Ruth's Blog

Conventional Conforming Loan Limits Extended

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 14 Nov 2009 10:39:41 -0600

Conventional Conforming Loan Limits Extended

In a previous post last month I expressed a concern about the conforming loan limits, which has now been extended.

Ruth Vogt,
Business Development Manager (LMB100023827)

720-489-0712

ruth@Lifetimelender.com
www.lifetimelender.com

6025 South Quebec, Suite 110
Englewood, CO 80111

2007 WR Starkey Mortgage, LLP. All rights reserved. All artwork, products, designs, logos, graphics, and content contained herein are the exclusive property of WR Starkey Mortgage, LLP, and may not be reproduced, in whole or in part, without the express written consent of WR Starkey Mortgage, LLP. http://www.dora.state.co.us/real-estate/index.htm

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FHA Loans in Denver

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 13 Nov 2009 18:47:42 -0600

FHA Loans in Denver

Maximum FHA loans in Denver can go as high as $406,250 for a single family home making FHA loans viable financing vehicles even if it's NOT your first home.

If you look at the chart below, you'll see the average price in the Denver area is well below the maximum amount established for FHA loans:

Denver Recently Sold Homes

Many times FHA loans are mistakenly thought of as just a first time homebuyer option. Why? Probably because of the low down payment requirements, low FICO score requirements, and even lower asset requirement. Read FHA LOANS for more qualifying details.

But that doesn't mean buyers can't have higher than the minimums to make FHA loans their best bet! Probably the only time you might want to consider conventional loans over FHA loans is when you are thinking about putting 20% or more down to avoid mortgage insurance. BUT WAIT... is that what you really want to do? Did you know it's much more difficult to pull money out of the house with a refinance than it is to simply qualify for the higher loan amount with your initial purchase? And more costly, because even though some companies advertise "no cost refinances", there really is no such thing.

Another frequently forgotten fact is that FHA loans can be used to buy a duplex, tri-plex or even 4-plex property. As long as the buyer intends to occupy one of the units! The more units, the higher the maximum loan amount (still requiring just 3.5% down payment). Here's an example of the limits for FHA Loans in Denver county:

Maximum FHA Loans available on Two unit dwellings: $520,050

Maximum FHA Loans available on TriPlex properties: $628,650

Maximum FHA Loans available on FourPlex units: $781,250

So, I ask you, where else can you get financing for a duplex, triplex, or four plex with only 3.5% down payment except using one of the FHA loans as described above?

Let's do a few comparison options between conventional loans and FHA loans. Buying three investment properties using conventional financing with an average sales price of $150,000 would require a down payment of $90,000. (Typical investor down payment is now 20% per home due to the current limitations that mortgage insurance companies no longer are willing to insure investment properties.)

Now let's consider buying a four-plex unit, occupying one of the units and applying one of the available FHA loans on the entire building. Even if the average sales price was still $150,000 per unit, which is not likely as the land cost alone would be much lower on a four plex vs a single family dwelling. But let's just say for the sake of comparison the total purchase price was $600,000, down payment for an FHA loan would only be $21,000! Not only do you have a substantial savings in your down payment that is considerable, but you have rental income from three properties that will help offset the monthly housing payment.

It's time to take another look at FHA loans! It's not just for first time home buyers, but an excellent financing vehicle for move up buyers as well as 2 to 4 unit properties.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Tax Credit Extention Comparison

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 13 Nov 2009 18:26:47 -0600

Tax Credit Extention Comparison

What's new? What's the same? Here's a nice little graph that will help you see the variances at a glance:

Ruth Vogt,
Business Development Manager (LMB100023827)

720-489-0712

ruth@Lifetimelender.com
www.lifetimelender.com

6025 South Quebec, Suite 110
Englewood, CO 80111

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FHA Loans in Denver available on HUD homes for $100 down!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 11 Nov 2009 20:15:09 -0600

FHA loans in Denver available on HUD homes for only $100 down!

So, what's a HUD home, you ask?

A HUD home is a one to four unit property that has gone into foreclosure whereby the original loan was insured by a division of HUD called the Federal Housing Administration (FHA). FHA loans insure lenders for a portion of the loss should the homes go into foreclosure. Once foreclosure proceedings have been completed, HUD takes title of the homes and resales them in hopes of recouping a part of the FHA loan insurance expense.

