mortgage: Marketing a Listing? - 03/05/10 09:13 AM
What are you doing?
So, in this "buyers" market, to sell a home, to me, it really is no longer the practice of just putting it on the MLS and waiting for a buyer to appear.
Outside of listing it, what are you doing as a Realtor to attract potential buyers to your listings?
here's the "normal" things that I see:
Sign in yard Place on MLS Flyers (refilled as needed-hopefully...color.....a plus!) Open houses-maybe......but, if so, how often? (If you can comment on the post then I can edit and add to this list) 
Does anyone talk over with the potential … (2 comments)

mortgage: 381 Lenders have now "imploded" - 03/05/10 08:52 AM
How many mortgage lenders are gone?
 381 Imploded* Lenders since late 2006:
381. Assurity Financial Services, LLC380. Premium Capital Funding, LLC dba TopDot Mortgage 379. First Regional Bank, Century City378. Security Atlantic Mortgage Co.377. Apex Lending, Inc.376. Charter Bank, Santa Fe375. Equitable Trust Mortgage Corp.374. AmTrust Bank373. Dynamic Capital Mortgage372. Lend America / Lending Key371. New South Federal Savings Bank370. AME Financial Corp.369. Envision Lending Group Inc.368. Warren Bank367. Stockton Turner & Company366. The Lending Company Inc. - Wholesale365. Capmark Financial Group Inc.364. Northeast Mortgage Corp.363. Security Mortgage Corporation362. Windsor Capital Mortgage Corp.361. First Rate Capital Corp.360. StoneWater Mortgage Corp.359. First … (7 comments)

mortgage: Documentation waivers still exist...... - 12/13/08 06:34 AM
Just an FYI (especially for Minnesota), we still have the ability to issue (and are issuing) loan approvals based on income, asset and, on some refinances, even appraisal documentation waivers.....
I don't know of anyone else doing a matter of fact, I was just referred a loan recently from a friend of mine at US Bank because they couldn't do a documentation waiver program-yes, I have the preliminary approval and the loan is locked!
The big difference is we don't have any chart like in the past that says "if this and this then it qualifies for that".  It is a waiver program that … (0 comments)

mortgage: PATRIOTISM! New Law Authorizes Veterans' Salutes during National Anthem - 11/08/08 01:12 AM
Posted at 12:25 PM on Thursday, October 30, 2008 by District 9 Web Admin
WASHINGTON (Oct. 30, 2008) -- Veterans and active-duty military not in uniform can now render the military-style hand salute during the playing of the national anthem, thanks to changes in federal law that took effect this month."The military salute is a unique gesture of respect that marks those who have served in our nation's armed forces," said Secretary of Veterans Affairs Dr. James B. Peake. "This provision allows the application of that honor in all events involving our nation's flag."The most recent change, authorizing hand-salutes during the … (1 comments)

mortgage: Fed Cuts rate, Prime now 4%! - 10/29/08 07:52 AM
My Notes
Wow!  So much has happened, in trying to keep positive about this industry, I will say that there are some great housing deals out there for buyers.  Other than that, well, you read the paper....(which BTW, is bad because it's all negative press)
 With so that negativity all around us, lets look at a few positive's.....
We are alive Most of us are somewhat healthy Housing prices are low Now's a great time to buy real estate! Gas-Everyone can thank me for gas prices coming down.  I sold my Durango right after I filled up the tank at $3.89-now look … (0 comments)

mortgage: Oh Oh now the Bond Programs in danger! - 10/16/08 03:08 AM
We know that the bond programs are the only source of down payment assistance in many areas.   None of the new bond programs have been able to begin because there are no buyers for these bonds.For most of the 2000's, Fannie Mae and Freddie Mac were the major or only buyers of mortgage revenue bonds.   That is no longer true.  They aren't buying and there are no other investors. This email is in regards to new bond programs.  The bond programs that currently have money will continue to have funds until everything is reserved.  So there is no worry with loans … (1 comments)

mortgage: What are you doing? - 10/14/08 01:21 AM
So, in this "buyers" market, to sell a home, it is no longer the practice of just putting it on the MLS and waiting for a buyer.
Outside of listing it, what are you doing as a Realtor to attract potential buyers to your listings?
Sign in yard Place on MLS Flyers (refilled as needed-hopefully...color.....a plus!) Open houses-if so, how often? (If you can comment on the post then I can edit and add to this list) 
Does anyone talk over with the potential seller a detailed marketing plan when vying for a listing?
I want to personally list a home … (0 comments)

