MELINDA's Blog

11 articles/diary entries published on Broker Banker Magazine Online

TRINITY MORTGAGE, LLC — Mon, 11 May 2009 21:14:20 -0500

I've been priviledged through my affiliation with BNI Founder Dr. Ivan Misner's Author Mentor Program to have the opportunity to write for Ed Craine, and Broker Banker Magazine.

Ed asked me to write about the mortgage business and tie in networking. Ed is not only the driving force behind Broker Banker Magazine, he's also a BNI Director.

here are the first 11 entries - I hope you like it and I hope you will give me your honest feedback.

best,

Melinda Potcher

Mortgage Maven

Trinity Mortgage, LLC

www.HomeLoansAlbuquerque.com

Hi Melinda-

We've posted all your entries so far. (11 entries.) To view go to http://brokerbanker.com/page54.aspx.

Let me know what you think. Keep them coming!

The 10 Commandments of Networking - Raising The Bar

TRINITY MORTGAGE, LLC — Tue, 24 Feb 2009 09:28:07 -0600

A friend of mine, Melinda Potcher, adapted some of my material and created the 10 Commandments of Business Networking.

She did a great job and I thought I'd share it with everyone here on my blog.

1. Thou Shalt Not Sell To Me.... If we are trying to help one another get more business, you tell me your target market, I tell you my target market, and when we are out in the world, we speak well of one another and refer one another, do not try to sell me - I am your referral resource. If I need your product or service, know that I will call you. Use our relationship to sell through me, to get to those 250 + people I know.

2. Thou Shalt Understand The Law of Reciprocity.... If I am sending you business, please keep me top of mind. Giving me a new client is the best thank you that I can receive, and I will continue working to find you referrals if I know you appreciate me.

3. Thou Shalt Not Abuse Our Relationship.... Sending me a bogus referral just to use me, my expertise, or my resources for free without asking permission first is the fastest way to lose my respect.

4. Thou Shalt Not Be Late .... If we have a meeting set to get to know one another and strategize how we can refer each other business, do not reschedule our appointment more than twice. I blocked a chunk of time in my schedule FOR YOU, and I respect you enough to be on time.

5. Thou Shalt Be Specific .... Specific Is Terrific! If you tell me your target market is "anybody" or "everybody" that means nobody to me.... the more specific you are, the easier it will be for me to find you business.

6. Thou Shalt Take Your Business Seriously .... As your networking partner, I need to know your intentions. If your company is a hobby business, it will be difficult for me to assist you. If it is part time, you are limited in the time you spend working on your business and working to find me referrals. However, if you are working your business part time with a goal of making it full time, I am there for you, 100%.

7. Thou Shalt Follow Up On Referrals... When I send you business please follow up with that prospect in a timely fashion - say 24 hours - if you are going out of town, or will not be available for some time, a quick email or phone call to the person to let them know when you will be available will preserve your credibility and protect my reputation in recommending you to someone I know and care about.

8. Thou Shalt Communicate... If I do something to upset you, send you a "bad" referral, or cause you to have ill feelings toward me, please communicate with me as soon as possible. I may not be aware I have caused a problem for you, and if you tell me, I can try to fix it. Referral networking is about relationships! Relationships and Referrals are at the heart of my business.

9. Thou Shalt Protect My Reputation... Most people would rather die than risk their reputations. If I receive feedback from a referral I have sent you that is disparaging or derogatory, it is as though you cut me off at the knees. Please do what you say you will do and live up to the ethical standards of your profession.

10. Thou Shalt Prepare For Success... If you really want to grow your business, then prepare to receive it. I will move mountains for my networking partners to ensure they get referrals on a consistent basis. I am a Ninja Networker - you may not always see me working on your behalf.

Thanks to Melinda. You can visit her website at: www.HomeLoansAlbuquerque.com.

My Very First Podcast

TRINITY MORTGAGE, LLC — Mon, 10 Nov 2008 17:04:32 -0600

Monday, November 10, 2008

My Very Own First Podcast!!!
Current mood: giddy
Category: Jobs, Work, Careers

OMG I am so excited and wanted to share with you my first ever produced PodCast.

Let me know what you think!

BNI Powercast: Melinda Potcher

http://www.smallbizamerica.com/sbb/detail/bni-powercast-melinda-potcher/

[OMG! I have a podcast to my name]

Currently listening :
Got to Be Real: The Best of Cheryl Lynn
By Cheryl Lynn
Release date: 1996-06-04

From The Local Organic Farmer - Words of Wisdom

TRINITY MORTGAGE, LLC — Fri, 17 Oct 2008 18:38:58 -0500

Friday, October 17, 2008

From The Local Organic Farmer - Words of Wisdom
Current mood: enlightened
Category: Jobs, Work, Careers

..TR>

..TR>

October 16th, 2008

..TR> ..TABLE>..TABLE>

Our Self-Fulfilling Prophecy

Ok, if I see another picture of some dude on Wall Street with his head in his hands about to cry or looking into space like he has just seen the Four Horsemen of the Apocalypse, I am going to scream. Enough already. We get it. The stock market is in the tanks. But here is the frustrating part.

We, and I mainly point the finger at the media right now, have created a self-fulfilling prophecy. With all this attention on Wall Street, we are perpetuating its downturn. And it all boils down to one phrase, consumer confidence.

Sure stocks rely on earnings and quarterly reports, but as a whole, they are dependent on what the confidence of the consumer is. Take Amazon for example during the '90's. Amazon would never post a profit. Every dollar they earned they sunk back into the company. Always in the red. But their stock price (through the '90's) was going through the roof. Why? Because people had confidence in the company. Not rooted in anything, but just a good feeling. So stock went up.

Is our economy (nationally) in trouble? Sure it is, but this trouble has been here for over a year. This is nothing new. The only thing new to the whole scenario is a word called "meltdown." If you use terms like "meltdown" too much, people might start to believe it. But this stubborn Norwegian is not going to. I refuse. And here is why.

New Mexico is an island in many cases. When the economy nationally shoots through the roof, we lag behind. When the national economy falls through the floor, we stay afloat. We stay out of the riff raff for the most part because we have solid economic drivers and players in NM. Los Alamos Labs. Sandia Labs. Kirtland AF Base. Univ. of NM. APS. Intel. Among others.

