ri home loans: Bank of America Exits the Wholesale channel - 10/06/10 03:32 AM
We had a great Account Exec, and thought the BofA wholesale platform was strong and valuable.
If you are working with BofA, make note of the time lines below:
There is a message posted on the wholesale lending website outlining the time frames to close out your pipeline.  Below is an excerpt from the message that includes the key dates. 
Key dates:
·        No new applications via the Wholesale Lending website will be accepted after close of business today, Tuesday, October 5.
·        All application packages must be submitted and received electronically by the close of business, Friday, … (2 comments)

ri home loans: Inc. 500|5000 2010 - 09/09/10 03:50 AM
The Mortgage Group continues to impress!

Previous | Next 2010 RANKING: #2782 The Mortgage Group www.themortgagegroupltd.comFall River, MA The Mortgage Group's business model The Mortgage Group provides home mortgage loans, refinancing, and home equity loans in Massachusetts.

ri home loans: The Real Estate Report - 09/03/10 06:15 AM

ri home loans: Where is the refi boom? - 08/24/10 03:39 AM
Where is the refi boom?
Below is an interesting write up from a Bank of America economist.

The refinancing wave has been tepid given that the average rate on a 30-year
conforming mortgage has fallen to a record low of 4.42%. At this rate,
the large majority of homeowners have an incentive to refinance. It is therefore
disappointing that the pre-released tables from the 2009 American Housing
Survey show that, of the 68% of homeowners with mortgages; nearly half have
mortgages greater than 6%.
The relatively low rate of refinancing is seemingly a function of the difficult and

ri home loans: The Short-Run vs. the Long-Term Picture - 06/23/10 07:52 AM
June 23, 2010
The Short-Run vs. the Long-Term Picture
Never did we see a more important dichotomy in the releases on the state of real estate in the past week. First, Standard and Poor’s released a report that stated it will take three years to clear the shadow inventory from the markets, though this number will vary widely based upon location. Three years of shadow inventory indicates that the real estate market will continue to be a drag upon the economy for the next few years. Second, an article was released by CNN/Money that indicates we are heading towards a … (0 comments)

ri home loans: Proposal would give more months to complete existing deals?? - 06/13/10 02:31 AM
WASHINGTON - Homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. Senate Majority Leader Harry Reid, D-Nev., said Thursday he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The proposal would only allow people who already have signed contracts to finish at the later date. Reid introduced the proposal as an amendment to a bill … (3 comments)

ri home loans: Rates are looking good for the near term! - 06/01/10 04:25 AM
This is from the MarketSnapshot, a service I subscribe to.
Early this morning the stock indexes were under another round of selling and the reaction in the bond and mortgage markets is what can be expected, the 10 yr note and the rest of the Treasury yield curve have lower rates and higher prices this morning. Two focal points that are drivers; the euro currency is weaker against the dollar and a key economic report out of China. As the euro falls the dollar gains and in turn US exports become more expensive slowing that sector. In Europe the debt … (2 comments)

ri home loans: The Markets and the lack of a bang for the FTHB tax credit! - 04/21/10 03:37 AM
(Part of this blog is from a system I subscribe to by David Hershman)
The Markets
Rates fell back in the past week. Freddie Mac announced that for the week ending April 15, 30-year fixed rates were down from before. The average for 15-year fixed also fell. Adjustables decreased as well with the average for one-year adjustables falling slightly and five-year adjustables decreasing to. A year ago 30-year fixed rates were at 4.82%. "After rising for four consecutive weeks, rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac … (2 comments)

ri home loans: Growth Over Profits: An Interview with the Principle of The Mortgage Group - 03/20/10 08:25 AM
Growth Over Profits
By Laura Schreier

Banker & Tradesman Staff Writer
When The Mortgage Group was selected for Inc. Magazine’s 5,000 fastest-growing companies list in 2008, it was one of only two mortgage companies at the awards ceremony.

Donald Lambert, CEO of Fall River-based The Mortgage Group is feeling confident that the company can make the 2009 list as well. Now celebrating its sixth year in business, The Mortgage Group has gone from 15 employees to 111, and continues to attract new employees in a regulatory environment that’s made independent shops buckle under cost pressures.


ri home loans: An Interview with the Principle of The Mortgage Group - 03/19/10 09:07 AM

When The Mortgage Group was selected for Inc. Magazine’s 5,000 fastest-growing companies list in 2008, it was one of only two mortgage companies at the awards ceremony.

Donald Lambert, CEO of Fall River-based The Mortgage Group is feeling confident that the company can make the 2009 list as well. Now celebrating its sixth year in business, The Mortgage Group has gone from 15 employees to 111, and continues to attract new employees in a regulatory environment that’s made independent shops buckle under cost pressures.

