Rhonda's Blog

Come to Bellevue's RE(mini)Barcamp this Tuesday, October 6th

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sat, 03 Oct 2009 13:59:49 -0500

I'm so excited for Bellevue's RE(mini)Barcamp which is taking place on Tuesday, October 6, 2009 from 8:30 - noon. It's only a half day which is why this event is called a "mini". Barcamps are a great opportunity to learn peer to peer--from fellow real estate professionals who are actively using social media with their business practice.

At the Bellevue RE(mini)Barcamp, you'll have an opportunity to attend three sessions--each just shy of ana hour at the Meydenbauer Center. And it's FREE!

For more information or to RSVP, please click here. I hope to see you then!

By the way, stick around the second half of the day to participate at WAMP's Annual Award's Luncheon featuring Spencer Rascoff, COO of Zillow, as the keynote speaker and Connect Expo. RSVP here.

TWO not one but TWO RE Barcamps coming to the Seattle Area

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Thu, 13 Aug 2009 10:55:24 -0500

How lucky could I be? Seattle is having their second RE Barcamp this year on September 8, 2009 at the Armory (a beautiful location off of Lake Union). Two RE Barcamps in Seattle in the same year is enough to make me grin ear to ear. But wait--it gets better! Hop across the pond to Bellevue in October for a "mini" RE Barcamp on October 6, 2009 at the Meydenbauer Center.

Bellevue's REBC event is "mini" because it's only going on for the first half of the day. After the mini RE Barcamp in Bellevue, the Washington Association of Mortgage Professionals will be holding their annual awards luncheon followed by WAMP Connect's Expo. Mortgage orignators can come a day early and load up on their continuing education clock hours. Last years WAMP event had about 400 mortgage professionals participating.

I'm jazzed and hope to see you at all of these upcoming events (don't forget to RSVP at the REBarcamp sites).

NOW is the time to buy a home in Seattle

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Wed, 11 Jun 2008 23:17:11 -0500

Or at least haggle according to Aubrey Cohen's front page article in Friday's Seattle P-I. Would I buy a home right now in Seattle if I were in the market? Quite possibly...especially if it's a home that I desire and if it's priced fairly. The article states these factors for reasons home buyers interested in Seattle (I would include Bellevue/Redmond as well) should get into the market now:

Gas Prices. Homes located near where jobs are will have stronger values. Fewer people are going to want to commute thanks to how much it is to fill the tank.
Mortgage interest rates are rising. Glenn Crellin, director of the Washington Center for Real Estate Research at WSU states "waiting for the prices to get to their absolute lowest point while interest rates are rising doesn't mean that the purchasers are going to be saving much of anything on the monthly payments".
High inventory. There are a lot of homes to chose from at lower prices.

According to this article, home prices in Seattle are only down 2.7% from a year ago; King County is down 6.2%. The further away from "the city" you look for homes, the more the values have been impacted.

To see additional reasons why I personally think you should consider buying a home in Seattle now, click here.

Very Important Meeting Tomorrow for Correspondent Mortgage Brokers in WA

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Tue, 06 May 2008 22:54:56 -0500

DFI was able to pass a law because WAMB trusted them when they asked if the legislation would impact mortgage brokers (this is a real nutshell summary)...WAMB apparently trusted DFI and did not investigate this matter further... so now mortgage brokers who have a warehouse line (or are correspondent lenders) are now required to obtain a consumer loan license...this will cost correspondent lenders a significant amount of money AND allow them to do hard money loans. What a great way to protect the consumer! Increase the cost of mortgages and license a group of mortgage brokers to venture into an area beyond subprime.

Tomorrow (I'm just learning of this tonight) there is a meeting specifically about this new LAW which goes into effect in June, in Renton. This just appeared on DFI's site...so I'm assuming that most mortgage brokers/correspondents may not know about this and I want to get the word out.

