mortgages: Great Time to Shop for a home? Really? According to Mortgage News Daily it is....
- 12/06/07 03:18 PM
Depending on the data you are looking at, national average home prices are down significantly. On average, this trend will continue, but consider three things. First, the hardest-hit markets drag down the average depreciation. Second, mid to high priced homes were more inflated than entry level housing. When those homes depreciate, they have farther to fall than a lower priced home. This also brings down the average. Finally, because panic can create a knee-jerk reaction among sellers, and market perception can create a hesitance among buyers, prices can be lower on the way down than they will be at the bottom. … (3 comments)
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mortgages: Bush's Subprime Rescue Plan Coincides With Sobering Delinquency Report
- 12/06/07 03:12 PM
As reported in the Mortgage Daily News, Several hours before President Bush announced the details of his administrations plans to assist homeowners who are facing foreclosure the Mortgage Bankers Association released its delinquency survey for the third quarter.
The survey showed that the number of loans in the foreclosure process and the number of loans entering that process were at the highest levels since MBA began keeping records 21 years ago.
Loans entering foreclosure - generally those that are 90 days in arrears on payments - represented a seasonally adjusted 0.78 percent of all loans on one-to-four family residences. In the second quarter … (1 comments)
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mortgages: TODAY'S MARKET COMMENTARY
- 12/04/07 01:07 AM
The ISM's manufacturing index posted a very slight decline, falling to 50.8 from October's 50.9. It was the fifth straight month of declines in the index. The prices paid component rose but remains well below its highs and is fairly volatile. Headlines continue to be dominated by Treasury Secretary Paulson's push to bring relief to subprime borrowers, in part through a deal which is still in the works with services, investors, and industry. In addition, much talk yesterday, from Paulson, Boston Fed President Rosengren, focused on the theoretical ability of many subprime borrowers to refinance because of their good credit scores … (4 comments)
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mortgages: Countrywide Steps Up to help Sub-prime fallout
- 10/23/07 12:54 AM
Last night I wrote about the investigation that Angelo Mozilo at CW is undergoing for purported SEC violations. I said that I really admire Angelo for his creative, cutting edge approach, but that he now is under the scrutiny of the SEC. If something bad happens, then the house of cards in the mortgage industry will collapse and that the government will be all over everyone in real estate like flies on ____.
Further, in today's paper, THE USA TODAY, specifically, the cover story in the money section supports this theory. "Criticism Rains Down on Mortgage Industry" is a prime example … (7 comments)
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mortgages: Countrywide Investigation? Could pose more instability for the enitre industry
- 10/22/07 02:14 PM
Reuters News Service and the Associated Press are both quoting a story in the Wall Street Journal on Wednesday that Angelo Mozilo, is under an informal investigation by the Securities and Exchange Commission (SEC). People think that this is the next Enron in the works. This would NOT be a good thing for anyone associated in mortgages, lending, real estate or affiliated in any manner in real estate. This would be devastating. I kinda like what I've seen and heard from Mozilo...He walks an adventurous line with the way he acts and seems to be a real visionary. According to Reuters, Countrywide … (4 comments)
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mortgages: AGRICULTURAL LOANS....ANY HELP?
- 10/16/07 04:35 PM
I do USDA loans, but I'm looking for lenders that we can sign up that just do farm and ag loans in Illinois. Does anyone know of anyone who will work as a correspondent or as a broker to do farm loans in Illinois? Specifically, we are looking for people who will lend in rural/ag areas over 5-10 acres, but who have the capability of lending up to a couple of hundred acres? Thank you.
