood Financial Corporation
119. Lexington Lending
118. Express Capital Lending
117. Deutsche Bank Correspondent Lending Group (CLG)
116. MLSG
115. Trump Mortgage
114. HomeBanc Mortgage Corporation
113. Mylor Financial
112. Aegis
111. Alternative Financing Corp (AFC) Wholesale
110. Winstar Mortgage
109. American Home Mortgage / American Brokers Conduit
108. Optima Funding
107. Equity Funding Group
106. Sunset Mortgage
105. Nations Home Lending
104. Entrust Mortgage
103. Alera Financial (Wholesale)
102. Flick Mortgage/Mortgage Simple
101. Dollar Mortgage Corporation
100. Alliance Bancorp
99. Choice Capital Funding
98. Premier Mortgage Funding
97. Stone Creek Funding
96. FlexPoint Funding (Wholesale & Retail)
95. Starpointe Mortgage
94. Unlimited Loan Resources (ULR)
93. Freestand Financial
92. Steward Financial
91. Bridge Capital Corporation
90. Altivus Financial
89. ACT Mortgage
88. Alliance Mortgage Banking Corp (AMBC)
87. Concord Mortgage Wholesale
86. Heartwell Mortgage
85. Oak Street Mortgage
84. The Mortgage Warehouse
83. First Street Financial
82. Right-Away Mortgage
81. Heritage Plaza Mortgage
80. Horizon Bank Wholesale Lending Group
79. Lancaster Mortgage Bank (LMB)
78. Bryco (Wholesale)
77. No Red Tape Mortgage
76. The Lending Group (TLG)
75. Pro 30 Funding
74. NetBank Funding, Market Street Mortgage
73. Columbia Home Loans, LLC
72. Mortgage Tree Lending
71. Homeland Capital Group
70. Nation One Mortgage
69. Dana Capital Group
68. Millenium Funding Group
67. MILA
66. Home Equity of America
65. Opteum (Wholesale, Conduit)
64. Innovative Mortgage Capital
63. Home Capital, Inc.
62. Home 123 Mortgage
61. Homefield Financial
60. First Horizon Subprime, Equity Lending
59. Platinum Capital Group (Wholesale)
58. First Source Funding Group (FSFG)
57. Alterna Mortgage
56. Solutions Funding
55. People's Mortgage
54. LowerMyPayment.com
53. Zone Funding
52. First Consolidated (Subprime Wholesale)
51. EquiFirst
50. SouthStar Funding
49. Warehouse USA
48. H&R Block Mortgage
47. Madison Equity Loans
46. HSBC Mortgage Services (correspondent div.)
45. Sunset Direct Lending
44. Kellner Mortgage Investments
43. LoanCity
42. CoreStar Financial Group
41. Ameriquest, ACC Wholesale
40. Investaid Corp.
39. People's Choice Financial Corp.
38. Master Financial
37. Maribella Mortgage
36. FMF Capital LLC
35. New Century Financial Corp.
34. Wachovia Mortgage (Correspondent div.)
33. Ameritrust Mortgage Company (Subprime Wholesale)
32. Trojan Lending (Wholesale)
31. Fremont General Corporation
30. DomesticBank (Wholesale Lending Division)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ECC Capital/Encore Credit
24. Lender's Direct Capital Corporation (wholesale division)
23. Concorde Acceptance
22. DeepGreen Financial
21. American Freedom Mortgage, Inc.
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

Another popular lender IMPLODES

Barbara Cruz (Yesterdays Mortgage ) — Tue, 25 Mar 2008 00:22:06 -0700

March 17th 2008

WHO's NEXT to implode?

In an announcement sent out to approved brokers, CitiMortgage shut the doors on Wholesale HELOC's.

"Earlier this month, CitiMortgage shared publicly a new business strategy that included originating greater percentage of saleable products. As a result of this strategy, we will no longer offer home equity stand alone or combo products, effective March 18, 2008."

