The excitement is growing as there is only 18 days until the Kentucky Derby - Number 135. Fast Horses.....Wild Women...the miles and miles of white fences the crazyness that comes with it all.
I first attended the Kentucky Derby was when I was 18 years old in 1974. It was the most exciting event in my 18 years of life. And with it being the 100th anniversary, it was HUGE! Among the crowds were thousands of crazy people, all there for a multitude of reasons. Here is a little history for the 100th Kentucky Derby:
Largest Crowd in History - 163,628
290 horses nominated
23 Entries to the Derby
Winner - Cannonade in a time of 2:04
Winner's portion of the purse - $274,000
Angel Cordero was the winning jockey
Winning trainer was Woody Stephens
Pictures Courtesy of Kentucky Derby.com & Churchill Downs
Each year I have attended since 1974 with the exception of 2 years. The experience is sensational and is a must for everyone in their life at least once. .
And yes....that's me in the white sweatshirt holding 2 mint julep glases and having a ball. Man have times changed.
I think i tried to meet every one of the 163,628 people at the track. As I came into the infield, I entered through the tunnel that runs below the track from the clubhouse. This was my first time I had been to Churchill Downs and was walking wall to wall with people screaming, whistling and drinking as they made their way to the infield. At one time, I actually think I picked up my feet and didnt' fall to the ground because there were so many people packed in like cattle. Holy Cow is all I can say!
The Kentucky Derby is the first Saturday in May. Wasn't always that way but many years ago they changed to the first Saturday in May. The first Derby was held on May 17, 1875 and was won by Aristides. Since then many things have changed, including the name of the track from Louisville Jockey Club to Churchill Downs.
My predictions each year are usually pretty good. SO the week leading up to the Derby, I will be posting my picks for this years Derby Winners. Among the names of my hottest horses are:
Freisan Fire....I Want Revenge....Pioneer of the Nile...Papa Clem & Quality Road
Thanks for checking out my Derby Fever blog. Until next week.....May the breeze be behind you and your choices in life be positive!
Never under estimate the power of Activerain. As it has been many months since I have been active with Activerain, the real power has just shined through!
The greatest thing happened and that was the phone call. Now we all get phone calls inquiring about real estate or mortgages and some are better than others, but this was great.
As I always do while speaking to a new customer, I always ask how were they referred to me? Usually it comes from a past client, a friend, a family member or a referral from someone in the professsional field but this one was different. This one actually called because they read one of my blogs.
It has been some time since I have blogged and not becuase I don't like to. Just the opposite, I love to. But have been envolved in many things both business and personal that has kept me from blogging. And this referral had read a blog and decided to get rid of their non responsive, unreliable and untrustworthy mortgage un-professional----For Me!
He has just put in an offer ( although low and might need to continue to look ) but is a customer that feels comfortable after visiting with me the other day. What a great thig it is to blog.
Now off to the races with another successful piece of my mind!
With the ups and downs mortgage rates have had in the past few months, now is a good time to take a look at some factors behind how your mortgage rate is decided. Thawing the Market
Like most financial products, there is a secondary market for mortgages that brings buyers and sellers together. For your lender to keep business moving they will bundle a collection of mortgages into a security and sell it to an investor, usually a bank or government, to replenish their cash so they can turn around and make more loans. Your mortgage rate is directly tied to the demand for these securities.
In the second half of 2008 investors feared the housing market was headed for another fall and begin to further divest their holdings in mortgage backed securities. Demand fell by 17% through the remainder of 2008 leaving an abundance of supply in the market. This meant prices had to go up. Because lenders were selling less, they had to charge more for what they were still selling to stay in business. That increase in price translates to mortgage rates, which in this case, pushed them up to 7% in October.
With investors pulling away from mortgages, the industry began to freeze back up, and so pressure fell onto the federal government to step in and do something. One move was pledging to buy $500 Billion in these mortgage backed securities starting in January 2009, which they have. By buying the market's excess supply, prices were able to come down - mortgage rates are now sitting around 5%.
Stuck in the Middle
The other move the federal government made was to lower their target rate for federal funds, which is the interest banks pay to borrow money from the government. Typically a drop in this rate translates to a drop in mortgage rates too, but that didn't happen this time.
Lenders are currently caught in the middle. On the one side investors, as we saw above, are demanding higher rates because of the perceived risk of buying mortgage backed securities, and on the other side, consumers are demanding lower rates to ease their budgets as the economy recedes.
The problem for lenders is that their business carries the costs of processing and servicing all of these loans (paying staff, sending statements, etc.), so every time rates drop significantly, their operating budgets shrink significantly too. Well, as you've probably already concluded, when the federal funds rate lenders just couldn't pass on the savings this time and instead has to use it to give their business some breathing room to stay afloat.
