lending: The Seller Wants Me, The Lender, to meet to Raise Her Appraisal Value - 11/09/11 09:55 AM
Every week I get a call from a new client.  Someone who's name I have never heard before.  Most of the time it's about a mortgage, but somtimes it's about something else....like someone wanting legal advice, talking about getting their kids into a home, working oin credit scores....whatever! 
But this latest one blew me away..... I'm at a leadership meeting last week.  I get back to work today and my assistant tells me that some woman has called to set up an appointment with me.  She wants to talk to me about her home situation.  She wants to sell, but is having … (42 comments)

lending: Why Trust Your Biggest Asset to Someone without a License? - 11/02/10 02:35 AM
Would You Work with a Realtor that doesn't have a license? Why trust your finances or mortgage to A LENDER WITHOUT A LICENSE? Sounds like the biggest "no brainer" in the history of mortgages right?  If only it were that simple!  You see, the law, the statutes and the licensing say that some folks need to be licensed but others don't. 
Two Examples.....
1)  I have a license and I work wtih a client who wants to do a $54,000 mortgage.  I have all of the credentials as well as the licensing. 
2)  Someone who has no license and very little training (at best) … (5 comments)

lending: What's so upsetting about getting a referral from your lender? - 08/09/10 02:51 AM
I saw a post not too long ago from a realtor who opposes loan officers giving realtors buyers to buy homes. I'm curious...why would a realtor think that way? One reason is that perhaps the realtor will feel "beholden" to the originator. Another reason is possibly the realtor thinks that if the loan officer screws the homebuyer that the realtor can't take any action against the loan officer because the loan officer referred the deal.  I the realtor cooperates with the lender, then they are "complicit" in the shady deal that takes advantage of a homebuyer. Both are valid points. However, I need … (15 comments)

lending: Rules, Rules, Rules.....oh, by the way.....MORE RULES!- - - - I JUST WANT TO SERVE MY CLIENT!!!! - 07/26/10 05:01 AM
I want to blog and post more posts, but the reality is that I'm spending more and more time learning and learning and being so "damn defensive," that it's hard to serve.  Now don't get me wrong, but take a few moments and listen to my story.
I am a mortgage banker, but I've always been an attorney.  A licensed real estate attorney.  I have to abide by the code of ethics in order to remain a member of the Illinois Bar.  This means that I can't do things that are illegal, but I also, on top of everything, must adhere to … (41 comments)

lending: When Clients become Victims - 04/21/10 08:55 AM
I Met the Victim 1 month ago I have a client who's buying house X.  He has to sell his own home before buying the new home.  My buyer gets approved, but three days before closing the loan officer (who happens to be the realtor on the deal) calls and says that we have to postpone the closing because this deal is difficult and they need more time.  My first reaction is "why are you the realtor and the lender on the deal?"  That spells out conflict of interest to me.  My realtor is livid and tells the other realtor/lender that … (5 comments)

lending: Buyer's Beware....Times a Changing! - 06/10/09 01:08 AM
I got a call yesterday from a client who was purchasing a $300,000 house.  She was putting down $250,000 as a down payment.  Yes....$250,000!!!!!!  Wow!  She needed a loan of only $50,000.  I told her what the rate was and the costs were.  She told me that she was referred to me by her parents and a prior client of mine. 
HER STORY GET'S WIERD......
As she was only borrowing $50,000 and has perfect credit and good reserves one would ask:
What's seems to be the problem?
 
It appears that she went to a local bank...in fact, it's a very … (8 comments)

lending: Truths, Lies, and Just plain Stupidity (Experience Matters) - 04/16/09 03:13 AM
I was reading Jeff Belonger's post today.  

