Main | August 2006 »

Jul31
Automating Mortgage Workflow

Have you ever seen so much paperwork? Well, I would say I have when I joined the military. As a matter of fact, that is what it felt like when we prepared to buy our first home. The mounds and mounds of paperwork that you get and have to read is unbelievable. But guess what? It was well worth going through all of the paperwork and understanding what was happening. U.S. Bank has automated its mortgage workflow with Wolters Kluwer. If they can reduce the inefficiencies, that puts them that much more ahead of the game. Will it become a paperless environment or will some paper still remain?

Jul31
One Lucky Winner Next Month
A house will be raffled off next month as a result of someone being left homeless by Hurricane Katrina. Oh what a gift this is going to be for someone. The raffle is part of a free-hurricane recovery expo the... Continue Reading
Shaky Foundation
Do those two words put a little fear in you? Or does it make you think what possibly could she be talking about shaky foundation. In our neighborhood, a lot of times the house are sold before the foundations are... Continue Reading
Creative Help for Workers
Once again here is an innovative idea to let employees know that ensure their quality of life. Here is a hospital that has aimed at keeping workers with housing help. When you are a person that gives so much to... Continue Reading
What is a home energy loan?
Government agencies and private lenders are offering homeowners energy loans. I understand utilities are increasing on a regular basis but I am not sure about a home energy loan. They are designed as long-term, low-interest mortgage and loans aimed at... Continue Reading
Car manufacturer gets into the housing market?
Wait a minute! You cannot be everything to everybody. If you are a car manufacturer, I believe you should stick with the manufacturing of cars. BMW is going to shift gears for home-loan market. BMW has decided to branch out... Continue Reading
Mortgage fraud is rampant
With all the different cases that I have read lately regarding mortgage fraud, is there the chance that some fall through the cracks. It does happen that sometimes they fall through the cracks. I read this article about this mortgage... Continue Reading
600 monthly payments and counting
When I think of a 50-year mortgage, I think of having a bill that could potentially out live me. It’s almost as if you make a payment and that payment goes into the air without the payments reducing. However, some... Continue Reading
Delaying mortgage pain?
With all of the increasing prices of housing and clever techniques of acquiring a mortgage, paying the high price of mortgages are being delayed. There are new adjustable rate mortgages that keep monthly payments low in the beginning and eventually... Continue Reading
Is there a downside to mortgage fraud?
How many times have you heard you can invest in real estate and make big money? I have heard that all too often to know that everything people are saying is not true. You must do you homework when you... Continue Reading
Mortgage Employment
Maybe you just graduated from college and have decided to go into the mortgage industry. Where do you look for employment, do you search the want ads? What is your first step? One of the first things I would recommend... Continue Reading
What is a Hard Money Lender
Hard money lenders are private individuals and small local companies that operate. They essentially make loans to the desperate and the needy same as banks and brokers that help traditional customers. For example, if you have been to everyone that... Continue Reading
Jul29
Second Mortgage
I would not have even thought there was such an item. I imagined that if you needed an additional loan, you went have gone to your original lender. Primarily because you already have history with the lender and they would... Continue Reading
Online Mortgage Lender
Have you ever considered an online mortgage lender? Whew there are a lot of them out there. Let’s see which ones are the most reputable.   Lending Tree – www.lendingtree.com   E-Loan – www.eloan.com   Home Loan Center – www.homeloancenter.com... Continue Reading
What is Remortgage?
I had not ever heard of this term. So I had to look it up and see what this was about. A remortgage is changing your mortgage without changing your home. You switch to another lender for a better rate... Continue Reading
Publications for Mortgage Industry
1)      National Mortgage Broker Magazine – I imagine everything you could want to know about being a mortgage broker is in this magazine. This would prove to be an invaluable resource if you are a mortgage broker. http://www.nationalmortgagebroker.com 2)      Inside... Continue Reading
Expanding American Home Act - American Dream
As far as I can remember, I have always heard about the American Dream. The American Dream is home ownership, yet not easy to obtain for a large population. The U.S. House of Representatives passed the Expanding American Home Act... Continue Reading
How do you generate Leads?
