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Aug31
Are Mortgage Brokers Responsible for the Current Housing Situation?

Remember when you were in college and if something wrong happened, you wanted to blame someone else. When in all reality, you should have been blaming yourself. Well, does this apply in the mortgage business? People secured a home with an ARM, when the mortgage rates adjust and they are faced with foreclosure, who do they blame? Are the mortgage brokers responsible as if they were a parent? At the end of the day, the consumer is responsible. However, I believe the mortgage broker should take the time to educate the consumer and give them additional information. No the mortgage brokers are not responsible for the housing situation. As an adult we all make choices that have consequences. Therefore, take the time to do the research and find out all the valuable information before getting into a situation so you can make an informed decision.

 

Aug31
Mortgage Marketing Business - Key Factor
I have to tell you if there is one thing I learned early is communication is key to any business. This could be the difference between success or failing. Why? In the mortgage industry you have to form relationships. There... Continue Reading
Mortgage Rates
I believe it is time that we look at some mortgage rates. After all the news over the last few weeks about rates increasing or rates staying the same and the affect it was having. It is now time that... Continue Reading
Starting Over a Year Later - After Katrina
I am sure there are many people that lost homes to Hurricane Katrina and initially did not know where to start. If you knew of a person that lost their home and you are in the mortgage industry, what would... Continue Reading
Networking in the Mortgage Industry
We all know that network marketing is powerful. Here it is in the mortgage industry that another partnership has been formed. AT&T has landed a new data housing and networking contract with mortgage lender Homefield Financial in Irvine, California .... Continue Reading
Aug30
Another Drop in the Mortgage Industry
Slowly but surely there are a lot of mortgage companies taking a drop in profits based on what is happening in the market. If consumers are taking a hit, then so shall the companies. More and more people are not... Continue Reading
Loan Fraud in Colorado
It has to happen here it has happened every where else. Colorado is not immune to mortgage fraud. I read about this former prosecutor in the Denver Post that cleaned up mortgage fraud 34 years ago in New York .... Continue Reading
Same Story Different City
Over and over we hear about foreclosures happening. If you heard a story every day about foreclosures, would that lead you to be cautious when you are purchasing a house? It definitely would make me more conscious. Why? Because I... Continue Reading
HR Block Losing Money?
This is one time that I had to sit down and really see what was being said. It was reported in the Kansas City Star that shares of HR Block, Inc. lost 8.7 percent of their value Friday saying the... Continue Reading
Homes Lost to Katrina - Is There a Solution?
Today marks the one year anniversary that Hurricane Katrina tore through the gulf coast. Homes were destroyed, business were lost, people died and everyone watched the coverage on the news. Yet, here it is one year later and homes remained... Continue Reading
Aug29
Mortgage Marketing Genius - Says Who??
How do you become a mortgage marketing genius? There are many ways to market your business. I came across this website purely by accident but thought it was worth talking about. When I entered mortgagemarketinggenius.com this guy comes across the... Continue Reading
Can you be Fined for Do Not Call Lists?
Remember when the Do Not Call Registry first came out and you registered. Despite your registration, it seems as though you still get those sales calls. After you politely share with them that you are on the Do Not Call... Continue Reading
Public Officials are not even Safe in the Mortgage Game
This is a little different than a previous story where a public official was the one that was almost foreclosed on. This time a councilwoman in Kansas City signed two mortgages on the property last year for some people. Ironically,... Continue Reading
Is it the Road Home or the Road Less Traveled
I remember watching the news where this Hurricane Katrina victim has been denied housing because she has not complied with the government rules for housing. I have to stop and ask the question, if she has not complied why is... Continue Reading
Savings or Mortgage - Which do you Do?
I have been sharing with people that savings is very important. However, if you have credit card debt and not paying that bill are you truly saving? Is it important to pay some of the bill and have some savings,... Continue Reading
Breaking News - Mortgage Fraud the Crime of Industry Individuals
I have to admit it amazes me the number of people in the mortgage industry that are committing fraud. Anyone from an appraiser, to mortgage broker to even a parole officer is committing mortgage fraud. Sure the parole officer took... Continue Reading
Aug28
Tips for Getting more Bang for Your Mortgage Dollars
I remember when we were in the process of purchasing our house there were several things I had read as for cutting down on some of the costs of the mortgage.     1) The first thing I remember is that... Continue Reading
Refinance for The Money
What would be the reasons you refinanced your home? Could it be one of the following: 1) need to do home improvements; 2) pay off some bills; 3) college money for a child; or maybe even 4) need some extra... Continue Reading
How Many Ways Can you Sell Your House?
