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mortgages: New Branches and New Opportunities in Illinois - 07/15/11 09:51 AM
THIS WEEK WE SIGNED ON A $100,000,000 branch up in Rockford. The official announcement next week. But I want to put a ONE BILLION DOLLAR STAKE IN ILLINOIS! HERE ARE SOME FACTS! 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 a privately held company. Needless to say, we're owned by a few great leaders, but priomarily by ex- U.S. Senator Bill Armstrong. What makes us unique in culture is our PURPOSE....
b) Raise up those who work … (4 comments)
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mortgages: First Time Homebuyers No Longer Want Fixer Uppers!!!! - 02/15/11 11:12 PM
… (78 comments)
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mortgages: If You're a Great Lender, we Need to talk!!!!!! - 11/21/10 11:06 PM
So, every so often I put a shout out for some great lenders. This past week, I met with 6 branches from Missouri to Northern Wisconsin, to Indiana and Ohio. My real passion though is in Illinois. I've received some committments from some awesome folks this past week. Working with some huge lenders who have lost their touch with their bread and butter.
BUT I WANT MORE! I WANT SOME GREAT LENDERS IN ILLINOIS!!!! As for Cherry Creek Mortgage, it's a company that's "dialed down."
1) First the culture IN CHERRY CREEK MORTGAGE COMPANY is the best BAR NONE!!!!! Our culture is such … (3 comments)
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mortgages: 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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mortgages: 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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mortgages: Mortgage Pro Week in Review 9/19/2010-9/26/2010 - 09/27/10 02:55 PM
Well, after a long sabbitcal, I'm honored that Mr. J.B, a/k/a Sir Jeffrey Belonger has asked me once again to do this week's Mortgage Pro in Review. Jeff Belonger....THANKS A TON! I hope that you find this information to be useful as well as educational!
Let's start off with something that may be viewed as a hometown favorite.
Jeff Belonger In spite of the fact that I use the term, "The Honorable" Jeff Belonger, loosely when tagging his photo, Jeff comes out on top again with two pretty strong posts that talk about the advantages of buying versus renting. Check … (8 comments)
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mortgages: The 4 Things you Need to Get Approved for a Mortgage!!!! - 09/13/10 09:06 AM
I wish it were that easy. There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage. Each category has so many what ifs and sub plots that each box can read as it's own novel. In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you're pretty much dead in the water:
Income You need income. You need to be able to … (64 comments)
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mortgages: Moving Forward with a REVERSE MORTGAGE!!!! - 09/09/10 04:27 PM
WHAT IS A REVERSE MORTGAGE???? A reverse mortgage enables the borrower to withdraw a portion of their home's equity, use it any way that they want, make no form of monthly repayment, stay in their home as long as they like and when they are ready to sell the home or have passed away, the loan is repaid. This program is insured by the Federal Government. The borrower does not forfeit title to the home or lose any other rights as the homeowner. The borrower or the borrower's heirs decide when or if the home is to be sold and after … (31 comments)
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mortgages: 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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mortgages: Why Don't Lender "Partners" help Build Realtor's Business? - 11/21/09 09:22 AM
I run a region, run a branch and yes, I originate loans as well. I spend a lot of time recruiting on top of that. I'm amazed at what I hear from lenders. Realtors want loan officers to help them build their business. They don't want them to create their business. If lenders could do that they'd be realtors, but we've been called into lending and not real estate sales.
I've interviewed well over 200 lenders since I began recruiting folks a few years ago and am amazed that there is such a disparity in lender capabilities. As individuals, there are … (7 comments)
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mortgages: 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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mortgages: 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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mortgages: Urgent - New Minimum Mortgage Guidelines!!!! - 10/30/09 03:34 PM
New Mortgage Guidelines· All borrowers must have one blue eye and one brown eye to qualify.· LTV > 65% SIVA requires minimum credit score of 899.· For all LTV > 65%, 360 months of payment reserves now required.· Borrower's must have no previous bankruptcies in their family history going backthree generations.· A minimum of 25 years self-employment history now required for all NIV Programs(at same location).· Minimum Credit Score for Subprime Loans raised to 720.· All non-arm's length transaction borrowers (mortgage, real estate professionals, family members) will be required to provide full-documentation, subject to criminal background checks, wire tapping, strip-searches, and … (8 comments)
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mortgages: 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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mortgages: 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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mortgages: 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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mortgages: 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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mortgages: Real Estate, Benevolence and Passion....do they belong together in Real Estate? - 08/13/09 04:51 PM
When I was a kid, I spent a week or two at Camp Saint Malo every summer. It was and is, just south of Estes Park, Colorado and attached to Rocky Mountain National Park. Then I went to college and for four summers became a camp counselor there. It's a time where I really found Christ and was still able to be an idiot all at once. Mostly, I found a peace leading others by being a camp counselor. I'd hike, swim, fish, play sports, shoot guns, do archery and just really kick it in life. John Denver, who meant nothing … (3 comments)
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mortgages: 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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mortgages: Energy Efficient Mortgages??? Green has finally arrived! - 07/09/09 10:34 AM
Finally, mortgage lending seems to be getting caught up with the rest of the world when it comes to green. I had started a draft on green mortgage lending in Active Rain and then saw and participated in the post by Ritu Desai Calculate your Carbon Footprint and decided that it was time for the information to be shared with the rest of the world.
ENERGY EFFICIENT MORTGAGES or EEM's are Here!!!!
Here's the facts that you need to know:
1) Can be used for purchase or refinance to incorporate the costs of the improvements into the mortgage;
2) Dollar amount can't exceed … (3 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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