Meeting Of The Mortgage Broker Commission To Discuss The Impacts Of SB 6471
May 7, 2008, at 1:00 p.m.
Renton Community Center, Banquet Room (100 max capacity)
1715 Maple Valley Highway
Renton, WA (Driving Directions)

Please attend and pass the word to fellow Correspondent Lenders/Mortgage Brokers in Washington State.

Spammers: Don't Bother Contacting Me!

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Tue, 06 May 2008 13:15:51 -0500

I'm getting more and more "spammy" contact from my account here at Active Rain. I know this is not what AR is intended for. If you're selling something--please don't contact me. I don't need to be your exclusive loan originator in King County or Washington State and I'm not interested in your equity accelerator programs. I don't want your email or phone calls and I don't appreciate being texted by spammy salespeople.

So...just in case there was any question, my Active Rain profile is not here for the purpose of people promote their services to me by direct contact. I'm here to be a part of this community. If you have something wonderful to say, then write a post about it (as long as you can do so without it being purely promotional). Educate us. If we're interested in what you have to say, and you can do it in a non-spammy way, blog it...you just might attract a few readers instead "leads" away.

I'm a Mortgage Cicerone

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sun, 16 Mar 2008 12:03:38 -0500

I am so honored that Tony Gallegos has invited me to join his team of Cicerone's. Recently, Tony has recruited various mortgage professionals from across the county with different backgrounds to contribute to The Mortgage Cicerone. During these historic times in the mortgage industry, it feels great to be part of team reaching out to fellow loan originators. Ton'y blog all ready offered great articles that I always found informative and uplifting, now he's adding a whole new dimension with his contributors including: Brian Brady, Tyler Osby, Chris Johnson, Dan Melson and of course, Tony Gallegos.

I invite you drop by, say hello and subscribe!

New Loan Officer Asking for Help Meeting Real Estate Agents

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sun, 06 Jan 2008 15:35:14 -0600

This morning I received this email from Francis, a new loan officer in seek so advise:

Hi Rhonda,

I am fairly new to the Mortgage Loan Origination industry - Certified WA State Loan Originator License #....

I am looking for directions on how best to try and get Realtors to partner with me so I can get their referral business.

Any advise?

First of all, congratulations on taking all the steps necessary to become a Licensed Loan Originator for Washington state. Many of our Washington Loan Origination brother and sisters did not meet the December 31, 2007 deadline or have decided to opt for a different career.

With my 8th anniversary in the mortgage industry coming up on April Fools...I'm kind of an "old dog" in the mortgage biz, as sad as that may sound. I entered this industry after 14 years in the title and escrow industry with many agent relationships all ready established...I was extremely lucky.

Even as an "old dog", I'm still looking for new relationships. Especially when I have really enjoyed working with an agent on a transaction. Here are my recommendations:

Start with you. What do you have to offer real estate agents that sets you apart from other Loan Originators? Why are you unique?
Who do you know? Send out a letter or call your friends, family, former co-workers...anyone and everyone you know, letting them know that you are looking to meet real estate agents. Ask them who they have worked with in the past that they were pleased with. (Hopefully you all ready have your personal sphere in a database, such as ACT). Follow up and ask if you can contact their agent and use your friends name as a "reference"
What type of client do you prefer working with? Do you prefer first time home buyers? Investment properties? What transactions have been the most enjoyable for you? Define your ideal borrower and keep this in mind when seeking agents.
Don't forget Listing Agents. When you have a transaction, be sure to contact the Listing Agent and introduce yourself. Many LOs go through an entire transaction never speaking with the Seller's Agent--what a mistake! Follow up after closing to let them know you enjoyed working with them on a successful transaction.
Blogging. Blogging has been a great way for me to meet fellow mortgage professionals and real estate agents and consumers in need of your advise. I wouldn't blog alone and expect business to come my way. This has been a "side benefit". You can start your own blog whether it's on your own platform, like Mortgage Porter, or use Active Rain if you're just starting out.
Be an expert. Continue to learn and attend industry courses. Knowledge can overcome being new to the industry. I decided to obtain my CMPS in order to distinguish myself from the pack. You don't have to have a designation to be an expert. In fact, Barry Habib of Mortgage Market Guide will be in Seattle for a free seminar this Friday.

