mortgages: I'm Freakin....and I need Help....
- 12/20/08 05:53 AM
Talk about crying in your beer. I know that I'm whining when people have real problems. This post will be short since my problems are not those of the average american worker. The problem? I'm busy...I'm too busy right now. A month ago the stress was making ends meet. Now it's how do I handle the business that I have. In the last week, 1) I've locked 15 loans; 2) I've taken two more referrals off of Active Rain; 3) I had two new loan officers sign on to my branch; 4) And I have 17 (no exaggeration here, I … (12 comments)
mortgages: Today's Market News....for mortgage lenders!!!!
- 12/18/08 01:00 AM
Mortgage prices shot out of a canon yesterday morning as prices surged to all time highs. This was so cool....but no sooner did it take off than it gave it all back and then some. However, a heavy dose of origination sent prices downward as buyers quickly became sellers. Liquidity in the lower coupons was horrible as pricing became extremely choppy. We lenders had a rough morning as prices were moving faster than rate sheets could be set. According to Fannie.....To make matters worse, the screens we use to price were grossly inaccurate at times. It was definitely a volatile time in my office. And I was had a … (2 comments)
mortgages: See What I found out from the Fed....
- 12/17/08 04:45 AM
This is great...according to market reports the Fed doesn't think that the Fed lowering of the Fed lending rate is sufficient to stimulate the economy. If you think about it. If the Fed lending rate drops to -1.0.... in other words, the Government is paying to borrow money, it really doesn't matter if banks won't lend you money. I heard on the radio that in order to truly stimulate the economy we need to jump start the mortgage lending process and the fed was going to take action to overstimulate MORTGAGE RATES. This is huge for our business and the economy … (6 comments)
mortgages: The Pros and Cons of the 4.5% 30 Year Interest Rate!
- 12/10/08 03:20 AM
Let me first say that I'm not a negative person. Rather, I'm probably the most positive person that I know....Therefore what I'm about to say does not reflect an angry bitter person, but someone who has sat back and analyzed this 4.5% 30 year fixed rate that everyone's talking about. Let me say that I'll conclude with some positive advice for all the young bucks in real estate that want to make this a positive. Let's start with some of the facts. 1) Last week there's an announcement that there may be a 4.5% 30 year fixed rate. Here's the deal. … (8 comments)
mortgages: Punctuality and Your Business - - - A mark of a true professional?
- 11/18/08 04:36 AM
My mom has a little posse of friends. The three of them did so much together so often. But there was one friend who was always late at their luncheons, meetings, church stuff or whatever. ALWAYS. Mom finally set an noon appointment and when her friend didn't show, she waited 15 minutes and left. Later the friend called and mom said, we had an appointment at noon. I waited 15 minutes and when you didn't show, I left. Thirty years later the friend says to mom, you know I'm still late for everyone all the time, except for you. After you … (61 comments)
mortgages: Active Rain is a Perfect Recruiting Tool
- 10/21/08 03:52 PM
OK....So my posts have been political lately. The truth of the matter is that I'll be happy when these stupid elections are done. They really get my dander up. I hate the welfare mentality. I hate local government wanting to grow and promising no more taxes, but alas....I digress. I am closing my 14th deal next week from AR. These people left me and went back to their lender for life. Their lender for life screwed them with a rate of 7.5% when the clients had excellent credit and income. Seems the lender was a little too comfortable with their relationship. … (6 comments)
mortgages: B of A starts Whacking Top Countrywide Mortgage Executives....
- 09/23/08 03:11 PM
The National Mortgage News reported today the following: Bank of America late Monday fired Drew Gissinger, a top production executive at Countrywide Home Loans who was in charge of retail, wholesale, and correspondent lending, according to company officials. Also let go were: Brian Hale, president of retail; Charlie Rogers, managing director of Countrywide's nationwide retail network; and Tom Hunt, managing director of the western U.S. retail branch network. Mr. Gissinger once carried the title of president and chief operating officer of Countrywide Home Loans. Meanwhile, BoA named Craig Buffie the top executive in charge of sales and fulfillment, overseeing 14,000 employees … (9 comments)
mortgages: FHA...the time to act is now!