Lead generation was the “hot topic” at the Internet Marketing Summit on July 26 held by Real Estate Connect. More and more people are discovering new ways to market their business and/or service on the internet. The same holds true... Continue Reading
OOps! I forgot to share
Do not make these mistakes when applying for a mortgage: 1)      Not knowing how much money you can put down. Before applying for a mortgage you should have taken the time to thoroughly review your financial situation.   2)      Know... Continue Reading
Hold on to your House
I firmly believe in this. If you continue to read the newspapers or watch the news there are always stories about foreclosures in the paper. I tend to believe that part of that is because people are not receiving the... Continue Reading
Realistic Steps to Getting your Mortgage
Before you decide to purchase a house, you must know that it is not hard to get a house. What is important is maintaining that home for a life time. Every body wants to attain the “American Dream” and some... Continue Reading
Parade of Homes Kicks off in Colorado
The Parade of Homes kicks off this weekend in Colorado . I cannot recall the last time I went to the Parade of Homes. My husband tends to try and go every year. I believe if I was a realtor... Continue Reading
Mortgage Broker Licensing Requirement
If you are interested in becoming a mortgage broker, you need to know all the details. As much as I have been reading about mortgage brokers, mortgage fraud you do not want to be ill-prepared to be a mortgage broker.... Continue Reading
Predatory Loans are Real
Believe me when I tell you predatory loans are still prevalent today. They are usually targeted towards lower-income individuals with credit problems. I tell you if I was having credit problems and someone offered me a loan, I would have... Continue Reading
National Recognition
Atlas Mortgage Services was featured in Entrepreneur magazine’s hot 100 companies of the year in 2006. His company came in at number 71 on the list and was the only mortgage brokerage in the western in the top 100. Well... Continue Reading
Loan Marketplace for Mortgage Brokers
Here is a tool that could set you apart as a mortgage broker if you are progressing with technology. dCifer is a web-based marketplace that connects mortgage brokers with lenders, vendors and customers. Also offers its members FREE consumer leads... Continue Reading
Teachers need Homes too
Congratulations to Realty Executives who just announced the national launch of “Homeworks”. Kudos you have done your homework. Teachers need housing as well as everybody else. “Homeworks” is a marketing initiative piloted in Phoenix to help make teachers more aware... Continue Reading
Jul28
Mortgage Industry - Real or Fraud?
I could not believe when I read this caption “State Trooper on Probation for Mortgage Scheme.” Now I ask you, what does the state trooper have to do with the mortgage scheme? Forgive me but isn’t the state trooper or... Continue Reading
Questions to Ask the Mortgage Broker
The following are some beginning questions to ask the mortgage broker before hiring them to work on your behalf: Can you get references? How long have they been a mortgage broker? How are you compensated? Do they do rate locks?... Continue Reading
Terms
Acceleration clause – this is a provision in the mortgage that allows the lender the right to demand payment of the entire principal balance if a payment is missed.   Amortization – the gradual repayment of a mortgage loan by... Continue Reading
Good Credit Scores - Not Without Help
I could not believe when I read that a broker was forging credit scores. According to an article I read the broker altered borrower applications. Is anyone in the business doing things by the book? There seems to be more... Continue Reading
Mortgage executive fined for Kickbacks
The article stated that this mortgage executive, Janet Skinner was fined $5,000 and received five years probation for taking $400,000 in kickbacks. Now I would think as a mortgage executive she was making enough money without having to do this. What... Continue Reading
Commercial Real Estate Gurus in Denver
This group is headed towards a personal best. The investment property team of Mary Sullivan, Ron Urgitus, and Tim Swan could sell 1 billion in sales in Denver this year. I applaud them for teamwork and going for their goal. It... Continue Reading
Amazing! Apartment levels at its lowest since 2001
I read a story in our local paper that apartment rental is at its lowest level since 2001. I guess I can believe that since everywhere I look there are more homes being built. As soon as a development is... Continue Reading
Crystal Ball Predicts Homeownership Status
Consumer Advocate Harj Gill has released a financial software program that is essentially designed to tell you what month you would lose your home and family would go into default as interest rates rise and cash flow becomes insufficient to... Continue Reading
Rhode Island jumps on the Band Wagon
Rhode Island has a new law designed to protect borrowers. The Home Loan Protection Act was signed into law. This protects borrowers from mortgage practices that are considered abusive to the homeowner. Predatory lending has become a real big... Continue Reading
Emails full of Mortgage Offers
I ask you how many times in one week have you received various mortgage offers? How do these people even get your email address? It makes me wonder if there was some point in time that I completed something online... Continue Reading
Discount Real Estate Broker
How many times have you experienced or heard that when you sell your house is you use the traditional real estate broker they get a six percent commission? You do have to be very careful that if you use a... Continue Reading
Mortgage Insurance Not a Good Idea?