CitiMortgage will not be doing HELOC's or Fixed Rate Seconds (except maybe piggy purchases - not sure of the details at this time) anymore. The official announcement will be out this afternoon after we get told if any of us survive (conference call) to move into other areas of Citi. Bottom line is: Citi is getting out of the Equity business - this includes Retail Channel too. Smith Barney will be the only one able to do some limited equity loans for their account holders and that's about it. End of an era... another casualty.

The internal notice from Bill Beckmann:

"...we've made the decision to focus our more limited portfolio resources on supporting our existing Citibank, Smith Barney and Corporate customer base, and to discontinue proactive outbound efforts that drive non-saleable volume, including direct mail, Internet, electronic, utilization and related programs. Additionally, we are also announcing the elimination of both stand-alone seconds and combos from our Wholesale Lending offering."

Seeking short sale properties to purchase

Barbara Cruz (Yesterdays Mortgage ) — Wed, 19 Mar 2008 03:09:06 -0700

If anyone has short sale properties, we're looking to buy. We consider properties throughout Maricopa, Pinal and Pima County from 65k to 225k in any condition. We are anxious buyers ready to go. We're buying several properties a week and looking to increase. Please fill out the form located at

http://www.yesterdaysforeclosure.com/web/pgcnfID_39975/Short-Sale-Analysis for our consideration. Thank you in advance

A suggestion to those enduring short sales

Barbara Cruz (Yesterdays Mortgage ) — Mon, 17 Mar 2008 02:48:02 -0700

I don't recommend Realtors take on Short Sales on their own. Their tedious, time consuming and a buden to ones real estate production. Short Sale Education alone won't do. Get a good team together and your success in short sales will be acheived.

This is how we do it.

We have an Acquisition specialist who brings us the deals
We have a Realtor who lists the deals (as required by the lenders)
We have a Negotiator who handles the preparation of the short sale packets and negotiations with the lenders
We have an established buyer network to purchase our short sales

All in all this set up of team work has created increased listings, increased overall production, increased interest in our operations and subsequently increased our success. We average over 20 listings a week and since most of the listings take months to obain approval and ultimately close - the more files the better. Not all of them will close.

CONTENTS OF A SHORT SALE PACKAGE

Barbara Cruz (Yesterdays Mortgage ) — Mon, 17 Mar 2008 01:46:36 -0700

Many times I get asked "what are the contents of a short sale package" The following is a basic outline and preferred stacking order and content of what you need to include in a complete and successful short sale package.

1. Cover Letter

The cover letter should be clear and concise giving the needed information to the bank. The information that I include is an overview of the homeowner's situation, what they owe on the property, what it is really worth and mention the amount of the needed repairs. I also state what my offer to the bank is. I conclude my cover letter with all of my contact information and state that I hope we can work together to resolve this issue for the homeowner.

2. Authorization to Release Information

A standard Authorization form has been provided in your packet. Most banks will accept this form. There are a few banks that require their own form for this. GMAC will require that you use their form and it must be signed and notarized and the original must be sent back in. Even if you have already faxed this form, include it in your short sale packet.

3. Sellers Hardship Letter

In order to paint the full picture to the bank of the homeowner's situation it can help to provide additional documents showing the hardship. This can include medical bills, accident reports, layoff notice, etc. I typically ask my sellers to make this at least a page long. The goal with this letter is to simply have the homeowner explain their situation to the bank. This will include key items such as job loss, medical issues, divorce, health issues, etc. If the seller is considering bankruptcy you can have them include that, however it typically doesn't scare the bank into acting faster.

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Foreclosures hit an all time high.....

Barbara Cruz (Yesterdays Mortgage ) — Thu, 06 Mar 2008 14:39:46 -0800

Interesting article. I'm sure the real estate professional market feels this one as well as the homeowners.

Over 900,000 households are in the foreclosure process, up 71% from a year ago, according to a survey by the Mortgage Bankers Association. That figure represents 2.04% of all mortgages, the highest rate in the report's quarterly, 36-year history.

Another 381,000 households, or 0.83% of borrowers, saw the foreclosure process started during the quarter, which was also a record.

Additionally, the number of mortgage borrowers who were over 30 days late on a payment in the last three months of 2007 is at its highest rate since 1985.

