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Tuesday, December 21, 2004

Wholesale Lender Complaints

Loan officers can now post wholesale lender complaints in the loan officer forums. By expressing unfavorable situations with wholesale lenders, loan officers help each other avoid past hassles and save their borrowers time and money.

Wholesale lenders who fail to deliver can now be found in the loan officer forums. Loan officers frequently fail to deliver loans to consumers due to wholesale lender account representatives miscommunication.

Many times wholesale reps will say anything to a loan officer to get them to submit the loan to their lender. After the loan has been submitted and underwritten, lenders have been known to ask for more information on funding day, information that was not available from the start of the loan process.

These types of situations with wholesale lenders leave the borrower out cold after weeks of loan underwriting, processing, and money spent on appraisals and loan application fees.

Wholesale lenders need to be held accountable for their account reps who promise undeliverable loan situations only to get a denial in the end. Everyone loses when wholesale lenders fail in delivering what they promised at the beginning of the loan submission process.

Loan officers can now post situations they have encountered with specific wholesale loan representatives on the loan officer forum at Broker Outpost. By warning other loan officers of situations, mortgage brokers and their loan officers will be better informed when choosing a wholesale lender for their borrower.

Having a central place for loan officers to express their recent situations, Broker Outpost hopes to help more loan officers and their borrowers close more loans without experiencing the same hassles.

Wholesale lenders are free to respond to loan officer complaints so others can make informed decisions on future mortgage transactions with those companies.

24-7 Press Release / PRweb Release

Monday, December 20, 2004

Calyx Point Version 5.0

Calyx Software announced the release Point version 5.0 and Point Data Server, a new product that works with Point that allows companies to store Point loan files in a central database and access them almost instantly from any location.

Point version 5.0, in addition to working with Point Data Server, contains the following new features:

* New Main Panel - makes it easy to manage work flow. Now residing on the left side of the work area, the new Main Panel makes loan file search, task management, reporting, and templates available from every screen in Point.

* New Task Manager - enables you to keep abreast of tasks associated with a loan file in any data folder. Tasks for loan officers and processors in the form of "to do" lists can be created with this feature, and the new task log can be used to communicate and monitor progress. Tasks can be viewed and sorted by borrower, subject, due date, priority, and more. Users with "read only" privileges can now create tasks for others with "read/write" privileges.

* New Report Generator - offers the flexibility to group, sort, total, average, and format reports in a variety of ways. Point users can specify multiple conditions for each row of a report, add color, change fonts, include custom headers and footers containing company information, and export reports in several formats, including XML.

* Additional Report Templates - Fourteen new report templates, including Processor Pipeline, Production, Rate Lock, and Vendor reports (Builder, Appraiser, Escrow, and Title).

New and updated forms and screens:

* Joint Credit Addendum to the Uniform Residential Loan Application (English and Spanish) (new)
* IRS Tax Information Authorization (8821)
* FHA Mortgage Credit Analysis Worksheet Purchases
* FHA Mortgage Credit Analysis Worksheet Refinances
* FHA 203(k) Maximum Mortgage Worksheet
* FHA/VA Addendum to Uniform Residential Loan Application
* FHA Important Notice to Homebuyers
* FHA Contract for Hotel and Transient Use of Property
* FHA Conditional Commitment Direct Endorsement Statement Appraised Value
* VA Request for Certificate of Veteran’s Status
* VA Report and Certification of Loan Disbursement
* VA Verification of Benefit Related Indebtedness
* Texas Mortgage Broker/Loan Officer Disclosure
* Marketing Flyers: Equal Housing Opportunity logo displayed

Point Data Server, Calyx Software's newest edition to its product line, offers a convenient, secure way to share Point files across an organization. Loan data is stored in a central database, making Point files accessible from any location. With its extraordinary performance and speed, Point Data Server enables loan officers and processors to instantly search, open, edit, and save loan files in the central database directly from their Point desktop and generate management reports built on information from different offices.

Calyx created this product as a result of requests from users wanting to be able to contain all distributed branch data at a central location.

Calyx began shipping Point version 5.0 and Point Data Server on December 6, 2004. All current Point subscribers should receive their update before the end of the month. For more information about these releases, call (800) 342-2599.

For more Calyx news visit their website at Calyx Software.

Thursday, December 16, 2004

World Savings Niche Loan Programs

Matt Carsey over at World Savings sent this over today. You can contact him directly at (402) 391-4700 x 207 or email him at Mcarsey506@worldsavings.com

World Savings Mortgage Loans - Let our niche be your niche!