mortgage: Citimortgage............ - 10/08/08 11:51 PM
Here's some news - this represents 9,000 jobs eliminated at CitiMortgage. 
 (Taken from: National Mortgage News)
CitiMortgage Making Huge Cuts in Wholesale/Broker Network  
CitiMortgage, the nation's fourth largest residential wholesaler, is making deep cuts in its table funding unit, cutting 500 account executive jobs, and slashing its broker network to 1,000 from a current head count of 9,500. 
 Just FYI....... down goes another one :(

mortgage: Fed Rate Cut Prime now 4.5%!!!! - 10/08/08 12:41 AM
WASHINGTON - The Federal Reserve and six other major central banks from around the world slashed interest rates Wednesday in an attempt to prevent a mushrooming financial crisis from becoming a global economic meltdown.  The Fed reduced its key rate from 2 percent to 1.5 percent.
The Prime rate is now 4.5%

mortgage: FDIC limit increased to $250,000 - 10/04/08 03:56 AM
This information was emailed to us earlier today..... I hope you find it beneficial
The U.S. Congress has approved, and the President has signed into law, a plan to help stabilize the financial markets. This plan, among other things, temporarily increases Federal Deposit Insurance Corporation (FDIC) coverage from $100,000 to $250,000 on traditional deposit accounts (checking, savings, trust, money market savings and CDs). This increase applies to both new and existing accounts and is temporary through December 31, 2009.
Bank of America strongly supports these efforts by Congress and the Treasury to ensure the continued flow of credit to both large and small businesses … (0 comments)

mortgage: Countrywide Short Sale Process to Follow - 10/03/08 04:15 AM
I have heard a lot of realtors talk about the short sale process and, while every lender is bombarded with requests currently, we were told last week at our regional meeting that Countrywide receives 100,000 short sale requests A MONTH.  So obviously, that department is overloaded with work.  That said, if you set reasonable expectations with your cliets and follow the steps that has been laid out by the lender you are dealing with, you will make it through the process without too many hang ups.  To make the process as fast and easy as you can for everyone, when submitting a short … (9 comments)

mortgage: Maple Grove TH For Sale FHA Assumable!!! NO MONEY DOWN!!! - 09/26/08 01:40 PM
Great location townhome...seller is retiring and moving north so quick occupancy is available! You have the opportunity to assume this home's mortgage which can save you not only thousands of dollars in costs, but you can buy this home without a down payment!.... 2 bedroom/1.75 bath with finished walk out lower level (family room) and a 2 car garage Comes with a Huge Deck off the dining area and a nice fireplace in lower level! FHA Appraised value on 05/01/08 is $173k! 30 year fixed mortgage!...Payments of $1,343 includes taxes! Look at the others in the area and remember, this one … (1 comments)

mortgage: FHA- Not the reason you are thinking but, the new BIG advantage for YOU - 09/26/08 03:15 AM
With about 70% of mortgages currently going through FHA, what will happen in a couple of years (or even now) for mortgage lenders when it's time to sell these homes?  Realtors-listen up, if you are doing your homework, this is an opportunity to make your listings stand out for you!
Here's a thought for Realtors and sellers (and for buyers to look for).......When you have an FHA loan, it is ASSUMABLE.  Countrywide, for example, charges a $525 processing fee and you have to qualify to assume this existing FHA loan (deed transfer charges as well but that's about it).  Here's some … (5 comments)

mortgage: Important ARM announcement! - 09/26/08 01:32 AM
Just an fyi......
I just received a letter on one of my rentals about my ARM adjusting 10/01/08 and it is going DOWN 2%!!!
The index's have come back down (our thanks again to Alan Greenspan for jacking them up in the first place)!
So, if you have an ARM, the sky isn't falling like it was, say a year ago.....
It's still important if you have long term plans but, short term people, I think you are in pretty good shape!
It's important to review your mortgage and make sure you have what you think you have.  A lot of … (0 comments)