"Boy, that was ugly," said Jared Bernstein, an Economic Policy Institute economist of the data.

"It's another reminder that anyone who thought we had hit bottom was wrong. This was a huge bubble, and when a bubble of this magnitude breaks, it creates a huge mess," he said." It could take a lot longer for the correction to work through the system."

Housing rescue: What you need to know

One reason it may take so long is that there seems to be no end in sight for falling home prices.

"Declining prices are clearly the driving factor behind foreclosures, but the reasons and magnitude of the declines differ from state to state," said Doug Duncan, MBA's Chief Economist said in a prepared statement.

The foreclosure rates for prime and subprime adjustable rate mortgages both more than doubled compared with a year ago, from 0.41% for prime ARMs to 1.06% and from 2.70% for subprime ARMs to 5.29%.

But it was subprime ARMs that contributed most heavily to the nation's soaring foreclosure rates. Many of these loans come with low introductory rates that reset higher, often to unaffordable levels, in two or three years. Although they represent only 7% of all outstanding mortgage loans, they accounted for 42% of foreclosure starts during the quarter.

Delinquencies stood at 5.82% of outstanding mortgages, up from 5.59% during the three months ended September 30, 2007, according to the MBA. In the last quarter of 2006, the rate was 4.95%.

Home price plunge accelerates

"In states like Ohio and Michigan, declines in the demand for homes due to job losses and out-migration have left those looking to sell their homes with fewer potential buyers, particularly with the much tighter credit restrictions borrowers now face," said Duncan.

"In states like California, Florida, Nevada and Arizona, overbuilding of new homes created a surplus that will take some time to work through."

California and Florida are the states hardest hit by foreclosures. They accounted for 30% of all foreclosure starts in the United States last quarter, despite representing only 21% of the mortgage market.

Florida's foreclosure start rate more than tripled during the last three months of the year compared with a year ago, and they more than doubled in California.

Both states still have a sizable over-supply of inventory, according to Duncan, due to over-building during the speculative boom that lasted through mid-2006. That will continue to depress home prices and add to mortgage delinquencies in those states.

"We expect to see home price declines to last there through the end of 2008," he said, "after the rest of the country is in recovery."

As prices plummet -- already some California and Florida areas have seen price drops of 25% or more, according to Duncan -- defaults will soar.

And falling prices and growing foreclosures create a vicious cycle; the more prices fall the less likely it is that borrowers can use home equity to refinance into more affordable loans, which leads to more defaults. And as foreclosures rise housing inventory increases, further depressing prices.

At the same time, these trends have lead to a contraction the construction industry, hurting overall U.S. economic activity and increasing the chances that the economy will fall into recession. Information from cnn.com

Short Sale Lesson 2, The Loss Mitigation Process

Barbara Cruz (Yesterdays Mortgage ) — Mon, 11 Feb 2008 02:34:36 -0800

YOUR INITIAL PHONE CALL TO THE LENDER
THE LOSS MITIGATION PROCESS

FAX THE AUTHORIZATION

First contact the lenders direct number and get a fax number to send in the Authorization to Release information form. Give the lender a day or two to post this information before moving on to Step 2.

FIND THE LOSS MITIGATOR

Get the name, phone number and extension to the loss mitigator who is handling the account. Be sure to obtain the last letter of correspondence from the bank to the homeowner.

There may not be a letter from the bank with an appointed loss mitigator. If not, get the number from the Collections Department and call to find out who will be assigned to the case.

TEST THE MITIGATORS TEMPERAMENT

Once you've tracked down the Loss Mitigator handing the homeowner's case, let them know who you are and what your intentions are. Explain that the homeowner is in need of a short sale and ask if your numbers (based on the short sale calculations suggested offer) parallel the lenders numbers and can they get it approved?"

If the mitigator is "matter of fact" you will want to present yourself as a direct person. Limit small talk and stay on track.

If the mitigator is a talker, pump them for information about the house.

If the mitigator is "quiet," ask open-ended questions to draw them out

Test the Mitigator's knowledge, experience, general disposition, and what the mitigator seems to feel about how easily the property would sell as a REO.

