mortgage lenders: Expect The USDA Guaranteed program funds to be extended for 2010 and beyond - 04/23/10 07:37 AM
The following is an article published in todays edition of Mortgage News Daily:
The continued availability of government guaranteed mortgages for rural homebuyers was virtually assured yesterday when the House Financial Services Committee voted to approve H.R. 5017. The unanimous vote will send the Rural Housing Preservation and Stabilization Act of 2010 to the full House of Representatives where sources said it was fast tracked for a vote as early as next week.
If passed, the bill will correct the Section 502 Single Family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists homebuyers living in rural areas to … (6 comments)

mortgage lenders: Are Fannie and Freddie doomed? - 01/22/10 08:34 AM
The following from a CNBC story:
CNBC Reports... Fannie, Freddie Cannot Exist in Current Form: Frank Rep. Barney Frank (D-Ma.), chairman of the House Financial Services Committee, said Friday that Fannie Mae and Freddie Mac should be eliminated as they stand now. "This committee will be recommending abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system of housing finance, that's the approach rather than the piecemeal one," Frank said. Frank made his comments during the committee's hearings on executive compensation.
I, for one, agree with congressman Frank on this issue.  It is … (0 comments)

mortgage lenders: A Potpourri of Financial Information - 01/12/10 05:55 AM
You know how the Fed has been buying up so many Fannie, Freddie and Ginnie Mae MBS?  Last year the Fed made up something like 75% of all such purchases.  It will be interesting to see what happens as they stop buying.  The conventional wisdom is that it will cause rates to go up, but the conventional wisdom isn't always right.
It seems like yesterday that Lomas & Nettleton was the nation's biggest servicer with about $20 billion? 
Here are the top servicers today.

Number 10 OneWest is the new name for what used to be Indy Mac Bank (a place … (0 comments)

mortgage lenders: Fall means football, hunting, fishing and a change in the weather - 10/26/09 10:31 AM
Fall is my favorite time of year in Oregon and it always has been.  I am not a fan of hot temperatures so the fall brings relief.  Nothing is better than a cool crisp October day to bring about that euphoric feeling of all things macho.  Of course, I speak of college football, a deer, elk or bird hunting trip, or a day on the river chasing the elusive salmon or maybe a big sturgeon.  Nothing rivals the pastimes of fall for the outdoorsman in me.
My best weekend would be spent leaving early on Saturday for an OSU football … (3 comments)

mortgage lenders: Changes in the mortgage industry - 09/17/09 09:35 AM
I came across a great blog that is worth the read.  It is short:
The author relates Darwin's theory of evolution to the evolution of the mortgage industry and especially as it relates to small brokers vs. large lenders.  It seems to me that he is correct in his assertion that we are in a period of survival of the fittest.

mortgage lenders: The Future of the Mortgage Industry - 07/24/09 07:39 AM
Yesterday I posted a blog titled "The Death of an Industry" and it obviously struck a nerve.  The Mortgage Lending community has been put under the microscope lately and tensions are running high.  My blog discussed how changes in business practices by large commercial banks and mortgage bankers, combined with new government regulation could conceivably spell the end of the Mortgage Broker industry. 
Most of the posts I got were Mortgage Brokers defending their business and their business practices.  This was understandable and expected.  I did however underestimate the loyalty that many real estate agents held for their Mortgage Broker lender … (1 comments)

mortgage lenders: Death of an Industry - 07/23/09 11:22 AM
I opened my first mortgage brokerage company in 1991.  The industry trend was away from banks and toward brokers.  Brokers had several intrinsic advantages:
•1.       They could shop the market place for price.  While most lenders pricing is very close, mortgage brokers could find that one lender that was buying the market on a given day and take advantage.
•2.       They could move the loan to another wholesaler when rates went down.  Although not an ethical approach from the standpoint of the wholesalers, it was common practice for mortgage brokers to lock a rate with one investor and deliver the loan … (61 comments)

mortgage lenders: Credit Reporting University - 06/26/09 11:41 AM
CS (Credit Score) 101
This class is held by appointment at our offices in Lincoln Center, near Washington Square in Portland, OR. It consists of the following:
•1.      A one on one credit evaluation including a free credit report.
•2.      An hour of training on credit scoring and what makes up a credit score.  This includes a complimentary copy of our invaluable credit pamphlet, "Raise your credit score 100 points in 45 days".
•3.      Credit improvement analysis on our unique "Credit Xpert" score simulator.
•4.      Special evaluation on Credit Xpert's "What-if Simulator".
•5.      A 3-year enrollment in "Score … (0 comments)

mortgage lenders: Indymac - an insiders view - 07/16/08 04:43 AM
After the most painful year of my 24 year mortgage banking career, I can now report that I am officially an employee of the Federal Government. As everyone knows, last Friday the Office of Thrif Supervision put Indymac Bank into receivership and tranfered most of the assets to a new company, Indymac Federal Bank, operating under a conservatorship directed by the FDIC. Monday came around and all of a sudden we were closing loans! over $10 million closed on Monday over $14 million closed on Tuesday. The FDIC was able to unwind the mess that Indymac had created in the funding … (4 comments)

mortgage lenders: Fascintating times in mortgage lending - 03/16/07 09:19 AM
As of today, 39 national lenders have closed their doors this year.  The departure of so many lenders is leaving a vacuum in the industry.  The stronger companies like American Home Mortgage are posturing to fill the market void by providing competitive programs that fill a huge need.  If you want to track the lending implosion, check out  … (0 comments)

Art Marine, Loans that Fit your Life (Mortgage Solutions Financial)

Art Marine

Loans that Fit your Life

Lake Oswego, OR

More about me…

Mortgage Solutions Financial

Address: 5 Centerpointe Drive, Suite 125, Lake Oswego, OR, 97035

Office: (503) 403-6030

Mobile: (503) 799-7085

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