What are you doing?

So, in this "buyers" market, to sell a home, to me, it really is no longer the practice of just putting it on the MLS and waiting for a buyer to appear.

Outside of listing it, what are you doing as a Realtor to attract potential buyers to your listings?

here's the "normal" things that I see:

1. Sign in yard
2. Place on MLS
3. Flyers (refilled as needed-hopefully...color.....a plus!)
4. Open houses-maybe......but, if so, how often?

(If you can comment on the post then I can edit and add to this list) 

Does anyone talk over with the potential seller a detailed marketing plan when vying for a listing?

If I had a home to currently list, I would want someone to tell me how they are going to stand out from the crowd and help me sell my home faster and at a market rate (or close to).  I've asked a couple of realtors this question and they had no plan for me other than put it on the MLS and maybe some of the efforts listed above.

When selling a home, what makes a full service realtor stand apart from one of the flat fee listing services that are now offered?

Is that somewhat abnormal to ask or.......?

BTW, I asked this question back in October 2008 and received zero responses/comments?  I will say i was suprised that I received zero response on the original request-am I wording it wrong or something?  I don't mean to offend, I'm just asking the question....

How many mortgage lenders are gone?

 381 Imploded* Lenders since late 2006:

381. Assurity Financial Services, LLC
380. Premium Capital Funding, LLC dba TopDot Mortgage
379. First Regional Bank, Century City
378. Security Atlantic Mortgage Co.
377. Apex Lending, Inc.
376. Charter Bank, Santa Fe
375. Equitable Trust Mortgage Corp.
374. AmTrust Bank
373. Dynamic Capital Mortgage
372. Lend America / Lending Key
371. New South Federal Savings Bank
370. AME Financial Corp.
369. Envision Lending Group Inc.
368. Warren Bank
367. Stockton Turner & Company
366. The Lending Company Inc. - Wholesale
365. Capmark Financial Group Inc.
364. Northeast Mortgage Corp.
363. Security Mortgage Corporation
362. Windsor Capital Mortgage Corp.
361. First Rate Capital Corp.
360. StoneWater Mortgage Corp.
359. First National Bank of the South - Wholesale
358. Senderra Funding - Wholesale
357. Capstone Realty Advisors
356. Granite Mortgage, Inc.
355. Worldwide Financial Resources Inc.
354. Guaranty Bank - Warehouse
353. Colonial Bank
352. Corus Bank
351. America One Finance
350. Taylor, Bean & Whitaker Mortgage Corp. - Wholesale
349. 1st Reverse Financial Services LLC
348. HCI Mortgage
347. BankersWest Funding Corp.
346. American Partners Bank
345. Senior Lending Network
344. BankUnited, F.S.B.
343. Precision Financial, Inc.
342. Accredited Home Lenders, Lone Star Funds
341. Wells Fargo - Small-Cap Commercial
340. Guaranty Bank - GB Mortgage
339. American Sterling Bank
338. Chase Home Mortgage - Construction Lending
337. First Security Loan Corp
336. South Pacific Financial Corp. - Wholesale
335. Home Loan Consultants, Inc.
334. Central States Mortgage
333. HSBC - HFC & Beneficial
332. JPMorgan Chase - Warehouse
331. Ameritime Mortgage Co. LLC
330. Perfect Mortgage - PerfectFHA
329. EquiFirst
328. Residential Loan Centers of America
327. CU National Mortgage
326. Colonial National Mortgage - Wholesale
325. U.S. Mortgage Corp. - Retail
324. First Interstate Financial - Wholesale
323. Realty Mortgage Corp.
322. Vertice
321. USA Home Loans - Wholesale
320. SunTrust Mortgage - FHA Wholesale
319. First Federal - Wholesale
318. 21st Mortgage - Wholesale
317. J.B. Nutter & Co. - Wholesale
316. Homebridge Mortgage Bankers - Refinance.com
315. 1st Republic Mortgage Bankers
314. Superior Mortgage Corp - Wholesale
313. Wall Street Financial Corp - Wholesale
312. Fairfield Financial Mortgage Group
311. Chase Prime - Wholesale
310. Sunshine & Madison Mortgage Corp
309. Liberty One Lending
308. Frontier Investment Co.
307. Solstice Capital Group - HSBC
306. MortgageIT
305. HCL Finance Inc. - Wholesale
304. LIME Financial Svcs. - Wholesale
303. Mortgage Network Inc. - Wholesale
302. Fortes Financial - Wholesale
301. HSBC Mortgage Corp. - Wholesale
300. CBRE Realty Finance
299. Franklin Bank, SSB
298. Mortgage Lion, Inc. - Wholesale
