Lost Another Bone to DiTech? - 10/31/06 03:38 PM
The chart shows the exact same loan for the same borrower "priced" two different ways: The broker/banker's way, and Transparently, with a pre-negotiated fixed cost for services utilizing wholesale, par rate pricing.
DiTech™ was arbitrarily chosen for this comparison, but it could have been any other retail lender, since they don't have … (15 comments)
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Pre-Payment Penalty Ponderings - 10/28/06 04:08 PM
Pre-Payment Penalties (PPP) are often used as a tool by mortgage broker/bankers to increase the amount of YSP a Lender will allow them to charge. The theory behind this is that Lenders don’t mind paying larger amounts of YSP if they can guarantee a recoup of some of the cost … (0 comments)
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10 X-Rated Resources - 10/28/06 03:58 PM
Mash-Up has to be the Web 2.0 “Word of the Year.” For those of you not in the know, a mash-up is the combination of two existing webservices to create something new, wherein the whole is greater than the sum of its parts.
Here are some of my favorites…
… (14 comments)
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Swindlers List - 10/27/06 04:45 PM
WARNING: What you are about to read are 100% factual accounts of grievous broker misconduct. The rules regarding YSP and disclosure are clear, yet some broker/bankers continue to operate as if they’re above the law.
If you’ve never seen this 2-page brief on YSP & Consumer Disclosure from the California … (14 comments)
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Broken ARM? Should've watched your Step... - 10/26/06 01:50 PM
There has been quite a bit of material written about the sinister mortgage programs called Option ARM's, or fixed payment mortgages. Dangerous, Predatory, Deceptive, ______ fill in the blank with your "watch out!" comment of choice. The general consensus on how these programs hurt borrowers is getting to be a little … (16 comments)
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"The United States of America vs. The National Association of Realtors" - 10/25/06 02:56 PM
Couldn’t refuse the title. “DOJ Intent Leaks Ahead Of Meeting With NAR, DOJ Denies Leak” from The Realty Times reports. Things are not looking good when the Government is threatening your organization with an anti-trust suit. I don’t care if you’re innocent or guilty—you better have deep pockets.
Which brings … (2 comments)
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What if Starbucks Was Run by a Mortgage Broker? - 10/24/06 08:48 AM
Some things would be different, that’s for sure:
There would be no prices on the menu.The exact same coffee drink sold out of the same location on the same day would be sold at different prices to different people.Employees would be trained and encouraged to maximize the gross profit on … (48 comments)
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'Predicting' Mortgage Interest Rates - 10/13/06 03:27 PM
Dan Green over at The Mortgage Reports hits on an interesting topic and trend, the speculation of mortgage rate futures. Interest rates have evolved to sprout ‘commodity’ features with the advent of the $6.1 Trillion dollar value Mortgage Backed Securities (MBS) market. The MBS has created liquidity and relative volatility for … (0 comments)
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Communication is the Lubrication....The Digital Rolodex. - 10/13/06 12:34 PM
As a staunch of time saving technologies over labor intensive practices, I can recommend some nice solutions that have worked tremendously for myself and others. Ill start with the Digital Rolodex and will get progressively, more progressive. Tech tools and resources, many of which are by-products of the dot-bomb … (0 comments)
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'e-Lenders', When Thieves Compete You Lose - 10/12/06 03:42 PM
There is an army of foot soldiers on the other side of these nice web façades banking on your ignorance. DiTech, Lending Tree, e-Loan, Quicken, and a slew of other 'e-Lenders' have created convienient web-sites to exploit and facilitate the deceptive nature and huge revenue streams of the mortgage industry.
Selling … (27 comments)
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Pointed, The Wrong Way - 10/12/06 03:35 PM
Somewhere along the line, the Mortgage Cartel discovered that if you explained loan costs to a borrower using "points" instead of dollars, their brain activity would slow, their resistance would drop, and they'd tip like sleeping cattle.
Nowadays, people are (allegedly) more savvy and "point shop" for rates/loans. In response, the … (2 comments)
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Three Questions Worth Thousands of Dollars. - 10/12/06 03:32 PM
If you are in the process of getting a mortgage and you can't answer these questions, YOU ARE AT RISK:
1. What is the PAR interest rate for the programs you qualify for?
2. How much is your broker making on the front and back ends of your deal?
3. What … (3 comments)
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Roots of The XBroker - 10/10/06 09:04 AM
The seed was planted two years ago when I decided to reinvent my own mortgage brokerage—a traditional operation on the East Coast. Tired of peddling ‘low rates’ and ‘great service’ while competing with 4000 other mortgage monkeys, I had the ‘novel’ idea of marketing a mortgage business that only tells and … (2 comments)
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Mortgage 2.0 - 10/10/06 08:55 AM
How come you can call 5 different brokers/bankers on the same day, with the same information, and receive 5 completely different quotes? Good question. All brokers/bankers have access to the same rates and programs; the 5 different quotes represent 5 different cost estimates to obtain the exact same mortgage. The main … (5 comments)
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