… (2 comments)
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mortgages: I met Great People at Re/Max Yesterday
- 10/10/07 03:09 PM
Yesterday, I was able to do a presentation to about 30+ realtors in Plymouth Wisconsin. Last week, Bill Cain, the broker, had asked me to drive up and give a pick up and inspirational message to the fine real estate office in Plymouth. His office has received many awards nationally through Re/Max nationally. They're big power players and I felt that it was a great opportunity to motivate great people. I've been doing speaking engagements for more than 3 years now and have come to this conclusion in life....I think that my motto can be based off of the following. "If … (5 comments)
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mortgages: Home Scouting Report - Million Dollar + Search in Saint Charles, Illinois
- 10/04/07 04:13 PM
Saint Charles has many areas for high end homes from over 1 million dollars to over 4.5 million dollars. Crane Road, Fox Chase, Dover Hill are just some. Ask for a free enrollment to Home Scouting Report. It's the only engine out there that sweeps the MLS daily. It gives you pictures, prices, address and directions of all your favorite homes. No cost or obligation. It's costing our company over $30,000 per month to offer this highest end product to all clients whom are searching for homes. This is by subscription only and you can't find this even on google. We … (0 comments)
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mortgages: Staying Motivated
- 10/01/07 04:53 PM
What do you do to stay motivated? I have a few activities that I do to hopefully.....keepme focused and motivated. Primarily the things I do are as follows:
1) Read the Bible - Need this daily. I love the quote...you are what you eat. If you eat crap, you become crap. When I'm away from the word...bad things happen. When I force feed myself....I am pumped up and focused and keep my mind on the things that are important to me. This keeps me focused, on task and fresh.
2) Working out - I work out almost daily....at least 5 times a week. … (10 comments)
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mortgages: Sell stacked up listings through mortgage abatement program
- 09/30/07 02:42 PM
Want to move your listings....use the mortgage abatement program. What this program does is allow homebuyers to not pay 1, 2, 3, 4, 5 or up to 6 payments. That's it! The homebuyer doesn't need to make mortgage payments for up to six months. So instead of just numerous price reductions, why not have your seller contribute some money to have the buyer forego up to one-half a year's worth of payments. Think about moving listings by have buyers that have home acquistion concerns move forward knowing that they don't have many months of mortgage payments....
Give me...give your lender...give someone a … (10 comments)
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mortgages: Grey Area of Ethics Part II
- 09/29/07 04:01 PM
I just posted yesterday about operating in the grey area of ethics. Many have commented and said that there is no room to operate here. My point is that if you're truly engaged in real estate, that you're not a part timer, then you will run into grey....You'll run into it often. There is no ability for full time successful people to avoid the grey area of real estate. The problem, and the choice, becomes choosing to live within that arena. In other words, you will always be faced with eithical questions that are not clear. In order to not live … (7 comments)
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mortgages: Operating in the gray area of Ethics
- 09/28/07 04:09 PM
I have no problems with walking in the gray area of ethics, but questions need to be asked. When I first got in the business, my old boss told me to copy a signature from the file in order to put it on a form that the borrowers verbally agreed to, but didnt' have the time to sign. He got on the call to verify that the borrowers agreed to do certain things before ordering me to photocopy this signature and paste...BECAUSE WE WERE ONLY FOLLOWING THE CLIENT's desires. Needless to say, I was less than 3 months into the business and … (23 comments)
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mortgages: Hate to get personal, but we really need to!
- 09/14/07 02:29 PM
I don't normally share these things with people, but the president and CEO of Cherry Creek Mortgage sent this to me personally. It is shared with by Bill Hart at Building CHampions. Building Champions is a pre-eminent national coaching company. It's probably the gold standard in coaching. I'm a coach and darn good at it too, but these guys really have it going on. So if I'm going to share this info with you, I want to plug them too. Go to www.buildingchampions.com to find out how to hire a preeminent coach for you and your coaching needs.
1) Lean into Learning. Look into industry … (9 comments)
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mortgages: FHA to $500,000???? Stay Tuned...
- 09/14/07 02:08 AM
Wow, the news keeps coming out. Check out the latest news of FHA. I find it difficult to believe that something of this magnitude will get passed, but we can always hope.....I think that there is a lot that needs to occur in order for us to get FHA to insure up to $500,000.