297. HMS Capital, Inc.
296. CTX Mortgage Co. - Retail
295. Equity One Commercial
294. Coldstream Financial Svcs.
293. Banco Popular North America - Wholesale
292. Ace Mortgage Funding, LLC
291. E-Loan
290. Gateway Bank, F.S.B. - Wholesale
289. First Call Mortgage Co.
288. Downey Savings and Loan - Wholesale
287. Prospect's Metrocities Mortgage - Wholesale
286. ComCor Mortgage - Wholesale
285. Chevy Chase Bank - Wholesale
284. Washington Mutual - Retail and Warehouse
283. Hometown Commercial Capital
282. Mid Atlantic Capital LLC
281. Kemper Mortgage, Inc.
280. Liberty Mortgage Funding Co.
279. Freddie Mac
278. Fannie Mae
277. Pacific Community Mortgage, Inc. - Gold Reverse, Inc.
276. Homecomings Financial, LLC
275. Thornburg Mortgage
274. CSB Mortgage
273. Carteret Mortgage Corporation
272. Western Residential Mortgage
271. Liberty Home Lending
270. Equipoint Financial Network, Inc.
269. Ideal Mortgage Bankers, Ltd. - Wholesale
268. Silver State Bank - Wholesale
267. Irwin Union Bank & Trust Co. - Wholesale
266. SunTrust Bank Equity Wholesale
265. Wachovia Mortgage, FSB - Wholesale
264. Lehman Brothers SBF
263. IndyMac Bancorp
262. Mortgages Ltd.
261. Wilmington Finance - Wholesale
260. Accredited Home Lenders, Home Funds Direct
259. Assured Lending Corp. - Wholesale
258. Homewide Lending Corporation
257. Vanguard Mortgage & Title, Inc.
256. Chase Home Equity - Wholesale
255. Chase Subprime - Wholesale
254. Evergreen Investment & Carnation Banc
253. Casa Blanca Mortgage/Shearson - Wholesale
252. Guaranty Bank - Correspondent
251. Citi Residential Lending
250. Montgomery Mortgage Capital Company
249. E*Trade Wholesale Lending
248. Shearson Financial Network, Inc.
247. American Bank Mortgage Group - Wholesale
246. AmeriBanc Corp.
245. Washington Mutual - Wholesale
244. Century Bank, F.S.B. - Wholesale
243. Diversified Mortgage, Inc.
242. National Wholesale Funding
241. Centennial Mortgage and Funding, Inc./Award Mortgage
240. Fidelity Home Mortgage Corp.
239. LMI Funding, Inc.
238. Millennium Mortgage - Wholesale
237. Origen Financial, Inc. (Correspondent)
236. CitiMortgage - Home Equity Wholesale
235. Bear Stearns Residential Mortgage
234. East West Mortgage Co. of VA
233. New Vision Residential Lending
232. Washington Savings Bank, F.S.B. - Wholesale
231. Macquarie Mortgages USA Inc.
230. Global Mortgage, Inc.
229. Unique Mortgage Solutions (UMS, LLC)
228. First Franklin - Merrill Lynch
227. First National Mortgage Sources
226. Resource Mortgage (Wholesale)
225. KH Financial
224. Lydian Mortgage
223. OMG Wholesale Lending
222. Saxon Mortgage (Wholesale)
221. Beazer Mortgage Corp.
220. Allpointe Mortgage (Broker Program)
219. Popular Warehouse Lending
218. Allied Lending Corp. (Wholesale)
217. BF Saul Wholesale Lending
216. Community Resource Mortgage
215. Lehman/Aurora Loan Services
214. Residential Mortgage Capital
213. Maverick Residential Mortgage
212. Countrywide Financial Corp.
211. First NLC Financial Services
210. First American Bank (Wholesale)
209. Soma Financial
208. National City Corp. (Wholesale)
207. Heartland Wholesale Funding
206. Homefront Mortgage Inc.
205. PNC Bank H.E.
204. Family First Mortgage Corp.
203. First Fidelity Financial
202. BSM Financial
201. 1st Choice Mortgage
200. Wescom Credit Union
199. Coast Financial Holdings/Coast Bank
198. WaMu (Subprime)
197. First Madison Mortgage
196. Southern Star Mortgage
195. TransLand Financial
194. Secured Bankers Mortgage Company (SBMC)
193. ComUnity Lending
192. Delta Financial Corp
191. BayRock Mortgage
190. Empire Bancorp
189. Option One - H&R Block
188. Citigroup - FCS Warehouse
187. Charter One (Wholesale)
186. Wells Fargo - Home Equity
185. Paul Financial, LLC
184. Webster Bank (Wholesale)
183. Fieldstone Mortgage Company
182. Tribeca Lending Corp. (Wholesale)
181. WAMU Comm. Correspondent
180. Marlin Mortgage Company
179. Countrywide Specialty Lending
178. UBS Home Finance
177. MortgageIT-DB (Retail)
176. Edgewater Lending Group
175. ResMAE Mortgage Corp.
174. Citimortgage Correspondent (2nds)
173. AMC Lending
172. Liberty American Mortgage
171. Exchange Financial (Wholesale)
170. FirstBank Mortgage
169. Bank of America (Wholesale)
168. Diablo Funding Group Inc.
167. Honor State Bank
166. Spectrum Financial Group
