mortgage: Pittsburgh, PA voted #2 place to live in Pennsylvania, 60th best in the whole USA!
- 03/31/08 05:11 AM
Money Magazine's Annual Top 100 Places to Live is now Top 100 Places to Live and Launch a business. Pittstburgh, PA was ranked #60 in the USA and was the second highest PA city on the list (after Bethlehem). They say the Pros are "Top-ranked research universities, affordable homes". They note: "Urban amenities like first-rate museums and a lively music and arts scene are abundant - and if you like golf, championship fairways are just a fifteen minute drive from downtown."http://money.cnn.com/galleries/2008/fsb/0803/gallery.best_places_to_launch.fsb/60.html Christine Bell, CRMShttp://www.pamortgagepros.com/
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mortgage: Mortgage Pro Week in review 3/24 to 3/30
- 03/31/08 03:00 AM
This is my first time writing the Week in Review. Thank you Jeff for the opportunity. In perusing through the blogs from the week I learned some new things and was inspired from the articles below. Better Insurance Rates by Keith Goodman- This was very informative, specific, and relevant to a broad audience of all pros and all home buyers. Current mortgage rates-which way are we headed? by Paul McFadden - Well written and he sums it up nicely: "...listen to their mortgage professionals about when to lock in a rate. It's too tough to predict precisely when rates will be ideal to refinance … (5 comments)
mortgage: Webkinz are like houses
- 03/08/08 04:28 AM
Webkinz are coming out my ears! I tell my 10 year old... No more Webkinz! We have no more room! Webkinz are like houses...The most mass produced ones are in supply and are the lowest price, $12. But the special ones, which are rare, such as the "Cheeky Dog" are $500 on Ebay. They don't make them anymore. As the supply dries up the price goes up. Now that as many new homes are not being created soon the supply will reach a balance with demand and prices will be bid up. Now is the time to buy.
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mortgage: Pennsylvania makes it harder to get in the mortgage business
- 03/07/08 08:33 AM
SB 487, when enacted, will: Require originators (all loan officers) to have licensesRequire originators to have annual continuing ed and initial trainingHave a $200 annual fee for originator licensesIncrease the application fees for all licenses by about 100% (eg $750 to $1500)Increases the renewal fees for all licenses by 50% (from $500 to $750, etc)Hold the employers responsible for actions of the originators (unless they turn them in with 30 days as I understand it)Regulate how originators can advertise and collect feesMake it tougher to get and stay in the business, even as an employee.And other changes as is underlined in the … (7 comments)
mortgage: Business is crazy busy!
- 03/06/08 06:40 AM
This is one of the busiest times I have experienced in the business! There is a boom going on, not a refinance boom, but a diverse boom. There is a nice mix of purchases, construction loans, and refinances. Based on what I hear in the media, I am surprised to be working 12+ hour days and weekends. It's great. I am turning a few people away because of their credit and the new guidelines, but am hoping my coaching will have them calling me back in 6 months with a 640 FICO. The lenders I send my loans to are also very … (12 comments)
mortgage: Are you wrong to not commit mortgage fraud on that investment property?
- 03/04/08 01:50 AM
How many people buy rental properties and say they are 2nd homes when they can get away with it?!!! My guess is 99%! It seems to me that any customer I've had through the years who bought a property in a "vacation type" area called it a 2nd home on the mortgage application. As long as they can qualify with the debt of the new home, without needing rental income to offset it, there is not a problem with underwriting. I'd like some opinions... What does this type of mortgage fraud cost the industry, if anything??? Do you think it's wrong - or are the people … (3 comments)
mortgage: Rate lock advisory 2/26/08
- 02/26/08 05:04 AM
Rate Lock Advisory - Tuesday Feb. 26th Tuesday's bond market has opened in negative territory following stronger than expected inflation related readings. The stock markets are currently showing gains after opening with losses. The Dow is now up 80 points while the Nasdaq has gained 20 points. The bond market is currently up 5/32, but we will still see an increase of approximately .250 of a discount point in this morning's mortgage rates due to weakness in trading late yesterday.The Labor Department reported early this morning that their Producer Price Index (PPI) for January rose 1.0% and that the core data … (1 comments)
mortgage: 8% of sub primes helped so far. How to get help.
- 02/09/08 12:13 AM
545,000 families have received help so far with their sub prime mortgages to save them from foreclosure. A group of lenders (BofA, Citi, WAMU, Wells Fargo, and many more), investors and non profit groups call themselves "Hope Now". 150,000 of the families received permanent loan modifications and the balance of them renegotiated their payment plans to help them get back on track after missing a few payments. To get help click here Servicers and lenders participating AssurantAurora Loan Services Avelo MortgageBank of America Carrington Mortgage Services Citigroup, Inc. Countrywide EMC MortgageFannie Mae First Horizon Home Loans and First Tennessee Home Loans Freddie Mac GMAC ResCap Home Loan … (4 comments)
mortgage: Mortgage Broker or Direct Lender, broker vs. bank for mortgage
- 02/08/08 12:42 AM
My marketing manager showed me this website yesterday... You may have already seen this, or like me you may be shocked...Looked how many big lenders have fallen by the wayside. When they fall, your broker who was placing a loan with them can send your loan to another bank. or, when they fall, suddenly - in my experience, what happens to the files they were working on for customers who chose a direct lender instead of a good mortgage broker? http://ml-implode.com/ There are two types of mortgage brokers...good and bad. The good ones care about their customer and ensure that customer provides referrals and repeat business after … (2 comments)
mortgage: Credit bureaus contacting my customers
- 01/29/08 07:03 AM
Has anyone has past experience with trigger leads, whereby when you pull a customer's credit report that the credit bureaus...Equifax, TransUnion, and Experian, sell that info to other mortgage companies? I have heard of this happening, think it is wrong, and want to try to protect my customers privacy. An associate of mine said his mortgage company entered their mortgage co. phone number in the credit order screen and within an hour that phone was ringing non stop, and this was from mortgage companies that were not acting professionally and pushing non-traditional types of loans. We need to do something about this.
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mortgage: The need for title insurance
- 01/28/08 04:42 AM
I think title companies add a lot of value and deserve to be paid for what they do. Title searches are very important. I just see people shelling out $2000-$3000 for title insurance and have never heard of a claim filed against a house where the title insurance was needed. Is it too expensive for those with high priced homes? It is typically the highest closing cost. Should it be optional if the title search is clean? Is it required in all states?
I'd like to hear others thoughts on it. … (2 comments)
mortgage: The sub prime market fallout
- 07/25/07 03:04 PM
How has the sub prime market fallout affected you? I know our lenders tightened the guideines for high risk loans. I do not ever make predatory type loans but there was a product I had for people with great credit that was a no doc loan and required no money down and came with a very good rate. That has changed, now a down payment is required on no doc loans.
Money Magazine's Annual Top 100 Places to Live is now Top 100 Places to Live and Launch a business.
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