I think it's important to start searching for clients (borrowers) first and real estate agents second. Do begin with those you know and don't be shy about letting them know you're in the business of helping people finance their homes. You must provide exceptional service or it won't matter how many agents or borrowers you meet.

The key to a successful mortgage practice is to provide exceptional service so that you can create a repeat and referral based business. With fewer LOs in Washington (at least, fewer licensed ones), this is a great time to be a mortgage professional. Over half of our competition is gone (or cannot originate mortgages until they complete the licensing process).

One last bit of advise, check out Tony Gallego's blog: The Mortgage Cicerone. Jeff Chasin has a nice blog gearred towards helping mortgage professionals, too. Update: I just realized I forgot Lenderama (and I'm sure many others).

Does the Active Rain Community have any suggestions for Francis and other fairly new Loan Originators?

Some good news for a change...

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Fri, 07 Sep 2007 23:46:58 -0500

Okay...I'm biased. I should disclose that my husband works at The Talon Group. However, check out the memo I recently received:

"As you are aware, the title industry has recently gone through some changes in regard to charging for selected customer service products. Please know that we continue to enjoy assisting your business efforts wherever we can and value our relationship with you. With that in mind, we'd like to take this opportunity to turn this into a positive for the community.

Beginning September 1st, Talon will be donating the equivalent of all customer service proceeds collected to Children's Hospital. Children's is ranked as one of the best children's hospitals in the country according to U.S. News & World Report. Childrens believes that all children have unique needs and should grow up without illness or injury. It's hard to argue with that! The Talon Group has been involved with Children's pledge drives in the past, and we're hopeful that we can turn the negative in our industry into a positive for the community.

All proceeds donated to Children's Hospital will mirror what we are required to collect as set forth by the State Insurance Commissioner. You may ask "What happens if I overpay may account?". Your overpayment will correctly show as a credit towards your account for future charges. Again, we are only donating the equivalent amount of what we are forced to collect per state statute.

I want to thank you for your understanding and hopefully together we can do some great things...."

Awww....I can't help but be proud.

Mortgage Master is approved for FHASecure

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Fri, 07 Sep 2007 19:40:52 -0500

I just received our Mortgagee Letter from HUD announcing the details of FHASecure, the program designed to help home owners with non-FHA ARMs that have adjusted (reset) and are falling delinquent on their payments. Since Mortgage Master, my employer, has been an FHA endorsed lender (a HUD Approved Mortgagee) since our inception, we are also allowed to provide FHASecure mortgages for home owners in need.

Hopefully home owners will contact their Mortgage Professionals well BEFORE their ARM resets. In fact, I strongly encourage any home owner with an adjustable rate or balloon mortgage that is scheduled to adjust 24 months or sooner to take action now and develop a strategy for exiting their ARM.

For more details on FHASecure, click here.

Your loan ain't closed until the funding lady sings!

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Mon, 06 Aug 2007 09:07:42 -0500

We are in historic times in the mortgage industry. Mortgage bonds are be reclassified to lower ratings and Wall Street has lost their appetite. They are calling margins due and lenders are having a difficult time finding buyers for their loans. What does this mean to you and your buyers?

You may be hearing terms such as "credit crunch" and/or "liquidity crisis" in the news about mortgages. Oh and by the way, it's not just subprime anymore, this crisis has spilled over to prime and alt-a products too. Lenders are not able to find buyers on Wall Street leaving their credit lines with loans they cannot sell. Much like a maxed out credit card, they lender is stuck and cannot fund anymore transactions. Many borrowers were left in lurch at closing last week when American Home Mortgage was no longer able to fund their loans...this is just the beginning. There is a massive domino effect that is taking place right now and it's more important than ever that you select a Mortgage Professional to work with your clients.

To read the rest of the article, and what I recommend you should do for your clients, click here.

