ARCHIVED BLOG POSTS
2011
Bank of America Exits Reverse Mortgage Business In a shocking announcement, Bank of America is leaving the Reverse Mortgage Business on all levels. They will stop offering the program to retail consumers, will not purchase the loans from other smaller lenders, and are halting the wholesale side ...
02/07/2011
Do you know what a Third Party Originator is? The new name for Correspondent Lenders… The “Mortgage Broker Business” and “Correspondent Lender” Licenses are now EXTINCT! Some will get upset at what I just said, but it’s the truth. In FHA’s eyes if you are not a LENDER then you are a Third Part...
02/03/2011
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Do you know what a Third Party Originator is? The new name for Mortgage Brokers… The “Mortgage Broker Business” and “Correspondent Lender” Licenses are now EXTINCT! Some will get upset at what I just said, but it’s the truth. In FHA’s eyes if you are not a LENDER then you are a Third Party Ori...
02/02/2011
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Just because Mortgage rates are no longer in the low 4's doesn't mean they are no longer LOW. Rates are still very low, and below 5% for the most part. Its all based on credit, down payment or LTV (loan to value), and whether you are picking a governemnt program like FHA/VA or if you are going ...
02/02/2011
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I think this is an awesome SB match up! Both teams are great on both sides of the ball, they are tough, and have a long history in the NFL. Who are you rooting for? Who do you think will win? I want to see the Pack win it all because Pitt has done so twice in the last 5 years. I usually root fo...
02/02/2011
Here is how it works for a current owner: Let’s start with the example of the traditional Reverse Mortgage, which is done when someone already owns the home, has equity, and either wants to cash out or pay off their current mortgage without requiring future payments: So John and Sally are 62 yea...
02/02/2011
Reverse Purchase when using funds from the sale of another property: John and Sally are selling their current home for 400k. We will say that the 400k is their net proceeds after all costs of selling. Normally they would use 200k of that 400k to buy the new house so that they can retire without...
02/02/2011
We are Mortgage Bankers of Florida, a division of MCM Holdings, Inc. a Direct Mortgage Lender, and we are looking for Mortgage Loan Originators (MLOs fka Mortgage Brokers or Loan Officers) who want to thrive in this market. We are not the institutional, large lending/banking centers, but we have...
02/02/2011
We are Mortgage Bankers of Florida, a division of MCM Holdings, Inc. a Direct Mortgage Lender, and we are looking for Mortgage Loan Originators (MLOs fka Mortgage Brokers or Loan Officers) who want to thrive in this market. We are not the institutional, large lending/banking centers, but we have...
02/02/2011
We are Mortgage Bankers of Florida, a division of MCM Holdings, Inc. a Direct Mortgage Lender, and we are looking for Mortgage Loan Originators (MLOs fka Mortgage Brokers or Loan Officers) who want to thrive in this market. We are not the institutional, large lending/banking centers, but we have...
02/02/2011
Rainmaker
271,877
271,877
Phil Stevenson, CRMP
"Mortgage Nerd" in Miami, Florida and Texas