165. Priority Funding Mortgage Bankers
164. BrooksAmerica Mortgage Corp.
163. Valley Vista Mortgage
162. New State Mortgage Company
161. Summit Mortgage Company
160. WMC
159. Paragon Home Lending
158. First Mariner Wholesale
157. The Lending Connection
156. Foxtons, Inc.
155. SCME Mortage Bankers
154. Aapex Mortgage (Apex Financial Group)
153. Wells Fargo (various Correspondent and Non-prime divisions)
152. Nationstar Mortgage
151. Decision One (HSBC)
150. Impac Lending Group
149. Long Beach (WaMu Warehouse/Correspondent)
148. Expanded Mortgage Credit Wholesale
147. The Mortgage Store Financial
146. C & G Financial
145. CFIC Home Mortgage
144. All Fund Mortgage
143. LownHome Financial
142. Sea Breeze Financial Services
141. Castle Point Mortgage
140. Premium Funding Corp
139. Group One Lending
138. Allstate Home Loans / Allstate Funding
137. Home Loan Specialists (HLS)
136. Transnational Finance Wholesale
135. CIT Home Lending
134. Capital Six Funding
133. Mortgage Investors Group (MIG) - Wholesale
132. Amstar Mortgage Corp
131. Quality Home Loans
130. BNC Mortgage (Lehman)
129. First National Bank of Arizona
128. Chevy Chase Bank Correspondent
127. GreenPoint Mortgage - Capital One Wholesale
126. NovaStar, Homeview Lending
125. Quick Loan Funding
124. Calusa Investments
123. Mercantile Mortgage
122. First Magnus
121. First Indiana Wholesale
120. GEM Loans / Pacific American Mortgage (PAMCO)
119. Kirkwood Financial Corporation
118. Lexington Lending
117. Express Capital Lending
116. Deutsche Bank Correspondent Lending Group (CLG)
115. MLSG
114. Trump Mortgage
113. HomeBanc Mortgage Corporation
112. Mylor Financial
111. Aegis
110. Alternative Financing Corp (AFC) Wholesale
109. Winstar Mortgage
108. American Home Mortgage / American Brokers Conduit
107. Optima Funding
106. Equity Funding Group
105. Sunset Mortgage
104. Nations Home Lending
103. Entrust Mortgage
102. Alera Financial (Wholesale)
101. Flick Mortgage/Mortgage Simple
100. Dollar Mortgage Corporation
99. Alliance Bancorp
98. Choice Capital Funding
97. Premier Mortgage Funding
96. Stone Creek Funding
95. FlexPoint Funding (Wholesale & Retail)
94. Starpointe Mortgage
93. Unlimited Loan Resources (ULR)
92. Freestand Financial
91. Steward Financial
90. Bridge Capital Corporation
89. Altivus Financial
88. ACT Mortgage
87. Alliance Mortgage Banking Corp (AMBC)
86. Concord Mortgage Wholesale
85. Heartwell Mortgage
84. Oak Street Mortgage
83. The Mortgage Warehouse
82. First Street Financial
81. Right-Away Mortgage
80. Heritage Plaza Mortgage
79. Horizon Bank Wholesale Lending Group
78. Lancaster Mortgage Bank (LMB)
77. Bryco (Wholesale)
76. No Red Tape Mortgage
75. The Lending Group (TLG)
74. Pro 30 Funding
73. NetBank Funding, Market Street Mortgage
72. Columbia Home Loans, LLC
71. Mortgage Tree Lending
70. Homeland Capital Group
69. Nation One Mortgage
68. Dana Capital Group
67. Millenium Funding Group
66. MILA
65. Home Equity of America
64. Opteum (Wholesale, Conduit)
63. Innovative Mortgage Capital
62. Home Capital, Inc.
61. Home 123 Mortgage
60. Homefield Financial
59. First Horizon Subprime, Equity Lending
58. Platinum Capital Group (Wholesale)
57. First Source Funding Group (FSFG)
56. Alterna Mortgage
55. Solutions Funding
54. People's Mortgage
53. LowerMyPayment.com
52. Zone Funding
51. First Consolidated (Subprime Wholesale)
50. SouthStar Funding
49. Warehouse USA
48. H&R Block Mortgage
47. Madison Equity Loans
46. HSBC Mortgage Services (correspondent div.)
45. Sunset Direct Lending
44. Kellner Mortgage Investments
43. LoanCity
42. CoreStar Financial Group
41. Ameriquest, ACC Wholesale
40. Investaid Corp.
39. People's Choice Financial Corp.
38. Master Financial
37. Maribella Mortgage
36. FMF Capital LLC
35. New Century Financial Corp.
34. Wachovia Mortgage (Correspondent div.)
33. Ameritrust Mortgage Company (Subprime Wholesale)
32. Trojan Lending (Wholesale)
31. Fremont General Corporation
30. DomesticBank (Wholesale Lending Division)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ECC Capital/Encore Credit
24. Lender's Direct Capital Corporation (wholesale division)
23. Concorde Acceptance
22. DeepGreen Financial
21. American Freedom Mortgage, Inc.
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

