mortgages: Big Banks Don't Just Do Mortgages....and That's EXACTLY The Problem!!! - 02/24/14 05:33 AM
As a Wells Fargo Alumni I really want them to do well.  I have a lot of my retirement invested in that company.  But I am really liking the big banks recently.  It seems to me that I get plent of business from their turn downs.  Here's how big banks cause problems for the consumer.
They don't know what they're doing.  We closed over 20 loans last year from big banks who couldn't do the mortgage.  In truth, they could do the deal, but they didn't know that they could do the deal.  For example, one lender said that the borrower … (29 comments)

mortgages: Our Government has Caused Mortgage Rates to Rise Permanently - 12/11/13 11:40 AM
Just last year we had rates in the low threes.  Now we sit with rates in the mid 4's with the 5's just looming over the fence.  Not that any rate below even 7 is bad, but the truth is a lot of it has to do with the economy.  However a lot of it has to do with the cost to manufacture a loan.
Just three years ago we had three people working in our compliance department.  Now, due to the new mortgage rules we have over 50.  The cost of those hires is passed on to the consumer through … (3 comments)

mortgages: Big Banks!!!! Thank You For the Business! - 07/16/13 12:18 PM
As a Wells Fargo Alumni, I have fond affection for my alma mater.  I had spent my first 7 years of my career working for the big boys and loving every minute of it.  I worked for Norwest Mortgage.  Norwest bought Wells Fargo when Wells was going through bankruptcy and I stayed through the change from Norwest to Wells.
Wells was fun, but it was a big box.  Their products, their rates and their way of doing business. 
To this date, Wells and all of the other big boxes still provide a lot of income to me.  You see, loan officers … (1 comments)

mortgages: SO YOU'RE SAYING I HAVE A CHANCE!!!! - 03/21/13 06:11 AM
OK....So You're thinking that your chances of getting a jumbo loan or refinancing your jumbo loan have the worst odds? The market sucks, home values have dropped and the no income loans of days of yore are like a dinosaur from a different time era that no one wants to remember.
So You're Saying I have a Chance....YES!!!
Jumbo loan sizes generally start at 1 dollar above a loan amount of $417,000. So, a loan amount of $417,001 or greater would generally qualify the borrower for … (5 comments)

mortgages: Top 5 Reasons to Consider An FHA Mortgage - 01/15/13 03:32 AM
There are many things that people should know about FHA loans. They're great for a variety of reasons, but I'm going to give you my list of favorite reasons for considering and FHA mortgage.
First time homebuyers can generally come in with less of a downpayment. Truthfully, conforming or conventional loans generally want 5% down. FHA loans only need 3.5% down. How cool is that? The entire downpayment for an FHA loan can be in the form of a gift. There are gift restrictions as to who can give you a gift, but generally, if you're related, you can help someone … (53 comments)

mortgages: Your Loan Doesn't Seem Approvable, But You Still May Be Able to Buy! - 11/28/12 12:42 AM
Co-Borrowers are borrowers that sign in order to help the main or primary borrower qualify for a loan.
The big hub bub in mortgage banking recently has revolved around Non - Occupant Co-Borrowers. Non-Occupant Co-Borrowers are borrowers who will help the borrower guarantee the loan's performance, but Non - Occupant won't live in the property. There are things that you need to know about Non-Occupant Co-Borrowers.
First with Fannie and Freddie lenders require 10 percent down payment with at least 5% being the borrowers own money. FHA doesn't really care about how much money comes from … (4 comments)

mortgages: Ready To Work for Another Mortgage Company? - 07/29/12 11:14 PM
Tired of working so hard at your current company and beating your head against a wall?  My thoughts are that we work too hard in this business to not get our deals closed and to not get paid.  I work really hard, but I close my deals and get paid.  I get paid well for what I do.
Our culture is such that people don't leave our company.  We're a privately held company.  Needless to say, we're owned by a few great leaders, but priomarily by ex- U.S. Senator Bill Armstrong.  What makes us unique in culture is our PURPOSE....
Our Purpose … (2 comments)

