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Oct15
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According to a story in Herald News, LincolnWay Community Bank has started a new residential mortgage department. I believe this bank saw a need and decided that they would try and fill that need. The Vice President, Bill Mrowczynski believes with their new residential mortgage department they are in a position to serve the community and begin many long-term business relationships. I am not aware of the size of the community but know that when there is a need and people cannot get assistance within their community it can be frustrating to have to go to another town. This should be nice addition for the community.
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Oct15
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I have to tell you when I saw this title – To sell that house, pretend you are on first date in our local newspaper, I had to read it and see what they were going to say. They spoke...
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About a week ago in Colorado , Erin Toll, the new director of Denver Real Estate Commission began doing an investigation of appraisers that were overvaluing homes. I read yesterday that she is presenting details of her ongoing investigation. She...
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Here it was again another busy weekend. I was in a class, yet I was thinking about several different things that were going on. For example, I was thinking about the different realtors I had just met. I was reading...
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Wow that was a mouthful. According to a press release I read on Yahoo! Finance New Century Financial announced a series of additional lending practices that its subsidiaries, New Century Mortgage Corporation and Home 123 Corporation will adopt in order...
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When I began thinking about the above blog with the adults using creative or payment option mortgages to finance the purchase of their home, one thing that came to mind is all the different variables that people have face this...
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I was absolutely surprised when I saw this press release stating that “More Adults Than Last Year Say They Utilize Creative or Payment Option Mortgages to Finance the Purchase of Their Home.” I would have believed that most adults are...
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For a period of time it seems as if with nontraditional loans, it had become easy money for some. There were different loan packages surfacing almost daily as far as I was concerned. According to a story I read on...
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I have to tell you when I saw this story regarding Home-listing hurdle lifted I had to read it primarily because I had not heard anything about it. In our local paper the story they are sharing a story about...
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There has always been talk about buying and flipping properties. I remember we recently even had this discussion with my in-laws about some people they knew that were buying and flipping properties in another state. My personal opinion is that...
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According to The Press Democrat, the housing industry which propelled Sonoma County out of recession three years ago is now shedding jobs as builders, mortgage brokers and real estate companies feel the impact of the slowdown. I believe that all...
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I believe this is another red flag to watch out for is when someone tries to get you to borrow more than you can afford. When you are buying a house it is about what you can afford not how...
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With all the different stories in the news regarding mortgage fraud, there are some steps you can take against mortgage fraud. No one deserves to get taken advantage of. Therefore, if you are a consumer that is preparing to buy...
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Every time we look in the media there are more and more stories regarding mortgage fraud. I talk about them as a means of prevention, in case someone would think about doing it, here are the consequences. This time the...
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Oct14
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I have to say that with all the mortgage scams that have been happening people have to be careful. We need to make sure family, friends and colleagues know what they are doing when it comes to preparing to buy...
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We have talked about home builders in the states not having the growth that they are used to. Because of the glut of houses returning to the market they have not had to build as many houses and have had...
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I was doing some research as to what is happening in the mortgage industry. I saw the above title and could not pass up talking about this. This does not really surprise me because a 50 year mortgage to me...
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We always hear about offices changes locations or space. This time it is the building that currently holds the headquarters of Impac Mortgage Holdings Inc that is undergoing some changes. According to a story I read in the Orange County...
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I have been asked this question before when I was giving seminars which was better, pre-approval or pre-qualification for a mortgage. That clearly told me that people had not been explained the difference. What a prospective homeowner needs to understand...
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Maybe it is just me but I think we could offer US Bank some suggestions on making this situation right which would show they are about customer service and not about the dollars. In essence, they are wrong because this...
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I believe that when a company makes a mistake especially at the expense of the customer, they should make it right by removing all penalties that the customer incurred. Why does it seem as if when a company makes a...
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Has a bank every deposited your money into the wrong account? Have they ever run someone else’s debit card through your account? Believe me when this happens, you will take every step to keep a handle on your account. Checking...
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After finding out on Scotsman Guide webpage that there was a No-FICO score lender, I had to do some research for myself and find out what that is about. Maybe you knew but I found out that a Non-FICO based...
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According to a press release that I read online last night, the Scotsman Guide which is the leading resource mortgage originators has recently released an online “niche lender” directory on its Web site, scotsmanguide.com. I went to the website to...
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Every time we look in the media there are more and more stories regarding mortgage fraud. I talk about them as a means of prevention, in case someone would think about doing it, here are the consequences. This time the...
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Oct12
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I would say probably last month I wrote a blog on the glut affecting homebuilders. There are so many houses being returned to the housing market because of foreclosures, builders are not building as much. When that happens, they do...
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I remember when my husband was self-employed and we were looking at upgrading to a larger house. At the time, our realtor explained to us a self-certification mortgage. We considered it for a period of time while we were making...
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Is this a surprise to anyone? If you understand what subprime loan means then this should not actually come as a shock or surprise to anyone. In my opinion, borrowers who have less than perfect credit are sometimes taken advantage...