So the benefit to a Denver HUD home buyer is the ability to get an FHA loan for only $100 down!!

Who can buy a Denver HUD home?

Anyone who meets the FHA loan qualification which includes:

1. 1. Must be the buyer's primary home residence
  2. Minimum FICO score of 620 (required by lenders of FHA loans)
  3. Two year work history which may include education
  4. Limited or no asset requirements for reserves

For a complete ITEMS NEEDED checklist that you may be asked to provide, please click www.LifetimeLender.com.

What are advantages of using FHA loans for the purchase of a HUD home?

FHA regulates lender and title company closing costs
Up to $5,000 repair escrow (if contract submitted properly) for those properties that have minor repair needs!

Click to get an idea of available Denver HUD homes.

(Offers can only be made by approved HUD agents. Contact us for the list of approved Realtors.)

FHA loans are also available to purchase homes NOT owned by HUD, but have a few different qualifying requirements. For instance, there is not a standard escrow of $5,000 allowed, and the down payment requirement is 3.5%. However it is possible to combine FHA loans with a Colorado Housing and Finance Authority loan thereby financing most of your down payment as well! For more information click CHFA/FHA loans in Denver.

NOT ALL LENDERS ARE APPROVED TO OFFER FHA LOANS IN DENVER.

Click to submit an online application to be preapproved for your FHA LOAN

REALTORS: click for more information on how to be sign up as a Denver HUD approved agent.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Homebuyer Tax Credit Extended and Expanded - $8000 for First Time Homebuyers and $6500 for Move-Up Buyers

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 09 Nov 2009 08:57:47 -0600

I couldn't have said it better, so why try? After reviewing a couple dozen blog posts, this seemed to be written the best, so I'm sharing it with you.

Via John Jones (Keller Williams Elite, Dallas/Park Cities):

The $8000 Homebuyer Tax Credit has been officially extended and expanded to include a new $6500 tax credit for move-up buyers. Dallas area first time homebuyers and move-up buyers now have until April 30, 2010 to obtain a written, binding contract and until June 30, 2010 to close the transaction.

Some of the details and guidelines for the homebuyer tax credit were changed slightly with passage of this new legislation. Some of the guidelines were loosened while others were tightened. And there is a sepearate set of guidelines for the new $6500 tax credit for repeat buyers as well.

EXTENSION OF THE $8000 FIRST TIME HOMEBUYER TAX CREDIT

The new legislation extends most of the guidelines of the previous $8000 first time homebuyer tax credit with the exception of the deadline extension, increased income limits and a few other details:

Guidelines that REMAINED THE SAME:

Amount of tax credit remains the lesser of $8000 or 10% of the purchase price.

Home must be primary residence that will be occupied by the owner. Investors do not qualify.

The tax credit does not have to be repaid unless the homeowner sells the home in the first three years.

Guidelines that worked out BETTER for homebuyers:

Deadline to obtain a WRITTEN AND FULLY EXECUTED CONTRACT is now April 30, 2010 and the transaction must CLOSE ON OR BEFORE JUNE 30, 2010. The previous program had no specific date to obtain a fully executed contract, but the deadline to close the transaction would have been November 30, 2009.

MILITARY SERVICEMEMBERS who were on active duty overseas for a period greater than 90 days in 2008 or 2009 will be allowed until April 30, 2011 to claim the first time homebuyer tax credit.

Income limits for single taxpayers raised from $75,000 to $125,000. The program phases out completely at $145,000.

Income limits for married couples raised from $150,000 to $225,000. The program phases out completely at $245,000.

Guidelines that became MORE STRICT for homebuyers:

Maximum purchase price cap is now $800,000. Previous program had no price cap.

Requires written proof of home purchase in the form of a certified HUD-1 closing statement. Also, the IRS has more authority to conduct oversight on claims for the tax credit. The previous program was plagued with fraud since it did not require homebuyer to show any proof of purchase.

