Another mortgage scam too close to home! - 01/28/07 03:07 AM
Another mortgage scam too close to home!Check out this link regarding a 1.2 million dollar mortgage scam right in my own neighborhood.http://www.nctimes.com/articles/2007/01/14/news/californian/23_08_351_13_07.txtI am surprised this has not made national news to the best of my knowledge. Have any of you heard of this who are not in the So. California area? … (0 comments)
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blame the mortgage broker ???? - 01/28/07 03:05 AM
I seriously got my RE Sales License and learned about a very well-kept SECRET that all MORTGAGE BROKThis is how this amazing RE Sales INSIDE SECRET was revealed to me by a fellow RE Sales person:My first deal as a RE Agent was starting to go bad because the borrower wasn't … (0 comments)
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japanese efficiency. - 01/25/07 03:19 AM
5S is the acronym for five Japanese words, seiri, seiton, seiso, seiketsu and shitsuke, which signify order, cleanliness, purity and commitment. The 5S philosophy focusses on effective workplace organisation, helps simplify the workplace environment and reduce waste, while improving quality and safety. Seiri (sort) means to put things in order. Seiton … (1 comments)
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ameriquest being shopped ! ! - 01/24/07 12:59 AM
News, first reported by Asset Securitization Report, indicates that J.P. Morgan Securities is shopping Ameriquest, one of the largest sub-prime mortgage lenders in the U.S., to various bond hedge funds. Ameriquest's bankers have supposedly approached several buyers recently to gauge interest in bidding on the sub-prime lending giant. Rumors that no … (0 comments)
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what the FBI is seeing in mortgage fraud - 01/24/07 12:55 AM
OK... mortgage fraud. The FBI's typical case involves so-called "fraud for profit," which happens when criminals
seek to make off with the funds from a loan. Criminals will buy a house, often using a stolen identity, from a
legitimate seller, then immediately put the house up for sale. Others in the … (2 comments)
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Citi buying ABN AMRO Mortgage - 01/24/07 12:54 AM
ABN AMRO announced that it is selling ABN AMRO Mortgage Group, its US-based Residential Mortgage Broker
Origination platform and servicing business (which includes AAMG, InterFirst and Mortgage.com), to Citigroup.
Citigroup will purchase approximately $9 billion in net assets, of which approximately $3 billion is ABN AMRO M
ortgage Group's mortgage servicing rights associated with its $224 … (1 comments)
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what does "big" mean in retail lending? - 01/24/07 12:53 AM
Why is the person who invests your money called a "broker"? Wells Fargo led the pack in retail originations last year with roughly $160 billion for 2006. They were followed by Countrywide, BofA, WAMU, and Chase in the top 5. Also on the list were Golden West, Quicken, USAA, and First Magnus … (0 comments)
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closed lenders - 01/12/07 05:58 AM
Sebring, Ownit, Mortgage Lending Network, Banco Popular. Secured Funding of California has closed its wholesale
division, 33% of their production. Based in Southern California, they posted a notice saying that, based on
"market conditions," it has "stopped funding new applications, and will have until the 12th of January
(tomorrow)" to fund … (1 comments)
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Secured Funding Shutters Wholesale Unit - 01/10/07 01:26 AM
Secured Funding of California has shuttered its wholesale division, which accounts for about one-third of its total
production. As MortgageWire neared its deadline, a company official declined to comment. It is the latest in what
is turning out to be a long line of nondepositories that have run into financial problems … (0 comments)
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credit report pricing - 01/09/07 02:56 PM
There is some rumored news in the credit report biz. National credit bureaus Equifax and Experian supposedly changed their policy so they expect to be paid every time a lender or a mortgage investor obtains an applicant's credit file as part of the financing process. When a broker originates a loan, … (0 comments)
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is foreclosre looming >>??? - 01/06/07 06:48 AM
According to Housing Tracker, Las Vegas Inventory has been steadily building for many months, and has now
surpassed the 20K mark-while prices have been declining slowly. I can attest to the fact the market is slowing
and Inventory is building, as there are 12 homes for sale on my street alone. … (0 comments)
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number of residents in CA - 01/06/07 03:54 AM
Move? For the first time since 1994, the number of residents who left California (population 38 million) for another state in 2005 exceeded the number who moved here! One wouldn't know it by looking at all the new subdivisions, but according to figures from the state Department of Finance California recorded … (0 comments)
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Operations: Evaluate Systems - 01/05/07 03:37 AM
Make sure you have the systems and processes in place to successfully close the amount of business you seek
to bring in. This includes everything from hardware and software to processing capabilities. Make upgrades where
needed to ensure you can keep service and efficiencies high.
Leads: Earn More
Are your current lead-generation methods helping … (0 comments)
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Education: Never Stop Learning - 01/05/07 03:36 AM
Whether you're a mortgage industry veteran or fairly new to the business, there is a wealth of information
available to help you increase your knowledge. Choose a subject, such as sales techniques or new loan products,
and make it your goal to become an expert on that subject. If you're a … (0 comments)
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10 STEPS TO GOAL SETTING FOR 2007 - 01/05/07 03:35 AM
Revisit your 2006 business plan and evaluate your results to set a main earnings goal for 2007. Determine what you'll need to earn each month to meet your ultimate goal. Decide how many loans you'll need to close monthly to achieve your earnings goal. Identify the number of applications you'll need … (0 comments)
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AZ still growing. there is no bubble>??? - 01/05/07 03:31 AM
The United States has roughly 300 million people in it. What states are increasing in population? This year
Arizona replaced Nevada as the fastest growing state. (Nevada held the distinction as the fastest growing state
for 19 consecutive years!) This year Arizona's population grew 3.6%, beating Nevada's 3.5% growth. On the … (1 comments)
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Existing Home Sales to Rise - 01/04/07 06:11 PM
Though 2006 ends with existing-home sales about 9 percent lower than in 2005, gradual improvements are expected. The National Association of Realtors® (NAR) forecasts these sales will rise gradually next year and record an annual total only slightly below this year's. Experts expect potential buyers to regain confidence by the … (0 comments)
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Home Prices to Hold Steady - 01/04/07 06:10 PM
Wells Fargo CEO Richard Kovacevich estimates that approximately 20 percent of 375 metropolitan areas in the country have experienced a 20 percent decline in home prices. However, he believes that various economic factors will help to discontinue these declines in 2007. "There's no way that the housing market is going … (0 comments)
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"228" loan - 01/04/07 06:00 AM
A typical program in subprime lending is the "228", a loan with a fixed payment for two years (usually with a 2-yr pre-payment penalty). The 228's facing resets this year represent the biggest growth segment among the pile of loans resetting: according to FNMA, there are $321 Billion of such loans … (3 comments)
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improvement of A paper pricing - 01/04/07 05:58 AM
This morning look for an improvement in A-paper mortgage pricing. The ISM Manufacturing Index will be released this morning and is expected to increase slightly by 0.5 to a level of 50.0. (Any figure below 50.0 is a signal of contraction in the sector.) The FOMC minutes of the December Fed … (0 comments)
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mortgage loom. foreclosure in the secondaty market - 01/04/07 05:58 AM
Another large subprime lender has ceased funding loans: Mortgage Lenders Network USA. Based in Connecticut,
with over 1,500 employees, the company is rumored to have run into trouble due to "pricing issues" and is the
third largest subprime lender to have negative press recently. It is certainly an interesting time to watch … (0 comments)
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