cmps: Quick Tips - Hurricane on Wallstreet? - 09/18/08 03:47 PM
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cmps: BUYING A NEW HOME - FINANCING - 09/09/08 11:16 AM
There are many pitfalls you can avoid when you are in the market to buy a new home. Here are just a few tips and strategies to help you prepare for success:
Know your credit score. You may be able to get a better mortgage rate and more favorable loan terms … (0 comments)
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cmps: Mortgage Chili: New Active Rain Group for CMPS designation holders - 09/01/08 03:58 PM
In the fast changing world of mortgage financing, we need to stay on top of those changes together. The intent of this new group is for CMPSers to do just that.
If you are a CMPS Designation holder, please join this group. If you KNOW SOMEONE that is, please pass … (6 comments)
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cmps: Did you hear about the FREE Re-Pricing Alerts from TBWS?? - 08/29/08 06:36 PM
You know what I'm talking about right? Re-pricing alerts that are sent out before lenders change their rate sheets.
These typically cost between $50 and $150 per month.
If you go to www.TBWSRateAlert.com it's free. It's free for one year with NO credit card requirement at all to join.
The alerts … (3 comments)
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cmps: Hurry Up and Buy? - 08/29/08 03:15 AM
Not to be a downer but can you believe Summer is almost at an end???
be+DO=have "My greatest point is my persistence. I never give up in a match. However down I am, I fight until the last ball." ~ Bjorn Borg, tennis playerWashington has been busy lately. In one of the most … (0 comments)
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cmps: Quote of the Week + Loan Modifications - 08/07/08 07:53 PM
Quote of the Week:"You may have to fight a battle more than once to win it."Margaret ThatcherBritish Prime Minister Good Afternoon!Opportunity is EVERYWHERE, isn't it? I gotta tell you, something I've been proud of is the fact that most of my video's are first takes. Today...nnnnnnot so much! Here are a … (11 comments)
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cmps: Why does a Fed cut mean higher interest rates? - 03/18/08 04:35 PM
As the whole world is aware at this point, the Fed has again cut rates on both its Discount rate (2.50%) and Funds rate (2.25%). Mortgage rates have reacted negatively once again to this news, why you may ask? Click here to read a release from the CMPS Institute explaining the … (5 comments)
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cmps: Will you Benefit from the New FHA limits? - 02/08/08 04:19 PM
The US Senate passed an expanded version of HR 5140 - an economic stimulus package that includes a temporary increase in the conforming loan limits from $417,000 to as high as $729,750 in high cost areas. It is expected to be passed by the House and signed into legislation. The emphasis … (12 comments)
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cmps: New Loan Officer Asking for Help Meeting Real Estate Agents - 01/06/08 03:35 PM
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 … (16 comments)
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cmps: Larry Morris Earnes Certified Mortgage Planning Specialist (CMPS) Designation - 11/16/07 10:49 AM
Newberg, Oregon - I have finally passed the qualifying exams to earn the Certified Mortgage Planning Specialist (CMPS) designation. It's taken me a couple of years and a lot of procrastination, but this slow down has alloed me to further my education and my ability to help you, my clients.
