Archive for the ‘mortgage’ Category
Mortgage Finance Experts: How will the market affect homeowners who will be refinancing next year?
My parents bought their home 4 years ago at a 4% rate, which is due to change next year when their loan rate. With the market crunch and the new strict lending that’s bound to occur as a result of this, they are worried about what refinancing has in store for them. The good news is that they have flawless credit (they successfully removed their PMI, and they are early every month on their mortgage payments —and they pay an extra couple of hundred dollars than they should. Not to mention their credit card debt is very low (only a couple of thousand dollars). They’ve both been at their great paying jobs for over a decade; but they are still worried about whether they will be able to secure a decent fixed rate when their mandatory refinance is up. Any hope?
The biggest impact on our market is the following:
1. – There is no longer any subprime lending
2. – Jumbo loan rates have been rising disproportionate to the rest of the market
3. – The ALT-A market has all but vanished
4. – FHA Loans have become increasingly attractive.
5. – Fannie Mae loans have for the most part remained unaffected.
While I certainly cannot predict what the market will be like a year from now (if I could I wouldn’t be writing loans and training loan officers for a living) I don’t see subprime on the radar for quite some time. Everything else will come around and normalize.
Here’s a point that everyone seems to be missing. For the most part this is a market problem – Given time the market will correct the problem. Not the Senate.
Mr Mortgage – HERE COMES THE ALT-A CRISIS 4-16-08
Visit my new blog…
http://mrmortgage.ml-implode.com
Mr Mortgage Exposes ALT-A Crisis Coming to a City Near You Soon
Duration : 0:10:0
How can I become a mortgage broker in california?
I simply cannot seem to find legitimate information on becoming a mortgage broker in California. Many of the web sites that purport to have information really share very little of anything and some are just plain frauds. I’d like to find information on mortgage broker training and possibly information on finding a school (preferably Los Angeles) where I can get training on becoming a mortgage broker.
What are you thinking BRO that is a bad job especially this time of the year. You only get two applicants a week. No houses selling.
Second Wave Of Mortgage DefaultsThe Mortgage Meltdown
Scott Pelley reports on the mortgage crisis that’s far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.
Duration : 0:12:30
How do I become a mortgage broker in ohio?
I know the mortgage industry is in a mess right now, but I am looking toward the future when we rebound. Wondering what requirments there are to become a mortgage broker in Ohio. I am looking to work this industry on the side, as I already have a full time sales job. Also what are the typical commisions paid to brokers for sub-prime, prime, and jumbo mortgage loans…is this split with the company you work for? I already work 100% commission, so that is not a problem. Any input on this career is greatly appreciated, ie the ups and downs.
Here’s a link to the application required by the state. It included a list of requirements to be eligable. http://www.com.state.oh.us/dfi/documents/mainofficemortgagebrokerapppacket_000.pdf
I would start by getting some of the required education. You may want to also work for a company before typing to open your own brokerage. Even if you only work in a related field it will be very helpful later on. Such as as a real estate assistant to a successful real estate agent.
ROAD TO RUIN: Mortgage Fraud Scandal Brewing
Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.
Duration : 0:6:53
Mortgage Meltdown – 44min. documentary
See full film here:
http://journeyman.booserver.com/store?p=2556
17 September 2007
What will be the global fallout of the US subprime mortgage crisis? How can unscrupulous mortgage brokers in America send world stock markets into a spin? ‘Mortgage Meltdown’ examines how our interconnected finance systems left the world vulnerable to a global credit crunch. It traces the current crisis to the fallout from September 11, hearing from the families now facing destitution while the ‘market corrects’. With banks now afraid to lend to each other, the subprime mortgage crisis threatens to push America, and possibly the rest of the world, into recession.
Produced by ABC Australia
Distributed by Journeyman Pictures
Duration : 0:10:8
How does reworking a mortgage affect my credit score?
I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?
It doesnt. You will have a mortgage credit pull listed on your report which as long as you havent gone on a credit pulling spree wont even really calculate into your score.
Mortgage Whistleblower
World Savings whistleblower Paul Bishop spoke with Harry Smith about when he first noticed the company was taking on unstable loans.
Duration : 0:5:1