* "Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.  www.ml-implode.com

Think this list maybe isn't a big deal?  just think of the # of lost jobs in this economy/real estate crash-not only employee's of the lending institutions but realtors, title company personnel, appraisers, coffee delivery that supplies the offices, restaurants around these offices......you get the idea........ and I'd say a considerable amount were commission based so they fly under the unemployment tracking radar (so to speak).

Just an FYI (especially for Minnesota), we still have the ability to issue (and are issuing) loan approvals based on income, asset and, on some refinances, even appraisal documentation waivers.....

I don't know of anyone else doing this....as a matter of fact, I was just referred a loan recently from a friend of mine at US Bank because they couldn't do a documentation waiver program-yes, I have the preliminary approval and the loan is locked!

The big difference is we don't have any chart like in the past that says "if this and this then it qualifies for that".  It is a waiver program that is computer driven and it takes the whole file into consideration then gives us a decision and loan documentation requirements based on the the situation......I will say that, good credit still goes a long ways!

Just a heads up...if anyone has a situation where this may be valuable, it's definitely worth looking into-and I'd love to help!

12/12/08 Here's the updated list from Mortgage Implode (www.ml-implode).

Sad to think of all of the people that these lenders closings effects...... and what a ripple effect it has (title, appraisers, the paper guy, coffee guy, the restaurant next door, etc).