His post,  To be or not to be an EXPERT, that is the question - Such as an FHA Expert, is fairly straightforward.  The post is fairly straightforward in that he gives examples in supporting his theory that cthere are a lot of "experts" out there, that are "experts" in name only, and thus, as a result, mislead the consumer. 
I find that there are the KNOWs and the "don't knows."  The knows are people in our business who actually know their business.  They know it inside out.  What they don't know, they know … (12 comments)

lending: 2008 Comeback of the Year......FHA LENDING! - 01/02/09 01:59 AM
It was hit. It was hit hard. It was was old, knocked down and Mick was ready to throw the towel in so as to protect Rocky, er HUD. HUD wobbled back to its corner and yelled..."Cut Me Mick. It was such a great scene and the beginning of one of the largest comebacks in underdog history. Needless to say, FHA, being down an obsolete and on the ropes was three punches away from devastation. Death was imminent. But the cut had come. The subprime mortgage fiasco and sub prime mortgage mess and wall street and everything else made for a … (20 comments)

lending: Countrywide is at it again in Illinois - State of Illinois Files Suit against CW! - 06/25/08 02:31 PM
"Countrywide's unfair lending practices have harmed tens of thousands of borrowers who've been placed in unaffordable loans and, as a result, our communities are now being destabilized by a skyrocketing number of home foreclosures," Lisa Madigan said in a statement Wednesday. Her office said that the company played a "major role" in the foreclosure crisis, all in an attempt to dominate the U.S. mortgage market. "Countrywide repeatedly qualified borrowers for mortgage loans based on salaries that were significantly higher than what they really made," Madigan added. "As a result, Countrywide put borrowers into loans that they could never afford, leading to … (5 comments)

lending: Time To Dominate - No Whiners Please - 05/09/08 03:12 AM
Just got back from the awards presentation for our Company headquarters at Cherry Creek Mortgage.  A few nice things that I experienced.  First, I was able to go to our corporate offices, have drinks with the staff, leaders and heirarchy of Cherry Creek.  Later that night they had the awards dinner.  After dinner, I picked up my production trophy for taking 5th place nationally for loan origination production. Not too shabby....#5 nationally, but next year, I expect to be in the top 3.  I was so close too!!!!!!
The next day we had a meeting for all four of the regional vice … (8 comments)

lending: Illinois Home Equity 2nd Help - 05/08/08 01:38 AM
Although I really know my stuff (ha, ha), I am looking for a tough situation here.  I have a borrower who wants to refinance a jumbo high rise condo downtown in chicago.  Oh yeah, it's a second home and a high rise.  At least it's a full doc loan, but, I'm looking for a 2nd mortgage company.  I have a first mortgage approval, but the "end lender" on the home equity loan said that they don't like the scenario.  Low DTI, great FICO.  Since I really hate home equity 2nds, I don't delve into that foray too often.  Having said that, … (2 comments)

lending: Had a bad day? Wachovia is having a bad month! - 04/29/08 02:36 PM
On April 14 the bank announced it had lost $350 million or $0.20 per share during the first quarter of 2008. The losses, which were much higher than had been expected, were due primarily, or course, to problems in the mortgage markets.  T
hen this past Friday Wachovia got hit with a double whammy.  In the morning it was announced that Wachovia Corp. had agreed to a settlement with The Office of the Comptroller of the Currency (OCC) of as much a $144 million to end an 18 month investigation into its role in a telemarketing scheme that allegedly affected between 350,000 … (7 comments)

lending: The Age of Personal Financial Responsibility - 04/24/08 04:29 AM
This morning on the news was more of the usual GLOOM AND DOOM.  The three issues were:
1)  Rice - No....not Condaleeza  
2)  Gas  Prices
3)  Housing Soft Markets 
The usual banter goes on about how Rice prices have increased 79% since the first of the year.  There is rationing in the major US grocery chains, blah, blah, blah.  Gas prices suck....of course.  The 4 bucks a gallon is incredibly hard for anyone to swallow...even the upper middle class now.  The Housing Markets were listed showing all of the soft markets where buyers can score a great deal.
WHAT WAS GREAT ABOUT THE NEWS … (36 comments)

lending: Lenders Suck... - 03/18/08 01:26 AM
I was at an event the other day and I heard one realtor talking to another realtor about a particular local lender.  The one realtor said that lender's suck.  I went on minding my own business.  The other realtors knew that I am lender and serve people within their office, but they didn't know that I was standing within earshot of a not to private conversation.  Later when one of the two realtors ran into me they were as nice as pie.  She shared her wo's about the particular lender and asked me my thoughts.  I gave my two cents and … (14 comments)

lending: Bait and Switch.... - 02/18/08 01:43 PM
I potentially lost a deal tonight because of false terms that were given by a competitor.  I don't mind losing going head to head.  Let's compare apples to apples or oranges to oranges. 
                            