CREATION OF THE $6500 TAX CREDIT FOR MOVE-UP HOMEBUYERS

This is a completely new program that was passed as part of the legislation that expanded the first time homebuyer tax credit. Current homeowners who are "moving up" will quaify for the $6500 tax credit beginning with all purchases that close after November 6, 2009 and who meet the other guidelines listed below. Many of the guidelines and deadlines are the same or close to the same as those of the first time homebuyer tax credit:

General guidelines (beginning after November 6, 2009):

Amount of tax credit is the lesser of $6500 or 10% of the purchase price of a new home.

Homebuyer must have owned and lived in their previous home for at least five consecutive years out of the last eight years.

Home purchased must be a primary residence that will be occupied by the homebuyer. Investors do not qualify.

Maximum purchase price is $800,000.

Tax credit does not have to be repaid unless the owner sells the new home in the first three years.

Income limits are the same as for the $8000 first time homebuyer tax credit ($125,000 for single filers and $225,000 for married couples, phases out completely at $145,000 and $245,000 respectively).

A written, binding contract must be signed on or before May 1, 2010 and the transaction must close on or before July 1, 2010. This is ONE DAY LATER than the deadline for the first time homebuyer tax credit for some reason, perhaps because simultaneous closings can often take two days to fully consummate.

IRS will require proof of purchase for the new home and will likely require proof that the previous home was both owned and occupied by the homebuyer.

Stay tuned for some additional updates and some frequently asked questions. If you have any questions about the extension and expansion of the homebuyer tax credit, please email me.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

A renter tracked me down through AR!!!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 06 Nov 2009 00:23:39 -0600

I couldn't believe this! I had a rental property that I placed on a website on Monday night. By Tuesday at noon I had about a dozen emails in response to the ad. But you can imagine my surprise when I noticed an email with the "Sent via Active Rain" return address notification and subject was my rental property. Of course I had not posted my rental on AR, so it obviously peaked my curiosity.

I immediately responsded to her telling her the property had already been rented, but inquired as to how in the world she found me on Active Rain. Here was her response:

"Actually I don't know what Active Rain is. Is that your website? Because I saw your name at the bottom of the rentals.comad and I googled it and it pulled it up. Hope that was ok."

***eyebrows raised*** Ok? I'd say!!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Oh my! Background check for lenders but not for NURSES?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Thu, 05 Nov 2009 23:38:35 -0600

A very sad story was just reported on one of the local television shows from a father's perspective about a nurse stealing pain killing drugs from his recently deceased daughter, a 28 year old melonoma patient.

That is the very sad part. The shocking part is who regulates that industry... DORA! The same regulatory agency that governs mortgage lenders and real estate agents! Ok, are you sitting down??? THERE IS NO REQUIREMENT FOR BACKGROUND CHECKS FOR NURSES!! Why? They say because of the expense???

WHOA... as professional lenders, it was legislated that we had to pay the expense for a background check if we wanted to be licensed. Yet, the same is not expected of a professional who is responsible for our lives???

Is it me, or is something a little strange here???

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Holiday Homes for Sale Tour

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 04 Nov 2009 20:13:28 -0600

Have any of you put together a Holiday Homes for Sale Tour? I'm looking for any input, ideas or examples that you have heard about or done in the past to give sellers a reason to list NOW. Afterall, when does their home look better, smell better, and show better than over the holidays? And let's face it, if you have a buyer over the holidays, they are serious!

We all have a tendency to tell ourselves that things practically stop over the holidays. Maybe that's just what we tell ourselves?? Maybe we need to create some excitement and a call to action to get those listing contracts signed??? Maybe we need to start some campaigns that suggest to buyers that this year instead of wondering why tree to put under their roof, they should think about a new roof over the tree???

Looking for some brainstorming here. All ideas welcomed!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Grandma Got Run Over by a Reindeer

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 04 Nov 2009 17:06:29 -0600

I couldn't help but think of that song when I heard a report today giving the top five states drivers are most likely to hit a deer. But what REALLY surprised me was that Colorado was not even in the top ten!

The estimates shown below are based on a comparison of an insurance company's "deer accident" claims with vehicle registrations from the Federal Hiway Administration. Here's the list to see if you are in a state living "deerangerously" every time you get behind the wheel:

West Virginians drivers have a 1 out of 39 chance of hitting a deer in the next 12 months.

Next were Michigan, Pennsylvania, and Oregon.

Then Montana with a 1 out of 104 chance.

Wyoming was 1 in 183,

And Idaho was 1 in 305.