Oh, upon reading an article titled “Why Mortgage Life Insurance is Not a Good Idea” I have experienced what they are talking about. Whether you have experienced this first-hand or not, get ready. When you buy a home, the information... Continue Reading
Software for Real Estate Professionals
Self Storage Investing. Wait a minute. Qstart Guide today announced the release of QuickStart Self Storage. This provides real estate professionals with an educational tool for investment decision making. Storage space is big business. Every time I look around there... Continue Reading
Mortgage Insurance
These are some companies that provide mortgage insurance:    Priority Insurance – protect your family’s home in case of death. www.priorityinsurancequote.com    Mortgage Insurance – Receive Free Quote www.mortgageprotection.com   Mortgage Insurance – free insurance quotes from top firms in the... Continue Reading
Katrina Housing Argument
Stop the press. Fannie Mae and FEMA settle Katrina housing argument. According to an article I read, these two agencies have settled a dispute that will put fifteen hundred Katrina families into rent free homes. That does not even begin... Continue Reading
Top Ten Highest Foreclosure States
Georgia  Indiana Colorado Michigan Texas Ohio Tennessee South Carolina North Carolina Utah    Supposedly Tennessee is rapidly moving up the mortgage foreclosure list. I was surprised that Colorado was not number one on the list considering it has been number... Continue Reading
New Home Equals New Beginning
A new home could equal a new beginning if you are prepared. When you are renting and you decide to purchase a home, you begin saving like you never have before. Bills are being paid off old and new. You... Continue Reading
Zero Down Mortgage
The first thing that comes to my mind when I heard zero down mortgage was it will take a while to get some equity and you start out with private mortgage insurance also known as PMI. PMI alone can add... Continue Reading
Reverse Mortgages - Do or Don't
A reverse mortgage is a loan against your home that you do not have to pay back as long as you live there. To be eligible you must be 62 years of age and own your home. Here is the... Continue Reading
Regions Mortgage
Regions Bank is moving its mortgage banking headquarters operations to Birmingham, Alabama and in return will eliminate 100 jobs in Memphis . What happens to those workers? Will they get severance pay, offered the chance to transfer or start all... Continue Reading
Mortgage Rates Come Tumbling Down
Today the mortgage rates came down after a two year high earlier this week which means the economy is cooling down.  The average rate on 30-year fixed rate loans dropped to 6.72 for the week ending July 27th when last... Continue Reading
Jul27
Mortgage Leads
Is there anything better than a new tool that helps with mortgage leads?  House Values, Inc. and Leads360, LLC announced an agreement that will provide House Values’ mortgage clients with a first-of-its kind, customized and fully-integrated lead management system to... Continue Reading
Mortgage Professional Develops Buyout Note
Monique Thomas, a ten year real estate veteran and eight year mortgage professional has developed the “Buyout Note.” What is a “Buyout Note” you might ask? It is an instrument that allows a person who shares equity in real property... Continue Reading
No Demand for Mortgages
Now that the housing market is cooling down, there is less of a demand for mortgage applications. With the increasing gas costs and employment situation, I would hope that people are learning to manage with what they have and not... Continue Reading
Homebuilders facing trouble ahead?
We keep hearing stories on our news how new home construction and building permits have declined. I remember hearing that MDC Holdings Inc, reported a second quarter profit slump 25 percent. I mainly remembered them because their corporate office is... Continue Reading
First Impressions also make the difference in Real Estate
Everyone has heard the saying “first impressions can make or break you.” Well how does this apply in real estate. My husband was doing photography for realtors for about three years and he talked about “curb appeal.” Meaning someone’s first... Continue Reading
Are there Overpriced Home Markets?
If you watched national news or read the newspapers right now, there is a ton of stories regarding the housing market. Have you wondered where are the overpriced home and are there many of them? According to an article I... Continue Reading
Where are the Priciest Homes?
