mortgages: Urgent - New Minimum Mortgage Guidelines!!!! - 10/30/09 08:34 AM
New Mortgage Guidelines· All borrowers must have one blue eye and one brown eye to qualify.· LTV > 65% SIVA requires minimum credit score of 899.· For all LTV > 65%, 360 months of payment reserves now required.· Borrower's must have no previous bankruptcies in their family history going backthree generations.· A minimum of 25 years self-employment history now required for all NIV Programs(at same location).· Minimum Credit Score for Subprime Loans raised to 720.· All non-arm's length transaction borrowers (mortgage, real estate professionals, family members) will be required to provide full-documentation, subject to criminal background checks, wire tapping, strip-searches, and … (8 comments)

mortgages: 1 of 3 Loans being Denied....GET APPROVED before the $8,000 Tax Credit Lapses - 10/05/09 03:39 AM
The Associated Press reports that loans are being denied at a record pace.   According to the associated press, www.google.com/hostednews/ap/article/ALeqM5i28p_PCbyYs83kcnlV-GMcXCe55gD9B1QN202
Nearly one in three borrowers who applied for a mortgage last year was denied as lenders made it far more difficult to qualify.
In its annual look at mortgage practices among the nation's lending institutions, the Federal Reserve says the denial rate for all home loans was about 32 percent last year - about the same as in 2007.
The denial rates for Blacks and Hispanics were more than twice as high as the rate for white borrowers.
The data, collected from … (5 comments)

mortgages: Net Branching Opportunities Continue in Minnesota - 08/25/09 07:51 AM
I'm the Regional Vice President of Cherry Creek Mortgage.  I am so grateful to the fact that I work at such a great company.  I have been blessed in the fact that I have signed on about 10+ branches in my short tenure as Vice President.   Just last week, I was fortunate enough to sign on a stellar branch in Saint Louis, Missouri.
As for Cherry Creek Mortgage, Here's the deal....
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 … (0 comments)

mortgages: Don't Trip over dollars to save a few pennies..... - 08/25/09 01:26 AM
Thirty year mortgage rates have been moving lower over the past week and are currently at about 5.0% + or - depending on all the loan variables.  Many of you know that over the past month rates moved as low as below 5% for 30 year fixed mortgage loans and as high as just under 6.0%.
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 … (11 comments)

mortgages: Will Homebuyers Lose $45,000 by Not Acting Now????? - 08/14/09 02:09 AM
The Federal Reserve met Wednesday and basically said that their support of the bond purchasing program is nearing the end.  The program, in which the government (you and I) were to purchase $1.25 trillion of MBS's or mortgage-backed securities is ending soon, probably by the end of 2009. 
Mortgage Backed Securities of the United States were once regarded as one of the most attractive securities in the world, but when our markets imploded they lost so much value because of the who sub - prime fiasco.  Now the largest purchaser isn't China or France as they used to be, but our own government.  Just amazing.....now our … (7 comments)

mortgages: Real Estate, Benevolence and Passion....do they belong together in Real Estate? - 08/13/09 09:51 AM
When I was a kid, I spent a week or two at Camp Saint Malo every summer.  It was and is, just south of Estes Park, Colorado and attached to Rocky Mountain National Park.  Then I went to college and for four summers became a camp counselor there.  It's a time where I really found Christ and was still able to be an idiot all at once.  Mostly, I found a peace leading others by being a camp counselor.  I'd hike, swim, fish, play sports, shoot guns, do archery and just really kick it in life.   John Denver, who meant nothing … (3 comments)

mortgages: 276,000 new homes per week going into foreclosure - 07/18/09 05:22 AM
Pretty amazing stats if you ask me.  I was on a seminar with a well known speaker yesterday in the mortgage industry.  He was whipping out some facts.  We spoke a bit about how by 2010 less than 7% of the mortgage market should be refinances.  This means that there will be a huge shift in the way that we do business.  But what I found most interesting was the fact that foreclosures are still coming fast and furiously.  Just amazing.  Want to have your take on it and know your thoughts.
Not a lot to say...just looking for some feedback … (8 comments)