Down to You
The last factor behind your rate comes down to you. It seems like only yesterday that if you had a credit score of 620+, you got the market price for your rate. Today, however, as we've seen above, investors see more and more risk in buying mortgages, so lenders are trying to ease the market fears by increasing their due diligence on each and every loan they plan to sell.
With that, your credit score is still plays a big role, but now you'll see adjustments to your rate based on how much equity you have or how big your down payment is - the less money in from you, the higher you're perceived risk will be, and so you're rate will be higher. Also, if you're taking cash out or buying an investment property, you can expect to face even more adjustments to your rate, as these two areas were a major contributor to the recent foreclosure wave.
The fact here is that your loan originator is now required to do a lot more research into each loan before they can even give you a quote. At first glance the new rules and adjustments can seem discouraging to many borrowers, but the fact is the market is finding its way through this new economy and, in the end, the goal isn't to turn borrowers away but to slow the process down and insure you have the most suitable product for your needs.
With all the worlds actions over night, Feds bring down Fed Funds Rate by .75% to 3.50%. Now what that will mean to anyone who has a second mortgage is that home equity loans, which includes lines of credit and second mortgages, will go down. Now will the stocks bounce back at all from the potential free fall that the foreign markets did overnight. I am not sure that will happen for a while.
According to the report on CNBC.com, "The Fed said it was cutting the federal funds rate, the interest that banks charge each other on overnight loans, to 3.5 percent, down by three-fourths of a percentage point from 4.25 percent. The central bank also cut the more symbolic discount rate by three-quarters of a point, to 4 percent".
Mortgage rates are about to take a real low from their past years highs.
I was honored whenJeff Belonger asked me to write this review. It gave me a real opportunity not only to get my name out here, but to really have more time to read about what people are writing about. And holy cow....you all write a boat load about more than anyone really needs to know. It has been time consuming and interesting and worth every minute of my week. THANK YOU!
The first thing I would like to pass on are my blogs that I wrote. Now from everything I have read, and that isn't half of what is out there, there are 2 different thiings to write about. The first is business and promoting yourself. The second is about you and the things you like. So this week I kept it to business and next week I will do a piece on my likes. A theme from meme's group.
Now I do feel that breaking news as long as it correct is one of the best things to read, so I do feel pretty good about the breaking news piece I did last week Bank Of America Buys Countrywide. I know it wasn't in this weeks review but sitting in front of CNBC first thing in the morning had something to do with it.
Then I tried to use the referral portion of activerain which I have never tried...and it worked very well: In Need of Help in New York
The one thing I really do like are blogs that contain more than words. Sometimes when you read on & on & on, it is really difficult to concentrate and absorb all the content. That is why I add pictures. And being a little ADD at times, it helps me move from 1 thing to another. So with no further ado,in no ranking order, lets move right on to Keith's "Top Blogs of the Week"
Things you don't know about people are they have talents & interests outside of work. Check out my first & only "about me" piece by Shawna Marie Ulrich from Charlotte N.C.
10. Reverse Mortgage have been in the news the past 2 years as something that is a fantastic loan for many seniors. Mary Smartt from Berekely wrote on What is a Reverse Mortgage? While this short & concise, it does touch on things to know. And your link to AARP's Reverse Mortgage Article.
11. Not that I am sucking up to Jeff Belonger, your FHA expert from Cherry Hills, New Jersey, but he wrote an article I think we all need to read. It has nothing to do with mortgages but does hit home for your blogs.Read this if you want to make millions !!! Because of this blog, I have retitled my last blog.
Now before I leave you for the day, as we move into the heat of the election time, I must let you know that I did read all of these articles, checked out each person's personal pages and as all good politicians say " I approve this message". Please email me and let me know what you think. I appreciate you reading this entire review and have a great week.
Mortgage blogs by loan officersHere is a list of Loan Officers. If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!
MORTGAGE PRO Week in Review A repository for the Mortgage Week in Review. Please don't hesitate in joining this group.
Thats right......Integrity. And as most industries have national designations, the Mortgage Industry is moving forward with the new designation. Many states are trying to improve on the ethics and professionalism that comes from being a mortgage professional. With this in mind, National Association of Mortgage Brokers is moving forward with this new designation.
Right now there are 2 designations that are recognized througout the country. The first being the CRMS, Certified Residential Mortgage Specialist & the other being CMC which is Certified Mortgage Consultant. Each designation is awrded to an individual that meets each requirement. Here is a brife overvi
Entry-level certification. No prior experience needed.
Now we have something that only qualified persons can use. This new seal will only be offered to individuals, not companies the meet all the requirements and you will beging to see ads like this:
For the first time ever, homebuyers have a simple way to assess a mortgage professional - a sign that they can look for before they even step foot in the door.