"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

Imploded* Lenders^TM

311. BankUnited - Wholesale
310. Solstice Capital Group - HSBC
309. MortgageIT
308. HCL Finance Inc. - Wholesale
307. LIME Financial Svcs. - Wholesale
306. Mortgage Network Inc. - Wholesale
305. Fortes Financial - Wholesale
304. HSBC Mortgage Corp. - Wholesale
303. CBRE Realty Finance
302. Franklin Bank, SSB
301. Mortgage Lion, Inc. - Wholesale
300. HMS Capital, Inc.
299. American Sterling Bank - Wholesale
298. CTX Mortgage Co. - Retail
297. Equity One Commercial
296. Coldstream Financial Svcs.
295. Banco Popular North America - Wholesale
294. Ace Mortgage Funding, LLC
293. E-Loan
292. Gateway Bank, F.S.B. - Wholesale
291. First Call Mortgage Co.
290. Downey Savings and Loan - Wholesale
289. Prospect's Metrocities Mortgage - Wholesale
288. ComCor Mortgage - Wholesale
287. Chevy Chase Bank - Wholesale
286. Washington Mutual - Retail and Warehouse
285. Hometown Commercial Capital
284. Mid Atlantic Capital LLC
283. Kemper Mortgage, Inc.
282. Liberty Mortgage Funding Co.
281. Freddie Mac
280. Fannie Mae
279. Pacific Community Mortgage, Inc. - Gold Reverse, Inc.
278. Homecomings Financial, LLC
277. Thornburg Mortgage
276. CSB Mortgage
275. Carteret Mortgage Corporation
274. Accredited Home Lenders, Lone Star Funds - Wholesale
273. Western Residential Mortgage
272. Liberty Home Lending
271. Equipoint Financial Network, Inc.
270. Ideal Mortgage Bankers, Ltd. - Wholesale
269. Silver State Bank - Wholesale
268. Irwin Union Bank & Trust Co. - Wholesale
267. SunTrust Bank Equity Wholesale
266. Wachovia Mortgage, FSB - Wholesale
265. Lehman Brothers SBF
264. IndyMac Bancorp
263. Mortgages Ltd.
262. Wilmington Finance - Wholesale
261. Accredited Home Lenders, Home Funds Direct
260. Assured Lending Corp. - Wholesale
259. Homewide Lending Corporation
258. Vanguard Mortgage & Title, Inc.
257. Chase Home Equity - Wholesale
256. Chase Subprime - Wholesale
255. Evergreen Investment & Carnation Banc
254. Casa Blanca Mortgage/Shearson - Wholesale
253. Guaranty Bank - Correspondent
252. Citi Residential Lending
251. Montgomery Mortgage Capital Company
250. E*Trade Wholesale Lending
249. Shearson Financial Network, Inc.
248. American Bank Mortgage Group - Wholesale
247. AmeriBanc Corp.
246. Washington Mutual - Wholesale
245. Century Bank, F.S.B. - Wholesale
244. Diversified Mortgage, Inc.
243. National Wholesale Funding
242. Centennial Mortgage and Funding, Inc./Award Mortgage
241. Fidelity Home Mortgage Corp.
240. LMI Funding, Inc.
239. Millennium Mortgage - Wholesale
238. Origen Financial, Inc. (Correspondent)
237. CitiMortgage - Home Equity Wholesale
236. Bear Stearns Residential Mortgage
235. East West Mortgage Co. of VA
234. New Vision Residential Lending
233. Washington Savings Bank, F.S.B. - Wholesale
232. Macquarie Mortgages USA Inc.
231. Global Mortgage, Inc.
230. Unique Mortgage Solutions (UMS, LLC)
229. First Franklin - Merrill Lynch
228. First National Mortgage Sources
227. Resource Mortgage (Wholesale)
226. KH Financial
225. Lydian Mortgage
224. OMG Wholesale Lending
223. Saxon Mortgage (Wholesale)
222. Beazer Mortgage Corp.
221. Allpointe Mortgage (Broker Program)
220. Popular Warehouse Lending
219. Allied Lending Corp. (Wholesale)
218. BF Saul Wholesale Lending
217. Community Resource Mortgage
216. Lehman/Aurora Loan Services
215. Residential Mortgage Capital
214. Maverick Residential Mortgage
213. Countrywide Financial Corp.
212. First NLC Financial Services
211. First American Bank (Wholesale)
210. Soma Financial
209. National City Corp. (Wholesale)
208. Heartland Wholesale Funding
207. Homefront Mortgage Inc.
206. PNC Bank H.E.
205. Family First Mortgage Corp.
204. First Fidelity Financial
203. BSM Financial
202. 1st Choice Mortgage
201. Wescom Credit Union
200. Coast Financial Holdings/Coast Bank
199. WaMu (Subprime)
198. First Madison Mortgage
197. Southern Star Mortgage
196. TransLand Financial
195. Secured Bankers Mortgage Company (SBMC)
194. ComUnity Lending
193. Delta Financial Corp
192. BayRock Mortgage
191. Empire Bancorp
190. Option One - H&R Block
189. Citigroup - FCS Warehouse
188. Charter One (Wholesale)
187. Wells Fargo - Home Equity
186. Paul Financial, LLC
185. Webster Bank (Wholesale)
184. Fieldstone Mortgage Company
183. Tribeca Lending Corp. (Wholesale)
182. WAMU Comm. Correspondent
181. Marlin Mortgage Company
180. Countrywide Specialty Lending
179. UBS Home Finance
178. MortgageIT-DB (Retail)
177. Edgewater Lending Group
176. ResMAE Mortgage Corp.
