With a turbulent year we have had in financing this year, I am hearing more & more that our markets are great in NC but financing is harder to acheive for your clients with less than perfect credit. This is true when most Brokers and Lenders require 580 scores or better to obtain a loan but there are programs that most Borrowers can qualify for.

Flagstar has always been the Broker's friend when it comes to quick turnarounds, great service and quality programs that benefit your Clients needs. Flagstar is still that friend and even tho Brokers must have 580 scores to run them with our Bank, I do not. I am still assisting lower 500 scored clients obtain top notch financing. That's right....500 score gets you a FHA loan, as long as they do not have non medical charge offs within the past 12 months and can show 3 trades, whether on bureau or alternative trades and a verifiable rental history.

I have not Blogged in awhile but I thought that with DPA leaving us on September 30th, some do not know that there is hope out there! Just remember, when DPA is gone, your clients can still qualify USDA or obtain their 3% downpayments from non family members with our bank.

If I can assist anyone or give you any more insight on what changes have been made and what I can do to help your clients, feel free to contact me. I will always help any of you!!!!

With the world of real estate taking a dramatic turn over the past year, referals are your best source of marketing. Many Wholesale Brokers look out for their own pockets and rely on Realtors to feed them loans each month. Of course, buying leads is a huge part of many with the refinance business gearing up. Personally, I would never invest in a Lead Program. I am not big on cold calling a client either. I want my service to speak for itself and I always get referals from my previous clients.

HOW I HELP MY REALTORS....

I work with some great Realtors and refer as many qualified clients to them than they send me. I beleive that investing in them is the best marketing that I can get. What do my Realtors get from me besides service? How about an expensive fruit basket delivered to my Borrower at work with referal cards in the basket that has the Realtor's name and contact info listed, not mine. I insure that each Borrower gives the referal gift to all their fellow employees from the very beginning. Does this work? Darn right it does. It is a small price to pay to insure the success of my Realtors. They sell more homes, I close more loans, I help my families and establish a relationship with that Borrower, Realtor and their friends and co-workers.

Invest $150-$200 per deal and market your Realtors!! This may be the best year ever for you too!!!

If there are any Realtors that want this type of service and the availability to sell a home to over 95% of their clients, give me a call or shoot me an email. I am a 24/7 Loan Officer that has direct Lending from a Bank and licensed in all 50 States. You will see the difference!!!!

The Mortgage Bankers Association has changed course and is now backing stand-alone legislation that would allow Fannie Mae and Freddie Mae to purchase jumbo loans of up to $625,000 nationwide on a temporary basis. 

 The MBA contends that liquidity problems in the jumbo market have led to higher interest rates on loans above the conforming loans limit ($417,000) and fewer financing options for borrowers. The increase should be in effect for no less than 12 months, and up to 24 months if market conditions warrant, the MBA said in a letter. The MBA previously opposed a temporary hike in the conforming lending limit unless it was part of a comprehensive bill to strengthen the regulation and supervision of the government-sponsored enterprises.

Take advantage of it while you can.

The Canadan Mortgage and Housing has said that housing starts reached their second-highest level in nearly two decades last year, estimated at 229,600. These are very stagering numbers!!

This despite a drop in the seasonally adjusted annual rate of housing starts in December to 187,500 units from November's 233,300 units. They also say that the 2007 growth in housing starts was driven by low mortgage rates, solid employment, income growth and a high level of consumer confidence.

The segments and single-detached stats fell in December, mainly due to harsh winter weather after two strong months in October and November. This goes shows that people up there are buying.

Wow, very impressive numbers. Must be all those Hilary haters moving up there..LOL.

With the new Lending Laws that have gone into effect on the 1st, we are now seeing the effects and benefits that they have put in place.

Touching on stated loans, how long do you think it will take for all the self employed Borrowers to rally against our lawmakers and politicians because they can not purchase or refinance homes? I have already passed up several loans because they were self employed, with good scores but unable to produce bank statements or P&L's showing enough income.

My company sent memos out today, ceasing the stated loan products in NC and a few other states. Of course this is a trend and I have no worries that my company is strong and will continue to be successful.

What do you see happening in our industry this year?

A U.S. District Judge sentenced a Mortgage Broker to three years' imprisonment for his participation in a mortgage fraud scheme. After his release from prison, he will be on supervised probation for four years. He entered a plea of guilty to conspiracy to commit wire and bank fraud on September 24, 2007. At his sentencing, He  also was ordered to pay restitution of $1.2 million and to forfeit more than $4 million, jointly and severally with other conspirators.

