california: Pulling the Plug on Home Equity Lines of Credit - 02/02/08 02:35 AM
Countrywide Financial Corp. (CFC) sent letters to 122,000 customers last week telling them they could no longer borrow against their credit lines because the total debt on the home exceeded the market value of the property. The lender says it is using computer modeling to determine which of its customers would have their cash spigot shut off.
Among the lenders tightening as the Fed loosens, Chase Home Lending (JPM), which has been slowly raising credit standards since last summer, will start imposing new guidelines Monday that further restrict who will be granted a home equity line, the company said. This week, … (8 comments)

california: Conforming Loan Limit to $725,000 For California? - 01/25/08 09:38 AM
I can't stress the importance of increasing the Conforming Loan Limits in high cost areas, such as California. 
Below is a letter to California Association of REALTORS® members, on behalf of it's President, William E. Brown.
Please get the word out there on the importance of this matter, as it will help the California housing market recover much faster! 
As rates are in the 7% range on Non-Conforming loans right now, all of those homeowers in adjustable rate mortgages would be able to refinance into a Conforming loan amount in the 5-6% range!
Let your voicees be heard!
Scott Gormley
Oak Valley Mortgage
Direct: 530-592-8362
Here's the letter:
Dear C.A.R. Member:
Congressional leaders and … (3 comments)

california: California Real Estate Blog Update - 05/31/07 05:43 AM
It's time for a California Real Estate Blog Update!
As promised, Google has finally taken our website out of the "sandbox" and the California Real Estate Professionals that are participating on the network will start to see their names,listings and content showing up in the rankings at!
The California Real Estate blog has been getting great website search rankings on Yahoo,MSN,Search,Mamma,ASK and other search engines....But now...We can add GOOGLE to the list and it will only get better!
Here are a few quick searches that I did this morning on Google for the California Real Estate Blog and the results!
Search                                                                                         Results
California home loan blogs                                  Page 1 with … (5 comments)

california: I've been Meebo'd! - 05/24/07 08:25 AM
That's right. I found a great little tool that I think will help communication between potential California Home Loan clients and my Mortgage Companies...and it's called Meebo! What is Meebo? Meebo allows you to create an Instant Message widget that can be placed on any of your websites. I intend to be logged into their website throughout business hours. If a person has a question, they can simply send me an IM on Active Rain or my company websites and I can reply to them via Instant Messanger..Pretty Cool!
And the best part....It's FREE!
Want to get yours? Just click on Get Meebo at the … (1 comments)

california: 18 Reasons Why Scott Gormley Should Be Used For Your Next California Home Loan! - 05/11/07 03:56 AM
When choosing a Mortgage Broker to work with in California, you must choose someone that holds certain qualities. Making a wrong decision can be costly on a financial and emotional level. Purchasing or refinancing a home is typically the largest investment and decision that the average person makes. Be sure to surround yourself with good people! Here are 18 reasons to choose me as YOUR California Real Estate Mortgage Broker.
1. I'm a Homeowner! Dealing with someone that can relate with your thoughts and emotions is important!
2. I keep clear lines of communication throughout the entire loan process with ALL parties involved.
3. I will structure your loan for the best opportunity … (6 comments)

california: Understanding Refinance and Home Loan Closing Costs! - 04/28/07 04:36 AM
 There's an old saying, "If it's too good to be true, it probably is!" Such is the case with refinancing or purchasing a home and the topic of closing costs. Many lenders in the industry will claim NO CLOSING COSTS, however, everyone actually plays on a level playing field! The only difference between mortgage companies are the investors and/or banks that they are individually approved with, that's it! Closing costs are ALWAYS going to be associated with refinancing or purchasing a home. Why? There are many parties involved in the loan process and obviously, no one works for free!
First of … (15 comments)