Helping Lambert expand his business is a centralized Intranet system that tracks … (1 comments)

ri home loans: Mortgage rates inch upward - 08/29/09 04:48 AM
Mortgage rates inch upward By Chris Kissell • Bankrate.com <!-- <p class="fB">first bold text</p> --> Mortgage rates barely moved in Bankrate's weekly survey.
The benchmark 30-year, fixed-rate mortgage edged up 1 basis point, to 5.53 percent, according to the Bankrate.com's national survey of large lenders. A basis point is one-hundredth of 1 percentage point.
The mortgages in this week's survey had an average total of 0.32 discount and origination points. One year ago, the mortgage index was 6.6 percent; four weeks ago, it was 5.56 percent.
The benchmark 15-year, fixed-rate mortgage slipped 1 basis point, to 4.83 percent. The benchmark 5/1 … (0 comments)

ri home loans: Inc. Magazine names The Mortgage Group Ltd. to their 2009 Top 5000 list - 08/25/09 10:22 AM
Inc. Magazine names
The Mortgage Group Ltd.
to their 2009 Top 5000 list
Fall River, MA—August 17, 2009--While many Massachusetts mortgage companies are closing their doors, The Mortgage Group Ltd. is growing at a pace recognized as extraordinary by Inc. Magazine. The company achieved the highest growth rate out of all the mortgage companies in Massachusetts.  A mere two New England-based mortgage companies met the stringent requirements for the award, which highlights privately-held companies for their outstanding growth between 2005 and 2008.
The Mortgage Group Ltd., based in Fall River, MA, has offices in Massachusetts, … (0 comments)

ri home loans: GOOD news for FHA! - 08/25/09 03:14 AM
GOOD news for FHA!
FHA Won't Implement HVCC The Federal Housing Administration has no plans to implement the Home Valuation Code of Conduct, Commissioner David Stevens told a delegation from the National Association of Mortgage Brokers. NAMB's FHA chairman John Councilman, who attended the meeting, reported that Mr. Stevens said he was well aware of the problems originators have been having with the code, which only applies to loans sold to Fannie Mae and Freddie Mac. That being said, the commissioner added FHA is looking at alternatives it feels would insulate appraisers from pressure from originators. Mr. Stevens also told NAMB … (2 comments)

ri home loans: The HVCC can't stop me!!! - 08/10/09 08:09 AM
I was still able to close a conventional loan, from P&S execution, to the closing table in 18 calendar days!!!
The true pros are creating teams and relationships that  can make things happen! Join me in my 10th year as a Mortgage Originator. I'd love to earn your business as a client or referral partner!
Special thanks to Stacey Susi, the Realtor, she helped make everyone look good!
Sean Wheelan Personal Mortgage ConsultantThe Mortgage Group, Ltd 401-965-9384 Cell SWheelan@TMGLtd.biz Emailwww.TheFriendlyNeighborhoodMortgageGuy.com Web Site508-276-0171 Fax

Lots of good points, and I begrudgingly agree with the blogger on most counts. In my area (southern New England) we are seeing bidding wars on some properties which gives me some hope! To be fair though, it is on the REO's that are in good condition and freshly on the market. Many bank owned properties are about to enter year 2 on the market, making it increasingly difficult to move them. This has caused a certain segment to get out and grab their home at a good value, but for those homes with a lengthier time on the market, it only hurts … (0 comments)

ri home loans: Use a 6 month gift from a relative to buy a home, thanks to the Tax Credit - 01/03/09 01:42 PM

The government is handing out money as a long term loan.  Take advantage of this!!!
The Housing and Economic Recovery Act of 2008 produced the tax credit for First Time Homebuyers. In this case, to be eligible for the tax credit, a first time homebuyer is defined as : someone who had not owned a home from July 2, 2005, through July 1, 2008. In order to become eligible, you have to buy your home after April 8, 2008, and before July 1, 2009. I will go over some of the other guidelines later.

ri home loans: EXCLUSIVE LEADS REFERRAL Group - 10/23/08 08:14 AM
If you would like to be part of a network at a more formal level, we have formed an EXCLUSIVE LEADS REFERRAL group within the non-profit organization called LiveWire. Call or email me, or even visit the web site: LiveWire. I have formed the 2nd chapter of this fine organization. We have secured people for the CPA, Marketing, Residential Realtor, Real Estate Attorney, and of course Mortgage Consulltant spots. We have people actively interviewing for the the Printing and Promotional Products, Pay Roll and HR Services, Home Improvements, Insurance and Financial Advisor, Book Keeping, Business Coaching and Commercial Real Estate positions. We'd love more interest from Appraisers, Estate Planning … (0 comments)

ri home loans: A pat on my back! A Blog about FTHB Success - 10/15/08 07:03 AM
I just experienced a very cool “first”
I recently had a not-so-easy purchase for First Time Home Buyers. All the bells and whistles; little to no down payment, tough to verify income, in need of down payment assistance, closing after Sept 30th 2008 and less than perfect credit. But most importantly, very nice people.  I wanted to work hard for them and make sure they got the financing. They were working with one of RI’s premier Realtors, Debbie Blanchet of Coldwell Banker, and had found a great bank owned home that was within their price range and budget. They were … (0 comments)

ri home loans: Daily Rate Lock Advisory - 04/17/08 07:16 AM

ri home loans: Daily Rate Lock Advisory - 04/13/08 10:34 PM
 Daily Rate Lock Recomendation
This will be a daily recomendation to advise you on your rate locking options
This week brings us the release of seven relevant economic reports for the bond market to digest. We are also heading into corporate earnings season which could lead to fluctuations in the stock markets. If earnings come in lighter than estimates, the stock markets may fall, leading to an influx of funds into bonds. But, if earnings and forecasts are strong, the major stock indexes may rally, pulling funds from bonds and leading to higher mortgage rates. Some of the most influential companies don't … (2 comments)

Sean Wheelan (Qivana)

Sean Wheelan

Warwick, RI

More about me…


Address: 1287 Post Rd, Warwick, RI, 02888

Mobile: (401) 965-9384

Email Me

Thoughts and ideas surrounding real estate financing, FSBO Advertising and Networking to increase referral business.



RSS 2.0 Feed for this blog