So if you are live in West Virginia... be VERY careful... I think they are looking for YOU!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Mortgage Lender in Englewood, CO couldn't be happier!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 02 Nov 2009 12:47:44 -0600

As a mortgage lender in Englewood, Colorado, a suburb of Denver, I can't tell you how excited we are about the article recently published by the Denver Business Journal!! The heading says it all: Denver Home Prices Rise for Sixth Straight Month! Even though we are a mortgage lender in Englewood, that's close enough for us to stand up and yell "HOORAY"!

The report indicates our area home prices were still down 1.9% in comparison with August home prices a year ago, However, I feel confident that Denver (including Englewood!) is headed in the right direction with a one percent increase of July, 2.5% increase over June, 1.3% in May, and 1.5% in April. I know we still have a ways to go, but for now it's enough to have this happy mortgage lender dancing in the streets!

All markets being tracked show a decline in values from August of last year to August of this year. The one city that had less of a decline than Denver was Dallas with a 1.2%. Whether you're a realtor or a mortgage lender in Englewood... and surrounding Denver areas... I think it's okay to celebrate the small victories along the way to an eventual recovery.

Combine that good news with other good news from the perspective a mortgage lender such as the hope that HVCC might be eliminated, maximum loan amounts could possibly stay at the current higher levels, and the probability of the tax credit being extended and this mortgage lender is quite certain that 2010 will be a much stronger year in Englewood.

I'm trying hard as a mortgage lender not to be premature in my celebration, but on the other hand I don't want to let the opportunity for spreading the good news here in Englewood, Colorado, to go unnoticed!

For a glimpse at the report that has this mortgage lender in Englewood, Colorado jumping for joy, click here: DBJ.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Are you having issues this morning???

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 02 Nov 2009 07:33:13 -0600

It's now taken me 45 minutes just to get logged in and get a photo posted! What's up this morning??? Is it just me, or is EVERYONE having issues this morning??? Not the best way to start a Monday morning!!!

Guess I'll give this up for awhile and find something else to do before my caffine gets the best of me!!!

grrrrrr.....

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Goodbye Jack-0-Latern!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 02 Nov 2009 07:16:43 -0600

Well, Halloween is past, so I dropped the jack-o-lantern profile picture ...but couldn't give it up without explaining.

You see, last year my granddaughter (who was TWO at the time!) created this piece of art for us (completely unassisted, I might add!). I found it interesting that she had the correct features, just sideways. Other than that, she did a great job, I thought!She has a twin sister and a sister two years older that also did some fancy stuff, but the cropping of the photo that was done by AR automatically cut the other two out of the picture??

I'll miss seeing her creature ... but of course they created new ones for us this year to use next year!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

I've seen ghost lights and so has National Geographic!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 31 Oct 2009 16:23:08 -0500

In the spirit of Halloween, I just had to share the following account of an actual sighting.

We sometimes camp along the Arkansas River near Howard, Colorado, which is where the cemetery is located that initially sparked our curiosity. We'd heard about the "dancing lights" at a local restaurant, so one night a bunch of us piled in the car after dark hoping to see them for ourselves. And much to my shock, WE DID! It was such a show of lights that when I got back to Denver, I went to the public library to do some research as there had to be a logical explanation for what we had observed!

What I found was an article from National Geographic (August 1969, Volume 136, No. 2). They had actually conducted a study at another cemetery in Silver Cliff not far from Howard. Of course our next visit to the area meant another cemetery trip, but this time to the one in Silver Cliff so we could compare "sightings". The light show was again spectacular!

Think I've lost it? Let me support my story by linking you to an article written by Rocky Mountain News referencing Silver Cliff and it's Ghostly Spirits.

And if you're ever near Silver Cliff OR Howard, Colorado, plan a visit to the cemetery after 9:00! OH... and I should mention there are plots still available at both cemeteries. I hear they are both so popular people are just dying to get in!! ha-ha-ha-ha!!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

The Realtor that cried "Wolf, Wolf"??

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Fri, 30 Oct 2009 15:41:26 -0500

How many times have we heard or read over the past couple of weeks the GREAT NEWS about the 1st Time Homebuyer Credit being extended? A dozen, or more, maybe?? Yet, is it? NOPE!