U.S. House Financial Services Committee Chairman Barney Frank said Tuesday an amendment he plans to offer next week would raise the limit on the size of loans that could be insured by the U.S. Federal Housing Administration, with a provision that would allow more growth based on market … (2 comments)
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mortgages: First Horizon to Lay Off 1,500+ originators.....Continued Mortgage Contraction
- 09/13/07 08:47 AM
First Horizon announced yesterday that it would be laying off 1,500 originators nationally. Not employees, but originators. I know that there is a cost to keeping loan originators, especially those who don't produce. But laying off originators actually is an example of the cost of manufacturing a loan. Needless to say...watch for companies doing more pull back. Countrywide announced last Friday that they are laying off over 12,000 employees. Crazy. Our company at Cherry Creek Mortgage is on solid, I mean SOLID footing. I know that there are others as well. Realtors, watch who you refer your business to. Ultimately you … (4 comments)
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mortgages: Loan officers....where are you????? 225,000 missing!!!!
- 09/10/07 02:42 PM
Department of Labor has reported that over 225,000 loan originators have left the business since the implosion of mortgage lending. This is great for those of us who want to stay and to work in the business. We need to truly add value to our realtor referral partners if we're going to stay, grow strong and run over the next year.... In order to grow, we, as loan officers need to be experts in lending. We need to be expert advisors. We need to serve our partners and teach them how to serve and add value to our buyers, our realtors … (13 comments)
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mortgages: More on Bush's Announcement - - Fannie & Freddie to Expand as well????
- 08/31/07 07:07 AM
Looks like there is more info to come...Fannie and Freddie are likely to expand as well.
… (0 comments)
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mortgages: Planning to Win - As a mortgage lender
- 08/08/07 01:40 AM
I recently wrote a post and shared my life plan for others. I received a lot of comments. I do coach other people nationally in and outside the industry. Living to dominate! Living Life on purpose. Humbly I really feel that it's an awesome plan, but I must say that I never would have done that plan had I not come to my company at Cherry Creek Mortgage.
Cherry Creek Mortgage is a top retail lender in the United States. Plus, excuse the vernacular, but we're not tied to all the BS that is going on with lenders at Wall Street because … (4 comments)
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mortgages: Mortgage Implosions
- 08/07/07 03:08 PM
The mortgage implod-o-meter....says that since late 2006...that there have been over 112 major lenders that have gone bankrupt since late 2006. It gives information on all the lenders whom have:
1) Imploded
2) Those that are ailing
3) Those that are about to be sued.
Why is this important???? It can tell you public information on lenders who have been or are in the process of going belly up. If you're looking for a loan....and the major company you're thinking about going with is not on the list....THAT MAY BE A GOOD THING. Check out www.mortgageimplode.com for more information.
… (6 comments)
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mortgages: Wow...Decimation Abounds....American Home is the tip of the iceberg
- 08/06/07 01:14 PM
Wow....just when you think that it may be safe to go back in the water (never mind...I guess no one really feels that it is safe to go back in the water). There is a bloodbath out there. Realtors work with lenders that can vouch for the veracity of what they're offering you. Ultimately it's your business. If wall street doesn't want to buy loans...you may be hosed at the closing table.
Spoke to a broker owner of a mortgage company today. She had 3 clear to close loans that she found a place for. When she got to the table, … (2 comments)
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Depending on the data you are looking at, national average home prices are down significantly. On average, this trend will continue, but consider three things. First, the hardest-hit markets drag down the average depreciation. Second, mid to high priced homes were more inflated than entry level housing. When those homes depreciate, they have farther to fall than a lower priced home. This also brings down the average. Finally, because panic can create a knee-jerk reaction among sellers, and market perception can create a hesitance among buyers, prices can be lower on the way down than they will be at the bottom. … (3 comments)
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