The CMPS is granted by the … (2 comments)
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cmps: How to Safely Manage Home Equity to Achieve Financial Freedom & Build Wealth - 11/08/07 06:22 PM
If what you always thought to be true turned out not to be true, when would you want to know? Most of what we believe about mortgages and home equity is outdated. We have been taught to make a big down payment, get a fixed rate mortgage and make … (0 comments)
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cmps: Fed Cut - Nice for Now, Dangerous for Long Term! - 09/19/07 05:34 AM
Enjoy the champaign while the bubbles still fizzle because once it goes flat the ride's going to get a bit more bumpy! The long awaited Fed decision arrived with a bang! Ben and company surprised many in the financial community - your's truly included - with a 50 bp cut to … (4 comments)
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cmps: Ilyce N. Powell Earns Certified Mortgage Planning Specialist (CMPS) Designation. - 08/09/07 11:57 PM
Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisers, regardless of the diversity of specializations within the industry. Columbia, MD -- (SBWIRE) -- 07/09/2007 -- Ilyce N. Powell, a mortgage lender with National City Mortgage, has passed the qualifying exams to … (5 comments)
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cmps: Friday the 13th – Why it is Considered an Unlucky Day. A Quick History Lesson. - 07/14/07 11:34 AM
Many people consider Friday the 13th an unlucky day. This fear of Friday the 13th began due to events that transpired in France on Friday, October 13th in the year 1307. The events of that day being so terrible, they have carried forth a superstitious fear of the day 700 hundred … (16 comments)
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cmps: Do you have REO Listings in South Florida? I have buyers with Cash and Great Credit! - 07/10/07 11:48 AM
I am looking for Realtors who list Bank Owned property. As my title states, I have buyers with Cash and Great Credit. I have been doing my own research to find them deals, but I would truly like a few Realtors to help bring those deals to me. I do have … (0 comments)
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cmps: People Don’t Want What We Sell!!! A Different Paradigm for the Mortgage Professional. - 07/09/07 11:21 PM
Being in the mortgage business I have heard the advice of the Gurus, the criticism of the media and the thanks of clients. I have heard the praise of other and the complaints of the dissatisfied. I have delivered good news and not so good news. I have closed loans and … (4 comments)
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cmps: $425,000 for only $1,367/month† or $200,000 for only $644/month.† - 07/08/07 08:43 AM
Got your attention didn't it? You not alone, this is the exact headline you will see on Lending Tree's ad if you search the word "mortgage" on Google. Those little crosses are the only indication that there are applicable terms involved and those crosses don't appear in the ad, but on … (11 comments)
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cmps: Equity Harvesting; Ask Yourself, Who Does it Benefit? The Cost of Equity Harvesting vs. The Cost of the MMA - 06/26/07 09:33 AM
The hot strategy in the mortgage industry as of late is to push the concept of Equity Harvesting. This is a strategy where homeowners are advised to refinance there homes every five years or so and take cash out the equity position in the property to invest elsewhere. The idea is … (3 comments)
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cmps: Money Merge Account vs. Equity Harvesting – The Truth - 06/25/07 12:23 AM
I am writing this blog as a direct retort to the one posted by Robert Ashby titled:
Money Merge Accounts Vs Equity Harvesting: Harvesting Wins by Over $1.5M
I posted 2 responses to this blog and Mr. Ashby deleted the second. Due to this I am now posting my own blog on this … (8 comments)
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cmps: Market Conditions in Mahtomedi, MN - 06/11/07 03:10 PM
The MAR 100 was reported today, and here's what it shows for the Mahtomedi, MN. marketplace through May of 2007-
Mahtomedi, MN.
2006 2007 Change 2006 2007 Change
New Listings- 22 26 18.2% 81 93 14.8%
Closed Sales- 7 14 100% 34 38 11.8%
Ave. Sales Price- 335,400 329,007 -1.9% 406,171 314,009 -22.7%
Ave. Days on Mkt. b/f sale … (0 comments)
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cmps: Not to be a (home) alarmist, but... - 06/11/07 12:54 PM
did you know that home security systems may actually attract burglars? Shocking, but true.
Each year, Americans spend more than $18 Billion on professional alarm systems. Unfortunately, according to security consultant Walter Shaw, some of those systems may actually be attracting burglars. Shaw, a former burglar, contends that when thieves see a … (4 comments)
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cmps: NAR Housing Forecasts-deflating numbers (?) - 06/08/07 03:52 PM
It seems that the National Association of Realtors forecasts over the past few months have actually backpedaled, based on the newest 2007 forecast released on June 6th. In January, former chief economist David Lereah came out with the predictions on the top left side of the graph below. In April, those … (0 comments)
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cmps: Some other consumer ideas about "flipped" homes - 06/08/07 02:53 PM
In continuing my thoughts from yesterday regarding looking at a home that may be a quick "flip"- the expression "quick and dirty" might have been invented to describe some of the methods used in turning properties around for resale. Not to say that all or even most investor rehabs are shoddy, … (0 comments)
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cmps: Checking in on buying a "flip"- - 06/07/07 12:33 PM
You can almost spot "Flips" from the listing sheet. They tend to be among the smaller homes in an area and the listing sheet highlights "new carpeting, new appliances, and/or fresh paint". Sometimes a major selling point is that a buyer can "rent to own." And the houses are almost always … (3 comments)
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cmps: "Bridge Loan" woes! - 05/30/07 05:20 PM
Had an interesting situation come up in Minnesota today....wondering what anyone else might have seen-
Clients wanted to purchase a new home and close on June 15th. They have an approved buyer of their current home who is self-financing, with a certified letter from a trust showing income, and a letter from the … (3 comments)
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cmps: It STILL makes sense to buy instead of renting! - 05/29/07 12:49 PM
Nearly a full third of households are still renting...but if you are one of them, you could be paying a hefty price. Additionally, the children of the baby boomer generation are close to or at the home buying age, but these "echo boomers" could mistakenly decide to put off the purchase … (1 comments)
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cmps: Rhonda Porter Podcast Interview - 05/08/07 05:20 PM
ActiveRain's own Rhonda Porter was kind enough to stop by my blog, BlownMortgage.com to discuss the CMPS designation and her take on the latest in the mortgage market. It was a great interview, and I learned a ton from Rhonda, who is a very talented and knowledgeable mortgage specialist.