- 09/03/08 03:26 AM
FHA mortgages are the best thing out there. Now representing over 40% of the market in this economy, this once dinasour of a program that was thought to be near extinction is now the buzz for most home buyers. What does FHA give you as a homebuyer? 1) The loan is assumable. If you want to, when you sell your home, you can get your mortgage to be assumed by future homebuyers. If rates climb to 9% and the rate your in is 6.5%, you can have your mortgage be assumed by a future homebuyer; 2) Gifts are still allowed for … (3 comments)
mortgages: Mortgage Applications UP!!!!!!
- 09/03/08 01:48 AM
They say "the trend is our friend." If that's the case, then the news from the Mortgage Bankers Association should be welcome news. The question is....does 1 week make a trend? We don't have 1 week, we have 2. Weekly mortgage applications in the United States increased in the week ending Sept. 3, according to data released from the Mortgage Bankers Association (MBA) TODAY!!!!, which reported a 7.5% week-over-week rise in applications. In the previous week, applications also rose by 0.5%. The average loan size was $215.6k, compared to previous week's $216.9k. The average interest rate for a 30-year fixed-rate mortgage … (7 comments)
mortgages: Cherry Creek Grows in 2008!!!!
- 07/26/08 04:48 PM
I am excited to report that on August 16, 2008 the 3 Denver Metro Area branches of CTX mortgage along with 100% of their originators will join forces with us here at CCMC. Their offices are located in Lakewood, downtown Denver, and in Greenwood Village! Our president has met personally with all of the employees from these branches and I have to say I'm most impressed with the quality of the people that continue to come on board at CCMC. - they will certainly represent Cherry Creek very well in our marketplace here in Denver. This is huge for us. The additional production is great, but … (4 comments)
mortgages: Thank you Kane County! Kane County Chronicle Announces Cherry Creek- A Reader's Favorite Mortgage Company!
- 06/25/08 03:34 PM
The Kane County Chronicle has a reader's poll every year. There are a myriad of categories in which the reader's vote for the best this and the best that. The best hot dog stand, the best bar, the best bank, the best lawyer. You get the idea. Welllllllllllllllllllll and anywhooooooooooooooooo....with much humility and tons of gratitude, we were notified by the KANE COUNTY CHRONICLE that our humble company was identified by our fans as A PREMIERE MORTGAGE BANKER in Kane County. Now had I even know that this existed, I may have told our clients to vote for us, but, I … (5 comments)
mortgages: New Government Action to Rescue the Housing Market Just Happened
- 05/09/08 07:42 AM
Fannie Mae Changes Policy and Pricing on "Conforming" Jumbos Fannie Mae announced a series of new initiatives called "Keys to Recovery" in its first quarter 08 report. This effort is geared toward basically providing liquidity, stability, and affordability to the housing and mortgage markets for the long term, keeping struggling borrowers in their homes, assisting prospective home buyers with home purchases, and stabilizing communities affected by the mortgage market downturn. According to the report, the initiatives include: 1) A new refinancing option for up-to-date but "underwater" borrowers with loans owned by Fannie Mae that will allow for refinancing up to 120 … (2 comments)
mortgages: Time To Dominate - No Whiners Please
- 05/09/08 03:12 AM
Just got back from the awards presentation for our Company headquarters at Cherry Creek Mortgage. A few nice things that I experienced. First, I was able to go to our corporate offices, have drinks with the staff, leaders and heirarchy of Cherry Creek. Later that night they had the awards dinner. After dinner, I picked up my production trophy for taking 5th place nationally for loan origination production. Not too shabby....#5 nationally, but next year, I expect to be in the top 3. I was so close too!!!!!! The next day we had a meeting for all four of the regional vice … (8 comments)
mortgages: Illinois Home Equity 2nd Help
- 05/08/08 01:38 AM
Although I really know my stuff (ha, ha), I am looking for a tough situation here. I have a borrower who wants to refinance a jumbo high rise condo downtown in chicago. Oh yeah, it's a second home and a high rise. At least it's a full doc loan, but, I'm looking for a 2nd mortgage company. I have a first mortgage approval, but the "end lender" on the home equity loan said that they don't like the scenario. Low DTI, great FICO. Since I really hate home equity 2nds, I don't delve into that foray too often. Having said that, … (2 comments)
mortgages: The Non - Occupant Co-Borrower - - - The Key To closing more homes!