We need to be very, very cautious about spreading "good news" that is premature, and becoming known as the Realtor that is crying "Wolf, Wolf" one too many times!

Do I personally think the tax credit will be extended? Probably. But has it been? NO. So why all the confusion? There is a great post by Tiffany of California that I read last night on Active Rain that gives clarification of the process: Proceed with Caution.

But today a letter came out from the President of the National Association of REALTORS that helps put the irregularity of what is going on into perspective:

FROM: Charles McMillan, NAR President

Jerry Giovaniello, NAR Senior Vice President Government Affairs

DATE: 30 October 2009

RE: Tax Credit Extension and Expansion

Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.

The Senate is expected to vote, Monday evening, for a 'Motion to Invoke Cloture' if 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.

Once the Senate acts, the tax credit must still go to the House of Representatives for action.

Please urge your REALTORS® to respond to our Call for Action

Additionally, we ask that you, NAR's leaders, call your United States Senators and ask them: 'To vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.' This will keep the legislative process moving.

NAR will continue to provide updates on the tax credit as events warrant.

There was an additional development in the Senate yesterday:

The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.

SO, if it's at all important to you to turn this hope to extend the homebuyers tax credit into a reality, call your Senators and ask them to vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Maximum loan amounts are in danger!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 28 Oct 2009 15:20:48 -0500

With all this talk about proposed legislation dealing with HVCC and the first time homebuyer credit, is anyone even noticing that we are in serious danger of having our maximum FHA and conforming conventional loan amounts reduced?? If you remember, it was the American Recovery and Reinvestment Act of 2009 (ARRA) that was signed into law on February 17, 2009 allowing our FHA loans to be increased to 125% of local area median costs and increased FNMA, Freddie maximums to $417,000. These increased maximums are due to expire December 31, 2009.

So, if you have a conventional preapproval letter for $417,000 you better get those buyers under contract. And pay attention to the FHA amounts which are established by county. I know it's a couple of months off, but just don't get caught off guard!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

FHA loans in Denver

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 28 Oct 2009 00:16:36 -0500

Getting FHA loans in Denver may be easier than the media wants you to think. That is, only if you are an owner occupant... as it is true that FHA no longer offers investor financing, and actually hasn't for some time . However, buyers can get an FHA loan in Denver, for instance, to purchase two to four family dwellings, provided they intend to occupy one of the units as their primary residence. It is important to recognize that it might be easier to get an FHA loan in Denver now than it will be after December 31^st. That is if you want the advantage of the higher FHA loan amounts established by the American Recovery and Reinvestment Act of 2009 (ARRA) signed into law on February 17, 2009. These higher FHA loan limits in Denver were only approved to remain in effect until December 31, 2009. At this time there is no discussion of whether the maximum FHA loan amounts will revert back to pre- ARRA limits. Thus, if you want to take advantage of the current maximum FHA loan in Denver County for a single family dwelling of $406,250.00 you might want to take action before the end of the year!

Is it no down payment that is making you hesitant from applying for an FHA loan in Denver?

The rumor that down payment assistance for FHA loans is dead is probably the second biggest mistruth that has been circulating in Denver. There are many FHA approved down payment assistance programs available that can be used in conjunction with FHA loans in Denver. Probably the most popular program available is CHFA, or Colorado Housing Finance Authority. There are income limits based on family size, but there is no longer a requirement that buyers must be first time homebuyer to use a CHFA loan in conjunction with an FHA loan in Denver. Check it out today, before the maximum financing amount for FHA loans in Denver are lowered!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Sign this Petition PLEASE!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Tue, 27 Oct 2009 12:52:34 -0500

I wrote a blog previously about HR 3126, and for those of you following that bill, there is really good news:

IT PASSED THE COMMITTEE REVIEW!

The update on the government tracking screen states: "This bill was considered in committee which has recommended it be considered by the House as a whole."

Most bills are killed before this step! BUT it's not time to celebrate yet!

