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mortgage: The Death of the Mortgage Broker - 10/05/10 01:33 PM
As the Regional Vice President of Cherry Creek Mortgage, I've had the opportunity to do many functions and roles. Yes, I still originate. It's important that I have my pulse on the street. It's important that I'm still in the game. I'm a perpetual top 10 player in my company, so it's not like I just dabble.
I also run a branch. That means that I manage the P&L, watch the bottom line, recruit for my office, movitvate my team and build, build, build. Then on top of it all, I recruit for Illinois, Wisconsin and Minnesota. In the process of … (4 comments)
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mortgage: Buying and Refinancing - - - Don't Trip over Dollars to Pick up a few Pennies!!!!! - 10/01/10 09:49 AM
Thirty year mortgage rates have been moving lower over the past week and are currently at in the low 4.0s, + or - depending on all the loan variables. Many of you know that over the past month rates moved to their lowest levels EVER!!!!!! 15 Years are in the 3's.
After a few days of pricing pressure, Mortgage Bonds are trading near "oversold" conditions, which could make prices ripe for a reversal higher. If you couple that with the strong underlying support, it gives reason to be optimistic that the rates will mover lower in the near future. I'm watching very … (7 comments)
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mortgage: Mortgage Myth Busters goes "Live" TODAY!!!!! - 07/12/10 09:56 AM
Finally, a solution exists for realtors and consumers alike. A long time in planning and processing, a great group of originators has launched Mortgage Myth Busters. As one of the original members, I've seen the work that the great leaders in this group have done to disseminate timely, quality and accurate information regarding mortgage lending.
Check out www.mortgagemythbusters.com. This group is different than other national forums as they don't revolve around one person and a huge marketing team. Instead, this group decided that they're so sick of mis-information and dis-information that they'd get rid of the individual ego and present … (10 comments)
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mortgage: We Received Your Payments On Time but are Foreclosing Anyway! - 11/14/09 03:46 PM
I'm really seeing something wierd going on here:
Mortgage Compaines blowing up. Mortgage companies thriving. Clients are making the shift. Big box lenders are so big that they're collapsing on top of their own clients.
I'm dealing with a top three lender rignt now...
As an Attorney!
I've been contacted by the client. The lender had been accepting the mortgage payments, cashing them in and, oh yes.....reporting to the credit bureaus that they hadn't made a payment for nine months and therefore the big box lender began the foreclosure process.
I've spent hours upon hours with the client getting disconnected repeatedly. … (172 comments)
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mortgage: Thanksgiving to the Veterans Who Served Out Country - 11/11/09 08:57 AM
My dad served in the military during Viet Nam. My Grandpa Bettag in World War II. I know my dad didn't see any combat, but his experience in the military was so bad that he forbid us to go to the local Military Academy for High School.
Don't get me wrong, my dad is so patriotic. He understands the need for a strong military, but probably like others back then, probably didn't understand the need for the war and...I think any parent wants to shelter their own from combat. Even though he wasn't pleased with his experience, he's proud to be … (7 comments)
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mortgage: First Time Homebuyer Tax Credit Passes the Senate 85-2!!!!! - 11/03/09 12:45 PM
Well...it's almost here. According to Bloomberg, it appears likely that Obama will have the bill on his desk next week to extend the first time home buyer tax credit. Needless to say, this bill, in it's current form extends the tax credit to:
Non-First Time Homebuyers can get a $6,500 tax credit as well!!!!
Check out the article from Bloomberg since it was released last evening. Homebuyer Tax Credit, Unemployment Bill Advances in Senate.
Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at … (8 comments)
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mortgage: 1 of 3 Loans being Denied....GET APPROVED before the $8,000 Tax Credit Lapses - 10/05/09 10:39 AM
The Associated Press reports that loans are being denied at a record pace. According to the associated press, www.google.com/hostednews/ap/article/ALeqM5i28p_PCbyYs83kcnlV-GMcXCe55gD9B1QN202
Nearly one in three borrowers who applied for a mortgage last year was denied as lenders made it far more difficult to qualify.
In its annual look at mortgage practices among the nation's lending institutions, the Federal Reserve says the denial rate for all home loans was about 32 percent last year - about the same as in 2007.
The denial rates for Blacks and Hispanics were more than twice as high as the rate for white borrowers.
The data, collected from … (5 comments)
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mortgage: Net Branching Opportunities Continue in Minnesota - 08/25/09 02:51 PM
I'm the Regional Vice President of Cherry Creek Mortgage. I am so grateful to the fact that I work at such a great company. I have been blessed in the fact that I have signed on about 10+ branches in my short tenure as Vice President. Just last week, I was fortunate enough to sign on a stellar branch in Saint Louis, Missouri.
As for Cherry Creek Mortgage, Here's the deal....
1) First, and what I feel is most important. The culture IN CHERRY CREEK MORTGAGE COMPANY is the best BAR NONE!!!!! Our culture is such that people don't leave our company. We're … (0 comments)
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mortgage: Don't Trip over dollars to save a few pennies..... - 08/25/09 08:26 AM
Thirty year mortgage rates have been moving lower over the past week and are currently at about 5.0% + or - depending on all the loan variables. Many of you know that over the past month rates moved as low as below 5% for 30 year fixed mortgage loans and as high as just under 6.0%.
After a few days of pricing pressure, Mortgage Bonds are trading near "oversold" conditions, which could make prices ripe for a reversal higher. If you couple that with the strong underlying support, it gives reason to be optimistic that the rates will mover lower in … (11 comments)
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mortgage: Will Homebuyers Lose $45,000 by Not Acting Now????? - 08/14/09 09:09 AM
The Federal Reserve met Wednesday and basically said that their support of the bond purchasing program is nearing the end. The program, in which the government (you and I) were to purchase $1.25 trillion of MBS's or mortgage-backed securities is ending soon, probably by the end of 2009.