I hope you … (1 comments)
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cmps: Watch Out for Falling... - 05/08/07 01:28 AM
I was doing some research today and looking into the future of the mortgage market. It never seems to fail that technical indicators portray a good glimpse of the future, and with that in mind, I am off to predict the future of interest rates.
Many of you may know that I … (30 comments)
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cmps: "selling" a home loan- twice! - 05/02/07 11:32 AM
I just had to write after an "interesting" evening having to explain a loan- twice- and wondered how many other times it has happened to you!
Nice referral from a Realtor comes to me....she is 34, looking for a home.....and wishes to be pre-approved. She easily flies through FannieMae's Desktop Underwriter......and after … (4 comments)
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cmps: Pre-Approved vs. Pre-Qualified - 04/30/07 11:21 AM
I need to thank Erik at Open Home Mortgage who e-mailed me a reminder regarding my last blog about getting 'pre-qualified'. He & I actually are in 100% agreement on what a potential homebuyer should do to properly work with a Mortgage Professional, we just called it different things!
Erik & I … (3 comments)
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cmps: Pre-qualify to save a headache! - 04/27/07 01:36 PM
The joys of a late-April weekend in Minnesota mean more than just nice weather...it means folks are coming out of their cocoons and starting to look at new homes! With all the radio advertisements that the local Board of Realtors have out there, at least MY call volume has been going … (3 comments)
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cmps: Mortgage Insurance no longer dirty words - 04/26/07 11:55 AM
Mortgage Insurance is NOT a dirty word any more in our business. However, many people have been 'trained' over the past boom cycle to think that "MI" is a rip-off. However, in the year 2007, when MI is fully tax-deductible........it can really help lower the monthly....and lifetime...payments of the 100% purchaser. … (2 comments)
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cmps: How to Earn Money by Borrowing at 6.0% and Investing at 4.0% - 04/25/07 02:23 PM
This article is about the benefits of proper mortgage planning and how they can lead you down a path to true financial freedom faster than you thought possible, even faster than an MMA can get you there. The goal is to show you how you may be able to use your … (21 comments)
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cmps: Incomplete reporting, in my view - 04/25/07 10:44 AM
I just love how our local media works in Minneapolis/St. Paul.
Yesterday, the front page of the local papers had highlighted headlines like " House Sales drop 8%" and "Bad news for Housing Market". Both paper's business sections had the AP story about how sales in March were down 8%, etc....... with the … (1 comments)
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cmps: Finding Solutions is What It's All About - 04/24/07 10:43 AM
As I went back to flying, I started thinking of whether or not I should continue doing mortgages or focus solely on flying. I came to the intitial conclusion that maybe I should just close up the origination side of the business and simply offer to speaking and educational events only … (6 comments)
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cmps: Do some Realtors listen to their clients? - 04/20/07 12:32 PM
Every time I think I've seen it all in this business, something else comes across my desk that reminds me what kind of a crazy market it is out there!!!
My client came to me wanting to be pre-approved for a loan. He's a nice middle manager at a company, just out … (3 comments)
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cmps: Hey...the sky ISN'T falling!! - 04/03/07 12:18 PM
It's been interesting the past few weeks to be reading about how the "sub-prime" mortgage market is falling apart....how many strong lenders are going to be hurting soon....and how many folks won't be able to achieve homeownership because of tightening underwriting rules. As I've just been humming along taking care of … (1 comments)
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cmps: How do you 'doctor' your clients?? - 03/14/07 12:35 PM
Good afternoon! I'm sorry I've been away for the past week or so. My father-in-law has been in the hospital for an extended stay, and I've been a bit 'pre-occupied'. And yes, he's fine now and back home, so all is well.