We have always been very stable here. Yes, missing the high time of the peaks, but to compensate we miss the valleys too. Much of this is due to our strength in diversity. NM is not a one industry state. Thankfully. And our banking system is one of the most solid in the country.

So if that is all good news locally, then what is the problem? The problem, as I see it, is that the national manure sandwich is starting to affect our local confidence in the local market.

And I will use LPO as our example because it is obviously the business I know best. As I previously noted, the national economy has been having problems for over a year now. Throughout that though, LPO was able to grow our CSA membership over 50%. A sign that our community was still doing well and supporting business.

Then the stock market started to slip, trip, and panic set in. People began holding on to their wallets to see what the economy is going to do before venturing back out into the world. So in the last two weeks our renewals drop 20% (not members, just those renewing). Not a good sign.

LPO is small enough and our over-head low enough that it is not that detrimental for us. But it makes me worry about other businesses. Most businesses cannot withstand a 20% loss in sales for very long before going under.

Cash fuels our world. Fuels our economy. And not cash in a greedy way, but in a necessity way. With no exchange of cash, the wheels of the economy stop moving. Fewer sales equate to fewer employees needed. Fewer jobs mean fewer paychecks to pay the rent/mortgage. The more bad loans, the harder it is to get credit. And without credit, the economy stops.

Now, I am not trying to give a "get out there and shop" lecture. We all have to be smart financially right now. But what I am trying to say is that we, as a community, need to be realistic and do some honest evaluation. If one has a stable job, and is not overly leveraged in the stock market for short term needs, things will be fine.

The economy, and our consumer confidence, will bounce back. It always does. This is not economic Armageddon, and the sooner we realize it, the sooner we will get back on track.

At least that is how I see it, Farmer Monte

..TABLE>

Los Poblanos Organics

Currently listening :
Jordin Sparks
By Jordin Sparks
Release date: 2007-11-20

What Affect (if any) does the Government Backing Bank Loans Have on The Consumer

TRINITY MORTGAGE, LLC — Tue, 14 Oct 2008 18:36:55 -0500

Tuesday, October 14, 2008

What Affect Does the Bailout Have for You, The Consumer?
Current mood: confident
Category: Jobs, Work, Careers

I got a great question from a client today about what affect the announcements from the federal government agreeing to back all bank lending would have on the consumer. Here is the question and my answer.

Good Stuff!

Greetings Melinda -

What effect does today's announcements have in lending decisions?

Oct. 14 (Bloomberg) -- Citigroup Inc. and Goldman Sachs Group Inc. were among banks that soared in New York trading after the U.S. government said it would invest in nine of the country's biggest financial firms and guarantee debt they issue.

Shares of Morgan Stanley, Bank of America Corp., Merrill Lynch & Co. and Wells Fargo & Co. also climbed on the plan, in which the government will spend $125 billion to buy preferred stock in the companies.

....It's a good thing, it's what needs to happen, it will allow the markets to start functioning again,'' said Ralph Cole, a vice president for research at Ferguson Wellman Capital Management Inc. in Portland, Oregon, which oversees $2.7 billion including shares in JPMorgan, Wells Fargo and Goldman. ....We'll know if it's working when we see if overnight rates go down and banks start lending to each other.''

Citigroup, JPMorgan, Bank of America and Wells Fargo will each receive $25 billion, according to people familiar with the matter, while Morgan Stanley and Goldman will get $10 billion. Bank of New York Mellon Corp. will receive about $3 billion and State Street Corp. will get about $2 billion, the companies said today.

The investments are part of a $250 billion plan to put capital into U.S. financial institutions, which have been burdened by bad loans and rising borrowing costs.

Michael

Michael~

This announcement has to do more with money that banks lend each other on a national and international platform then us down at the consumer level.

Best,

Melinda Potcher

Mortgage Broker

Trinity Mortgage, LLC

(505) 259-6397 cell

(505) 214-LEND fax

melinda@trinitymtg.biz

http://www.homeloansalbuquerque.com

Currently listening :
The Information
By Beck
Release date: 2006-10-03

Don't Buy Into The Hype!

TRINITY MORTGAGE, LLC — Tue, 07 Oct 2008 11:26:06 -0500

Don't believe or buy in to the hype when the media says that there isn't any credit available out there! It's just not true!

I have 5 loans I am working on presently, including;

an $800k refi

4 homebuyers looking for properties that are preapproved for loans ranging from $142,000 to $270,000.

Everybody wants a "smokin deal", and believe me they are out there!

Rates are currently holding at 6% on a 30 day fixed conventional or government loan (FHA/VA).

3% down is all you need. A family member, employer or friend can also gift you down payment or closing costs. A seller can contribute 6% (STILL) to your closing costs.

Additionally, for entrepreneurs and small business owners, I have been visiting the local banks this week to confirm that they have money to lend to startup businesses and they assured me they are ready and willing to lend.

My phone has been ringing a lot w/ 5 new applications last week and one so far this week. My realtors phones are ringing too.

So don't buy the gloom & doom out there, folks - it IS what YOU make of it.

Have a great week, and call me w/ any questions.

best,

Melinda Potcher

Mortgage Maven

http://www.HomeLoansAlbuquerque.com

Currently listening :
Where The Light Is:John Mayer Live In Los Angeles
By John Mayer
Release date: 2008-07-01

The Real Deal - food for thought

TRINITY MORTGAGE, LLC — Mon, 29 Sep 2008 12:49:00 -0500

Category: News and Politics

Subject: FW: Worth reading!

Stan J. Liebowitz

While many pundits are pointing to corporate greed and a lack of government regulation as the cause for the American mortgage and financial crisis, some analysts are saying it wasn't too little government intervention that cased the mortgage meltdown, but too much, in the form of activists compelling the government to pressure Freddie Mac and Fannie Mae into unsound - though politically correct - lending practices.

