Federal Reserve Cuts Rates, How will mortgage rates respond - 10/31/07 02:36 PM
Federal Reserve Cuts rates .25 bps. How will mortgage rate respond?
Now that the widely anticipated rate cur for October has occurred how does the market respond? The first over all response is that oil topped off at over 94.00 a barrel. However, that price is driven by market speculators who will … (2 comments)
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Positive signs for the Housing Market in 2008 - 10/31/07 10:17 AM
Some very positive signs for 2008
By Michael Mapes, The Responsible Mortgage Lender.Com
There have been some very interesting developments that I'd like to share. These developments have given us some very positive news as well as some clearer signals about how the mortgage market and housing market will look in 2008. I … (3 comments)
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The Results of Unprincipled Borrowing - 10/26/07 02:36 PM
The Results of UnPrincipled of Responsible Borrowing.
By Michael Mapes, The Responsible Mortgage Lender.
I received an email from a long time client who sounded so depressed about the state of the current housing market. They have moved away, still trying to sell their old home and just recently closed on a new … (1 comments)
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Mortgage Insurers announce today tighter credit policies, Could spell the end for low to moderate income home buyers - 10/26/07 01:20 PM
Your Credit Score will depend on if you get a home or if you Rent
by Michael Mapes, The Responsible Mortgage Lender.Com
Mortgage Insurance companies AIG/United Guaranty along with RMIC have announced this morning that it will no longer insure certain loan types with credit scores under 660. Citing first payment default as … (1 comments)
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New Jobless claims sparks debate about October Rate Cut - 10/23/07 06:17 PM
New Jobless claims sparks debate about October Rate Cut. How will Mortgage Rates respond
By Michael Mapes, The Responsible Mortgage Lender.Com
New Jobless claims for the week ending Oct 19 was up 27,000. Most economist were expecting a number of down 2,000. The surprise in this result has once again spurred comment that … (1 comments)
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Jumbo Loan LIquidity returning to normal - 10/23/07 02:44 PM
Jumbo Loan Liquidity returning to Normal
By Michael Mapes, The Responsible Mortgage Lender.com
During the month of August as the liquidity issues gripped the market and the news of a global credit crunch became reality one of the first segments to feel the pinch were those borrowers wishing to borrow in excess of … (1 comments)
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Housing Market outlook for 2008-2009 - 10/23/07 02:16 PM
State of the Mortgage Market for October 2007
By Michael Mapes, The Responsible Mortgage Lender.Com
Having just returned from the annual conference of Mortgage Bankers in Mass. I left with not the same good feelings about our industry as when I went. During this three day conference we or should I say the … (1 comments)
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Yorktown Virginia it is a Historical Place - 10/14/07 11:46 AM
The Historic Trangle
by Michael Mapes
Yourtown, Va is where George Washington finally defeated the British to win the Revolutionary War. It is in the middle of the so called "Historic Triangle" nesttled between Williamsburg, Va and jamestown, Va. Each carry significant weight when it comes to the history of this country.
Williamsburg, Va … (4 comments)
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It is about the Relationship not the sale - 10/14/07 11:29 AM
It is about the Relationship
by Michael Mapes, The Responsible Mortgage Lender
Today many lenders advertise the ease and affordability of mortgage loans. It does not matter if you have good credit bad credit purchasing a home or refinancing. The pitch is the same. Yesterday I spent an hour watching the latest and … (5 comments)
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When well qualified borrowers can't get a mortgage loan - 10/14/07 10:24 AM
When well qualified borrowers can't get loans
By Michael Mapes, The Responsible Mortgage Lender.com
When borrowers who can document income and credit is in the high 750 range can not get loans then we are all in trouble. Recently that has happened to a couple wishing to refinance their home.
