DO NOT ACCEPT PRE APPROVAL LETTERS - 12/20/07 01:43 PM
Many of us are trying our best.  We read all the press releases, we talk to mortgage consultants, we read association publications and yet we cannot keep up with the never ending changes in the lending arena.  So what is a hard working agent to do?  The following, unsolicited, advice comes from years of cleaning up other mortgage lenders messes.  DO NOT ACCEPT PRE APPROVAL LETTERS!  OK!  LET ME SAY IT LOUDER!  DO NOT ACCEPT PRE APPROVAL LETTERS!!!!
Many in my profession have been getting by with letters that read like this:  
To Whom It May Concern,
Mr. and Mrs. Homebuyer are pre … (61 comments)

Conventional Loan Pricing is Changing - 12/16/07 02:43 PM
IMPORTANT ANNOUNCEMENT REGARDING AGENCY RISK BASED PRICING
In an effort to more accurately price risk for mortgage loans, the "Agencies", Fannie Mae and Freddie Mac have announced new risk-based pricing guidelines. These new Guidelines are being implemented over the next few weeks as Lenders and Wholesalers distribute the new rules. This will effect all Conforming Conventional loans.
New loan level price adjustments:
Credit Score Price Adjustment
Below 620 (or missing credit score) - 2.00%
620-639 - 1.75%
640-659 - 1.25%
660-679 - 0.75%
This could mean a significant rate increase for your clients in the coming months. A great alternative for your buyers with small or no down payments … (1 comments)

Understanding the Credit Crunch - 12/13/07 11:14 AM
You no doubt have had at least a few moments of doubt and concern at the recent stock market volatility. The bad news is that stock markets are ultra-sensitive to bad news, such as the recent turmoil in the subprime mortgage market. The good news is that the kind of volatility we've seen over the past few months is probably not a sign of economic apocalypse.
Remember Easy Money?
Anyone with a mortgage, credit card, or new car is well aware that credit conditions have been fairly easy for the past five or six years. As recently as a few months ago, … (2 comments)

 

Scott McKay

Eden Prairie, MN

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Summit Mortgage Corporation

Address: 8120 Penn Av. S., Bloomington, Mn, 55437

Office Phone: (612) 875-4338

Cell Phone: (612) 875-4338

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