"Home mortgages have been a political piñata for many decades," writes Stan J. Liebowitz, economics professor at the University of Texas atDallas, in a chapter of his forth coming book, Housing America: Building out of a Crisis. Liebowitz puts forward an explanation that he admits is "not consistent with the nasty-subprime-lender hypothesis currently considered to be the cause of the mortgage meltdown."In a nutshell, Liebowitz contends that the federal government over the last 20 years pushed the mortgage industry so hard to get minority home ownership up, that it undermined the country's financial foundation to achieve its goal."In an attempt to increase homeownership, particularly by minorities and the less affluent, an attack on underwriting standards was undertaken by virtually every branch of the government since the early 1990s," Liebowitz writes. "The decline in mortgage underwriting standards was universally praised as 'innovation' in mortgage lending by regulators, academic specialists, (government-sponsored enterprises) and housing activists. He continues, "Although a seemingly noble goal, the tool chosen to achieve this goal was one that endangered the entire mortgage enterprise." "As homeownership rates increased there was self-congratulation all around," Liebowitz writes. "The community of regulators, academic specialists, and housing activists all reveled in the increase in homeownership."

An article in the Los Angeles Times from the late '90s praised the sudden surge in homeownership among minorities, calling it "one of the hidden success stories of the Clinton era." John Lott, a senior research scientist at the University of Maryland, however, claimed in a Fox News article yesterday that the success came ata great price. According to Lott, the Federal Reserve Bank of Boston produced a manual in the early '90s that warned mortgage lenders to no longer deny urban and lower-income minority applicants on such "outdated" criteria as credit history, down payment or employment income. Furthermore, claims Lott, Fannie Mae and Freddie Mac encouraged and praised lenders - like Countrywide and Bear Stearns - for adopting the slackened policies toward minority applicants. "Given these lending practices mandated by the Fed and encouraged by Fannie Mae and Freddie Mac," writes Lott, "the resulting financial problems for financial institutions such as Countrywide and Bear Stearns are not too surprising."

Liebowitz' contention that lenders were under pressure to loosen their standards for racial and political goals was confirmed years ago by the companies at the heart of today's crisis: Fannie Mae and Freddie Mac. A New York Times article from Sept. 1999 states that Fannie Mae had been under increasing pressure from the Clinton administration to expand mortgage loans among low- and moderate-income people and that the corporation loosened its lending requirements to comply. An ominous paragraph of the article reads, "In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980s."

Liebowitz likewise predicted in a 1998 paper the risk of sacrificing sound financial policy for social activism."After the warm fuzzy glow of 'flexible underwriting standards' has worn off," Liebowitz wrote, "we may discover that they are nothing more than standards that led to bad loans. It will be ironic and unfortunate if minority applicants wind up paying a very heavy price for a misguided policy based on a badly mangled idea."

And though some have speculated that lenders in the '90s dove into sub-prime mortgages in an effort to gouge new markets, the president and chief operating officer of Freddie Mac in 1999, David Glenn, confessed his company was pushed by a federal agenda. "The mortgage industry intends to pursue minorities with greater intensity as federal regulators turn up the heat to increase home ownership," Glenn said in his remarks at the annual convention of the Mortgage Banker Association of America. "The federal government in the meantime has increased pressure on lenders to seek out minorities, as well as low-income groups and borrowers with poor credit histories," Glenn said.

Fannie Mae recently reached an agreement with the U.S. Department of Housing and Urban Development tocommit half its business to low- and moderate-income borrowers. That means half the mortgages bought by Fannie Mae would be from those income brackets.

A few years later, when Greg Mankiw, chairman of President Bush's Council of Economic Advisers, voiced a warning about weakened underwriting standards, Congress rebuffed him as well.

The Wall Street Journal quoted Congressman Barney Frank, D-Mass., in 2003 as criticizing Greg Mankiw "because he is worried about the tiny little matter of safety and soundness rather than 'concern about housing.'" Frank, chairman of the House Financial Services Committee, rejected a Bush administration and Congressional Republican plan for regulating the mortgage industry in 2003, saying, "These two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis." According to aNew York Times article, Frank added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

Currently listening :
Yes I'm Ready
By Barbara Mason
Release date: 1997-10-08

Campaign Launched to Undo Down Payment Assistance Ban

TRINITY MORTGAGE, LLC — Tue, 19 Aug 2008 20:28:19 -0500

Daily Real Estate News | August 19, 2008

Campaign Launched to Undo Down Payment Ban

The Housing and Economic Recovery Act prohibits the Federal Housing Administration from insuring loans made with a seller-funded down payment. This essentially bans the practice since nearly all these loans are made with FHA-guaranteed financing. The ban takes effect Oct. 1, 2008.

The Nehemiah Corp. of America, the nonprofit responsible for arranging thousands of these loans, has launched a campaign and Web site to persuade Congress to override this aspect of the housing bill. The site includes a countdown clock tracking the end of DPA to the second, a blog and links to YouTube videos and to its MySpace and Facebook presence.

So far, more than 75,000 "letters" to Congress have been generated, according to Nehemiah. The goal is to triple or quadruple that by the time that countdown clock hits zero. Lifting the ban won't be easy, but "I think that an active, organized American citizenry can change anything they choose to," says Scott Syphax, Nehemiah's president and CEO.

Source: The Wall Street Journal, Dawn Wotapka (08/14/08)

To speak w/ a Professional with over 14 years experience about your options in Purchasing Real Estate, Call Melinda Potcher, Mortgage Maven today! (505) 259-6397, or email at; Melinda@TrinityMtg.Biz. http://www.HomeLoansAlbuquerque.com

Past 10 Clients - micro case studies - Looking for Referrals for New Clients

TRINITY MORTGAGE, LLC — Wed, 13 Aug 2008 15:34:31 -0500

Tuesday, August 12, 2008

Past 10 Clients - Looking for Referrals for New Clients
Current mood: adventurous
Category: Jobs, Work, Careers

Recently, I realized that sometimes I need to tell a story about how I was able to help a client for other people to have a "light bulb moment" and think of other people to refer to me. In that vein, I'd like to share some brief details of my last 10 clients, and maybe that will help you think of some people you could refer to me, as I am currently seeking new clients.

If you have any questions, please do not hesitate to contact me at; http://www.HomeLoansAlbuquerque.com, or (505) 259-6397 direct. My email is; melinda@trinitymtg.biz. I am as ever, Melinda Potcher, Mortgage Maven.