It's called the Lending Integrity Seal of Approval and those who display it have been through a rigorous validation process. They've pledged to adhere to a strict code of ethics, a best business practices policy, and an ethics grievance review process. They also receive ongoing education and have submitted to criminal background checks.
Make sure you're working with a responsible lending professional. Ask to see your mortgage originator's Lending Integrity Seal of Approval.
The Lending Integrity Seal of Approval is a service of the National Association of Mortgage Brokers.
Simply put, consumers will now be able to seek out individuals that have a percieved value to them by working with an individual who has integrity.
Here is what you need to do to submit in order to get to use the seal:
1. In each state, provide a copy of your state license. 2. Undergo a national backround check. 3. Three business letters of reference. 4. 6 hours of approved state or NAMB approved classes of which 3 hours must be in ethics training, along with an ethics class every other year. (As if they are going to change) 5. Signed Intergrity License agreement.
SOunds pretty simple, doesn't it? Well it should be. If you are in Illinois and don't know about this, please contact the IAMP to get information. If you are in another state, please contact your state mortgage broker association or contact NAMB to get details.
Please remember to deal with a mortgage professional you can trust. There are many of us around. If you need a mortgage professional like myself, please don't hesitate to reach out and contact me.
I would like to introduce you to Jay Stocki, one of our newest family members to Activerain. Please welcome him by checking his activerain site out: http://activerain.com/jstocki
Jay and I are part of a networking & leads group called L.O.D.G.E. That stands for Leads Organization of Downers Grove Executives, which is the oldest & most recognized netwroking group affiliated with the Downers Grove Area Chamber of Commerce & Industry.
Jay specializes in real estate investments structured for co-ownership. Things like 1031 exchanges, REITS, Real Estate investment and much more. You can always check out his personal website at:http://www.1031tic.com/
Please welcome Jay to our family by checking him out and saying a big hello!
Rates have really come down and as of today- January 14th, we are offering a 30 year fixed rate mortgage for only 5.50% with an APR of 5.579%. Now if my little friend here can come to me without begging, you too can get this rate, as of Monday, January 14th.
This information is provided to assist real estate professionals and is not an invitation to extend credit as defined by Section 226.2 of Reg. Z.
Be sure to get on board before these rates wash away! Many of our customers think they know more than we do. But according to the Real Mortgage Bible, it is difficult to get that crystal ball working all the time and finding the lowest rate of a short term peiod of time.
Be sure to have your customers check out my website for the most up to date information and if you need a RATE QUOTE, just ask.
You can reach me, Keith Hoffman, by Cell Phone at 630-306-LOAN(5626) or in the office at 630-376-0555. I am licensed in Illinois & 27 states and the apr varies from state to state. No Points !
We Are licensed to lend in the following states: Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Mexico, North Carolina, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin & Wyoming.
I am in need of a mortgage lender in New York City. I have a niece who needs a mortgage and I am not licensed in New York. If you are a mortgage lender or know a mortgage lender that can assist me for a purchase in Brooklyn, please email me right away. I will call you and we can discuss the details.
It is 7am on Friday, January 11th and the world of mortgages just got turned over.
Bank of America today agreed to buy Countrywide Financial, the largest U.S. mortgage lender, in a $4 billion transaction that could help avert one of the biggest collapses in the U.S. housing crisis.
Rumors have been flying for months ragarding the problems that Countrywide Financial has incurred with all the mortgage woes. Is this the pill Countrywide Needed?
Details according to CNBC, "Countrywide shareholders would receive 0.1822 of a Bank of America share in exchange for each of their shares. The transaction values Countrywide at $7.16 per share, a 7.6 percent discount to the Thursday closing price.".
Many of us in the business have thought this would be coming ever since Bank of America ha s invested in Countrywide a few months ago. This may not be the end to all the problems that Countrywide has, but it will surley help out. All of us will benefit from the steps that the WHITE KNIGHT, B of A have taken.
CNBC quoted "Some analysts aren't convinced Countrywide is out of the woods, though the lender now specializes in smaller home loans that mortgage financiers Fannie Mae and Freddie Mac will buy that may be less susceptible to default." I am not you convinced that this will cure all that ails Countrywide, but it will really help the forclosure woes that countrywide is not yet over with.
WHat do you think about this buyout? ANy help to the mortgage industry? Let me know!.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
I was honored when 
dence of 
Posted by 
Now we have something that only qualified persons can use. This new seal will only be offered to individuals, not companies the meet all the requirements and you will beging to see ads like this:
Rates have really come down and as of today- January 14th, we are offering a 30 year fixed rate mortgage for only 5.50% with an APR of 5.579%. Now if my little friend here can come to me without begging, you too can get this rate, as of Monday, January 14th.
Many of our customers think they know more than we do. But according to the Real Mortgage Bible, 
it is difficult to get that crystal ball working all the time and finding the lowest rate of a short term peiod of time.
;)
;)