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More and more mortgage companies are expanding and positioning themselves to be around for a long time. First Southern Mortgage closed a $66 million refinancing loan for West End office towers One and Two American Center. Sounds as if they...
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As I was reading this article on TransWorld News, that made me think to myself that I can agree with what these communities are doing. The largest Debt community is coming together with Mortgage and Credit Communities for more power....
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I have to tell you when I initially saw this story, I was thinking something else. However, now that I have had a chance to read the story, I love how people are not only thinking about themselves but extending...
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There have been many stories about nontraditional mortgages recently. I had not seen many products geared towards nontraditional mortgages like I have seen this year. Along with nontraditional mortgages comes some risk. What we have to ask ourselves is are...
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As I was watching the news today, there was a story about a Colorado being number one in the nation for foreclosures several times this year. The state has taken a proactive step and generated a Hotline for Foreclosure. The...
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With all that is happening with mortgage fraud, I suspect that more companies or organizations are going to start standing up for this. According to an article I read on Detroit Free Press, there is a new program in Oakland...
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In the days of technology, it is important for companies to stay abreast of technology and utilize what they can. According to a story I read on PRNewswire, Greystone Residential Funding has formed an alliance with PCLender.com. This will combine...
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I was reading this story in IndyStar.com regarding this Mortgage broker being sent to prison. He was sentenced to seven years in prison and ordered to pay $3.4 million restitution. He pleaded guilty to conspiracy to commit wire fraud and...
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Remember several months ago, I wrote about the auction company Williams and Williams. They were one of the first companies that I knew about doing real estate auctions because I received their post card in the mail. Well, to my...
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There are times when your marketing products and even commercials say everything about you before a person even walks in the door. According to a story I read on Market Wire, Originate, a national home loan provider named Shine Advertising...
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Everybody seems to be getting in on the no-money down mortgages. According to CTV Inc., Scotiabank is the first to offer no-money-down mortgage in . It is geared towards Canadians who have good jobs and wish to purchase a home...
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According to this story I read on Sys-con.com, foreclosure rate continues upward trend with 14.4% increase in quarter 3. That is not surprising and I must say based on all the different stories that I have looked at over the...
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Oct11
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Let’s say you have a customer that has had a couple of slow pays and that is the only mark on their credit. How long would it take them to straighten their credit up and qualify for a mortgage? The...
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What do you do with the person that walks in your office and they have no credit; but they want to purchase a house? What do you recommend they do? This has to be a scenario that happens more often...
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If you have a customer that comes in to your office and they have bad credit, there are ways you can help them. You can be proactive and conduct some homebuyer education. Educate them about cleaning up their credit so...
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How many times has a customer come into your office and say their credit was not the best? Yet, they wanted to purchase a home. How did you handle this particular situation? The last few times when I was giving...
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Oct10
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There are many different types of loans and it seems as if new ones are coming up even more every day. This can sometimes be confusing for new homeowners as well as existing homeowners. What is a person to do...
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I was reading this article on jsonline.com saying that Higher Costs squeeze Milwaukee homeowners. I must stay that higher costs squeeze a lot of homeowners not just those that are in Milwaukee . When the utilities rise, taxes and even...
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Do you realize that as a mortgage broker or mortgage banker that every time you recommend an ARM to someone that they might not fully understand the time-table that comes along with an ARM. Don’t get me wrong, I am...
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We have all heard about the interest rates being high. According to Bizjournals.com, it seems as if some mortgage lenders are cutting their rates to 5.75% such as Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo...
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I have read so many things on mortgage fraud and foreclosures that I find it difficult to believe that the housing market is bouncing back. Every couple of days in the neighborhood it seems as if there is another house...
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I was talking with my husband about the real estate industry in Colorado since there are still housing in the neighborhood going on the market. He began telling me about this story he read in our newspaper a couple of...
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In some states such as Missouri and Kansas real estate appraisers are required to meet educational and licensing requirements. Appraisers must attend continuing-education courses to maintain standing with the state. I think this is very good information to know. I...
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A few days ago there was a story in the Kansas City Star about checking the background of property evaluators. I believe that one thing people should understand is that there are times when the property evaluators are working with...
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If you have a customer that is calling you because they have an ARM and they have some anxiety about their current situation, what do you recommend? I would strongly suggest that you have the client or consumer come in...
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I read this article today on Tuscaloosa News and had to comment. The article says that neighborhoods boom were built on mortgage fraud. Seems as if in 2005, a small Indiana company bought 184 duplex homes in a down-and-out neighborhood...
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Let’s say you have a customer walk in and they are looking for a house. Once you begin looking over their finances, you discover that if they waited six months they will have a better chance of receiving a lower...
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I have been talking about customer service for some time now. I wanted to give the readers the opportunity to share with each other some customer service suggestions. Whether it is in dealing with new customers, repeat customers, internet customers...
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I am sure there are several of you that have an internet presence and receive customers from the internet. How do you handle the customer service when dealing with an internet customer? Do you establish a relationship first and then...