Past 10 Clients (randomized to protect their info);

** He had an investment property & wanted to do a cash out refi so he can buy another piece of property. He has a high 700's credit score, over 2 years on the job, money in the bank and a low ltv. He owns other rental properties and his ratios come out to 40% on the back even w/ the mortgage debts & rental incomes. I got him 6.75% on a 30 year fixed.

** They have a medically disabled son. They are downsizing from a $400k home to a $250k home. It will save them $1000 a month in the payment which they can divert toward their son's continuing medical care. Stable employment history, but medical bills have wiped them out financially. Low credit scores, some savings. I got them 6.375% on a 30 year fixed FHA loan.

** They wanted to refinance to a 15 year mortgage and pull cash out for large equipment purchases to grow their business. They have high 700's credit scores. I got them 5.875% on a 15 year fixed and showed them that by applying $2000 extra to the mortgage each month they could pay off the 15 year mortgage in 5 years. By switching them from a 30 year fixed to a 15 year fixed I saved them over $92,000 in interest charges. Self Employed. Back end ratios were 35%.

** She wanted to buy her first investment property, and was going to pay cash. We showed her the value of having a mortgage. She put 25% down on $250k for a loan of $187k, at an interest rate of 6.75%. she has high 700's credit scores and stable employment with a good deal of investments & assets. Back end ratio was 39%.

** They had never had a mortgage before and had always bought properties for cash - in fact over $10mil in assets are in real estate. Their CPA encouraged them to call me & get a mortgage on their new primary residence in High Desert. Average credit scores, (some credit challenges) lots of assets. Self Employed. 20% down on $600k. I got them 6.25% on a 30 year fixed conventional mortgage.

** He is a journeyman electrician and about 24 years old. He has been working for the past year on establishing credit & residence history by renting an apartment. He now has 700's scores, and qualifies for a purchase price of $125,000 on an FHA 30 year fixed at 6.75% with no money down - seller can pay up to 6% including the down payment through gift funds. His monthly rent right now is $850. His monthly house payment will be $883.

** He was buying another investment property. 25% down, high 700's credit scores. Got him 6.25% on a 30 year fixed - it is a single family rental property. Monthly payment is about $1250 which is what he is getting in rent.

** They want to do a cash out refi. They currently owe $85k on a HELOC with a limit of $150k. Their home is worth $700k. they are building their new dream home, but live in this one right now. Their interest rate on the HELOC is about to adjust, and they want to refi to a 15 year fixed so the rate is stable until they finish the new house and sell this one. High 700's scores, Self Employed, lots of assets. Because LTV is so low, can get them 6% on a 15 year fixed.

** They wanted to do a no cash out refi. They had credit challenges when they bought the house, and currently have a 30 year fixed mortgage at 8.125%. Credit was repaired over past 6 months w/ protect your rights, and now refinanced & put both on the mortgage on an FHA 30 year fixed at 6.25%. it saved them over $250 a month in their payment.

** He wanted to buy some land to hopefully one day build his dream home. High 700's scores, works 2 jobs as a professional , saved up 10% down payment. Got him a 5 year lot loan for land on a variable prime rate (prime is currently at 5%) from a local bank and the monthly payment is about $650.

Making The Most of the "Tools" in Your Toolbox

TRINITY MORTGAGE, LLC — Mon, 16 Jun 2008 17:23:07 -0500

Making The Best Use of The "Tools" in Your Toolbox
Current mood: contemplative
Category: Jobs, Work, Careers

This past spring I took on the enormous task of project manager for the city wide membership drive for BNI (Business Network Int'l). www.bni.com

Toward the end of the drive (end of May), I found myself kvetching w/ my counterpart in El Paso Texas. We discussed what appeared to work, what didn't, and why we thought so.

The Texan relayed an insight to me in conversation which later hit me over the head - you can call it my "AH-HA" moment if you want.

Basically, he was touting the side benefits of inviting business folk to check out BNI ... whether they came to the visitor's day or they didn't, he had opened a doorway for them to expand their contact spheres & opportunities to conduct more business. The side benefit was that since he had already established a rapport w/ these invitees through invitation letters & follow-up phone calls, this had opened a doorway for him to make sales calls on these folk.

He had opened a savings account called "social capital", and was steadily putting away a few cents here, and a few cents there. If you are unfamiliar with this term, I suggest you check out www.entrepreneur.com, and do an advanced search under archive blogs & Dr. Ivan Misner, founder of BNI.

I'm intrigued to find out "what happened next?" with the Texan... stay tuned - I'll share, alright?

Melinda Potcher

www.bniNewMexico.com

www.HomeLoansAlbuquerque.com

Currently listening :
Goodbye Jumbo
By World Party
Release date: 2006-04-04

Comparing the Competition in the Local Mortgage Broker Market - One Loan Officer's Opinion

TRINITY MORTGAGE, LLC — Tue, 10 Jun 2008 09:44:18 -0500

Comparing the Competition in the Local Mortgage Broker Market

Recently I chose to have conversations with some of my local competitors in the Albuquerque Metro Area. I guess you could say curiosity had gotten the best of me, and as all humans tend to do at one time or another, I wondered if the grass were really greener on the other side of the fence.

The first Mortgage Broker I met with over lunch - it was more social than business, but gave me great insight to her personality and maturation as a business professional. I left with a heart full of gratitude because this mortgage broker complimented me on the highest level, and was completed unexpected. I made an appointment with her as we left the restaurant to visit her office and see how her organization was run.

The second Mortgage Broker I met with was the very next day, again over lunch. I had to call her because she was late. Not a good sign in my book. She had just closed her own office due to economic forces beyond her control and merged with another well known local Brokerage House. I could tell in our conversation that this turn of events had wounded her pysche, and I felt for her. Based on what she said to me and how it was said, she felt she had a great deal to offer this organization in terms of systems, technology and skills, (which she does), however, I felt her current emotional state might be a detriment to the workplace.

side note; very often mortgage brokers changing locations or companies will take a short hiatus and go on vacation - I can't stress how important this physical & emotional break can be, having personally been there myself.

On the last day of the work week, I went back to visit Mortagage Broker Number 1's office. Very organized, lots of great systems and lots of office support staff. The biggest drawback I could see was that the commission split program set up was really set up for a new in the business loan officer, and seasoned L.O's would be completely turned off by the prospect of playing a numbers game.

