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In order to best serve our clients, and remain lean and mean we must adjust in this challenging market. As a cost cutting and efficiency measure we are strategically reducing our overhead. We are down sizing our office!! We have 1500 sq feet of fully furnished space. We are looking for cash offers on the furniture to be picked up within 5 days. 1 executive office 2 sales offices 5 work station cubicle cluster 1 reception 1 conference room Trust USA Mortgage Corp. 13100 Westlinks Terrace #11 Fort Myers, FL 33913 Steve 239-682-5434 Please call me to view. If you know any party interested please refer to me. Thank you True to form, the powers that be continue to tighten lending parameters...even for our Canadian friends to the north:( In one month's time the generous offerings of one of our lenders have been slashed, cut and constrained to the point that...well, they just try to take all of the fun out of this business!! ------------------------------------------------------------------------------------------------------------------------------ Canadian Foreign National Purchases of U.S. Properties As of 8:am April 29, 2008 2nd home purchases only Cannot have a U.S. credit score Stated Income Verify Assets Documentation LTV's 50% to 60% maximum - determined by postal zip code Must have U.S. bank account for monthly auto pay, not optional LTV's can be increased by 5% for bi-weekly auto payments Minimum loan amount $75k U.S. All contiguous states except Maine, Vermont, W. Virginia, Montana & N. Dakota Copy of current valid Passport Check for application fee ------------------------------------------------------------------------------------------------------------------------------ This particular program no longer allows purchases of investment properties, and at the substantially lower LTV's it certainly increases the cash due at closing. Perhaps some time down the road, as the market normalizes, the parameters will loosen...
Please see previous blog "Canadian Buyers?? Come on Down!!" posted April 4, 2008 Copyright 2008 all rights reserved FREE MORTGAGE CLINIC Sat. 11am-3pm Steve 239-682-5434
Greetings to all, I am starting this new group because I need leads!!! I want to engage in discussion on how to market, structure, focus, and administer a successful clinic that will inform potential borrowers. Inviting other professionals such as Realtors, appraisers, title people, insurance agents, can be part of a helpful clinic. They offer expertise and invest their time, they recieve the opportunity to build their customer base. The text at the top of this post is what I would like to place on signs and flyers as part of my marketing efforts. Copyright 2008 all rights reserved Once venerable mortgage giant Washington Mutual, whimpers away from wholesale lending...slashes own staff (ouch!!). Yes, after almost one hundred and twenty years of providing mortgage and other financial products to a grateful public, the stalwart financial figure is showing its battle scars obtained over the last several years of money grabbing activities. Thousands of employees have been let go. Mortgage brokers have had the spigot of funds run dry. Wall Street has seen the market cap of this once mighty lender reduced to a quarter of its recent high levels. The holocaust is not yet over, who is next on the chopping block? Stephen C. Olczak Trust USA Mortgage Corp. Copyright 2008 all rights reserved Canadian Nationals looking to purchase property in Sunny Florida have financing waiting for them!! You can obtain 75% LTV purchase financing with little more than a: PULSE PASSPORT PEN Contact me directly and I will provide further details as part of a personal consultation that will address your financing wants and needs! Take advantage of low prices due to an oversupply of housing inventory, and low interest rates. This is the time! Copyright 2008 all rights reserved UPDATE!! UPDATE!! please see new blog "Canadian Buyers?? Slow on Down!!"" posted April 29, 2008
Currently I am trying to close a purchase mortgage contingent on a grant from Genesis. I have never used Genesis to close a loan before, but would like to see this deal happen. Has anyone in the AR universe had experiences with Genesis? good or bad? I would appreciate any feedback! Thank you, Steve Olczak I have successfully closed my first purchase mortgage using The Genesis Program! It works! Genesis is a non profit organization that qualifies as a "charitable organization" able to provide gift funds to buyers of a primary residence. The deal was 97% FHA + 6% seller contributions + 3% Genesis gift. This can be a potent combination to aid in getting purchase transactions completed. Copyright 2008 all rights reserved Ben S. Bernanke and his Federal Reserve have proposed new mortgage lending guidelines. What They Say 1. Lenders must verify income and assets 2. Prepayment penalty restrictions 3. Lenders must determine if borrowers can afford mortgage 4. Borrowers to be told how much broker is making 5. No more misleading advertising What I Say 1. Most of the time the average run of the mill mortgagee should have their income and assets verified i.e. full documentation. Traditionally this has been the modus operandi. The advent of reduced documentation loans was meant for specific borrowers because full documentation did not make the most sense for them. That is still the case, and for that small segment of the market...it will not change. 