mortgages: TRIPPING OVER DOLLARS While Chasing Pennies - 01/24/12 01:52 PM
Thirty year mortgage rates have been moving lower over the past week and are currently in the low 4s,  + or - , depending on each of the myriad of loan variables.  Many of you know that over the past year rates moved as low as 3.5% for 30 year fixed mortgage loans and as high as just under 5.0%.
If this economy begins to recover, even the slightest hint of improvement, the mortgage rates will climb to over 6% in a heart beat.  So at this point my position is to take a very conservative stance on the future of lower … (3 comments)

mortgages: New Branches and New Opportunities in Illinois - 07/15/11 02:51 AM
THIS WEEK WE SIGNED ON A $100,000,000 branch up in Rockford.   The official announcement next week. But I want to put a ONE BILLION DOLLAR STAKE IN ILLINOIS! HERE ARE SOME FACTS! 1) First, and what I feel is most important. The culture IN CHERRY CREEK MORTGAGE COMPANY is the best BAR NONE!!!!! Our culture is such that people don't leave our company. We're a privately held company. Needless to say, we're owned by a few great leaders, but priomarily by ex- U.S. Senator Bill Armstrong. What makes us unique in culture is our PURPOSE....
b) Raise up those who work … (4 comments)

mortgages: First Time Homebuyers No Longer Want Fixer Uppers!!!! - 02/15/11 03:12 PM


mortgages: If You're a Great Lender, we Need to talk!!!!!! - 11/21/10 03:06 PM
So, every so often I put a shout out for some great lenders.  This past week, I met with 6 branches from Missouri to Northern Wisconsin, to Indiana and Ohio.  My real passion though is in Illinois.  I've received some committments from some awesome folks this past week.  Working with some huge lenders who have lost their touch with their bread and butter. 
BUT I WANT MORE! I WANT SOME GREAT LENDERS IN ILLINOIS!!!! As for Cherry Creek Mortgage, it's a company that's "dialed down."
1)  First the culture IN CHERRY CREEK MORTGAGE COMPANY is the best BAR NONE!!!!!  Our culture is such … (3 comments)

mortgages: The Death of the Mortgage Broker - 10/05/10 06:33 AM
As the Regional Vice President of Cherry Creek Mortgage, I've had the opportunity to do many functions and roles.  Yes, I still originate.  It's important that I have my pulse on the street.  It's important that I'm still in the game.  I'm a perpetual top 10 player in my company, so it's not like I just dabble. 
I also run a branch.  That means that I manage the P&L, watch the bottom line, recruit for my office, movitvate my team and build, build, build.  Then on top of it all, I recruit for Illinois, Wisconsin and Minnesota.  In the process of … (4 comments)

mortgages: Buying and Refinancing - - - Don't Trip over Dollars to Pick up a few Pennies!!!!! - 10/01/10 02:49 AM
Thirty year mortgage rates have been moving lower over the past week and are currently at in the low 4.0s, + or - depending on all the loan variables.  Many of you know that over the past month rates moved to their lowest levels EVER!!!!!!  15 Years are in the 3's.
After a few days of pricing pressure, Mortgage Bonds are trading near "oversold" conditions, which could make prices ripe for a reversal higher.  If you couple that with the strong underlying support, it gives reason to be optimistic that the rates will mover lower in the near future.  I'm watching very … (7 comments)

mortgages: Mortgage Pro Week in Review 9/19/2010-9/26/2010 - 09/27/10 07:55 AM
Well, after a long sabbitcal, I'm honored that Mr. J.B, a/k/a Sir Jeffrey Belonger has asked me once again to do this week's Mortgage Pro in Review.  Jeff Belonger....THANKS A TON!  I hope that you find this information to be useful as well as educational!
 Let's start off with something that may be viewed as a hometown favorite. 
Jeff Belonger In spite of the fact that I use the term, "The Honorable" Jeff Belonger, loosely when tagging his photo, Jeff comes out on top again with two pretty strong posts that talk about the advantages of buying versus renting.  Check … (8 comments)