Who Who in the Seattle Blog Tour USA photo

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Fri, 27 Jul 2007 13:50:55 -0500

I promised to name who's who for Maureen on my last Blog Tour USA post...even though I don't know everyone. Sorry guys...if you know or are the people I've missed meeting, please speak up and we'll add you to the list of who's who in this photo.

From left to right:

I don't know the first two people, my apologies! Tim from the Seattle Bubbleis under the "o" in blog, Galen Ward, Kim (ARDELL's Broker and partner); Joe from Sellius; Robbie Paplin; Larry Cragun; Matt Heaton; Jillayne Schlicke; Caleb Mardini; Rudy from Sellisus.

Front row:

Deborah Burns; Rhonda Porter (me); Marlow Harris; ARDELL.

The bus is almost taken on it's own personality much like the one in the movie "Little Miss Sunshine".

When Blog Tour USA rolls into a town near you, don't miss it! It is a great opportunity and so much fun that I'm sure it's illegal!

Typepad is down?

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Tue, 24 Jul 2007 16:56:53 -0500

OMG what am I going to do? I feel so unconnected and I now have extra time on my hands...Typepad appears to be down. I just checked with our AR Typepad expert, Cheryl Johnson, and she's confirmed this as well. I have 4 different blogs within my Typepad account and this causes me (more than) a little panic.

How can I see how many hits I have right now?
Who's visiting me?
Did someone leave me a nice comment to reply to?
Why haven't I backed up my blogs?

My husband and kids have joked about how much I blog. Now that my business is benefitting from it, they snicker less and cheer more.

Agony....please come back up, Typepad!

UPDATE 3:00 pm: I no sooner published this when I received this message via email:

Click to view this email in a browser

http://hosted.verticalresponse.com/211427/04921cf42e/235000123/73d11a4ab9/

Dear TypePad member,

The TypePad service is currently unavailable due to power issues at

our co-location facility. This means that the TypePad application and

your TypePad blog are not reachable at this time. This began at

approximately 1:50 pm Pacific Daylight Time today, Tuesday July 24

2007.

We are working closely with our hosting partner to bring TypePad back

online as soon as possible. We sincerely apologize for the

inconvenience this is causing, and we appreciate your patience. We

will send another email update with more information as soon as

possible.

Thank you,

The TypePad team

Blog Tour USA in Seattle

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sun, 22 Jul 2007 20:13:00 -0500

On Wednesday, July 25, Blog Tour USA will reach Seattle and...in addition to having the Sellsius in our fair city, I believe we're schedule to have sunshine!

ARDELL has graciously offered to host a party at her home in Kirkland. She will be cooking up some of her Italian treats and I'm bringing dessert. We would love to have you join us...everyone is invited!

She asks that you bring your own beverage and $5 for gas money for Rudy and Joe.

For more information, or to RSVP, please visit ARDELL's post on Rain City Guide.

Convenient Kent East Hill Townhome

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sun, 22 Jul 2007 14:04:21 -0500

This town home is conveniently located on the East Hill of Kent just off of 104th. With a two-car garage, 3 bedrooms and 2.5 bathrooms...what else could you want? How about a private fenced backyard...you can have it all.

This home is offered at $307,000.

MLS#27107903

24626 103rd Avenue SE, Kent, Washington 98030

Property taxes: $2,734

I'm not a real estate agent; I am a Mortgage Planner who is happy to help you finance this fine home.

For more information, you can contact your Realtor or the listing agent, Jim Whitnell of Re/MAX.

Alki Hot Rod Show

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sun, 22 Jul 2007 12:43:44 -0500

After watching the West Seattle Hi-Yu Parade, we went down to Alki to check out the Hot Rod Show. What a terrific setting to view (one of my favorite things) classic automobiles. To view these beauties along the Puget Sound is a treat for the eyes. And we really lucked out since the rain didn't start to sprinkle until the end (I'm assuming it was the end) of the show.