mortgages: Energy Efficient Mortgages??? Green has finally arrived! - 07/09/09 03:34 AM
Finally, mortgage lending seems to be getting caught up with the rest of the world when it comes to green.  I had started a draft on green mortgage lending in Active Rain and then saw and participated in the post by Ritu Desai   Calculate your Carbon Footprint and decided that it was time for the information to be shared with the rest of the world.
ENERGY EFFICIENT MORTGAGES or EEM's are Here!!!!
Here's the facts that you need to know:
1)  Can be used for purchase or refinance to incorporate the costs of the improvements into the mortgage;
2)  Dollar amount can't exceed … (3 comments)

mortgages: Tracking Mortgage Backed Securities Movement Recently.... - 06/09/09 12:59 AM
The enclosed chart includes 4.0 and 4.5 MBS (mortgage backed securities) closing prices for the past 6-weeks. I don't recall ever seeing market deterioration of this magnitude in such a short period of time.  It's just amazing as there's really nothing to support this movement.  Needless to say, the ONLY THING that's been helping our economy is the mortgage industry.  NOW....the feds and free market are stopping that.  Do you know that the end of every recession was led by the surge of the mortgage and, invariably, real estate industry?  The government's going to have to act quickly otherwise we'll quickly … (2 comments)

mortgages: Kane County Votes Cherry Creek Mortgage as Best of the Best!!!! - 06/01/09 01:55 AM
9 YEARS AT CHERRY CREEK MORTGAGE IN KANE COUNTY FINALLY PAYS OFF!!!!
I came to Cherry Creek Mortgage Company (CCMC) in 2000 for a variety of reasons.  The overriding reason was because of the culture..... The culture needs to work for me to thrive.  9 Years later the community, in fact the entire community in Kane County has voted Cherry Creek Mortgage as the best Mortgage Company in the County.
In 2008 we were notified that we were second behind Countrywide.  Through all of the stupid blunders, Countrywide removed itself completely from the list by the readers.  This year it was:
1)  … (5 comments)

mortgages: When A Client Commits Fraud - 05/21/09 12:50 AM
There's a client out there waiting to buck the system.  Wants money, but doesn't want to or have the capability to play by the rules. 
I was notified by a builder yesterday that there's someone out there (they even gave me the name of the person) who is into scamming mortgage companies through fraud.  The person gives false information.  They give a legitimate social security number, but they give fraudulent documents, including W-2's and paystubs and bank statements.  We'll pull the credit, run it through and automated underwriting system (AUS) and approve the loan.  We'll go to closing and get the … (14 comments)

mortgages: Truths, Lies, and Just plain Stupidity (Experience Matters) - 04/16/09 03:13 AM
I was reading Jeff Belonger's post today.  

His post,  To be or not to be an EXPERT, that is the question - Such as an FHA Expert, is fairly straightforward.  The post is fairly straightforward in that he gives examples in supporting his theory that cthere are a lot of "experts" out there, that are "experts" in name only, and thus, as a result, mislead the consumer. 
I find that there are the KNOWs and the "don't knows."  The knows are people in our business who actually know their business.  They know it inside out.  What they don't know, they know … (12 comments)

mortgages: Why Aren't the Rates Lowers????? All Signs Say Lower Rates....Why Not? - 03/27/09 01:48 AM
This is very promising evidence that the government is now starting to direct their buying power in the lower coupon range.  Yesterday, over 60% of this weeks Mortgage Backed Security purchases were in the 4.0% coupon....THAT'S a whole 1/2 percent better than what you've been looking at recently.  It's huge.  So......
Rates are going to drop now right?  Er...NOT!!!!!!!!!!!!  So why haven't rates dropped more?
Three reasons why rates haven't been effected too much:
1)  As rates drop, the value of existing servicing portfolio's decline due to higher potential that loans will pay off early.
2)  Large whole loan purchasers (our investors) … (6 comments)