california: Enloe Hospital Employee Benefit-Chico,California - 04/18/07 02:43 AM

$400 Appraisal Credit at the close of escrow on all Real Estate or Refinance loans! 
In appreciation for the hard work that Enloe Hospital employees extend to the Chico,California community, I would like to offer my services as an employee benefit. My name is Scott Gormley and I'm the Broker/Owner of Oak Valley Mortgage, located in Chico,California.
I write weekly articles in the North Valley Real Estate Guide, put out by the Enterprise Record, labled "Mortgage News."
I write monthly articles in Inside Out magazine. 
I was the 2006 Chairman of the Chico Association of Realtors Affiliatee Committee. The committee represents over 130 local businesses in … (0 comments)

california: Why I promote competitors in my own market... - 04/06/07 04:06 AM
Like Tony would say, "They'rrrrrreeeeee Grrrrrrrrrrrrrrreaaaaatttttt!"
Many would think I'm crazy. The purpose of business is to be profitable, right? But I think we have a larger obligation than simply looking at the dollars and cents at the bottom line. In the Real Estate and Lending business, there are clearly good apples and bad apples. Maybe one could say that is the case in any industry, but here is the difference....Real Estate is the largest decision that the average consumer will make in America. We have the power and choice to make it a pleasurable experience or a really bad nightmare! With that … (7 comments)

california: My Fight on My Own Supplemental Tax Bill - 04/05/07 03:00 AM
Here's one that I don't get and it was on my own mortgage! Imagine that...A mortgage broker having issues with his lender on his own mortgage. I find that more often than not, I have a full understanding of what is going on with my loan and impound account and the managers that deal with customers such as myself have no idea what you or they are talking about! When I presented my case below, it went over the heads of 2 managers before finally being understood by a 3rd.
With that being said...Here was the scenario...
When a lender collects impounds for … (3 comments)

california: California Real Estate Blog Picture Contest! - 03/28/07 02:53 AM

The California Real Estate Blog is having a contest, so get those cameras out! The winner will win 1 city profile for an ENTIRE YEAR on our website! Check it out!
Clicks on your camera and mouse could equal clicks to your website!
Hey Everyone,
I just wanted to give some brief updates on the California Only Real Estate Blog. We're officially into our first month of being up and the response has been great on the website so far! Thank you to all that have decided to work with me on the project. For those of you that are interested in increasing your online … (10 comments)

california: The Power of a Great Appraiser - 03/15/07 03:08 AM
I believe one of the most important people in the transaction to me as a Mortgage Broker is the Appraiser. But not just any old Appraiser, "A Great One!" There are times when I don't even meet a client and the Appraiser is the first person that a client meets. The interaction and personality of your Appraiser with the client can truly set the tone for your client of how well the transaction is going to go. When my Appraiser, Scotty Riemens visits a home, he is friendly and offers suggestions of things to look out for, such as the wood pile that was recently on the … (5 comments)

california: California Only Real Estate Blog~Want to participate? - 02/27/07 03:36 AM

Hello Everyone,
As you may have noticed, I've been taking some time off of Active Rain to embark on an adventure. Over the past month, I've been putting a website together, which will feature California Real Estate Blogs by City. The concept is to direct the blogs and content directly to the consumer. I have several real estate agents that have already jumped on board in California on the project and I'm looking for more that are interested! Here's the scoop...
The domain name … (10 comments)

california: Where's the Benefit? - 02/13/07 03:10 AM
On December 15th of 2006, Bryant Tutus, wrote a blog on the Real Estate Network "Active Rain" labeled, "Your home is your castle, not an ATM machine!"
Broker Bryant brings up many good points within the article, explaining the cycle that many homeowners get caught up into when refinancing their homes. Many ads will make it look so easy to get that cash that's sitting in the equity of your home for any given reason!
I'm here to tell you that there are pitfalls to this train of thought and you should really THINK about your decisions and work with a mortgage professional … (8 comments)