However, while I was visiting him at the hospital, I … (1 comments)
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cmps: How to Make $125K Tax-Free in Addition to Rental Income - 02/26/07 09:05 AM
If you are an avid real estate investor who likes to keep rental properties for a reasonable period before selling, then there is a way for you to make $125K tax-free over and above the rental income you receive. For this scenario, we will assume you are single simply because those … (6 comments)
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cmps: Lawsuit filed over Realtor/Title referrals - 02/22/07 04:02 PM
I found an interesting article in the Minneapolis StarTribune over lunch this afternoon.....
"Coldwell Banker/Burnet sued over agents' referrals" (Business section, page D2)
Basically, a suit has been filed over Realtors 'steering' closings to Burnet Title, an affiliate of Coldwell Banker- without 'full disclosure'.
Well, I know that all folks sign an affiliated … (7 comments)
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cmps: "Blowing that whistle" on a Realtor - 02/15/07 11:40 AM
Since I had gotten some good comments back from the community...I thought I would tell you what ended up happening with my 'client'.
To recap: I had pre-approved a Realtor's referral after verifying income and credit. Later, the Realtor visited a home where the selling Realtor wanted to place my client in … (2 comments)
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cmps: How do you "blow the whistle" with a Realtor? - 02/14/07 10:40 AM
Had a tough call to make yesterday, and thought I'd ask the community about handling it....
I had a referral from a realtor. When I interviewed the client , and verified credit & income, I gave the realtor the amount they would be pre-qualified for on a 30-yr. fixed rate.
At one … (5 comments)
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cmps: Financing Changes in Minnesota? - 02/06/07 08:58 AM
Last week, our new Minnesota Attorney General Lori Swanson was given a copy of a ‘Final Report' from her Predatory Lending Study Group. In it, a number of recommendations were made that are being requested to include in a bill to come to a vote this legislative session. (I do have … (2 comments)
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cmps: Even the Wealthy Need Financial and Real Estate Education! - 01/24/07 12:07 PM
I was reviewing an article in the Wall Street Journal and how it highlighted the fact that even the wealthy are heading back to school to learn about how to manage their money. The article highlighted several courses at various colleges and some companies that offer specialized courses. The biggest question … (2 comments)
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cmps: Net Worth requirements for Mortgage Originators - 01/22/07 02:52 PM
If you haven't heard, the Minnesota Legislature is looking at passing a law this session that would require a Mortgage Originator (someone who can write loans AND employ loan officers) to have a provavble net worth of at least 1.5 million dollars outside of their business. This would do 2 things-
1.) … (1 comments)
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cmps: Why blog when you all ready have a website? - 01/21/07 08:34 PM
This is a question one of my friends from California who I met at the Phoenix CMPS event asked me earlier today. Since earning our CMPS designation, we have kept in touch and have shared ideas with each other. I'm still very new to the bloggosphere. I started blogging in late November … (9 comments)
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cmps: How to Pick a Lender - 01/11/07 11:12 PM
Picking your mortgage professional is not as easy as selecting a good cantaloupe or watermelon at the market. I certainly wouldn't recommend thumping a Loan Officer on the head to see if there's anything in between the ears or smelling them to see if their fresh! So how does a potential … (3 comments)
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cmps: Credit Unions, Banks and Mortgage Brokers...OH MY!!! - 01/04/07 03:56 PM
Recently I found myselfC drawn into a blog on Rain City Guide. The topic that got my attention is authored by Jillayne Schlicke titled "Hot or Not" which featured various tips for first time homebuyers from an USA Today article. The specific "hot" tip that forced me off of the sidelines … (4 comments)
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cmps: Why do you need a Certified Mortgage Planning Specialist? - 09/10/06 02:31 PM
Recently, I passed the qualifying exams to earn the Certified Mortgage Planning Specialist (CMPS) Designation granted by the CMPS Institute, Ann Arbor, Michigan, a training and certifying organization created to help mortgage professionals integrate financial planning concepts into the mortgage process. As a result of taking this training, I can better offer clients strategies … (1 comments)
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