ESTABLISH RAPPORT

Ask the Mitigator how they would like you to communicate to get this done? E-mail, fax, phone?
Ask if you will be working with them only?
State the facts and be direct
If you know the reason the seller is delinquent, let the mitigator know. This is an excellent way to get extra information. Gain information in a non-threatening, casual way.
If the mitigator has not contacted the debtor, then offer assistance. This will increase instant credibility for you.

Ask the mitigator what you can do to help them

WILL THE BANK CONSIDER A SHORT SALE?

Is the bank agreeable to a possible short sale?

The biggest factors that control a short sale approval are BPO, repairs and repair cost, property location (i.e. crime rate) and market sales. The bank wants to do everything possible to keep from owning the property however if they feel it will benefit them to take the home to auction or take the property back (if it doesn't sell at auction) then they will. It is important that you build your case and fight to the end. Be persistent.

Also, remember that a bank will not typically enter into a short sale on a customer that is actively paying. If the homeowner is already delinquent, take this time to build your case so when the home does go into default you will be ready to move forward with a short sale.

MORE SHORT SALE BLOGGING TO COME

Short Sales 101

Barbara Cruz (Yesterdays Mortgage ) — Sun, 03 Feb 2008 19:20:56 -0800

BROKERS, INVESTORS AND SHORT SALES Many questions are asked about, "How the short sale system works with lenders." Possessing a better understanding of this process will enable those working the short sale market to avoid wasting time, money and efforts on a deal which may never close. With this knowledge a Realtor or Investor knows when to enter into negotiations with a lender and when to "Sit and Watch."

WHAT IS A SHORT SALE?
A short sale occurs when the outstanding mortgage balance against a property is greater than the property value or what the property could be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with their lender.

WHAT THE LENDING INDUSTRY IS DOING AND WHAT IS YOUR FUTURE IN SHORT SALES Eliminating the requirement for a verification of mortgage/rent with customers with 620 FICOs Plus. While relaxing underwriting guidelines may have led to increased business for lenders, it also led to increased delinquencies. Eliminating the verification of rental history for example, may allow customers to be unjustly rewarded for paying rent past due while maintaining their personal credit with reasonably good success. Such customers may still be able to obtain a mortgage and continue to "play their game" but some get into serious trouble...foreclosure.

Increasing loan size limits to this target market.
Increasing maximum debt-to-income ratio on select products.
Reducing business verification requirements on 620+ FICOs.
Increasing loan-to-value caps on non-owner occupied loans.

These changes were brought about for a number of reasons. 1) Relaxed underwriting guidelines. 2) Increase loan size limits that encourage the customer to take more. 3) Relaxed documentation assists in deeper penetration in broker/correspondent lending business. 4) Increase "Niche" lending, targeting non-owner occupied property owners that already know and understand the level of difficulty getting cash out on these types of properties.

Stay Tuned for more tips and information on short sales.

Looking for RE Agents to network in Phoenix

Barbara Cruz (Yesterdays Mortgage ) — Fri, 11 Jan 2008 05:48:06 -0800

I've found that partnering up with a RE Agent has help myself and the agent be most successful with Short Sale transactions. As a Short Sale Coordinator, I do not have the obligation of disclosing as much information as a real estate agent does while at the same time the real estate agent has the power to take hold of a homeowner in need of a short sale for the simple fact that, homeowners rely on real estate agents. What I can't handle the real estate agent can, what the real estate agent can't handle, I can. It's a win win situation. Thus far these transactions have worked out well.

I'd like for anyone in the Phoenix, Tucson area interested in partnering up with me to please contact me. I'm getting so much business that in order to keep up and maintain good repport with my clients, I need as many agents as possible.

Here's a link to our site for your review. http://musthaveinvestmentsllc.agentxsites.com/Home

The Foreclosure market screams team work.

Barbara Cruz (Yesterdays Mortgage ) — Thu, 15 Nov 2007 21:09:16 -0800

For those working the foreclosure market, network with us to streamline the process. RE Agents, join our network and let's work together to help homeowners in need. Join at www.yesterdaysforeclosure.com