175. Citimortgage Correspondent (2nds)
174. AMC Lending
173. Liberty American Mortgage
172. Exchange Financial (Wholesale)
171. FirstBank Mortgage
170. Bank of America (Wholesale)
169. Diablo Funding Group Inc.
168. Honor State Bank
167. Spectrum Financial Group
166. Priority Funding Mortgage Bankers
165. BrooksAmerica Mortgage Corp.
164. Valley Vista Mortgage
163. New State Mortgage Company
162. Summit Mortgage Company
161. WMC
160. Paragon Home Lending
159. First Mariner Wholesale
158. The Lending Connection
157. Foxtons, Inc.
156. SCME Mortage Bankers
155. Aapex Mortgage (Apex Financial Group)
154. Wells Fargo (various Correspondent and Non-prime divisions)
153. Nationstar Mortgage
152. Decision One (HSBC)
151. Impac Lending Group
150. Long Beach (WaMu Warehouse/Correspondent)
149. Expanded Mortgage Credit Wholesale
148. The Mortgage Store Financial
147. C & G Financial
146. CFIC Home Mortgage
145. All Fund Mortgage
144. LownHome Financial
143. Sea Breeze Financial Services
142. Castle Point Mortgage
141. Premium Funding Corp
140. Group One Lending
139. Allstate Home Loans / Allstate Funding
138. Home Loan Specialists (HLS)
137. Transnational Finance Wholesale
136. CIT Home Lending
135. Capital Six Funding
134. Mortgage Investors Group (MIG) - Wholesale
133. Amstar Mortgage Corp
132. Quality Home Loans
131. BNC Mortgage (Lehman)
130. First National Bank of Arizona
129. Chevy Chase Bank Correspondent
128. GreenPoint Mortgage - Capital One Wholesale
127. NovaStar, Homeview Lending
126. Quick Loan Funding
125. Calusa Investments
124. Mercantile Mortgage
123. First Magnus
122. First Indiana Wholesale
121. GEM Loans / Pacific American Mortgage (PAMCO)
120. Kirkwood Financial Corporation
119. Lexington Lending
118. Express Capital Lending
117. Deutsche Bank Correspondent Lending Group (CLG)
116. MLSG
115. Trump Mortgage
114. HomeBanc Mortgage Corporation
113. Mylor Financial
112. Aegis
111. Alternative Financing Corp (AFC) Wholesale
110. Winstar Mortgage
109. American Home Mortgage / American Brokers Conduit
108. Optima Funding
107. Equity Funding Group
106. Sunset Mortgage
105. Nations Home Lending
104. Entrust Mortgage
103. Alera Financial (Wholesale)
102. Flick Mortgage/Mortgage Simple
101. Dollar Mortgage Corporation
100. Alliance Bancorp
99. Choice Capital Funding
98. Premier Mortgage Funding
97. Stone Creek Funding
96. FlexPoint Funding (Wholesale & Retail)
95. Starpointe Mortgage
94. Unlimited Loan Resources (ULR)
93. Freestand Financial
92. Steward Financial
91. Bridge Capital Corporation
90. Altivus Financial
89. ACT Mortgage
88. Alliance Mortgage Banking Corp (AMBC)
87. Concord Mortgage Wholesale
86. Heartwell Mortgage
85. Oak Street Mortgage
84. The Mortgage Warehouse
83. First Street Financial
82. Right-Away Mortgage
81. Heritage Plaza Mortgage
80. Horizon Bank Wholesale Lending Group
79. Lancaster Mortgage Bank (LMB)
78. Bryco (Wholesale)
77. No Red Tape Mortgage
76. The Lending Group (TLG)
75. Pro 30 Funding
74. NetBank Funding, Market Street Mortgage
73. Columbia Home Loans, LLC
72. Mortgage Tree Lending
71. Homeland Capital Group
70. Nation One Mortgage
69. Dana Capital Group
68. Millenium Funding Group
67. MILA
66. Home Equity of America
65. Opteum (Wholesale, Conduit)
64. Innovative Mortgage Capital
63. Home Capital, Inc.
62. Home 123 Mortgage
61. Homefield Financial
60. First Horizon Subprime, Equity Lending
59. Platinum Capital Group (Wholesale)
58. First Source Funding Group (FSFG)
57. Alterna Mortgage
56. Solutions Funding
55. People's Mortgage
54. LowerMyPayment.com
53. Zone Funding
52. First Consolidated (Subprime Wholesale)
51. EquiFirst
50. SouthStar Funding
49. Warehouse USA
48. H&R Block Mortgage
47. Madison Equity Loans
46. HSBC Mortgage Services (correspondent div.)
45. Sunset Direct Lending
44. Kellner Mortgage Investments
43. LoanCity
42. CoreStar Financial Group
41. Ameriquest, ACC Wholesale
40. Investaid Corp.
39. People's Choice Financial Corp.
38. Master Financial
37. Maribella Mortgage
36. FMF Capital LLC
35. New Century Financial Corp.
34. Wachovia Mortgage (Correspondent div.)
33. Ameritrust Mortgage Company (Subprime Wholesale)
32. Trojan Lending (Wholesale)
31. Fremont General Corporation
30. DomesticBank (Wholesale Lending Division)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ECC Capital/Encore Credit
24. Lender's Direct Capital Corporation (wholesale division)
23. Concorde Acceptance
22. DeepGreen Financial
21. American Freedom Mortgage, Inc.
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