Royce and Cathy … (3 comments)
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No cost Refinance, When they are the right Choice - 10/14/07 09:53 AM
No cost Refinance, when are they a good deal for consumers
By Michael Mapes, The Responsible Mortgage Lender
Lets all give credit where credit is due. Countrywide and Bank of America have found a way to repackage an old idea and call it there own. Least not forget that Bank of America now … (2 comments)
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What are Legitimate AR Points? When blogging points goes to far - 10/14/07 09:34 AM
What happens when points are ill gotten
by Michael Mapes
We all know by now how to achieve points on AR. Active Rain is a point based blogging system and if the most part it works. You write bolgs for consumers to read and you score 200 points, more if people actually like … (24 comments)
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1 out of every 4 married men sleep alone - 10/10/07 07:02 PM
One out of every married man sleeps alone
by Michael Mapes, The Responsible Mortgage Lender
As I walked in the door this evening I kissed my wife and kids hello. It was a great day. At the dinner table talk turned to the local news story about married couples who sleep in separate … (14 comments)
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Are builders the new predatory Lenders - 10/10/07 08:38 AM
Sharks in the water, Are you the bait
By Michael Mapes, The Responsible Mortgage Lender.Com
During the recent housing boom buyers had to be wary of predatory lenders selling sub prime loans with high cost mortgages and terms that were in reality not affordable. It appears today that buyers still need to … (4 comments)
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Prevent Identity Theft - 10/09/07 10:08 AM
Prevent Identity Theft
Many consumers are not aware of what there credit report says. Not knowing what is on your credit report can leave you a exposed to identity theft when it happens. WWW.annualcreditreport.com offers a free credit report to individuals so that you can check your credit report on an annual … (2 comments)
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How to skip 6 months mortgage payments - 10/09/07 09:16 AM
Buying a home in Virginia Has never been easier
by Michael Mapes
Every now and again you must revisit a tried and true product and then enhance it. That is exactly what has happened with Michael Mapes. In recent months Michael has tweaked existing products, recieved secondary market approval for and implemented the … (7 comments)
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Mortgage Rates - 10/09/07 09:04 AM
A New tool for Realtors and Consumers
In response to an ever changing and fast paced market one lender has developed a new tool for consumers and Realtors to use to deliver mortgage interest rates right to your desk top. Michael Mapes, The Responsible Mortgage Lender has implemented a new system called … (0 comments)
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Don' Think this can happen to you....Guess again, Identity Theft a growing problem - 10/09/07 08:44 AM
This can not happen to me............OH yes it canBy Michael MapesNo one wants to be me, or at least that is what a friend of mine thought. What she did not know is that some stranger did not want to be her but did want her credit, of course until it was destroyed. … (9 comments)
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Adjustable Rate Mortgages are they good for you - 10/09/07 12:40 AM
Adjustable Rate Mortgages: How They Are Calculated and When to Use Them Adjustable Rate Mortgages (ARMs) become more popular as interest rates rise, and for good reason they make sense. They are, however, not without an element of risk.When interest rates are low....The spread between adjustable rates and fixed rates is small.The … (10 comments)
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Is the US economy headed towards a recession - 10/08/07 03:34 PM
Is the US economy headed towards a recession? And if so what does it mean?By Michael MapesAs economic data continues to pour in it looks pretty likely that an economic recession is all but inevitable. A recession is defined as two quarters of slowing economic growth. In any economy the main … (0 comments)
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NINJA Loans - 10/08/07 03:30 PM
Consumers receiving mortgage loans with No Income, No Job and No Assets.....No Really.By Michael Mapes, http://www.theresponsiblemortgagelender.com/I opened up my email this evening and in my in box was an email from a good friend of mine asking me about NINJA loans. I was perplexed thinking this was some kind of joke. … (0 comments)
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The Importance of the Fed Rate Cut on the 18th September 2007 - 10/08/07 03:25 PM
The Importance of the Fed Rate cut on September 18th 2007By Michael Mapes, The Responsible Mortgage Lender.ComFinally the Federal Reserve Chairman Ben Bernanke rode to the rescue of the financial markets. While the move was widely expected the buzz the Fed created was the size of the cut. Many Leading Economists … (0 comments)
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Senate Banking Committe Passes FHA Reform Bill - 10/08/07 03:21 PM
Senate Banking Committee passes FHA Reform Bill.By Michael MapesBy a 20-1 vote, The Senate Banking Committee passed the FHA Reform bill. Unlike the House version which passed in May of this year, the Senates version eliminates the 0 % down option and places a 1.5% down payment requirement as well as … (0 comments)
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I bet Noah did not use a Sub Prime loan to build the Ark - 10/06/07 02:54 PM
When Noah built the Ark, Did he get a Sub Prime or Exotic MortgageBy Michael Mapes, The Responsible Mortgage Lender.com Sometime around Noah's 500th birthday God commissioned Noah to build an Ark. While I can not imagine what Noah looked like at 500 or what he looked like when the flood came … (0 comments)
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Mortgage Insurance what is it? - 10/06/07 02:14 PM
What is Mortgage Insurance and How Does It Work?