Yesterday I spoke with Mortgage Broker #3, who has done very well in the local market, despite being the new kid on the block, so to speak. They offered a full service office including administrative support and a very attractive commission split. The biggest drawback I saw in this organization was a lack of FHA Government Loan Programs (you have to have a special authorization clearance to do these) which are lately all the rage in our present day market.

Of the 3 Brokers I spoke to, each had something unique, something viable to offer other L.O's. However, not enough to cause me to jump ship and move my book of business. All things being equal, I'll stay where I'm at.

If you would like more information on the local Albuquerque Metro Economy or Real Estate Market, please contact me. My email is; melinda@trinitymtg.biz

Rio Rancho, New Mexico - Housing Market Declared a "Declining Market"

TRINITY MORTGAGE, LLC — Tue, 29 Apr 2008 16:10:05 -0500

Rio Rancho Declared a "Declining Market"

If you know anyone whose home is for sale in the 87124 and 87144 Zip Codes in Rio Rancho or in 87113 (Vista del Norte ONLY) in Albuquerque, have them check with their Mortgage Professional IMMEDIATELY.

On a development by development basis and/or a home by home basis (if on the market a long period of time), homes in our area FOR THE FIRST TIME now reflect what has happened in many areas around the country - Declining Market Designation.

A home with such a designation will require 5% MORE DOWN PAYMENT than a home without such designation. A Buyer assuming they can purchase for 5% down will now discover that particular house requires 10% - and the appraised value carries no weight.

If anyone you know has a home on the market in these areas, have them contact their Mortgage Professional IMMEDIATELY. This is not something either the client or the Realtor can research on their own. They will have to contact a mortgage company.

For More Information, call me; Melinda Potcher, Mortgage Maven. (505) 259-6397 ,

www.HomeLoansAlbuquerque.com

Mom & Dad... Closer

TRINITY MORTGAGE, LLC — Fri, 18 Apr 2008 09:22:11 -0500

They want to be closer to you and the grandkids.

You can help make that dream a reality.

Purchase Real Estate for Aging Family Members & Fannie Mae treats it as a primary residence with premium rates and terms.

You can do it... even if they can't.

Many choose retirement villages & condos.

Or a house down the street from yours.

Isn't it great to know they're close by, safe & secure.

It's also a great Estate Planning Tool!

Take Care of Them.

(This program can also be used for mentally or physically disabled family members who can still be in an independent living situation like for brothers, sisters, or adult children)

For more information on this or other niche programs, please call Melinda Potcher, Mortgage Maven today. (505) 259-6397 Direct

http://www.HomeLoansAlbuquerque.com

FHA "Kiddie Condo"

TRINITY MORTGAGE, LLC — Fri, 11 Apr 2008 18:44:08 -0500

Now is The Time...

To Invest In Your Child's Future

The FHA Lending Limit is currently $271,050 in the Albuquerque Metro. For less than $200,000, you could invest in Residential Real Estate for your Child's Future. If you have kids heading to college in the next 2 years, why not buy the house or condo and know your child is safe & you are controlling the property?

Jimmy or Susie can also get a roommate or roommates to offset the mortgage payment, and in 5 years, you can either turn the property over to your now graduated adult child, or they can sell it for the equity it has acquired (currently 6% appreciation on average, more in the UNM/NobHill/Ridgecrest/Downtown areas), or continue to use it as a rental property, providing monthly cash flow & income for your family.

Example: purchase a 3 bedroom 2 bathroom property for $200,000. The down payment is 3%, or $6000.00. The monthly mortgage payment would be based on a loan amount of $194,000 in this example, and let's estimate the interest rate would be 6.25%. The payment would be around $1250 a month, with taxes & insurance. Again, take into consideration your student would have 2 roommates paying each $500 a month, and now your student or you are responsible for paying $250 a month toward the mortgage along with the $1000 from the other roommates.

After 5 years, you will have paid down the mortgage about $10,000. The property would have appreciated using the minimum of 6% per year or $67,645, giving your property a new value of $267,645, and a mortgage balance of approximately $184,000, giving you a gross equity of $83,645!

What if you have multiple children going to school over the next few years? Think about having them live in the property you co-sign for definitely would be cheaper than renting.

So what if your student rented? Taking that same payment of $1250 a month, over a 4 year college degree term, that rent would add up to $60,000 - all down the drain and paying a landlord's mortgage payment instead of creating equity for you and your student. And let's say I'm wrong - let's take half that payment of $1250 or $625 a month, pretty reasonable rent that your student would pay, and again, that's a loss of $30,000 paying rent.

The Equity is a Savings Account for you and your student! You would also realize the following;

* Educating the next generation in Investing & Credit Usage

* Feel safe knowing your student is paying you, not a landlord the rent

* Roommates can offset monthly mortgage payment

* Security, Safety, Savings

For more information, call me today - Melinda Potcher, Mortgage Maven

Direct: (505) 259-5397

Email: Melinda@TrinityMTG.biz

website: www.HomeLoansAlbuquerque.com

FANNIE MAE/FREDDIE MAC Agency Shortcut Mortgage Program Eliminated

TRINITY MORTGAGE, LLC — Fri, 04 Apr 2008 10:07:13 -0500

Effective for all registrations after Friday, April 4th, another lender is eliminating the Agency Shortcut Mortgage program.

All Agency Shortcut mortgages must be registered no later than Friday, April 4th. We will not accept any registrations on the Shortcut program after this date. There is no lock cut off date as of yet, however all Agency Shortcut Mortgages must close and fund no later than April 30th. No relocks or extensions will be granted.

As an alternative to the Shortcut, I've included a couple of options to consider:

1) Agency "Limited Doc" -Best pricing: Borrower's who have at least a 680 middle credit score, may receive a "verbal VOE (verification of employment) only" or "evidence of existence of business only" option when running DU (desktop underwriter) or LP (loan prospector). WE will honor these findings, and will NOT require income documenation, since these loans are still considered full doc in the investor's eyes. If your borrower has at least a 680 score and they need a "limited doc" option, we recommend running DU or LP to determine if your customer is eligible.