This is how they said it went down: The Conspirators negotiated to buy residential real estate at a given price. A conspirator who was a licensed real estate appraiser then fraudulently appraised the property for a substantially higher amount than the actual negotiated price. Documents reflecting the inflated appraisal price were submitted to a lender, along with other fraudulent documents, to obtain first and second mortgage loans on the property. The total amount of the loans was at or near the inflated price.

At the closing on the property, the difference between the actual sales price and the inflated appraisal price -- the proceeds of the fraud -- was disbursed to one or more of the conspirators as an "assignment fee" or "payoff of third mortgage" that did not exist. During the course of the scheme, the conspirators obtained a total of about $17.7 million in mortgage loans, which would not have been approved but for the fraudulent documents. The conspirators received approximately $4.024 million in proceeds from the fraudulent transactions.

I am glad to see people like this pay the price for cheating the system. I can not understand why anyone would want to attempt something like this. Is it bad judgment or lack of morales? Probably both!

Most of you have probably seen the Lender Implode website at one time or another in 2007. I revisted the site tonight and sat here at my laptop seeing how many Lenders I closed loans with and are now gone. My count got to 27. How many can you find and do you miss doing business with them?

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

While the rumors are piling up and the decline of Countrywide's stocks, do you think BOA will keep them going or do you see them closing their wholesale division and going completly retail? Here are some facts to look at.

The company reported that it had funded $23.5 billion in loans in December - a steep decline from $42.8 billion in the year-ago period.

Their new business is down roughly 50 percent and Countrywide said some 6.96 percent of the loans in its servicing portfolio were delinquent last month, up from 5.02 percent in December 2006.

Loan delinquencies as a percentage of unpaid principal balances jumped to 7.20 percent from 6.52 percent.

About 1.04 percent of the mortgage loans were pending foreclosure, up from 0.65 percent.

Home equity loan originations also declined last month to $1.26 billion, down 61.3 percent from $3.27 billion in the year-ago period.

I am not sure where they are heading but I do know that if they do fold, we are in for some changes....again!

I am fairly new on ActiveRain and am still learning the value of Networking on the site. I see alot of Realtor Blogs and Investors but seldom see a Blog from a Loan Officer or Bank about our side of the industry, other than "How bad everything is" or "They took this product away!". How about hearing the good things that have transpired thoughout the past year and how these changes have really set in place a good stable industry that offers better financing, bigger benefit, fast easy loans, more referals and much happier Clients.

My Realtors have total faith in my services and work ethic because of the changes that this industry has handed down to us this year. I live in North Carolina, in the heart of Bank Kingdom and have had to conform to stricter laws, the loss of many great relationships & jobs at Lenders and a different direction in what types of loans I did.

I was very successful back in the Subprime days. Known to close a loan fast, give good service and close the loans nobody else could. I built my reputation from this and closed alot of loans. Did not know the "Other Side" and to tell you the truth, I was scared to death of anything but Subprime loans. That is what was sold to us, that offered my clients a cheaper payment, cheaper closings and my boss pushed me that way. Then came 2007 and watching these Lenders implode wasn't that bad until the company's I closed many loans with started going. I suffered for 2 to 3 months and made it through, learning all I could about Flagstar Bank's My Community programs and the conforming loan programs they offered. Come to find out, it was easier to close a loan, my rates were great, I got more referals, I got more relationships with Realtors and had more time to network and learn. Now that has tightened up but I have great relationships and find myself refering more clients to Realtors, Builders and Investors than they could ever hope for.

These changes have changed my life and my career. I hope it has done the same for everyone else. I loved closing loans with Flagstar and the people that I worked with each time closing them. I am now working for Flagstar Bank and have learned that if you help the people you work with, whether it is a Realtor, Borrower, Title Agent, Underwriter or an investor, they will help you too. Good Buyers + Good Loans = GREAT CLOSING & REFERALS  See, A happy ending afterall.

Have a GREAT year to all of you and let me know if you ever need assistance.

Their stock fell $2.13 to $5.51 in afternoon trading after sinking to a 52-week low of $5.05.

In a statement earlier in the day, the company said there was "no substance to the rumor that Countrywide is planning to file for bankruptcy, and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company."

The rumor of Countrywide filing BK has been around for 6 months and to see their stocks fall from $45 to $5 is unbelievable. How long do you think they can keep this up?