Why does this not surprise me that the priciest homes of the year are in California. That also means that the homes are appreciating. Are the appreciations going to slow down at some point? Maybe not. What has happened here... Continue Reading
Today's Hot Seat Winner is The Real Estate Broker
Several groups collided before a House subcommittee earlier this week. It appears that some of the brokers feel as if the real estate business model is ridiculous. Well, there’s a strong word. It seems as if there is no standard... Continue Reading
Chairman of National MBA Sells Shares
Wait a minute! Today I read, the chairman, Regina Lowrie of the national Mortgage Bankers Association has sold her stake in Gateway Funding Diversified Mortgage Co. to one of her partners. I do not know about you but this makes... Continue Reading
Big, Bigger, Biggest - More House
When I read the story about people still getting more bathrooms and bigger kitchens, it honestly amazed me. With everything that is going on with the housing market, how can anyone think of getting more and more space. We have... Continue Reading
Jul26
Mortgage Newsletter
There are several newsletters for the mortgage industry: 1)      Newsletters for Mortgage Bankers - http://www.mortgagenewslettersonly.com/ 2)      Mortgage Marketing Newsletters - http://www.loansiteplus.com/mortgage-marketing-newsletters.html 3)      Monthly Mortgage Newsletters - http://www.domymarketing.com/html/monthly_newsletters.html 4)      Mortgage Mag - http://www.mortgagemag.com/mo1110.htm 5)      Wayout Mortgage Marketing - http://www.wayoutmarketing.com/Mortgage_Marketing_Newsletter.shtml       6) ... Continue Reading
Balloon Payment
What is a balloon payment? Is this an option for you? A balloon payment is a large lump sum payment made at a specific interval usually at the end of a long-term balloon loan. I am only familiar with being... Continue Reading
Is the Real Estate Market Cooling Down?
Everywhere I look I see For Sale Signs. Some signs have been up for longer than six months, some even a year. I cannot count the number of times I have seen a moving truck show up in the middle... Continue Reading
Bonus to Bi-weekly Mortgage Payments
There is a benefit to a bi-weekly mortgage if it is done properly. Furthermore, you must do it yourself. You can send in payments and request that the lender apply each payment immediately to your principal not once they receive... Continue Reading
Advectis launches Webinar Series for Mortgage Industry
This is going to be the first of three seminars discussing a paperless environment. With all the paper that is generated when doing a mortgage, this should be a very beneficial and worthwhile series. For more information about the seminar... Continue Reading
Mortgage Sold to Another Company
I remember when my mom bought our house and we had one person we dealt with all the time year after year. Those days have changed where you stick with the same lender. The time has come where your mortgage... Continue Reading
Adjustable Rate Mortgage - The Good and The Bad
Commonly referred to as A.R.M. means is that the interest rate changes based on the predetermined index. I personally do not see an advantage to securing a mortgage utilizing an A.R.M. When I was in the military, I saw first-hand people... Continue Reading
Inflated Appraisals
"Current News" "Mortgage Brokers" "Home Equity" Continue Reading
Top Five Mortgage Lenders
As I was researching the top lenders, I had already found out that Countrywide was on the list. The list is as follows:   Bank of America Countrywide Financial Corporation Golden West Financial Corporation National City Corporation Sun Trust Banks,... Continue Reading
Difference between Mortgage Banker and Mortgage Broker
I was speaking at a seminar in late May that was focused on real estate. This lady asked the question what is the difference between a mortgage banker and a mortgage broker. I understand she primarily asked the question because... Continue Reading
Jul25
Need to Know Resource
Everyone has heard about identity theft. Maybe what you do not know is that when your identity is stolen, it can take years to clear up all of the transactions that are not yours. If someone gets your identity, this... Continue Reading
Beware of the Eleven Letter "F" Word
That’s right ladies and gentleman, once again foreclosure rears its ugly head. This time in Massachusetts in the second quarter, foreclosure filings rose 66%. That is a lot of filings. When the market slows down, then it is almost as... Continue Reading
Another Lender adds a 40-year mortgage to their Program
Wells Fargo has added a 40-year fixed rate mortgage to their products. They say that you have lower mortgage payments. Before you do a 40-year mortgage look at the overall picture of how much interest this will cost you. You... Continue Reading
Mortgage Lender 1 - 10