2) Agency Express - Stated income/Verified Assets. Manual underwrite. Self employed borrowers or borrowers who's earnings consist of at least 50% commission can qualify on this program. All occupancy types are eligible. Cash out (O/O (owner occupied), 2nd home only), Rate & term refinance and Purchase. LTV's (loan to value) up to 90%. Fico credit score requirement 680 -720 depending on transaction type and LTV. Contact me for further info.

www.HomeLoansAlbuquerque.com

melinda@trinitymtg.biz

Tax Free Wealth

TRINITY MORTGAGE, LLC — Thu, 03 Apr 2008 23:33:42 -0500

At least 4 million Americans are wasting money by accelerating their mortgage payments instead of investing in retirement accounts, according to a paper published by the Federal Reserve Bank of Chicago.

The money you use to pay off your mortgage has been taxed, which means, depending on your tax bracket and your state tax hit, you have only about 60 to 70 cents to show for every buck your employer paid you. Better to divert that dollar into your 401(k), because the full 100 cents goes into the account.

Let's say you and your significant other bring home $200,000 a year in a high-tax state and you are just starting to pay off a 30 year $400,000 mortgage at 6.5%. If you paid an extra $300 each per month toward those mortgage payments, you could pay off your loan nearly 12 years early. Sounds great, until you see Huang's math (UT professor who co-wrote the paper).

By diverting that $600 a month into your 401(k), you'd come out $44,000 ahead, she says. And that might even be lowballing it: for the purposes of their study, the researchers assumed you'd invest the money in bonds. A couple investing in stocks might see an even bigger gain.

Most of us, the authors suggest, worry too little about bad debt (e.g., credit card balances) and too much about the most benign (e.g., mortgages with tax-deductible interest). And this goes double for the surprisingly large number of people who don't take full advantage of their employer's 401(k) contribution matching programs.

Hey, it's Free Money!

this article was adapted based on the original article by David Owen, published in BestLife Online, September 21, 2007.

FHA Government Mortgage Loans Minimum Credit Score Requirements - Update

TRINITY MORTGAGE, LLC — Fri, 28 Mar 2008 19:10:17 -0500

FHA Product Updates

Effective for all FHA loans registered and/or locked after today, Friday, March 28, minimum FICO scores will apply in all instances regardless of AUS (Automated Underwriting System) decision. Extensions will not be granted.

See the chart below for minimum FICO score requirements for all AUS FHA loans*.

Transaction Type

Minimum FICO

Purchase & R/T Refinance

580

Cash-out Refinance LTV < 85%

580

Cash-out Refinance LTV > 85%

600

Streamline Refinance

580

Elimination of all 100% Mortgage Loans - Important Updates

TRINITY MORTGAGE, LLC — Mon, 17 Mar 2008 10:40:04 -0500

ALL LOANS THAT WILL BE AFFECTED BY THESE CHANGES MUST BE LOCKED IN NO LATER THAN FRIDAY, MARCH 21, 2008. NO EXTENSIONS OR RELOCKS WILL BE GRANTED

IMPORTANT INFORMATION REGARDING UPCOMING AGENCY UPDATES - Elimination of LTVs 97.01-100%, Revised Minimum Credit Score Requirements and Cash-Out Refinance Eligibility for Transactions Requiring Mortgage Insurance

Due to continued mortgage insurance (MI) company product eligibility pull backs, we must implement the changes outlined below for our conventional Agency loan programs. These changes will be effective for locks on or after Friday, March 21, 2008. All loans that are locked PRIOR to March 21, 2008 will be honored; however, must be closed and funded by their original lock expiration dates. Please review your pipeline carefully to confirm if they are any loans that need to be reviewed and submitted to a MI company for MI commitment. Please note the commitment is based on the data submitted so in all cases please confirm accuracy of the information PRIOR to requesting MI. Lock-in extensions and re-locks will NOT be granted.

* The maximum allowable LTV will be reduced to 97%, regardless of the AUS approval As a result, the Fannie Mae Flexible 100, MyCommunity 100 and Teacher, HealthCare Worker & Safety 1st 100 loan programs are being eliminated.

* For all traditionally underwritten, DU "Approve/Eligible" and LP "Accept/Eligible" cash-out refinance transactions, a minimum 680 credit score (for ALL borrowers) will be required for LTVs greater than 80%, regardless of the AUS approval.

* For all traditionally underwritten and AUS (DU and LP) processed investment property transactions, a minimum 660 credit score (for ALL borrowers) will be required for LTVs greater than 80%, regardless of the AUS approval.

UPDATES TO THE PORTFOLIO LIBOR ARMS AND KEY JUMBO LOAN PROGRAMS - Incorporation of Previously Announced Updates and Miscellaneous Clarifications

The Portfolio LIBOR ARMs and Key Jumbo product descriptions are being been revised to incorporate the following updates and clarifications:

* elimination of the primary wage earner's credit score for credit and pricing qualification,

* elimination of the Interest Only feature for all 3-4 unit properties,

* increase in the minimum credit score requirement and decrease in maximum cash-out at certain LTV/TLTV loan amount combinations on primary residence cash-out refinance transactions and second home transactions,

* elimination of the 85% LTV on second home cash-out transactions,

* clarification that if the borrower owns their residence free and clear, a twelve (12) month verification of mortgage is not required, and

* clarification regarding the qualifying rate for transactions with trailing co-borrower income under the Portfolio LIBOR ARMs loan program.

Important Mortgage Loan Program Updates - FREDDIE MAC 100 Eliminated

TRINITY MORTGAGE, LLC — Mon, 10 Mar 2008 15:46:58 -0500

Updates- Important!.

ELIMINATION OF THE FREDDIE MAC 100 LOAN PROGRAM Effective for Locks on or after Monday, March 17, 2008

In response to the continued deterioration of credit quality and declining home values in most areas of the country, Freddie Mac is eliminating the higher risk Freddie Mac 100 loan program. As a result of this change, effective for locks on or after Monday, March 17, 2008, the Freddie Mac 100 loan program is being eliminated. All loans that are locked PRIOR to March 17, 2008 will be honored; however, these loans must be closed and funded by May 15, 2008. Lock-in extensions and re-locks will NOT be granted. PLEASE NOTE THE FNMA FLEX 100% & MY COMMUNITY PROGRAMS ARE STILL AVAILABLE

IMPORTANT INFORMATION REGARDING UPCOMING AGENCY UPDATES Revised Minimum Credit Score Requirements and Cash-Out Refinance Eligibility for Transactions Requiring Mortgage Insurance

Due to continued mortgage insurance (MI) company product eligibility pull backs, we must implement the new minimum credit score requirements and cash-out refinance eligibility changes outlined below for our conventional Agency loan programs. These changes will be effective for locks on or after Friday, March 14, 2008. All loans that are locked PRIOR to March 14, 2008 will be honored; however, must be closed and funded by their original lock expiration dates. Lock-in extensions and re-locks will NOT be granted.