by Michael Mapes, The Resonsible Mortgage Lender.Com
Mortgage lenders stand to lose a lot of money when a borrower defaults on a loan. Mortgage Insurance was created to protect lenders from the losses that can occur when a borrower defaults on a mortgage loan. … (2 comments)
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Affording the American Dream in 2007 - 10/06/07 02:03 PM
Opportunity, Buying a home in 2007Realizing the American Dream in 2007By Michael MapesBuying a home is a emotional process and as such most average Americans today must be feeling like the joy of home ownership is beyond them, especially first time home buyers. Everyday as we turn on the nightly news … (3 comments)
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Are HOme Prices out pacing Incomes - 10/06/07 01:58 PM
Are Home prices out pacing Incomes?By Michael Mapes Most all Financial Planners admit that Home Ownership is the number one wealth creation investment a family can make. However, in recent years with home appreciation reaching double digits has the average family been locked out of affordable housing by a lack of inflation … (1 comments)
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FHA's push to impliment risk based pricing not going well - 10/06/07 01:26 PM
FHA's Risked by Pricing Implementation Not going well.By Michael Mapes, The Responsible Mortgage LenderThe Federal Housing Administrations push to implement risk based pricing for mortgage insurance premium system by Jan 2, 2008 is not going well. The current implementation would allow FHA to charge higher insurance premiums based upon the size … (0 comments)
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Down Payment Assistance Programs.....Down and out - 10/06/07 01:04 PM
Down Payment Assistance Programs.....Down for the count?By Michael Mapes, The Responsible Mortgage Lender.Com On October 1st, 2007 HUD issued its ruling concerning down payment assistance programs like the ones offered by Nehemiah, Ameridream and others. In it's statement HUD said that it will no longer insure loans where the down payment … (5 comments)
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NON Approved FHA brokers Charging High FHA FEES - 10/06/07 12:29 PM
Non approved FHA brokers charging HIGH FHA FeesBy Michael Mapes, The Responsible Mortgage Lender.comIn an disclosure made by HUD officer Mark Ross told a mortgage bankers association conference and released to National Mortgage News that The Department of Housing and Urban Development are finding that non-FHA approved lenders are charging "exorbitant" … (1 comments)
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Is it time to refinance your investment property - 10/06/07 12:02 PM
Is it time to refinance your investment property?By Michael Mapes, the responsible mortgage lender This past week I had a conversation with a past client who had invested heavily in rental properties. Over the last two years he had purchased 4 investment properties with a total mortgage obligation of over 500,000.00 the … (2 comments)
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Capital Mortgage Markets Update - 10/06/07 11:42 AM
Capital Markets UpdateBy Michael Mapes, the responsible mortgage lender There is good news on the capital markets front. While we are still seeing the major hedge funds and investment banks pull back from extending credit we are starting to see major improvements in the jumbo markets and a trickle of activity starting … (0 comments)
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