Free reports are available on these links that can enhance your knowledge of issues related to your real estate and financial portfolio.
Conforming FNMA FHLMC Loan Limits Economic Stimulus Plan 5140
HR 1427 New Conforming Loan Limits
Click Here to LISTEN: Understanding The Difference T-Bills and Mortgage Rates
Hope Now Plan for Mortgages
UPDATE: Mortgage Reform 2007 Passes The House of Represenatives Friday November 16th, 2007
UPDATE: Ben Bernake Complete Economic Speech November 8th, 2007
UPDATE: Click Here to LISTEN to Mortgage Reform Act 2007 as of Wednesday November 7th, 2007
What is a Jumbo or Conventional Loan?
Automated Underwriting Systems and Your Loan Approval
Fannie Mae's Opening Statement Addressing the Real Estate Credit Crunch
Current State of Mortgage Financing Updated 8/14/2007
The Mortgage Meltdown Frequently Asked Questions
California Association of Mortgage Brokers Testimony
A Consumer's Guide to Mortgage Refinance
A Consumer's Guide To Understanding Mortgage Rate Locks
APR Can Cost You. What it Really Means and How it Effects Your Loan
Vacation Homes and 1031 Tax Exchange
Delayed 1031 Limitations and Restrictions
Foreclosure Basics and Investors Approach
You Can Opt Out of Unwanted Credit Solicitations
Mortgage Broker Services / What You Need to Know
The Four Way Test
California Associaion of Mortgage Brokers Code of Ethics and Standards
National Association of Mortgage Brokers Code of Ethics
UPDATE: Expanding Fannie Mae and Freddie Mac Housing Bill Heading to Senate
UPDATE: Click Here to LISTEN to Mortgage Market Meltdown 2007 Part 1
UPDATE: Click Here to LISTEN to Mortgage Market Meltdown 2007 Part 2
UPDATE: Click Here to LISTEN to Mortgage Market Meltdown 2007 Part 3
12/4/2007
Thank you very much for processing our recently refinanced mortgage. It has been a real pleasure working with you in what has been truly one of the easiest financial transactions of my life. I will unhesitatingly recommend you to any of my collegues and friends seeking financing for real estate or any other banking need.
Stephen W. MD
11/27/2007
Great Roger!! - It is greatly appreciated giving us quick updates and tips!! Thank you.
Ryan
11/19/2007
Thanks for the update - I appreciate your dedication and hard work.
Chris
10/16/2007
Right on Roger!, it is so refreshing to to hear your educated and informed comments.
Louis
10/2/2007 Sent to me with a basket of chocolate muffins. (Thanks Eva!)
Your help has been really appreicated. Thank you
Eva
9/25/2007
I needed to close a "short sale" in 8 business days, and for that reason I sought out Roger Herrick, a proven professional that had closed several loans for me several years ago. And, I glad I did. We are now the proud owners of a ski cabin in Chrismas Valley, South Lake Tahoe.
Lincoln
8/31/2007
Roger,
Thanks again for all your diligence and help it is greatly appreciated!
Thanks
Kristin
5/5/2007 (Letter)
Dear Roger Herrick,
Thank you for helping Ray and me with the refinancing of our home. We really appreciate how quickly it all came together.
Katherine
Rates as of August 16, 2007. Home Equity Lines of Credit have 120-month draw periods, followed by a 240-month repayment period. The Annual Percentage Rate (APR) for our Home Equity Line of Credit may vary and is indexed to the Prime Rate, as published in the `Money Rates` section of The Wall Street Journal (currently 8.25%). The APR for our home equity line of credit is determined by the loan amount and its resulting combined loan-to- value ratio, credit score and the amount of the initial draw. The variable APR may be as low as Prime -.76% (currently 7.49% variable APR) and high as high as Prime + 5.00% (currently 13.25% variable APR). The maximum APR is 18%. Rates terms and conditions vary for the state of Texas. If you choose to pay only the amount of interest due during the interest only period, then at the end of that period you will still owe the original amount borrowed and your monthly payments will increase - even if interest rates stay the same - because you must pay back the principal as well as interest. To qualify for the lowest rate, customers must take out a loan or line of credit at the minimum amount of $150,000, have excellent credit history, meet loan to value conditions, and certain usage and documentation requirements. Any property evaluation or appraisal required at time of application may affect both loan size and rate. Certain limitations apply. Loans subject to credit approval. "Statistical Release" page found on the www.federalreserve.gov, currently at 5.07% as oRates subject to change without notice. The APR for our home equity loan is indexed to the 3-year Interest Rate Swap, as published on the f August 3rd, 2007 . The APR may be as low as 7.74% fixed APR and as high as 13.50% fixed APR. The APR for our home equity loan is determined by the loan amount and its resulting combined loan-to-value ratio and credit score. To qualify for the lowest rate, customers must meet certain loan size, conditions, credit qualifications and documentation requirements. Any property evaluation or appraisal required at time of application may affect both loan size and rate. Rates vary in the state of New York. Certain limitations apply. Loans subject to credit approval. Rates subject to change without notice. Calls are randomly monitored and recorded to ensure quality service.
A mortgage broker acts as an intermediary who sources mortgage loans on behalf of individuals or businesses.Traditionally, banks and other lending institutions have distributed their own products. However as markets for mortgages have become more competitive, the role of the mortgage broker has become more popular. Today in most developed mortgage markets mortgage brokers are the largest distributors of mortgage products for lenders.The majority of mortgage brokers are regulated to ensure a level of protection for the consumer. The extent of the regulation depends on the jurisdiction.
Mortgage brokers as specialized intermediaries In competitive mortgage markets many lenders use an array of rate offers and other incentives to attract customers. To many consumers, due to their infrequent purchases of mortgage products, the mortgage market may appear confusing and somewhat daunting. A mortgage broker can assist in selecting a suitable mortgage and offer mortgage and property related financial advice. Strictly speaking, a broker is someone who does not close in his name, and is required to disclose his yield spread premium. A banker (correspondent) closes the loan in his own name, and is not required to report his YSP. Correspondents typically sell the loan quickly to a larger lender. For borrowers with poor credit records, or other unusual circumstances, finding a lender may be difficult. A mortgage broker may have specialized knowledge and multiple lending sources, and may be able to identify appropriate lenders for each class of borrower. Tasks of mortgage broker The nature and scope of a mortgage broker's activities varies with jurisdiction. Anyone offering mortgage brokerage is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers' circumstances and is held financially liable if the advice is later shown to be defective. In other jurisdictions the transaction undertaken by the broker may be limited to pointing the borrower in the direction of an appropriate lender and no advice given. Therefore the work undertaken by the broker will depend on the depth of their service and liabilities. Typically the following tasks are undertaken: Marketing to attract clients Assessment of the borrowers circumstances. This may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation). Assessing the market to find a mortgage product that fits the clients needs. Applying for a lenders agreement in principle (pre-approval) Gathering all needed documents (paystubs/payslips, bank statements, etc.), Completing a lender application form. Explaining the legal disclosures. Submitting all material to the lender. Mortgage brokerage in the USA According to a 2004 study by Wholesale Access Mortgage Research & Consulting, Inc., there are approximately 53,000 mortgage brokerage companies that employ an estimated 418,700 employees and originate more than 50% of all residential loans in the U.S.. The mortgage broker industry is regulated by 10 federal laws, five federal enforcement agencies and over 49 state laws or licensing boards. Mortgage brokers participate in more than 68% of home loans originations. The remaining 32% is retail done through the lender's retail channel, which means the lender does not go through a broker. |