· For ALL traditionally underwritten, DU Approve/Eligible and LP Accept/Eligible Agency loan transactions:

· a minimum 620 credit score (for ALL borrowers) will be required for LTVs 80.01-95%, regardless of the AUS approval, and

· a minimum 680 credit score (for ALL borrowers) will be required for LTVs 95.01-100%, regardless of the AUS approval.-- THIS INCLUDES FNMA MY COMMUNITY & FLEX 97% & 100% PROGRAMS

· The maximum LTV on 1 unit second home cash-out refinance transactions will be reduced to 80%. Maximum allowable TLTVs remain unchanged.

Note: Although locks will be accepted through end of business March 13, 2008, the MI commitment MUST be obtained in accordance with the MI companies effective dates as outlined on the Competitive Analysis of MI Guidelines Matrix. MI coverage will NOT be available after these effective dates, regardless of when the loan was locked.

At this time, all other minimum credit score requirements (i.e., for LTVs 80% or less, etc.) remain unchanged.

LOCK CUT OFF TIMES NOW IMPLEMENTED FOR ALL COMBO 2^ND MORTGAGE

All combo 2^nd mortgages now must be locked in no later than close of business day on Wednesday, March 12^th. These locks will be honored, however, must be closed and funded no later than March 31, 2008. THE FLEX EQUITY LINE PROGRAM IS NOT AFFECTED BY THESE COMBO 2^ND CHANGES.

Home 4 Sale in ABQ - $132,000

TRINITY MORTGAGE, LLC — Wed, 20 Feb 2008 22:29:58 -0600

we just dropped from 135k to 132,900 thanks john

View Listings

Provided by:
John Fernandez
Broadcast Realty, LLC
2620 San Mateo NE Ste D
Albuquerque, NM 87110
Primary: 505-250-0077
john@broadcastrealty.com

View Listings link will be available for 30 days. If you do not see a link, copy this text to the address line in your browser:
http://abqrealtors.rapmls.com/scripts/mgrqispi.dll?APPNAME=albq&PRGNAME=MLSLogin&ARGUMENT=DqisfUgjlCyll7reIpW0%2BPEOdwqUaNBr%2F4%2Bk2KQKzIs%3D&KeyRid=1

Top 15 Best States for Jobs

TRINITY MORTGAGE, LLC — Tue, 19 Feb 2008 11:45:32 -0600

The real estate adage is location, location, location.

If you're looking for a job, you want to be in a state that has an unemployment rate lower than the national average, which is 5% according to teh most recent data from the Bureau of Labor Statistics (BLS).

Here are the 15 best states to find work ranked by their unemployment rates.

NEW MEXICO IS RATED #11
1. South Dakota
Unemployment rate: 3 percent*
Population: 796,214**
Mean annual wage: $30,460
Top industry: Trade, transportation and utilities (19.9 percent)***

2. Idaho
Unemployment rate: 3 percent
Population: 1,499,402
Mean annual wage: $34,810
Top industry: Trade, transportation and utilities (20.2 percent)

3. Wyoming
Unemployment rate: 3.1 percent
Population: 522,830
Mean annual wage: $34,290
Top industry: Government (23 percent)

4. Nebraska
Unemployment rate: 3.2 percent
Population: 1,774,571
Mean annual wage: $34,300
Top industry: Trade, transportation and utilities (21.1 percent)

5. Utah
Unemployment rate: 3.2 percent
Population: 2,645,330
Mean annual wage: $35,540
Top industry: Trade, transportation and utilities (19.7 percent)

6. Hawaii
Unemployment rate: 3.2 percent
Population: 1,283,388
Mean annual wage: $38,630
Top industry: Government (19.6 percent)

7. North Dakota
Unemployment rate: 3.3 percent
Population: 639,715
Mean annual wage: $32,440
Top industry: Trade, transportation and utilities (21.4 percent)

8. Virginia
Unemployment rate: 3.5 percent
Population: 7,712,091
Mean annual wage: $41,450
Top industry: Government (18 percent)

9. Montana
Unemployment rate: 3.6 percent
Population: 957,861
Mean annual wage: $31,290
Top industry: Trade, transportation and utilities (20.5 percent)

10. New Hampshire
Unemployment rate: 3.6 percent
Population: 1,315,828
Mean annual wage: $39,250
Top industry: Trade, transportation and utilities (23.3 percent)

11. New Mexico
Unemployment rate: 3.7 percent
Population: 1,969,915
Mean annual wage: $33,980
Top industry: Government (23.2 percent)

12. Delaware
Unemployment rate: 3.8 percent
Population: 864,764
Mean annual wage: $41,680
Top industry: Trade, transportation and utilities (18.7 percent)

13. Maryland
Unemployment rate: 3.8 percent
Population: 5,618,344
Mean annual wage: $44,030
Top industry: Government (18.2 percent)

14. Iowa
Unemployment rate: 4 percent
Population: 2,988,046
Mean annual wage: $33,250
Top industry: Trade, transportation and utilities (20.4 percent)

15. Vermont
Unemployment rate: 4 percent
Population: 621,254
Mean annual wage: $36,350
Top industry: Trade, transportation and utilities (19.4 percent)

NEW MEXICO IS RATED #11

Posted by mpotcher, filed under Adjustable Rate Mortgages. Date: February 19, 2008, 11:39 pm | Edit|

www.HomeLoansAlbuquerque.com

Major Lenders Expand Mortgage Help Plans, Plan will cover all borrowers, not just subprime, facing foreclosure

TRINITY MORTGAGE, LLC — Tue, 12 Feb 2008 11:58:57 -0600

Dubbed "Project Lifeline" the Bush Program will be available to people who have taken out all types of adjustable rate mortgages, not just the high-cost subprime loans that have been the focus on previous relief efforts.
The program was put together by six of the United States' largest financial institutions, which service almost 50% of the US's mortgages.