2. Greedy lenders dangled deceptively attractive terms to the "huddled masses yearning to breed green". There were a few catches, one of them was punitive prepayment penalties. In some cases lenders would charge a 3% or higher penalty if borrowers prepaid balances or refinanced to a better loan. I believe a prepayment penalty should be only high enough to compensate the lender for origination costs if a borrower refinances out of the loan or substantially pays it down before a break even point has been reached. A prepayment penalty should not be a source of profits. 3. Refer to paragraph 1. 4. Currently, the application and closing documents do disclose some fee information. How far do we go with this one? Mortgage professionals should disclose fees in much the same way as real estate agents do. 5. This goes without saying. How though can one quantify hype, hyperbole & hubris? Any time a sector is hurting, that sector must take a look inward and make corrections to police itself or the government will step in and do it for you! Of course the end goal of Helicopter Ben is to get the market pendulum swinging back to a healthy and properly valued real estate market. For this we are all grateful. Copyright 2008 all rights reserved
After seeing 160 lenders hobbled or gone since the end of 2006...let's take a brief look at the industry. Country Wide's stock price per share has dropped from a 52 week high of $45 per share to a low of $15 recently and has recovered to $19. Lenders have taken many stated and low and no doc products off the table in the aftermath of the sub prime debacle. Can you say full doc? Come on, you can do it!! Remember when a borrower had to actually qualify for a mortgage based on their ability to repay, and the ability to repay was based on an examination of their income and asset documentation, as well as an acceptable credit history and score, not to mention reasonable debt to income ratios and loan to value standards? The economic environment has brought us back to basics...as any efficient market will do. Of course stated and low or no doc loans are still out there, but for the reasons they were originally developed. Self employed and or commissioned individuals actually are best served with some of these products. Individuals who have demonstrated their ability to manage their finances as evidenced by high credit scores and numerous open and active trade lines are rightly entitled to reduced doc products. Folks just starting out in high paying careers and who are strapped with student loan debt deserve to be put into ARMs. The list goes on... It looks like the market is going through all the usual steps to normalize, albeit not without some serious pain and suffering...nobody said an efficient market was perfect. The recent action by the powers that be to ease the crunch in the form of reduced rates in an important ingredient in the recovery process. If the recovery is not clearly begun, at least the pace of destruction has been diminished. Copyright 2008 all rights reserved Troubled mega lender Countrywide Home Loans has received a vote of confidence Wednesday. Bank of America has invested Two Billion Dollars in convertible preferred securities of Countrywide Financial. This could help CW weather the storm currently raging in the mortgage industry. This move coupled with the reduction in the discount rate has sent a reassuring ripple of relief into an otherwise bleak Montage of Morbid Mortgage Monikers. Copyright 2008 all rights reserved About twelve months ago, a loan originator in my office was so excited about placing an ad in the regional news paper's classified section, she talked about it for days. How many times should I run the ad? How much of a discount will I get for multiple runs? It has been getting slow, so I am taking ACTION to get deals! Well, when the ad was finally published I hurried over to her desk because she just had to show me the paper with her ad in it! How many tens of thousands of readers would see the ad? How many calls would she receive?...and how many deals? The ad read something like this: Looking for a mortgage? Bad credit? Bankruptcy? Foreclosure? Low credit score? No assets? No job? I will do my best to get you the financing you need! Call Eve @ 123-456-7890 Sure enough she received some calls, all the prospects had poor credit, weak job histories, and some were saddled with foreclosures and or bankruptcy. She could not finance a single prospect. She stopped the ad after the initial run. We did not have any magic weapon against poor qualifications, other than the standard 65% hard money available to every other mortgage broker, and none of the inquiries could make use of that product. While I admire her energy, and proactive mind set...one must not think that sheer will power, determination and the ability to write a check for an ad translates into a successful marketing effort. I later suggested to her that the ad say: 800 Credit score? Excellent credit History? Solid employment record? Able to put 20% down? Make a good salary? Call me for the best rate in town and the fastest possible closing! Adam @ 123-456-7891 If we are to invest our time and money expecting to get a positive response that translates into closed deals and a paycheck, we must be realistic. My ad suggestion was meant to be tongue and cheek...but I think if I ran such an ad my results would be better than her's!! Copyright 2008 all rights reserved
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Stephen C. Olczak Fort Myers, FL More about me… Trust USA Mortgage Corp Office Phone: (954) 239-0309 Cell Phone: (239) 682-5434 Email Me ;) Links;) Tags (Tag Cloud);) Archives
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