mortgages: A Realtor’s Guide to Price Fixing Commissions:
- 11/15/06 04:51 PM
Price fixing is an illegal action which was defined in Ron Withers blog , Price Fixing: Un-American.........What Say Ye? Here is something that is starting to pop up online. Horizontal Price-Fixing in Cyberspace This is a great example what can take place in cyber space. This article talks about how one company or person can manipulate the general public by comments on their web site stating and slandering a certain industry. This certain web site and the people behind it would make you believe that everyone in this industry can't be trusted, that their pricing is too high, and that they would … (74 comments)
mortgages: Foreclosures: Banks & Lenders don't want your home, do they?
- 11/14/06 05:48 PM
What ever happened to the old way of doing business. Just going down the street to your neighborhood bank and get a loan at any time based on a handshake. Everyone was friendly and willing to help, even when you were in trouble. Remind you of anything? Does "It's a Wonderful Life" come to mind? Not anymore.... Banks don't want your homes. They aren't in the business to sell homes. Then again, it seems like we might be heading into a new phase with some of the larger banks wanting to get into the real estate market. But that is not … (45 comments)
mortgages: What is a POWER PARTNER? Who are your power partner's????
- 11/09/06 12:32 AM
I was inspired in writing this topic after reading ANGELA PHILLIPS blog; CO-BRANDING. Power partner is a term that is frequently used in severl networking groups. I actually did a post on networking, Networking Groups..... How important can they be to your business..... several weeks ago and George Souto did a good blog on Are You Working Your Network.....OR.....Are You Missing Out???
Power Partners can be described as those people that you would want to associate with in order to have a good referal source around you. I think so many of us over-look those around us that are a part of this definition. … (24 comments)
mortgages: Do we need a 3rd party system? Politics in general....
- 11/07/06 03:39 PM
Okay.... I am not the type that would start a topic on politics, but I read a blog tonight by Leigh Brown; Have some skin in the game! America is great because we are allowed to have our own thoughts and opinions. Have the Freedom to do things in a lawful manner. Doing things within reason. Basically, having that right that many other countries don't have. This is GREAT... or is it? Who controls this sometimes. What are your true rights? Something that I have come to realize is that we need change.... a major change when it comes to who … (24 comments)
mortgages: PMI (Private Mortgage Insurance); why you need it and the different types of PMI……
- 11/05/06 05:52 AM
I was reading through some blogs over the weekend and Mark Flanders Silverdale did a blog that gave definitions of PMI. What is PMI and can it be avoided. This can be such a confusing and sometimes misleading concept of why you must have mortgage insurance. As Mark Flanders discussed, private mortgage insurance is not there to protect you, but to protect the lender in case of default. And the old rule is that you must have 20% or more down on the property to avoid this specific cost. I am only going to discuss the different types of mortgage … (32 comments)
mortgages: When a client says that they will follow you for life…. WHAT A NATURAL HIGH….
- 11/01/06 02:05 PM
I have been doing this for over 14 years now. Helping those to finance their new dream, may it be purchasing that new home or refinancing their current home for several reasons. Even helping those investors that want to add to their portfolio.
I have talked to several of you on the phone from Active Rain and overall, I just love Active Rain. The continuous networking, a great Team (Caleb & Matt) that keeps this site active and improving daily, great people on here with great ideas, and just to be able to express yourself and feel like you have friends all … (9 comments)
Sure, this is a subject oftened talk about and frequently talked about on Active rain. But I wanted to give a little more information on what predatory lending is all about and not the misconception of what most might think it is.
Anyone’s commitment in the financing/mortgage industry should be to provide borrowers with the best possible financing, in the least amount of time, and for a reasonable fee. Home ownership is an American Dream and it is priceless. A loan should not be offered that would keep that dream from coming true. Or actually hurt that client down … (19 comments)
mortgages: Purchase Contracts: How different are they from state to state.......
- 10/30/06 12:24 PM
This is a grey area because each state can be very different in regards to the agreement of sale. Even though I can do mortgages in any state, I only focus on a few myself. This is where the realtor and lender need to be on the same page. This is where the client needs a good realtor that understands the ins and outs of a purchase contract. There is nothing worse then when I have to advise the client of what they can and can’t do, because the realtor didn’t advise them correctly. And don’t get me wrong, I just … (24 comments)
People that over shop, looking for the best deal; can certainly even bring down the best of a sales person’s moral. This can be tiresome for the good realtor or loan officer that has to deal with these types of clients on a weekly basis. Most of us are here to help in one way or another. Sure, we all need to get paid for what we do. And some of us have our own ways of doing things. But when it comes down to deceiving the general public to make a quick buck, this is where it … (25 comments)
mortgages: Purchase Contracts (agreement of sale) VS Assignment Contracts
- 10/23/06 07:46 AM
This is something that is starting to show up more and more in todays' industry. Nowadays, a realtor might not see this as often as a loan officer would in todays market. The reason being is that investors are the people that are using assignments more than your normal purchase agreements and usually use hard money lenders for their financing. This is a defination directly from a financial dictionary. Assignment Contract: A contract with a provision permitting the contract holder to convey his or her rights of assignment to a third party. This enables the contract holder to assign the rights and … (26 comments)
mortgages: Rules that aim to cut the risks on 'exotic' mortgages!!!!!