california: The Power of "Truth" and Seeking to Understand Your Clients! - 01/22/07 12:51 PM
I don't understand why many in my industry can't grab onto the "Power of Truth" and the need to understand a clients' needs! I have received several new calls this week from new and potential clients that are looking to refinance their homes from their once "all time low" payment to an increasing shocker. The trend is happening across the country. But, before I decide that it is the proper time to refinance, there are a few things to take into consideration.
1.) Is there a prepayment penalty on the home?
I brought this to a potential clients' attention and he said … (1 comments)

california: Demanding a Rate Over the Phone! - 01/18/07 03:25 AM
I received an interesting call yesterday, so I figured that I would share it for the world to see my response...Or atleast possible California clients and Associates :)
The potential client called me and started rambling about random things, I tried to keep some flow to the conversation. In the end, I question if I ended up on some Los Angeles radio station, where I was broadcasted across the state for everyone's humor, including my wife's.
With that said, here goes:
Caller: What are your rates?
Me: Sir, I need to get some information from you before we go through rates.
Caller: I'm looking for … (24 comments)

california: Home Loan Documentation Types - 01/16/07 03:56 AM
Are you wondering what types of documentation loans are available? Banks and investors have come up with a variety of loan types to help borrowers qualify easier into home loan and refinance products.
While some may be worried about being able to qualify for a home, you'll be amazed at the products available in the marketplace that you can take advantage of to purchase or refinance a home.
Feel free to contact me with your California Home Loan needs. I will go through all of your information with you and I'll be sure to match your particular scenario up with the products … (6 comments)

california: Taking it to the next level with a new client.. - 01/16/07 03:52 AM
I had a great sit-down today with a new client. She is a First Time Home Buyer that wanted to meet face to face with me...I love it! Back in the old days, transactions were only done in such ways. You could look a person in the eye, listen to their tone of speech and understand where they are coming from before you decide to do a transaction with them. With that being said, trusting a lender is everything in a Real Estate transaction! You open yourself up across all aspects of your life. For example:
Have you filed for bankruptcy?
Have you … (2 comments)

california: Comparing a Mortgage Broker to a Direct Lender - 01/12/07 03:53 AM
Reason: Representation
Mortgage Broker: Fiduciary duty to the borrower to get the best loan possible. Packaging the loan to highlight the strentghs of your loan scenario and minimizing the weaknesses.
Direct Lender: Represents the lender.
Reason: Customization
Mortgage Broker: Offers numerous programs from many lenders and investors at very competitive rates.
Direct Lender: Offers a limited number of programs that need to fit "their box."
Reason: Flexibility
Mortgage Broker: A "problem loan" can be moved from one lender to another, while obtaining the best rate available for your situation.
Direct Lender: Once a loan is denied, the borrower must try a different lender.
Reason: Certification
Mortgage Broker:  Licensed by the Department … (27 comments)

california: Lowballing agent commissions and higballing asking prices! - 01/08/07 08:56 AM
Many asked me this year if there is a way to lowball a real estate agents' commission. My answer is very simple, "You get what you pay for!" If you were in need of a doctor and you were about to go into surgery, would you lowball the doctor? If you were about to go on trial and your liberty was at stake, would you lowball a lawyer? The same holds true for the services you receive in your homebuying and/or selling experience! In my opinion...If an agent is quickly willing to drop their commission without hesitation, it tells me this:
1.) The agent is … (3 comments)

california: Chico,California Housing Market Report For January 2007 - 01/02/07 10:13 AM
Hey Everyone,
Virgil Cole is an awesome Real Estate Agent at Prudential Real Estate in Chico, California and he puts together a comprehensive market report of what has been taking place in the local Chico market over the past few months. He spends alot of time putting together the data and I'm sure that many homeowners and investors in our market will be interested in seeing the results. Feel free to contact either of us if you are looking to purchase or refinance your home. We're here to help you!
            Virgil Cole                                        Scott Gormley
Have a great day!
Scott GormleyBroker/OwnerOak Valley Mortgage2006 Chico Assoc. of Realtors … (4 comments)


Scott Gormley

Chico, CA

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Oak Valley Mortgage-California Home Loans and Refinancing

Mobile: (530) 592-8362

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