I remember when we were thinking about selling our first house, we thought you could either use a realtor or sell it ourselves. Those were the only options. Option one meant we had to pay a commission and option two meant... Continue Reading
Another Mortgage Company Makes the Inc. 500 List
This is turning out to be a good year for several companies in the mortgage industry, despite what is currently happening in the industry. Then again, I am sure the lists are based on the previous year’s business and not... Continue Reading
Financial Services Expanded
In the current mortgage industry, there are highs and lows. Every day we hear about housing being foreclosed on, mortgage fraud, mortgage technology and even associations merging together. This time Teledraft has completed acquiring a stake in privately held Pacific... Continue Reading
Aug25
Monitoring Broker-Facilitated Fraud
I must tell you this story caught my eye. Why you may ask? There is so much fraud happening in the mortgage industry, it made me wonder if anyone was closely watching what is happening. Furthermore, how it is happening.... Continue Reading
GMAC Mortgage chosen as Special Servicer
GMAC has been around for a long time. They have been chosen by Radius Mortgage Capital, LLC as Special Servicer. I remember when I reacquainted myself with our contact person at our mortgage lender’s office, she stated that she was... Continue Reading
Aug24
Ameritrust in the News Again
Wait before you begin thinking it is something bad. Ameritrust has had its share of bad news, however this time they should be proud of themselves. Inc. Magazine has listed it in the 500 ranking of fastest-growing private companies in... Continue Reading
Mortgage Associations Merged
There are many associations out there if you are in the mortgage industry, well any industry. Which one do you join? Which one specifically meets what you are looking for in terms of assistance? Now you do not have to... Continue Reading
Consumer Advocate Taking Charge
If every time you watch the news or read your local newspaper you saw a threat of someone losing their housing based on misinformation, would you be eager to take a stand? Well, that is what Consumer Advocate Harj Gill... Continue Reading
ARMs Readjusting
Oh my goodness. I am feeling bad for a lot of people that are getting ready for the ARM adjustment. I cannot stress enough that people are not even prepared for this. In the news today, I read there is... Continue Reading
Is a Home an Appreciating Asset?
I have to share this because it will definitely make you think. One of my friends and I were having a discussion this morning about the home which I found very interesting. We were talking about the home and I... Continue Reading
Aug23
Shopping for a Home
Why do people even shop for a house? I thought about this and came up with a few reasons: 1) Tired of paying rent. Have heard over and over they are just throwing their money away and getting no benefit... Continue Reading
Residential Mortgage Market - Another Major Player
I have always believed that Countrywide and Wells Fargo were some of the major players in the residential mortgage market. Sure there are others; but I believed between the two of them, they could keep the market going. The other... Continue Reading
Know your Credit before Purchasing a House
Before you decide to buy a house, whether you are aware or not they are going to check you credit. Do yourself a favor and begin checking your credit one year prior to your decision to purchase a house. Why?... Continue Reading
Scotsman Guide add Benefit to Advertising
We are in a day and age where people are maximizing every opportunity get their name out there. Marketing is crucial in the mortgage industry. The internet has become one of the biggest areas that people are branching out in... Continue Reading
Benefit being a First-Time Buyer
Higher home prices and interest rates have been high. In addition to those factors, there has been an overwhelming increase in foreclosures. That means there are more houses that have returned to the market. It would appear that a buyer... Continue Reading
Can you Back out of a Refinance?
When people are in the stages of purchasing a house, they are overwhelmed with so much information they do not realize they can back out. I believe this is based on a couple of things: communication and failure on the... Continue Reading
Jobs Decline Even in Real Estate
As I was watching the morning news on Fox over the weekend, they were saying how building homes increases jobs. I could understand that. If that premise is correct, now that builders are having to delay building is there an... Continue Reading
The ARMs Have It
Almost every day now in the news you hear about what is happening with ARMS. Even as I was flipping through channels on this past Sunday, the morning national news on Fox were talking about the housing industry. Is it... Continue Reading
Lenders Buy Back Loans
Wait a minute? Some lenders are being pressured to buy back loans that people could not afford in the first place. The people became negligent and did not even make the first payment. Well, why would you even grant the... Continue Reading
Large Debt does not equal Mortgage
I have heard of people having a large amount of debt and that is not mainly made up of their mortgage. Have you? When a person comes to you in this situation, what do you recommend? If someone had eighty... Continue Reading
Aug22
Many using Temporary Solutions
More and more people are using their credit cards to pay for their primary expenses. Why? With increasing gas rates, rising cost of groceries and even cost of sending youth to college has increased what are we to do? One... Continue Reading
Aug19
Dreams of Living in Hawaii - Costly or Not?