We have to keep the heat on... and here's how you can do your part: SIGN THIS PETITION:

STOP HVCC

The House needs to understand what HVCC has done to our business. We need them to approve this bill and get it sent to the Senate! Pass this info on. PLEASE!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Mortgage Lenders in Colorado

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 26 Oct 2009 23:50:43 -0500

Mortgage Lenders in Colorado are required to retain licensing with the Department of Regulatory Agencies since the passage of HR Bill 1085. This bill went into affect August 5, 2009, subject to company exemptions from the mortgage loan originator licensing requirements for employees of certain mortgage lenders in Colorado. On August 31^st,4,560 loan officers were notified their licenses were officially deactivated. Today only 4310 loan officers in the State of Colorado have active mortgage lender licenses according to the Department of Regulatory Agencies. (Incredible, isn't it? In one day our loan officer population dropped about 50%!)

Even though licensing is required few sellers, buyers, or even real estate agents think to verify the licensing of their mortgage lender. This is especially true in the case where the lender is being referred by a past client or because of a past business relationship. For instance if a buyer purchased a home last year, there would have been no state licensing required. If that same buyer decided to refinance their home during the recent refinance market this year, there is a good chance they would go back to their original lender who may or may NOT have adhered to the licensing requirements for mortgage lenders in Colorado established in the past year. Similarly, if a real estate agent has been doing business with a loan officer for the past several years, they might just assume their preferred lender complied with the states licensing laws.

What's the risk of not working with a licensed mortgage lender in Colorado? It is the Department of Regulatory Agencies, known as DORA, actually holding the individual loan officer responsible for minimum educational requirements and assures they maintain various types of insurance protecting consumers. Remember, too, this licensing is based on an INDIVIDUAL basis, not company licensure.

Think of it this way: would you even think about working with a real estate agent that was not licensed? Then why would you not verify that you are working with a mortgage lender in Colorado that is licensed?

Links are listed below for the following:

Exemption List

Approved Mortgage Lender List

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

The Crash of 1929 (80 years and still going up and down)

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Sat, 24 Oct 2009 09:48:13 -0500

Interesting blog, so much so that I decided to reblog. If you follow the links in this blog you will see that two of the banks are now one, and the third bank referenced is today referred to as one of "The Big Four Banks". Should I say interesting or frightening???

Via Zane Coffin (Geneva Ohio Real Estate Agent) (Century-21 Homestar):

80 years ago on this date 10-24-1929 was the start of Great Depression Who caused it and why? Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market....sound familiar maybe.. I wasn't there (I was born in 1969) I only know what I read in the history books and we all know history is in the eyes of the writer of it. So what really happened?

The day of the stock market crash.

At 1 p.m. on the same day (October 24), several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank of New York. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As traders watched, Whitney then placed similar bids on other "blue chip" stocks. (I read this on Wikipedia, the free encyclopedia )

Well bankers giving money to people that don't know how to use it....That sounds familiar don't you think? I don't know what happened that day or why people did what they did. But I do know right before the crash the US was having its hey day of economic growth....and then it just fell...I guess what goes up must come down.

So now we are in a down side just like Oct. 24, 1929 we can't change that it happened and it's here, we are in it now. So I say what goes down must come up....always look for the positive things nothing is permanent. The economy is going to go up and down a few times in your life no matter what you do.

I say go with the flow we are going to be starting back up the hill soon ...But be prepared for the next ride down it will happen if you like it or not....It is history and it we make history every day.......peace zane

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

"Trunk or Treating"

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Thu, 22 Oct 2009 19:58:34 -0500

In our neighborhood the houses are too far apart to make it easy for the kids to go from one home to the next. So, we picked a cul-de-sac that could be easily blocked off. Late afternoon everyone drives their car over, parks, and decorates the back of the vehicle in some goohlish fashion. (One family even brings a coffin and the husband jumps out every now and then!) There is always a couple of grills, hot dogs and refreshments, and of course someone is always in charge of putting up a haunted hut (you may have guessed that would be much smaller than a haunted house!) Just before dusk the kids go from one car to the next saying "Trunk or Treat" and gathering goodies from all the cars parked in the cul-de-sac. It's a great way to meet neighbors (that is if you can recognize them without their costumes on, because this isn't just a dress up for the kids!!) And it's so much safer. Great way to farm a neighborhood - go as John Deere - and let them know why you're there!!!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

EXCITING NEWS... a bill to ELIMINATE HVCC!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Thu, 22 Oct 2009 18:05:21 -0500

We've been hoping and watching HR 3044, which was a proposal to put an 18 month moratorium on HVCC but suddenly there is a new and better one out there: HR 3126. This bill is currently being reviewed by the Housing Finance Committee and is expected to go before the House for a vote within a couple of weeks!! And before Senate for a vote maybe by year end???