Here are a few of my favorite photos I was able to capture. If you would like to see more, click here.

The West Seattle Hi-Yu Parade

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sun, 22 Jul 2007 12:30:39 -0500

It didn't rain on our parade yesterday...amazing considering all the record breaking wetness we've had this July! Which, by the way, I actually enjoy a little (key word little) rain in the middle of summer. Yesterday morning, we ventured up to California Avenue in West Seattle to watch the Hi-Yu Parade. Hi-Yu is Chinook jargon for "much plenty, abundance" and the scholarship event has been taking place since 1934 (16 years before Seafair).

This parade is Americana at it's best. Packed with marching bands, beauty queens, dance squads, pirates and clowns (JP Patches was even there!)...does it get any better than this? Even the local merchants get involved. I was really feeling quite proud to be a "West Seattle-ite" yesterday...I love this town!

Here are a few photos from the event. For more photos and information, click here.

Historic photos of your Seattle home

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Thu, 28 Jun 2007 09:50:01 -0500

Did you know that if your home was built prior to 1930, there may be a photo of it in the State Achieves that you can obtain?

It takes a couple weeks to receive the photo and for a few cents extra, you can order the records that they have available from that time (in our case, it wasn't much to write home about). The black and white photo is from 1937, our home was built in 1928.

To order a photo of your home from the Puget Sound Achieves. You will need to provide:

Property address
Tax Parcel Number (I can help you find this if you don't have this handy)
Legal Description (lot/block...they just want a brief one)
Your name and contact info

You can order anything from a 5x7 for $17.00 to a 16x20 for $55.00. They will let you know what is available.

The photos are fun to have framed in your home!

The Fremont Solstice Parade

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Tue, 26 Jun 2007 21:23:22 -0500

This was my first time attending this annual infamous Seattle event welcoming the yellow orb from our cloudy skies...and my oh my! It was an extra treat because I met up with fellow bloggers, Ardell and Deborah Burns, of Rain City Guide.

The Fremont Solstice Paradeis probably most known for the nude bicycle riders. A majority of them are actually covered in paint and some are, well, leave less to the imagination. I must admit, I prefer to view the artisty and creativity of those who were painted.

What surprised me was how much of a family event this is. There were so many little kids there having an absolute blast! Deborah and I also watched the parade which was a lot of fun too. We wanted to see the "Art Cars"...but we both ran out of gas!

This is definitely an event that is worth doing, if you've never checked it out before. You'll never forget it. In fact, it probably took a few days to try to get some of the visions out of my head! I laughed so hard, my cheeks hurt when I got home...but now, if someone says to me, "hey, have you ever been to the Solstice Parade?" I can casually answer, "Oh yeah, that was fun...been there, done that!"

For more photos, you can click here.

West Seattle's Walker Rock Garden

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Tue, 22 May 2007 09:17:53 -0500

The Walker Rock Garden is located just off of 35th in West Seattle at 5407 37th Avenue SW in the backyard of the Walker family home. The home shows some wear and tear...however the garden is nothing short of a labor of love. I'm told that Mr. Walker worked on the garden for over 20 years for his wife. The couple has since passed and now the Walker children allow visitors to tour the garden on Mother's Day and every Sunday starting in June through Labor Day from 12:00 - 5:00. For more photos of the Walker Rock Garden, click here.

CMPS Group on Active Rain

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Fri, 13 Apr 2007 12:22:52 -0500

It's come to my attention that we have several members that have joined the CMPS Active Rain Group, who do not have their CMPS Designation.

This is my fault. Perhaps I was unclear when setting this group up that it is for professionals who have earned their CMPS Designations. There are many mortgage planning groups all ready available to participate in Active Rain. This group is for CMPS Members only. I know there are many solid "Mortgage Planners" out there, however actually going through the steps to become CMPS and passing the exam is different than how you practice your business and what you put on your business card.

Any thoughts?