- 10/21/06 04:54 PM
After being on Active Rain for almost 3 weeks now, this has been a big topic of discussion and growing concern. We have talked about the “Pay Option Arm” and the “Interest Only” loans that seem to be the most at risk for today’s consumers. Both of these products have shot up with home prices. And critics say not all buyers know what they are getting into.
Federal financial regulatory agencies are concerned that buyers who use these so-called exotic loans could be at risk. Especially the subprime borrowers and others who may not qualify for more traditional mortgage loans or who may … (35 comments)
mortgages: Beware of REBATE CHECKS in the mail.......
- 10/18/06 04:47 PM
READ ALL THE FINE PRINT...... This should be the first thing that you do when you get a rebate check in the mail. This has become an epidemic nationwide, preying on those that think they have free money. If you notice, the majority of the checks are all under $5.00. By reading the small print at the bottom of the check, it will state that when cashing the check, you become a preferred member of an agency. By doing so, the agency provides discounts to grocery stores, home improvement stores, and sometimes telling you that you will receive a free credit … (12 comments)
mortgages: Networking Groups..... How important can they be to your business.....
- 10/17/06 05:19 PM
I was asked my opinion the other day by a loan officer in regards to the Chamber of Commerce. Everyone has their own opinions and thoughts, but my experience with our local Chamber of Commerce has been average. Don't get me wrong, any networking group can be beneficial in so many ways. Let's start with one that I am familiar with. Le Tip International. http://www.letip.com/ They are in 22 states now and Canada. The basic foundation behind this group is that you have 1 person from each type of business. Meaning that you would have only have 1 realtor, 1 loan … (21 comments)
mortgages: Walk-Throughs: The Aftermath…… what to do about it or what can be done
- 10/15/06 12:37 PM
What to do when you give up your right to a walk-through last minute. I had a client back in June that was buying a home as a 2nd home near the shore. It wasn't the easiest of deals on my end because I had to do a stated income with 10% down. Most of all, their credit score was right on the bubble and just average. Well, I had to delay the settlement for 4 days because their credit score dropped a few points. Now it's funny, because I have talked about the baiting & switching methods from other lenders. But … (6 comments)
mortgages: A Predatory Lending Bill that is SLATED for 2007 & what does this mean........
- 10/14/06 09:55 AM
It starts with the Republican and Democratic leaders on the House Financial Services Committee. They are planning to make predatory lending legislation a major priority next year, regardless of the outcome of the November elections. Now, with this in mind, whose better interest do they truly have in mind; the borrower or the lenders out there. I know there have been several blogs and comments made on behalf of this topic. The most recent of which was from Roberta Murphy, Predatory Lending and Decadent Spending , which gives us a great example of what can take place after the fact. Predatory … (6 comments)
mortgages: Infomercials...... How many of you watch them? Are they real?
- 10/10/06 01:13 AM
INFOMERCIALS….. what can I say? It’s sometimes like watching a comedy show. How many of you get suckered into this? Hey, I admit, I sometimes think I should call. Ever see the new lipo-pill? It reduces your fact from within, never needing lipo-suction. LOL I was like, gee, that would be great. Then I said, “wake up Jeff. Get real.”
Infomericals arose because of the deregulation during the 80s involving television. But these originated on the radio at first. There are just countless infomercials on TV. 100's of 1,000's are made a year. But have you noticed that 99% of them are … (13 comments)
My name is Jeff Belonger and I am with Infinity Home Mortgage Company. I am a Branch Manager and a loan officer. I have been in the mortgage industry for over 14 years. I have been with some large lenders, some small ones, and a few in the middle. The largest company that I was with was Norwest Mortgage, who merged with Wells Fargo. But before that merger, we were the number one lender nationally at that time. There has always been this argument that you shouldn’t go with a broker because they are a middleman. They charge higher rates and higher fees. Then … (19 comments)
I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
Price fixing is an illegal action which was defined in Ron Withers blog , Price Fixing: Un-American.........What Say Ye?
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