There are amendments to this bill that will:

1) nullify HVCC because it has "dramatically damaged the home mortgage process across the nation

2) request a more gradual implementation period of the new TILA requirements allowing HUD and the Federal Reserve to coordinate their regulatory efforts between RESPA and TILA (it really IS ridiculous right now, isn't it???)

3) and prohibit the government from capping the amount of compensation paid to mortgage lenders regardless if they are state chartered or federally chartered, big or small.

There is hope that someone out there is still sane. I, for one, had begun to question that!

What can YOU do? KEEP THE PRESSURE ON!! It seems, someone is listening to our pleas to stop the madness!! Call your representatives and tell them we need them to support HR 3126!

To track of the status of the bill, click here: HR3126.

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Wordless Wednesday: Are You Who You Think You Are?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Wed, 21 Oct 2009 17:38:06 -0500

I don't really reblog many things... and never do I reblog jokes, but his one has some merit worth consideration:

Via Anna 'Banana' Kruchten, Phoenix Property Shoppe:

Wordless Wednesday: Are You Who You Think You Are?

It's OK if you don't get this right away. I'll be honest - it took me a few seconds myself.

*********************

Thinking of buying or selling a home in the Phoenix area - or know someone who is? This is the PERFECT climate for move-up buyers.

Find out how we can help make the buying or selling process simple, stress-free, and enjoyable. Feel free to contact me by phone 602-595-8900 or email me.

Search here for homes in the Phoenix area.

You can also visit our website for more information on Phoenix and the surrounding areas.

Phoenix Property Shoppe

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

What are you doing around 1:00 AM?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Tue, 20 Oct 2009 21:22:44 -0500

If you don't have any plans, you might want to watch for the meteor shower! Best time to watch is between 1:00 AM and predawn hours tomorrow morning. And don't waste time looking for the binoculors or the telescope because the meteors travel too fast. Pillow, warm blanket and lounge chair are recommended for extended viewing pleasure. And while your at it, why not pop some fresh kettle corn and open a nice bottle of red wine?

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

We closed $70 million more in September!

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Mon, 19 Oct 2009 23:43:59 -0500

This September, our company closed $70 million more than any other September in our history! BUT the really great news is that 80% of our production resulted from purchase money transactions!! Yet, we only have offices in 9 states (by choice, obviously!)

How exciting is that? And, I for one, believe we have found the perfect solution to the balance between the product and security of working with a mortgage banker vs the service and pricing of a mortgage broker: It's called a correspondent lender, which you really don't hear a lot about.

A correspondent lender differs from a mortgage broker because we underwrite our own loans and fund with our own money. This allows us to provide service limited only by our internal systems. "Dual accountability" is the term our owner, Bill Starkey, uses to keep production and service both working toward the common goal that supports our tag line: "... a different kind of company where people come first."

Yet we are able to have product diversity that limit products (and guideline interpretations of) mortgage bankers. Let's face it, there are many mortage bankers that are very good at SERVICING loan payments, but not as focused on the service it takes in ORIGINATING loans. Why is that? Maybe because they know they can buy all the new loan originations they want!

Yes, we do have the best of both worlds, which is a very good reason to take another look at doing business with a correspondent lender. I think correspondent lenders could be the upset in the "which is best" race between "mortgage bankers" vs "mortgage brokers"! Just something to think about...

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827

Risks of TweetDeck?

Ruth Vogt (LMB#100023827) WR Starkey Mortgage — Tue, 13 Oct 2009 23:18:02 -0500

I've heard so many good things about the use of TweetDeck. I know it's a free download, but when I went to install it there was a warning that the program would access info from my computer and make it available on the internet??

Do you use TweetDeck? Have you had any issues since installing that program? Can anyone give me any input of this program?

I was really looking for a program that would "Tweet" my posts... can anyone give me some direction on where I might find that applicaton?

I'm just sure there are easier ways to stay connected with multiple social networking programs than logging in and jumping from one to the other??? Any suggestions would be most helpful!

Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.

Ruth Vogt

Colorado LMB #LMB100023827