- 04/29/08 01:47 AM
With times not being what they were a year or so ago, we need to get creative in finding ways to getting people in homes. While many look for new ways and new programs to make a deal, many miss out on what's always been available to them. A NON-OCCUPANT CO-BORROWER (NOCB) is just that. It's a borrower who will be a co-signer on the mortgage, but a borrower who won't occupy the newly purchased home. The NOCB is wonderful for a variety of reasons. 1) They won't have to be your roomate, they're just your co-signer. 2) The income and credit and assets … (8 comments)
mortgages: The Age of Personal Financial Responsibility
- 04/24/08 04:29 AM
This morning on the news was more of the usual GLOOM AND DOOM. The three issues were: 1) Rice - No....not Condaleeza 2) Gas Prices 3) Housing Soft Markets The usual banter goes on about how Rice prices have increased 79% since the first of the year. There is rationing in the major US grocery chains, blah, blah, blah. Gas prices suck....of course. The 4 bucks a gallon is incredibly hard for anyone to swallow...even the upper middle class now. The Housing Markets were listed showing all of the soft markets where buyers can score a great deal. WHAT WAS GREAT ABOUT THE NEWS … (36 comments)
mortgages: Mortgage Pro Week In Review
- 03/24/08 05:39 AM
Calling all loan officers...... and anyone else daring.... The Mortgage Week in Review Well....here it is...the much awaited WIR Week in Review for the infamous Mortgage Pros. I was honored, humbled and terrified when my friend, Jeff "The mortgage Stud" Belonger asked me to take a ride on his coattails to do a WIR. So without further adieu, here are our greats of the week between March 17th through March 23rd. We Start the Week with something ah honorable mention. Tina Farinas went beyond wishing all a happy Easter, in describing the meaning of Easter in her post, The True Meaning of Easter. … (23 comments)
mortgages: New FHA loan limits. Kane County is now $410,000!!!!
- 03/06/08 01:44 PM
The results of the economic stimulus package is here. FHA has been debating over the last two weeks to determine if and what the new limits will be. Well....after much adieu, FHA today, announced that it has raised new loan limits in Kane County to $410,000. This is huge. However, in a lagging move, FHA will be placing price hits on the loans that never existed in the past. The bottom line is that FHA has drastically increased the loan limits in the Chicago collar counties as well as in Kane County. Great news for all. … (2 comments)
mortgages: Countrywide and Wells Fargo in Illinois get their Subpoena today!!!
- 03/06/08 08:31 AM
According to today's news release, the Illinois Attorney General issued subpoenas to today to Countrywide Home Loans, Inc., and Wells Fargo Financial Illinois, Inc., to determine whether the lenders supposedly unfairly steered African American and Latino borrowers into higher cost or otherwise inappropriate home loans in violation of fair lending and civil rights laws. The AG's probe follows a Chicago Reporter study (attached) concluding that the Chicago area led the country in high-cost home loans for the second year in a row. The study also asserted marked disparities in loan pricing between white and non-white borrowers, with African American borrowers three times as likely as white … (0 comments)
mortgages: Bait and Switch....
- 02/18/08 01:43 PM
I potentially lost a deal tonight because of false terms that were given by a competitor. I don't mind losing going head to head. Let's compare apples to apples or oranges to oranges.
Anyway, the competition gave a rate that I know is impossible to give. The rate wasn't even within the market for any lender. but then again there were no rates that the borrower could lock into today since the markets were closed. The other lender sits in a real estate office that is not well respected and they don't have to "earn" by serving their clients. Also, … (10 comments)
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)
Talk about crying in your beer. I know that I'm whining when people have real problems. This post will be short since my problems are not those of the average american worker. The problem?
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