Don't forget-because it's just around the corner, that FHA down payment changes go into effect on January 1st.  The changes will be.....

• Down payment minimum of 3.5%.  Currently it is 3% total but in most areas it is 2.25% down with .75% being able to come from closing costs.  Not anymore.....now it is 3.5% plus whatever closing costs are involved unless seller pays them subject to 6% seller contribution maximum).
• The loan amount included the upfront Mortgage Insurance (UFMIP) can not exceed 100% of purchase price or appraisal-whichever is less. 

Acceptable gift funds may still be used (relative, employer, etc.....just not the non-profits) and cash out refinances are still at 95% Loan to Value

• FHA Maximum Loan amounts are DECREASING for the Twin Cities 11 county metro area
  • Currently: $365,000
  • Revised $318,550

Outside of the Twin Cities metro area the maximum loan amount will remain unchanged @ $271,500

 Don't get to the closing table only to find out things are no loner approved.....Double check with your lender to make sure your approval and/r pre-approval letter is still valid!

BTW, rates have dropped so please keep me in mind!

Twin Cities Area!

Our FHA loan limits for a 1 unit home is currently $365,000 but effective 1/1/09, they will be dropping down to $318,550.

FHA is still a great program which is insuring most of the riskier, over 80% mortgage paper currently.

If you have a buyer looking in/around the $400k range, let them know about this.....

Not many people realize this but, the loan amounts are higher for multiple unit FHA homes (FHA insures 1-4 primary residence units)....see my table below!

This is a good program to utilize (and the MI should be tax deductible for you!)......