mortgages: The 4 Things you Need to Get Approved for a Mortgage!!!! - 09/13/10 02:06 AM
I wish it were that easy.  There are 4 basic things that a borrower needs to show a lender in order to get approved for a mortgage.  Each category has so many what ifs and sub plots that each box can read as it's own novel.  In other words, each category has so many variables that can affect what it takes to get approved, but without further adieu here are the four categories in no particular order as each without any of these items, you're pretty much dead in the water:
Income You need income.  You need to be able to … (62 comments)

mortgages: Moving Forward with a REVERSE MORTGAGE!!!! - 09/09/10 09:27 AM
WHAT IS A REVERSE MORTGAGE???? A reverse mortgage enables the borrower to withdraw a portion of their home's equity, use it any way that they want, make no form of monthly repayment, stay in their home as long as they like and when they are ready to sell the home or have passed away, the loan is repaid.  This program is insured by the Federal Government. The borrower does not forfeit title to the home or lose any other rights as the homeowner. The borrower or the borrower's heirs decide when or if the home is to be sold and after … (31 comments)

mortgages: Mortgage Myth Busters goes "Live" TODAY!!!!! - 07/12/10 02:56 AM
Finally, a solution exists for realtors and consumers alike.  A long time in planning and processing, a great group of originators has launched Mortgage Myth Busters.  As one of the original members, I've seen the work that the great leaders in this group have done to disseminate timely, quality and accurate information regarding mortgage lending. 
Check out  This group is different than other national forums as they don't revolve around one person and a huge marketing team.  Instead, this group decided that they're so sick of mis-information and dis-information that they'd get rid of the individual ego and present … (10 comments)

mortgages: Why Don't Lender "Partners" help Build Realtor's Business? - 11/21/09 01:22 AM
I run a region, run a branch and yes, I originate loans as well.  I spend a lot of time recruiting on top of that.  I'm amazed at what I hear from lenders.  Realtors want loan officers to help them build their business.  They don't want them to create their business.  If lenders could do that they'd be realtors, but we've been called into lending and not real estate sales.
I've interviewed well over 200 lenders since I began recruiting folks a few years ago and am amazed that there is such a disparity in lender capabilities.  As individuals, there are … (7 comments)

mortgages: We Received Your Payments On Time but are Foreclosing Anyway! - 11/14/09 07:46 AM
I'm really seeing something wierd going on here:
Mortgage Compaines blowing up.  Mortgage companies thriving.  Clients are making the shift.  Big box lenders are so big that they're collapsing on top of their own clients. 
I'm dealing with a top three lender rignt now...
As an Attorney!
I've been contacted by the client.  The lender had been accepting the mortgage payments, cashing them in and, oh yes.....reporting to the credit bureaus that they hadn't made a payment for nine months and therefore the big box lender began the foreclosure process.
I've spent hours upon hours with the client getting disconnected repeatedly.  … (171 comments)

mortgages: First Time Homebuyer Tax Credit Passes the Senate 85-2!!!!! - 11/03/09 04:45 AM's almost here.  According to Bloomberg, it appears likely that Obama will have the bill on his desk next week to extend the first time home buyer tax credit.  Needless to say, this bill, in it's current form extends the tax credit to:
 Non-First Time Homebuyers can get a $6,500 tax credit as well!!!!
 Check out the article from Bloomberg since it was released last evening.  Homebuyer Tax Credit, Unemployment Bill Advances in Senate. 
Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at … (8 comments)

Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759  Cherry Creek Mortgage NMLS #: 3001) Ambassador large

Larry Bettag

Vice-President of National Production

Saint Charles, IL

More about me…

Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001

Address: 40W310 LaFox Road, Saint Charles, IL, 60175

Office: (630) 524-9677

Mobile: (630) 417-7172

Email Me

 1 “Let not your heart be troubled; you believe in God, believe also in Me. 2 In My Father’s house are many mansions; if it were not so, I would have told you. I go to prepare a place for you. 3 And if I go and prepare a place for you, I will come again and receive you to Myself; that where I am, there you may be also. 4 And where I go you know, and the way you know.”(John 14:1-4, New King James Version) Follow this blog Larry Bettag var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-17798043-1']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + ''; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();




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