Brian Brady would like you weigh in on your CMPS Designation

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Fri, 13 Apr 2007 11:54:16 -0500

Brian Brady recently did a new post on Bloodhound Blog. He's considering obtaining his CMPS designation. It's a very interesting post and he's asking fellow CMPS members to weigh in with your opinions on if it has been beneficial to us.

The comment section is a must read too. Morgan from Blown Mortgage discusses potential legal liabilities with CMPS and concerns over Doug Andrews' Missed Fortune concepts.

It's worth a visit to help out a fellow Rainer with this decision.

Valley and Mount Rainier Views

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Thu, 29 Mar 2007 16:13:33 -0500

This West Hill Auburn home is almost a duplex with two separate living quarters. This home was virtually rebuilt in 2005 and has all the classic features anyone would want (hardwood floors, slab granite counters, etc....)

This is another one of my clients who has bought another home. They are buying non-contingent and being the friendly, helpful Mortgage Planner I am, I've offered to help promote their listing via blogging.

This 5 bedroom/3 bathroom home is offered at $559,990 and the MLS number is 27039759.

This property is listed by Maureen Donhauser of Windermere West Campus.

If you would like financing for this fine home, please contact me.

Townhome Life in the City on a Quiet Street

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Thu, 29 Mar 2007 16:03:02 -0500

Who could ask for anything more? One of my clients is buying a new home and has this townhome for sale on Queen Anne's South Slope. It even has a two car garage...PARKING IN THE CITY...incredible!

This three bedroom, 2.5 bathroom townhome is listed at $875,000 by John Blacksmith of Lake and Company.

MLS #270393303.

Again, I'm not a real estate agent. I'm just a Mortgage Planner helping out my client. If you would like financing on this property, please contact me!

Where to put my WA State License Number...

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Sat, 24 Mar 2007 17:23:35 -0500

The other day, Brian Brady poked fun at my email signature. You see, with Washington State's new licensing requirements for Mortgage Brokers (lenders who work for companies owned by banks or credit unions are not held to the same standards by our state), we must display our license number on our websites, business cards, marketing, 1003's etc.

I decided to take Brian's advise of just getting a Washington State car license to proudly display my loan originator number. Here it is:

Everyone will know it's me and that I'm licensed when I pull up to my appointments! I'll just have to stop cutting people off when I'm driving now that I can be identified.

But maybe that's not enough...maybe I should not take any chances of not having my new identity mistaken.

Perhaps I should get a tattoo...someplace where every client can see... After all, what if they don't see me driving my car with my new plates? I want to make sure they know I'm a Licenced Loan Originator. (I might have to lose my bangs and go for the forehead tattoo).

Or...now that I'm 40...I could have my mid-life crisis and get a separate tattoo that only my husband would see...pretty fancy!

Ummm...maybe I should just stick with my business card, 1003s, websites and blogs! Thanks anyhow for the idea, Brian!

That New Car Payment Will Cost You

Rhonda Porter CMPS (Mortgage Master Service Corp.) — Thu, 22 Mar 2007 08:56:50 -0500

If you're considering buying a home anytime in the near future, please think twice before purchasing your next car. I've had a couple different scenarios lately where the car payment has really impacted the home buyers. Don't get me wrong, I love cars. Old and new alike. Here's how it impacts your home purchasing power (based on a 6% mortgage interest rate amortized for 30 years):

Car payment $400 = $66,700 of home

Car payment $500 = $83,395 of home

Car payment $600 = $100, 075 of home

You need to decide which is more important to you, $600 car payment or being able to buy $100,000 more home. The lower your income, the more dramatic the car payment impacts you. So if you're Bill Gates...no sweat! But if you're Bill Gates, you're paying cash and you don't have a car payment, right?!

In addition, when you finance that nice new car, significantly zaps your credit score. This is because it's a new debt at 100% of the credit line. Credit scoring modules favor older established credit vs. new and you get dinged for have balances over 50% of the original loan amount/line limit (the same holds true for credit cards).

I know there's nothing like that new car smell...but there's also nothing like "Home Sweet Home".