Posted at 12:25 PM on Thursday, October 30, 2008 by District 9 Web Admin

WASHINGTON (Oct. 30, 2008) -- Veterans and active-duty military not in uniform can now render the military-style hand salute during the playing of the national anthem, thanks to changes in federal law that took effect this month.

"The military salute is a unique gesture of respect that marks those who have served in our nation's armed forces," said Secretary of Veterans Affairs Dr. James B. Peake. "This provision allows the application of that honor in all events involving our nation's flag."

The most recent change, authorizing hand-salutes during the national anthem by veterans and out-of-uniform military personnel, was sponsored by Sen. Jim Inhofe of Oklahoma, an Army veteran.  It was included in the Defense Authorization Act of 2009, which President Bush signed on Oct. 14.

I wanted to pass this along to our readers!  Please remember the men and women serving our country overseas-and at home!

Michael Schindler

Life Member VFW Post 9060

My Notes

Wow!  So much has happened recently....so, in trying to keep positive about this industry, I will say that there are some great housing deals out there for buyers.  Other than that, well, you read the paper....(which BTW, is bad because it's all negative press)

 With so that negativity all around us, lets look at a few positive's.....

• We are alive
• Most of us are somewhat healthy
• Housing prices are low
• Now's a great time to buy real estate!

Gas-Everyone can thank me for gas prices coming down.  I sold my Durango right after I filled up the tank at $3.89-now look at us a few weeks later!  if I hadn't of sold, gas would have still been in the $4 range (Murphy's law)  :)

Prime back down to 4%

Greenspan still doesn't admit that, in one hand he was warning how so many people had adjustable rate mortgages and they could be in trouble when they reset...yes, on the other hand, he raised rates 14 consecutive times and THAT my friends is what caused the sudden housing bust-Yes, there was a correction coming (slowly) but with all of those mortgages resetting so high and at the same time, it had like a tsunami effect..... Just look back to some of my other newsletters  with me denouncing his decisions to continue to raise rates.......

  Definitions

• Federal funds rate is what banks charge to one another for overnight loans.  The federal reserve board controls the federal funds rate.
• Prime rate is simply the fed funds rate + 3% and is tied mainly to credit card and home equity rates
• Mortgages are traded on the stock market in bond portfolios-market supply and demand dictate first mortgage rates NOT what the federal reserve board does.

YES!

We have it!

Realtors, if you don't know about them, get to because this is a very special product!  As the baby boomer generation begin to reach age 62 (age requirement for a reverse is age 62), this product will help them move to their next level (buying a home without spending all of their cash and without a mortgage payment EVER).

Some benefits of the Reverse Mortgage program include:

• NO income qualifying
• NO monthly mortgage payments
• NO limitations on use of funds
• Minimal credit requirements
• Loan proceeds may be tax free (consult tax professional)
• Homeowner stays on title
• Insured to never owe more than home is worth!

Reverse PURCHASE benefits also include:

• NO source of funding
• NO Mortgage Insurance Premiums
• NO Monthly mortgage payments
• Larger loan amounts than traditional reverse mortgages

The way to determine which option for the buyer is best is to run a customized evaluation of the individual situation. 

This product is going to be a big part of the real estate markets for some time to come.  A reverse mortgage takes various factors into account so it doesn't have cookie cutter one size fits all guidelines.  It is customized and takes into account house value, clients age and desired loan to value for starters.

Just know it's a product that is out there and, if you have buyers age 62 and older, this may be a very beneficial product for you!

Michael

We know that the bond programs are the only source of down payment assistance in many areas.   None of the new bond programs have been able to begin because there are no buyers for these bonds.

For most of the 2000's, Fannie Mae and Freddie Mac were the major or only buyers of mortgage revenue bonds.   That is no longer true.  They aren't buying and there are no other investors.

This email is in regards to new bond programs.  The bond programs that currently have money will continue to have funds until everything is reserved.  So there is no worry with loans in the programs pipeline.

Please contact your voices in Washington -- your senators and representatives.  
 
Here's how to email them

U S Senate
http://www.senate.gov/general/contact_information/senators_cfm.cfm

U S Congress
https://forms.house.gov/wyr/welcome.shtml
On this site, find your rep then go to their website for their email address

Thanks for your help...

Michael Schindler