Mortgage Backed Securities of the United States were once regarded as one of the most attractive securities in the world, but when our markets imploded they lost so much value because of the who sub - prime fiasco. Now the largest purchaser isn't China or France as they used to be, but our own government. Just amazing.....now our … (7 comments)
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mortgage: 276,000 new homes per week going into foreclosure - 07/18/09 12:22 PM
Pretty amazing stats if you ask me. I was on a seminar with a well known speaker yesterday in the mortgage industry. He was whipping out some facts. We spoke a bit about how by 2010 less than 7% of the mortgage market should be refinances. This means that there will be a huge shift in the way that we do business. But what I found most interesting was the fact that foreclosures are still coming fast and furiously. Just amazing. Want to have your take on it and know your thoughts.
Not a lot to say...just looking for some feedback … (8 comments)
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mortgage: When A Client Commits Fraud - 05/21/09 07:50 AM
There's a client out there waiting to buck the system. Wants money, but doesn't want to or have the capability to play by the rules.
I was notified by a builder yesterday that there's someone out there (they even gave me the name of the person) who is into scamming mortgage companies through fraud. The person gives false information. They give a legitimate social security number, but they give fraudulent documents, including W-2's and paystubs and bank statements. We'll pull the credit, run it through and automated underwriting system (AUS) and approve the loan. We'll go to closing and get the … (14 comments)
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mortgage: Truths, Lies, and Just plain Stupidity (Experience Matters) - 04/16/09 10:13 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)
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mortgage: Why Aren't the Rates Lowers????? All Signs Say Lower Rates....Why Not? - 03/27/09 08:48 AM
This is very promising evidence that the government is now starting to direct their buying power in the lower coupon range. Yesterday, over 60% of this weeks Mortgage Backed Security purchases were in the 4.0% coupon....THAT'S a whole 1/2 percent better than what you've been looking at recently. It's huge. So......
Rates are going to drop now right? Er...NOT!!!!!!!!!!!! So why haven't rates dropped more?
Three reasons why rates haven't been effected too much:
1) As rates drop, the value of existing servicing portfolio's decline due to higher potential that loans will pay off early.
2) Large whole loan purchasers (our investors) … (6 comments)
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mortgage: Please Join Me in Welcoming Riverbend Home Mortgage to Cherry Creek Mortgage - 02/23/09 11:33 PM
I have to share with you that I just pulled off another coup. Or should I say that God did. Just a few months ago, Tom Ward, a national mortgage speaker and owner of Majestic Consulting, referred me to Teresa-Carly Brown. Teresa has had her own mortgage brokerage company for many years as the owner of Riverbend Mortgage. See her site at www.riverbendmortgage.com.
Needless to say, I was drawn to Teresa by her humilty and her desire for something greater. You see, when you meet owners, there are a lot of egos out there. I have to say that what makes … (3 comments)
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mortgage: The Death of The Mortgage Broker - 02/16/09 08:39 AM
As the Regional Vice President of Cherry Creek Mortgage, I've had the opportunity to do many functions and roles. Yes, I still originate. It's important that I have my pulse on the street. It's important that I'm still in the game. I'm a perpetual top 10 player in my company, so it's not like I just dabble.
I also run a branch. That means that I manage the P&L, watch the bottom line, recruit for my office, movitvate my team and build, build, build. Then on top of it all, I recruit for Illinois, Wisconsin and Minnesota. In the … (14 comments)
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mortgage: HONESTY AND TRUTH matter more today THAN EVER!!!!! - 02/13/09 09:32 AM
The economy is hurting. People are hurting. Our industry has taken a beating. Most of the rif raf have left our industry. In Wisconsin, the number of licensed mortgage originators (excluding those federally chartered) has plummetted from over 16,000 to just about 600 in less than a year. People who don't belong in the business have left....or so it seems.
I hate hearing that lenders are liars, buyers are liars and realtors....well, they're one step above a used care salesman.
What really rags my goo is the fact that we position ourselves as an industry of being people who are focused … (16 comments)
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mortgage: FHA can help first time homebuyers who think that they'd never get in a home. - 01/17/09 09:22 PM
FHA has had some major changes this past year. The most negative one is that the downpayment has changed from 3 to 3.5%. But really that's the extent of negative changes. The rest of FHA and it's changes have been lateral or better.
FHA is the best thing out there. Really, as a program, FHA has single handedly saved real estate lending. You really can't go wrong with FHA.
First Time Home Buyers can still:
1) Get a gift for the entire downpayment;
2) Allow people who won't live in the house co-sign with the borrower who will live in the … (10 comments)
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mortgage: 2008 Comeback of the Year......FHA LENDING! - 01/02/09 09:59 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 … (21 comments)
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mortgage: Active Rain is a Perfect Recruiting Tool - 10/21/08 10:52 PM
OK....So my posts have been political lately. The truth of the matter is that I'll be happy when these stupid elections are done. They really get my dander up. I hate the welfare mentality. I hate local government wanting to grow and promising no more taxes, but alas....I digress.
I am closing my 14th deal next week from AR. These people left me and went back to their lender for life. Their lender for life screwed them with a rate of 7.5% when the clients had excellent credit and income. Seems the lender was a little too comfortable with their relationship. … (6 comments)
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Larry Bettag Illinois FHA Specialist
Saint Charles,
IL
More about me…
Larry Bettag - Cherry Creek Mortgage
Address: 40W310 LaFox Road, Saint Charles, IL, 60175
Office Phone: (630) 524-9677
Cell Phone: (630) 417-7172
Email Me
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)
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