mortgages: APR- The Annual Percentage Runaround - 05/04/07 01:59 PM
OK, I went to college, took algebra, geometry, trigonometry, calculus, statistics, and passed them all. Math wasn’t a problem for me (history and literature were), alas, I’m pretty baffled at how broker/bankers, and lenders come up with a mortgages Annual Percentage Rate (APR).
This is a problem because APR is … (7 comments)
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mortgages: Why Does The Mortgage Industry Cross the Line? - 05/04/07 01:56 PM
Because it can.
The number one statement that I get via comments and emails from others in the mortgage industry (paraphrased):
"It’s nobody’s business what I make, Wal-Mart etc. doesn’t have to show their mark-ups, why should I??"
What a telling statement, as it confirms the general … (11 comments)
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mortgages: The Mortgage Cartel and the Need for Transparent Mortgage Search II - 04/02/07 11:49 AM
Picking up where the previous post left off…..
Faced with the most uneven of playing fields, many brokers rationalized a culture of deception. One look at a typical HUD-1 broker closing statement is all the proof you need. Nevertheless, it was the online direct lender that posed the most imminent threat … (2 comments)
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mortgages: 5 Gnarly Gnoteables in the Real Estate Blogosphere - 01/19/07 08:45 AM
Its been awhile since I posted on some of the gnarly cool stuff I have seen from other bloggers in this Real Estate 2.X space…so here are 5 topics that inspired me to write:
Dan Green (The Mortgage Reports) has launched a new service called Bring the Blog.
<--Gnarls Barkley (I … (14 comments)
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mortgages: 10 Real Estate and Mortgage Predictions for 2007 - 01/16/07 10:42 AM
This is the last in a short series of posts inspired by my trip to Manhattan for the Inman REConnect Conference….
What did I take away from it all? Ill format my answers in the form of some 2007 predictions (in no particular order):
Active Rain and other community based … (10 comments)
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mortgages: News From Around the Mortgage World - 12/15/06 12:28 PM
It’s been a week of meetings for me in California, so my blogging has been lacking. I’ve been popping around the web this morning to see what has been shaking in the mortgage world.
Weak west coast employment numbers, $266 Billion in ARM’s getting ready to reset, and recent (past-tense) liberalization … (22 comments)
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mortgages: Warning! More Pornographic Mortgage Content - 12/07/06 06:54 AM
Sorry, no naked people, just some lurid and sensational practices that happen in the Mortgage Industry** From time to time memories come back to me of the many practices I've observed from the mortgage industry. The obvious assumption is that I have personally engaged in the below practices, for which I … (18 comments)
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mortgages: There's No Discount Here! - 11/16/06 05:59 PM
What is a discount brokerage? Over the years the term has come to be interpreted as discounted cost for discounted service, which is a time tested loser. Discounting service is the surest way to become 'out of business'. Discounting cost is often a strategy of less experienced brokers trying to gain … (6 comments)
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mortgages: The Morgage Industry’s Internal Civil War - 11/09/06 03:28 PM
YSP’s have gradually made their way into the American homeowners conscious, rising from relative obscurity. While this is progress, their use in relation to their intent is still misunderstood, manipulated, and maligned. Although more consumers are now aware that YSP’s are cash rebates Lenders pay for a borrower to accept … (146 comments)
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mortgages: The Potential Effect of Transparency in the Mortgage Service Industries - 11/08/06 04:04 PM
Some members of blogging and other community platforms I belong too tend to misinterpret my MO…calling me ‘negative’, an ‘idealist’, ‘mud-slinger’, etc. Contrary to popular belief, I’m not the Grim Reaper, although my posts may have a sensationalist, tongue-in-cheek, even rapine roll to them; so at times it is hard … (10 comments)
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mortgages: X-Rated Mortgage Calculators - 11/03/06 12:39 PM
We've had many people write in positive comments regarding these mortgage calculators, so I thought I would share them with the AR community. They are much more intuitive than the traditional versions found on many lender websites...So, for what it's worth, here they are.... Side by side loan comparison. Put … (1 comments)
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mortgages: Lending Tree is Bearing Bad Fruit - 11/01/06 12:33 PM
Lending Tree Accused of Unfair Business Practices
<-- Now you know why....
Unless you are 'in' the industry, news like this gets shuffled into the abyss.
I wrote a quick post recently regarding the caveats of dealing with e-lenders or online bankers and mortgage lead aggregation sites. The point of the post was that … (3 comments)
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mortgages: 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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mortgages: 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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mortgages: 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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mortgages: 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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mortgages: 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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mortgages: '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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mortgages: 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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mortgages: '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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