Anyway, the competition gave a rate that I know is impossible to give.  The rate wasn't even within the market for any lender.  but then again there were no rates that the borrower could lock into today since the markets were closed.  The other lender sits in a real estate office that is not well respected and they don't have to "earn" by serving their clients.  Also, … (10 comments)

lending: Record Month...well not quite, but pretty awesome anyway! - 12/03/07 05:17 AM
This month I'll close about $5,000,000 in real estate transactions.  Pretty awesome if you ask me.  But let's be honest, it's been brutal out there.  Many of the competitors have closed their doors and many individuals have left the business.  Interesting to see who is week and who becomes strong in this environment.  I, too, have experienced just a frenetic sine wave over the last few months.  Good days, bad days, good weeks, bad weeks.  Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community.  Nevertheless, the payoff is now.  I … (8 comments)

lending: Record Month...well not quite, but pretty awesome anyway! - 12/03/07 05:17 AM
This month I'll close about $5,000,000 in real estate transactions.  Pretty awesome if you ask me.  But let's be honest, it's been brutal out there.  Many of the competitors have closed their doors and many individuals have left the business.  Interesting to see who is week and who becomes strong in this environment.  I, too, have experienced just a frenetic sine wave over the last few months.  Good days, bad days, good weeks, bad weeks.  Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community.  Nevertheless, the payoff is now.  I … (2 comments)

lending: Record Month...well not quite, but pretty awesome anyway! - 12/03/07 05:17 AM
This month I'll close about $5,000,000 in real estate transactions.  Pretty awesome if you ask me.  But let's be honest, it's been brutal out there.  Many of the competitors have closed their doors and many individuals have left the business.  Interesting to see who is week and who becomes strong in this environment.  I, too, have experienced just a frenetic sine wave over the last few months.  Good days, bad days, good weeks, bad weeks.  Needless to say, I've always kept in personal touch with my past clients as well as leaders within the community.  Nevertheless, the payoff is now.  I … (0 comments)

lending: Countrywide Steps Up to help Sub-prime fallout - 10/23/07 12:54 AM
Last night I wrote about the investigation that Angelo Mozilo at CW is undergoing for purported SEC violations.  I said that I really admire Angelo for his creative, cutting edge approach, but that he now is under the scrutiny of the SEC.  If something bad happens, then the house of cards in the mortgage industry will collapse and that the government will be all over everyone in real estate like flies on ____. 
Further, in today's paper, THE USA TODAY, specifically, the cover story in the money section supports this theory.  "Criticism Rains Down on Mortgage Industry" is a prime example … (7 comments)

lending: Countrywide Investigation? Could pose more instability for the enitre industry - 10/22/07 02:14 PM
Reuters News Service and the Associated Press are both quoting a story in the Wall Street Journal on Wednesday that Angelo Mozilo, is under an informal investigation by the Securities and Exchange Commission (SEC).  People think that this is the next Enron in the works.  This would NOT be a good thing for anyone associated in mortgages, lending, real estate or affiliated in any manner in real estate.  This would be devastating.  I kinda like what I've seen and heard from Mozilo...He walks an adventurous line with the way he acts and seems to be a real visionary.  According to Reuters, Countrywide … (4 comments)

 
Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001)

Larry Bettag

Vice-President of National Production

Saint Charles, IL

More about me…

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

Mobile: (630) 417-7172

 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”
(John 14:1-4, New King James Version)

Larry Bettag

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