This was an excerpt of an article published by The Associated Press in msnbc.com today.

Let me tell you what I think about the Bush plan(s). It may help some people, if it is implemented swiftly. According to other market information I have received and blogged about, there are approximately $1 billion in adjustable rate mortgages resetting in the month of March, 2008 alone. The Bush administration can announce new initiatives all it wants, but without effective & efficient execution of these plans, they are simply sweet nothings being whispered to an already stressed out and needy segment of the population - those with adjustable rate mortgages on the verge of reset.

Please don't perceive that I feel this population is the complete victim here - I believe in personal accountability and responsibility. I do not believe that ignorance or blind trust are relevant excuses. People got themselves into this mess all on their own. However, this country is also built on opportunity. So if the current administration wants to offer an opportunity to rectify the situation of these poor folks, let it be an opportunity based in reality, not just pie in the sky intentions.

And let's be crystal clear here, my intuition tells me that the current administration is offering these bailout programs to protect the financial institutions from catastrophic losses, not the consumers who took out these risky loans.

If you would like to speak with a no-nonsense, lay it on the line, give you all your options mortgage broker about your current or future mortgage financing, please contact me. My website is; www.HomeLoansAlbuquerque.com, and my email address is; Melinda@trinitymtg.biz.

Hottest 10 Buyers Markets

TRINITY MORTGAGE, LLC — Thu, 07 Feb 2008 17:18:01 -0600

Albuquerque, New Mexico is Housing Predictor's selection for the #1 spot on the Top 10 List. Albuquerque is growing like never before, attracting the movie business from Hollywood, a new airplane factory and many other new businesses, like Schott (Solar Power) and Fidelity Investments.

The median price for a home in Albuquerque is $194,000. The 2007 appreciation for homes in Albuquerque was 9.1%.

The selection is based on surveys conducted on 75 market conditions, sales velocity, pricing and 20 other factors.

Five Texas markets are included on the list, including McAllen, which placed 2nd. In early 2006 Housing Predictor forecasted the current boom in Texas.

Salt Lake City Utah placed third.

for more information on the Hottest 10 Buyers Markets, go to http://www.housingpredictor.com/hottest.html

For more information on Albuquerque Real Estate Financing, go to www.HomeLoansAlbuquerque.com

Know Your Options When Refinancing

TRINITY MORTGAGE, LLC — Wed, 30 Jan 2008 09:31:51 -0600

I have a client, let's call her Heidi. Heidi is a very successful business owner who needed to refinance her home in order to pull out equity to use in her business expansion plan. Her accountant counseled her that utilitizing her home's equity would cost less in interest, and would be less of a hassle to obtain than an SBA loan.

Let me show you how this scenario played out, and why if you want to work with a mortgage professional, my advice would be that you CHOOSE ME.

Heidi's current loan is a 30 year fixed at 6.75%. She owes $188k on a $300k appraised value home. Heidi wants to pull out $35,000 of equity. Because rates are so good right now, we can get her 5.125% on a 30 year fixed. The lower rate and cash out result in a payment that is only $33 more than what she is currently paying in a monthly payment.

Pretty cool, right? But wait, it gets better.

If Heidi could handle the payment shock, I advised her to refinance to a 15 year loan at 4.75% instead. why? Not only does she pay off the loan in half the time and get an interest rate below 5% (HELLO), but she will save over $128,000 in interest payments over the life of the loan. Yes, you heard me correctly. The cost of interest on the 30 year loan at 5.125% over time will be $220,835.19. The cost of the interest on the 15 year loan at 4.75% over time will be $92,022.74

Now you may be a skeptic like me and say, well, what's it going to cost me as far as a monthly payment? Glad you asked, that is a great question. Heidi will pay $1,252.32 a month in Principal & Interest (P&I) for the 30 year loan at 5.125%. On the 15 year loan at 4.75% Heidi will pay a monthly P&I of $1,789.01. The difference in the monthly payment is $536.69, which is a stretch for some people, but if you can handle the payment shock, I advise you to look back one paragraph and see the big picture. Over the life of the loan, you will save more than $128,000 of your hard earned money if you go with the 15 year loan vs. the 30 year loan.

Seems like a no brainer to me. If you'd like the real deal with a no-nonsense, give you all your options professional mortgage broker, give me a call today. I will make sure you know all your options upfront so that you can make an educated decision before you refinance your mortgage.

Melinda Potcher, Mortgage Broker, Trinity Mortgage, LLC www.HomeLoansAlbuquerque.com

What's Happening With Rates?

TRINITY MORTGAGE, LLC — Fri, 25 Jan 2008 12:46:31 -0600

It was this past Wedesday morning, 9:26am. I officially lost my mind. In that moment in time, I saw my 30 year fixed rates dip down to 5% at par. The 15 year was somewhere near 4.5%. I frantically sent a blast email to all my Clients & Realtors. LOCK NOW! I typed at lightening fast speed, my french manicured nails click click clicking away on my computer keyboard. I ran scenarios, amortization schedules, loan comparisons like a whirling dervish. I advised all I spoke to that I had no idea how long the rates would hold, that given the feds reduced short term rates after a 300+ point loss in the DOW the day before, it was more than likely that the market would rebound, and rates would rise again.

I hadn't seen mortgage rates this good since the Refi Boom of 2003 - when everyone & his brother, sister, cousin, uncle & friend jumped on the bandwagon and locked in some of the most amazing mortgage rates that I have ever seen since starting my career in 1994.

Some listened, some didn't. Some jumped on the opportunity, and some missed out. Because by 3pm that afternoon, here in the desert southwest, the market did indeed rebound and we saw rates climb .60 bps (basis points) back up to somewhere around 5.75% on the 30 year fixed. I was exacerbated, exhausted, and frustrated. Anyone calling me after that was kindly let down. Please understand, that is the last thing I wanted to do was to tell a valued client; "Sorry, you missed the boat today".

Maybe, just maybe, they'll listen and act when I make an announcement like this next time... if there is another next time.

Melinda Potcher, Mortgage Broker, Trinity Mortgage, LLC