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As a mortgage banker, broker or consultant, I am sure that you have various vendors that you use. Have you ever thought that you are a customer to the vendor? How do you treat your vendors? My husband and I...
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As your business continues to grow and you are focused more on your customers, have you ever mailed your customers a thank you card? Or have you ever sent them a gift basket just to say thank you? As a...
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Do you believe that if you are attentive and receptive to your customer that this will increase your business? Customer service is #1 in business. Customers appreciate being treated like a person and knowing that you are concerned about their...
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Do you know that there are many factors that exist when you begin dealing with a customer? Your communication is not only based on what you say verbally, but also body language and facial expressions say a lot. I have...
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Oct 9
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You receive a visit from a disgruntled customer whose been trying to communicate with you by telephone. The customer has not received a returned phone call and believes they have a matter that needs to be discussed. How do you...
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If you are a mortgage broker, mortgage banker or even a mortgage consultant what does your customer service say about you? How are you treating your customers? I am one of those people that do not enjoy calling a company...
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When I wrote the previous blog about different companies focusing on customer service that made me think that I should do a series on customer service. Why? I believe like in any industry, customer service is very important in the...
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Oct 5
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I have to talk about this at least this time and maybe a few more times after. There have been several mortgage companies over the last few days that I have written about that are trying to improve their customer...
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Some mortgage companies are expanding and some are closing. According to Jacksonville Business Journal, Macquarie Mortgages is moving its headquarters to Jacksonville. Mortgage banking is needed everywhere and I believe if the community is receptive to new businesses coming to...
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Attorney General Richard Blumenthal filed a lawsuit against a Nevada-based company according to News-Times. He alleges they acted as a parasite when it raided a Dansbury-based mortgage company, stealing secret customer lists. Is competition really this tough to where CTX...
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How many of you think it is better to work with one all encompassing program or company, than several different items to accomplish the task you are trying to accomplish? Well, Chase obviously agrees with that line of thinking. Today,...
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What is wrong with this title that I saw on Yahoo earlier this morning: "New Study Shows Subprime Lending Significantly Benefits Maine Economy." Should subprime lending ever be a benefit to someone. The article goes on to talk about how...
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Oct 4
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There has been all this hub bub about home applications being low, well according to Mortgage Bankers Association's index, their applications to buy a home or refinance an existing loan increased 11.9 percent. That seems pretty significant since everything had...
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I remember when we were planning on purchasing our house we began looking for a mortgage. One thing that we did not want was everybody hitting our credit report with inquiries. At the time, we went to a couple of...
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There are so many fraud cases all over the that a national law firm, The American Mortgage Law Group has been established to handle mortgage fraud cases. I read that this morning on DSNews.com. I have to tell you that...
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Imagine being an outsourcing company and not having enough funds to perform the tasks that your company is set up to do. Well, when I came across this story about Lendia, Inc. on the Business Wire it seems as if that...
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When I read this story on Union-Tribune yesterday, I believe it was worth sharing. Especially since last week there was a story where this company reached a settlement with HUD for bad practices when giving a mortgage to African Americans...
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Oct 3
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Mortgage fraud happens in Massachusetts . The state has been cracking down on the wave of mortgage fraud for some time now. This time according to the Boston Globe, the state Division of Banks closed Confidence Mortgage Corp for significantly...
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Every couple of days now there are stories in the media regarding home loans minorities. This time it is in the Orlando Sentinel that Metro Orlando is leading the growth of new-home loans for minorities. It is great that consumers...
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Resource materials are always good especially when written by people in the industry that know the business. According to a story I read on Yahoo, Tim Braheem and Bill Dallas have joined forces to create a book to help originators...
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From time to time we hear about different awards being given in the mortgage industry. This time Washington Association of Mortgage Brokers recognizes Top Achievers. This organization promotes higher standards of business practices throughout their membership. This is a good...
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I was reading on the Business Wire this morning about Steward Lender Services re-branding its operating division of Stewart Information Services Corp. This company’s main client is for lender customers and they are using a more comprehensive product for its...
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Oct 2
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More and more these days we are hearing about nontraditional mortgages. To me nontraditional mortgages come with a lot of risk and little to gain. Sure maybe for some they may think getting the house they are gaining, but truly...
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Mortgage fraud is big news and seems like big business for some. Is there a way to prevent mortgage fraud besides do not commit the crime? Ciercus Systems is a system that is designed to prevent mortgage closing fraud. According...
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We have all heard of Ditech.com and saw those commercials on tv. Ditech is one of the leaders in direct mortgage lending. They have named a new general manager. Richard D. Powers has been named as their new general manager and...
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We have some out of town guests visiting us and they remarked about their surprise that houses are on the market in the neighborhood. They were thinking the people were moving to bigger houses because they were guessing the size of...
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Yesterday my family and I went out for breakfast at one of our favorite restaurants. While there, we came in contact with a friend we had not seen in a long time. This friend and I began talking about the...
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