mortgages: Countrywide Execs benefitting from Countrywide Collapse.... - 03/04/09 02:07 PM
As reported yesterday.  I've modified the report to talk about the absurdity of these so called leaders. 
Whether they deserve to be or not, Countrywide Financial and its top executives would be on most lists of those who share blame for the nation's economic crisis. After all, the banking behemoth made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering.
So it may come as a surprise that a dozen top Countrywide executives now stand to make millions from the home mortgage mess.
The team of former company executives have … (73 comments)

mortgages: Please Join Me in Welcoming Riverbend Home Mortgage to Cherry Creek Mortgage - 02/23/09 03:33 PM
I have to share with you that I just pulled off another coup.  Or should I say that God did.  Just a few months ago, Tom Ward, a national mortgage speaker and owner of Majestic Consulting, referred me to Teresa-Carly Brown.  Teresa has had her own mortgage brokerage company for many years as the owner of Riverbend Mortgage.  See her site at www.riverbendmortgage.com. 
Needless to say, I was drawn to Teresa by her humilty and her desire for something greater.  You see, when you meet owners, there are a lot of egos out there.  I have to say that what makes … (3 comments)

mortgages: The Death of The Mortgage Broker - 02/16/09 12:39 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 … (13 comments)

mortgages: HONESTY AND TRUTH matter more today THAN EVER!!!!! - 02/13/09 01:32 AM
The economy is hurting.  People are hurting.  Our industry has taken a beating.  Most of the rif raf have left our industry.  In Wisconsin, the number of licensed mortgage originators (excluding those federally chartered) has plummetted from over 16,000 to just about 600 in less than a year.  People who don't belong in the business have left....or so it seems. 
I hate hearing that lenders are liars, buyers are liars and realtors....well, they're one step above a used care salesman. 
What really rags my goo is the fact that we position ourselves as an industry of being people who are focused … (16 comments)

mortgages: FHA can help first time homebuyers who think that they'd never get in a home. - 01/17/09 01:22 PM
FHA has had some major changes this past year.  The most negative one is that the downpayment has changed from 3 to 3.5%.  But really that's the extent of negative changes.  The rest of FHA and it's changes have been lateral or better.
FHA is the best thing out there.  Really, as a program, FHA has single handedly saved real estate lending.  You really can't go wrong with FHA. 
First Time Home Buyers can still:
1)  Get a gift for the entire downpayment;
2)  Allow people who won't live in the house co-sign with the borrower who will live in the … (10 comments)

mortgages: 2008 Comeback of the Year......FHA LENDING! - 01/02/09 01:59 AM
It was hit. It was hit hard. It was was old, knocked down and Mick was ready to throw the towel in so as to protect Rocky, er HUD. HUD wobbled back to its corner and yelled..."Cut Me Mick. It was such a great scene and the beginning of one of the largest comebacks in underdog history. Needless to say, FHA, being down an obsolete and on the ropes was three punches away from devastation. Death was imminent. But the cut had come. The subprime mortgage fiasco and sub prime mortgage mess and wall street and everything else made for a … (20 comments)

mortgages: Rates Going Up over the Holidays???? - 12/22/08 03:49 PM
Well, the Holidays are officially upon us.  There are so many people who have already left for the holidays.  We're seeing what happens during this time each year.  Rates generally go up.  That is exactly what has happened during this season.
Last week the Fed announced that it was going to buy up most of the mortgage backed securities.  When mortgage backed securities or MBS's are bought up, rates drop down.  Most people think that when the stock market goes down rates go down or even inversely when the stock market goes up.....rates go down.  The reality is that there often times … (10 comments)

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

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

 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)

Larry Bettag

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