mortgage: Do you have a Countrywide Option Arm? - 09/26/08 01:28 AM
In our ongoing effort to meet the needs of our customers, Countrywide will waive prepayment penalties (PPP) to facilitate the refinance of all Countrywide-owned Pay Option ARMs. Note: Countrywide Home Loans or Countrywide Bank, FSB must be the current holder of the subject loan. If the customer's loan is held by another investor, Countrywide is not authorized to waive the PPP. 
Approximately 50,000 PayOption ARMs out of the existing Countrywide servicing portfolio have been identified as eligible for this waiver.  Countrywide Loan Servicing will contact all qualifying customers to explain that the prepayment penalty has been waived.  
If you have one … (3 comments)

mortgage: Wamu gone...... :( - 09/26/08 01:03 AM
This isn't just the mortgage division, that was shut down a while ago, this is the whole bank  :-(
Here's a bit of the news feed.........
Rescue falters; feds seize WaMu
By Charley Blaine and Elizabeth Strott (posted on
Stocks are likely to open sharply lower Friday after a deal to rescue the nation's financial system fell apart in Congress.
The worry will be elevated because, late today, federal regulators seized troubled Washington Mutual (WM, news, msgs), which had been the nation's largest savings and loan, with more than $300 billion in assets. WaMu's failure is the largest in U.S. history.

mortgage: $7500 First Time Homebuyer Tax Credit - 09/13/08 05:20 AM
  In our quest to continue to provide excellence to you, please find below the key points of the First Time Homebuyer Tax Credit that became law through the H.R. 3221 Housing and Economic Recovery Act of 2008.   Please feel free to contact me should you have further questions.    If this information is not applicable to you, feel free to pass it on to your friends and family.   We appreciate your trust.  
If I can be of further assistance or answer any questions, please do not hesitate to contact me at 612-221-5746.   Michael

mortgage: Please help try to save the Down Payment Assistance Programs! - 07/28/08 02:30 AM
Going away OCTOBER 1st.......
I think it's going away this time-which will deal yet another blow to people who can't afford a down payment (especially minority lending).  If FHA comes out with a 100% loan, it may be fine but, in this environment I think bringing out this kind of product now may be too bad of press.What people don't understand is, the DAP's are used with FHA loans but are "full doc" loans just with no money down-they aren't the reason the market tanked-the economy/gas prices along with the reduced documentation programs that were made available is the main reason … (2 comments)

mortgage: How many mortgage lenders are gone! - 07/24/08 02:58 AM
 267 Imploded* Lenders since late 2006:
267. Wachovia Mortgage, FSB - Wholesale266. Lehman Brothers SBF265. IndyMac Bancorp264. Mortgages Ltd.263. Wilmington Finance - Wholesale262. Accredited Home Lenders, Home Funds Direct261. Assured Lending Corp. - Wholesale260. Homewide Lending Corporation259. Vanguard Mortgage & Title, Inc.258. Chase Home Equity - Wholesale257. Chase Subprime - Wholesale256. Evergreen Investment & Carnation Banc255. Casa Blanca Mortgage/Shearson - Wholesale254. Guaranty Bank - Correspondent253. Citi Residential Lending252. Montgomery Mortgage Capital Company251. E*Trade Wholesale Lending250. Shearson Financial Network, Inc.249. American Bank Mortgage Group - Wholesale248. AmeriBanc Corp.247. Washington Mutual - Wholesale246. Century Bank, F.S.B. - Wholesale245. Diversified Mortgage, Inc.244. National Wholesale … (5 comments)

mortgage: 07/10/08 Seller Gift Programs going under the gun again........ - 07/10/08 08:02 AM
URGENT. Voice Your Support for Downpayment Assistance! 
(We just received this from Nehemiah)
Downpayment Assistance Programs in Danger of Elimination!The Department of Housing and Urban Development (HUD) has re-issued a proposed rule that would eliminate all private downpayment assistance programs.As you know, Nehemiah has a long history of successfully protecting and advancing homeownership opportunities for homebuyers. For over 10 years, we have worked together to help more than 290,000 families achieve their homeownership goals. Together, we can defeat HUD's proposed rule. Act Now! We Have One Month to Stop This ActionSpeak up now! The proposed rule comment period ends on August … (0 comments)

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Michael Schindler

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