I remember when I was younger I wanted to go and visit Hawaii . But as I got older that tourist spot became less of a desire. I have had friends that have lived there and shared with me about... Continue Reading
Mortgage Radio
Have you ever listened to a radio show that is geared towards mortgages or houses? Well, here is your chance. YourHome-YourMoney.com Mortgage radio is joining forces with TalkShoe.com. I have to admit each one of these names I find a... Continue Reading
Aug18
Questions to Ask a Mortgage Banker
There are definite questions you should be asking when dealing with a mortgage banker. Remember they are not the same as a mortgage broker. Here are some questions you should ask: 1) Will this loan be sold on the secondary... Continue Reading
People in Housing Trouble become Victims
How many times have you heard about someone who was behind on their mortgage payments and they signed a few documents thinking this company was going to help them? Lo and behold, next think you know they have signed over... Continue Reading
Turquoise House in the Neighborhood
Have you ever driven through the neighborhood and all the houses look the same? Well almost every house until you get to this one. Looks as if they rebelled and did not want to conform to the neighborhood. This house... Continue Reading
Closing Costs Options
The other day I shared about the closings costs and several states that were very high. Sometimes people are not realistically prepared for the closing costs once they hear that final number. Is there a way to reduce your closing... Continue Reading
Realtors Conference and Expo
In an industry where the rates change almost daily and timing is crucial, I imagine there are seminars regarding technology almost every month. As a realtor or mortgage broker, it is important to be kept abreast of changing technology, marketing... Continue Reading
Help for the Busy Realtor
Real estate agents are always busy working with different clients and their homes. There are many details to buying a house and/or selling a house through a realtor. A realtor has to be a person that takes care of a... Continue Reading
Aug17
Questions to Ask a Mortgage Broker
As you prepare to purchase a home, I believe you could not ask too many questions. The more questions you get answered as you are beginning this process, the mistakes you can alleviate. You will make a better decision which... Continue Reading
Sixth Mistake Brokers Make
Charging too much because of a lack of knowledge regarding certain elements. They may charge two to four points on loans. Do they have to charge points? This is one reason you need to have an experienced broker that knows... Continue Reading
Top 10 Areas At Risk for Mortgage-Rate Shock
More and more in the news, there are stories regarding people in foreclosure based on the increase in mortgages. ACORN has done a study of home mortgages and stated the top 10 areas most at risk for ‘rate adjustment’ shock... Continue Reading
Nominations for 2006 Broker Awards
Do you know a broker that should be nominated for an award? They are truly an asset to the mortgage industry. Sure there are a lot of people in the industry committing fraud. That does not mean everyone is committing... Continue Reading
Inflated Incomes of Applicants
When I first began writing this blog, I talked about being aware of someone wanting to inflate the incomes of applicants. This does hurt the borrower in the long run because they are not actually able to afford their homes.... Continue Reading
New Mortgage Firm
I imagine that with everything that is happening in the mortgage industry, more partnerships will begin to surface. A.G. Edwards and Sons, Inc. and Wells Fargo Home Mortgage have formed and co-own a joint venture that will be a mortgage... Continue Reading
Housing for Single Mothers and Children
Home ownership is sometimes difficult to attain for single mothers. Factors such as credit issues, lack of down payment and low income kept them from purchasing a house. They do not even believe they could qualify for a mortgage. HomeAid... Continue Reading
Bad Credit - Getting a Home?
In my email junk mail box over the last couple of days, I have had emails titled Bad Credit Loan. Do not worry about unfavorable credit. If you are in a situation where your credit is not favorable, why would... Continue Reading
Aug16
Minorities Sticker Shock??