Have you ever thought about rating your mortgage lender? If you had a temporary situation that arose on your job and you were not able to pay your mortgage, do you think you could have a conversation with your mortgage... Continue Reading
Real Estate Scams
People are lured into signing papers everyday thinking they are going to receive a reverse mortgage. People often targeted are those with medical bills, cannot make their payment when the adjustable rate mortgage kicks in and senior citizens. I remember... Continue Reading
Marketing Library for Mortgage Brokers
Hold on to your seats mortgage brokers, FreedomVoice has just unveiled a marketing library just for you. There appears to be a lot of bells and whistles to equip you and educate you in your profession. I do believe that... Continue Reading
Countrywide
"Current News" "Mortgages" "Lenders" "Mortgage" "Mortgage Rates" Continue Reading
Illegal Kickback Scheme
What is happening with the housing market? I read an article in one our local papers and was surprised by what I read. The article was titled “HUD settles kickback case.” Essentially what happened was the builders and lenders were... Continue Reading
Best Places To Live
Was I shocked to see Fort Collins, Colorado as number one on Money Magazine 2006 Best Places to live list. I have been to Fort Collins , granted it is a college town but I view it as a small... Continue Reading
E-Mortgages Good or Bad?
As soon as I saw the article on CNNMoney.com regarding e-mortgages, the first thought that came to my mind was what is happening when we cannot deal with a real or live person I should say. I remember when we... Continue Reading
Jul23
Mortgage Associations
The following is a list of some of the mortgage associations: Mortgage Bankers Association – national association representing the real estate finance industry. They help their members do their business. Website:  http://www.mbaa.org/ National Home Equity Mortgage Association – only trade association... Continue Reading
Common Mortgage Terms
ARM – stands for Adjustable Rate Mortgage which is a mortgage whose interest rate is adjusted periodically based on a preselected index.  A.P.R. – annual percentage rate (which you also see on credit card applications). This is the interest rate... Continue Reading
Reasons to Refinance
1)  Lower payments  2)  Extra money for home improvements  3)  If you have concern about raising interest rates  It seems as is every six to eight weeks we get contacted by our lender, thanking us for our business. They proceed... Continue Reading
States that have Mortgage Delinquency
I recently read an article titled "State by State Mortgage Decline." The article shared about state mortgage declines. What I was most interested in was the highest percentage and the lowest.   Highest percentage of Delinquencies: Louisiana Mississippi Alabama Texas... Continue Reading
Jul22
Mortgage Delinquency Happens
What determines whether you are delinquent in a mortgage? If you are at least 30 days past due in your mortgage payments you are counted delinquent. Circumstances happen that could prevent you from paying mortgage. You could lose your job,... Continue Reading
Jul21
Mortgage Your Way!
You’ve heard of a 15 year mortgage or a 30 year mortgage. That was the norm. Now there are 40 year and 50 year mortgages. What is the difference and what would make someone consider a 40 or 50 year... Continue Reading
Jul20
Up Like Everything Else - Mortgage Rates
According to a story I read in CBS/AP news, it says the mortgage rates have returned to a four year high since 2002. Mortgage rates are at 6.80%. I don’t know about where you are but I have seen houses... Continue Reading
Reduction in Mortgage Fraud
Colorado has been number one in the nation for the past six months for the number of foreclosures. This was due partly to mortgage brokers not being regulated. As of July 1, 2006, a new law became effective that... Continue Reading
Knowledge is Power
This just in! Freddie Mac has announced the selection of JPMorgan Worldwide Securities Services to provide transaction processing and recordkeeping for its approximately $700 billion portfolio of mortgage-backed securities and short-term assets. I do believe in streamlining a process if... Continue Reading
Jul19
What is MortgageVox?
I envision MortgageVox being a blog that will help the person looking at becoming a mortgage broker or the person seeking to purchase a home. There is a lot of material that can be addressed within MortgageVox. We can discuss... Continue Reading
Voice of MortgageVox
Hello Everyone. I will be writing your MortgageVox blog. Maybe you are sitting at your computer, drinking a cup of coffee and asking yourself who is the new voice behind MortgageVox? Well, here is the answer to your question.  The... Continue Reading

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