I read a couple of articles in the news lately that minorities pay higher mortgage interest or face 'rate shock' over home loans. I did not find this surprising because when minorities begin the process some are not fully knowledgeable... Continue Reading
Access to Home Loans Online
Home loans have been online for a while. However, if you were selling your home on your own, maybe you did not know this was available. ForSaleByOwner.com has selected Ditech.com as its online mortgage services provider. In my opinion, this... Continue Reading
Wells Fargo and Trans Union go to Trial
How many times have you disputed misinformation on your credit report and it has not been corrected? Do you know there are legal steps you can take to get that information corrected? Well, consumers are taking Wells Fargo and Trans... Continue Reading
Mortgage Fraud Continues
Over the last several weeks, I have included a story here and there regarding mortgage fraud. It appears that mortgage fraud is rampant and no one has been safe. I believe that it has happened in every state. Today I... Continue Reading
Choosing a Mortgage Broker
How do you choose a broker when there are so many to choose from. Every where you look there are signs or ads in the newspaper regarding mortgage brokers and different loans. The following are some criteria when you are... Continue Reading
Homes being used as a Bank
Remember when our grandparents bought a house and they paid for everything in cash. I remember if they had equity built up in their home, the equity remained until they sold the house. Once they sold the house, they received... Continue Reading
Mortgage Industry News
You may have noticed by now that I write a lot about the current news. I do this because there is so much happening in the mortgage industry every day that it is important that you know what is happening.... Continue Reading
Aug15
Topdot Mortgage
I have not ever heard of this company but felt because of the name it was some research on my part. This is a company that is based on the East Coast that is expanding to the West Coast. Congratulations... Continue Reading
New Mortgage Chief Named
At least once a month or less there are changes in top management taking place at various companies throughout the states. It does not even surprise me any more when a new person is placed in a position of management.... Continue Reading
Education on Banking and Mortgages
You can never get enough education when it comes to certain industry. Book knowledge tends to enhance the practical application of the how and whys of things being done. You would not want to go into the banking or mortgage... Continue Reading
Juicyleads.com sells 1 Millionth Lead
There are many things a mortgage broker can do to get leads. Here is a mortgage lead company that has received tremendous growth. That’s right readers, Juicyleads.com has gone from a startup only a few years ago to selling its... Continue Reading
Steps to Finding a Mortgage Broker
If you are in the market for a house and decide you would like to use a mortgage broker, do you know what steps to take? Are you getting recommendations from friends or just go to the phone book and... Continue Reading
Served Your Country - Can You Get Help as a Veteran?
Before I begin to write this one, I have to tell you this is definitely a push your button subject for me. Why? I am a veteran and it is sad to see the lack of assistance veterans receive. Here... Continue Reading
The Mayor is Overdue???
Times are tough and life happens. What happens when the Mayor is overdue on his mortgage? I read this article over the weekend where the Mayor of Desert Hot Springs paid up on an overdue mortgage in the 11th hour. The... Continue Reading
Positive move for Louisiana Bank
We have all read and saw about the tragedy of the hurricanes in Louisiana. The people are still dealing with houses that have been destroyed and lack help in repairing them. There is a lot still going on that we... Continue Reading
Aug14
Fraudulent Mortgage Brokers are they common?
More and more I continue to read about fraudulent brokers and others that are taking advantage of homes. There has to be a way to reduce the number of fraudulent people in the industry. People have inflated property values and... Continue Reading
Next Step in Application Process
A couple of days ago I shared the first step in the mortgage application process which was gathering various documents. Of course that step can be quite daunting and time consuming. It could even have you rethinking the entire home... Continue Reading
Home Equity Line vs Home Equity Loan
Could you use a home equity line or a home equity loan? First you must know the difference. The value of your home and credit worthiness are factors when it comes to a home equity line. How many times have... Continue Reading
Second Mortgage Loans
Is there a benefit to a second mortgage loan? Will it be a benefit or a detriment to you to take a second mortgage loan? The second mortgage loan is one of the types of home equity loan. Although it... Continue Reading
Upcoming Convention and Gala for Real Estate and Mortgage Professionals
Here is an opportunity to network with other professionals and celebrate accomplishments. The Asian Real Estate Association of America will hold its 1st Annual Convention and Gala on October 15th. There is so much going on in the real estate... Continue Reading
Caring for Elderly
Shouldn’t we take care of the elderly! Our young people are going to do exactly what they see their parents do. Oh yes, even down to caring for their parents they will repeat what they saw. I read an article... Continue Reading
Paperless Office Remains a Dream
A paperless office is something that many people dream about. I agree with the reader in the mortgage industry as well as other industries, this will only be a dream. There are many legal ramifications that present themselves if you... Continue Reading
Checking out the Competition
As a reader posted, check out what the competition is doing and do it better. I agree with the reader. In every industry there is always a way to complete a task better, whether it is more customer service, follow-up... Continue Reading
Aug11
Mortgage Fraud Happening in Atlanta
It is true mortgage fraud appears to be running rampant no matter where you look. Now it is happening in Atlanta . What upsets me is that there are law enforcement people involved. This time a parole officer and a... Continue Reading
Pay Despite Damage!
If you remember when the victims of the hurricanes were on television, we all saw damaged and destroyed homes. People were missing, yet some of them had to continue to pay on their homes that they could not live in.... Continue Reading
Thinking Outside of the Mortgage Box
I read a statistic that 1 in 10 home mortgages are in foreclosure. The last few months even here in Colorado it was 1 in every 100 home mortgages are in foreclosure. That is a grim statistic. That means to... Continue Reading