ABOUT US:

-Portfolio Lender (we don't sell our loans)
-Flexible Guidelines (Our money Our Rules) Not FICO driven on 1sts
-We LOVE Stated Loans
-Paper and Internet Submission at WorldMortgage.com (close in 2-3 weeks)
-In house underwriting, processing and appraisers (less work for you)
-Lending in 38 States
-100 Billion In Assets (we are strong)
-World Savings is the Flagship Company is Golden West Financial which has been lending within the US for over 100 years.

RATES:

We use the CODI Index (Certificate of Deposit Index) which is the 3 mo CD rate posted by the Federal Reserve each month. We take a 12 mo rolling average of the 3 mo CD to calculate the current index. We then add our company profit margin to that index to determine the rate. Example: Currently the index is 1.355 plus our margin 3.65 (which is fixed) the current rate is 5.005. The CODI Index is the least volatile index in the mortgage industry.

PORTFOLIO ARM PROGRAMS: OWNER/NON-OWNER:

Not FICO driven with LTV 80% or below (see rate sheet for guidelines)
Up to 95% LTV for Purchases/90% LTV on Refi's

OUR NICHE: PICK-A-PAYMENT LOAN:

Offers 4 Monthly Payment options Each and Every month:
1. Minimum Payment starting at 1.50% payment factor (not interest
rate)
2. Interest Only (based on current CODI)
3. Full Principal and Interest (based on current CODI)
4. 15-Year Payment Plan (based on current CODI)
(Customers can change these options monthly based on their current
needs)

World savings closes 1000 loans nationwide each day with this product.

Tuesday, December 14, 2004

National Mortgage Broker Directory Launches on BrokerOutpost.com

PRESS RELEASE: Mortgage Brokers registered at the mortgage broker portal BrokerOutpost.com are now automatically listed in a ranked national mortgage broker directory.

The mortgage broker directory gives active mortgage brokers the opportunity to be listed in a state categorized list for consumers to browse. Simply visiting and contributing to the loan officer forums at Broker Outpost gains the broker points which increases their list ranking in the directory.

"Very few sites target the mortgage broker community and offer free tools, and services to help increase the mortgage broker's business" says owner Darin Ferraro. "Most sites offering useful tools for mortgage brokers are supported by paid subscriptions, Broker Outpost is completely free and helps mortgage brokers gain more business by using loan search tools, community forums, and now the mortgage broker directory listings."

Consumers can spend hours on directory sites looking for a loan officer in their area, then sorting through all the listings and picking one is yet another challenge. Broker Outpost's ranking system allows only the most active mortgage brokers to show up on the top of the results for their local, giving the consumer a very quick selection of loan officers who are known to be active.

For additional information, mortgage brokers can register at http://www.brokeroutpost.com

Consumers can browse the mortgage broker directory at http://directory.brokeroutpost.com

About Broker Outpost:
Home of the only mortgage broker blog, Broker Outpost provides useful resources for mortgage brokers, and their loan officers. Wholesale lenders have the ability to market their unique loan programs directly to loan officers nationwide using the loan search engine and community forums provided by Broker Outpost.

Contact Information:
Darin Ferraro
702-580-7626
702-313-5467 (fax)
http://www.brokeroutpost.com

Sunday, December 12, 2004

Mortgage Broker Directory Goes Live

The mortgage broker directory goes live today. It's a simple state categorized listing of all the mortgage agents registered here on BrokerOutpost.com! When consumers find this site, they can click to see the mortgage broker directory and contact their local agents directly, meaning more business for you.

Mortgage brokers simply need to update their profiles in the forums with their homepage url, and BIO which shows up on the directory results pages for your physical local.

Ranking is achieved by posting to the loan officer forum here at Broker Outpost! Each post gains you Ranking points and therefore pushes you toward the top of the list. Staying active on the forums will keep you active in the directory!

You can checkout the directory and then update your profile to see instant changes. No personal site links will be allowed, only industry related homepage urls please.

Read the official mortgage broker directory press release

Friday, December 10, 2004

Accredited Home Lenders Program Highlights

Jack Keeley over at Accredited Home Lenders sent his program highlights over for everyone.

Full Doc Loans:

80/20 Combo:
- $1,000,000 combined loans; first time homebuyers OK; 12 and 24 month bank statements allowed to $750,000; interest only payment option available

Super Jumbo:
- 80% LTV to $1,000,000; 90% to $750,000; 100% to $600,000; interest only payment option available

115% CLTV 2nd Mtg. (90% 1st, 25% 2nd):
- 640+ credit score: $625,000 combined maximum loan; refinance only or second behind existing conforming institutional lender

95% LTV Second Home:
- $500,000 max loan; purchase or cash-out refinance; interest only payment option, no seller concessions

>100% to 104% LTV:
- 620 credit score; 640 credit score for first-time home buyer; 4% used to pay closing costs

Score More: Consumer Lates Ingored:
- 100% LTV 620 credit score to $500,000; 80/20 to $650,000; Bankruptcy; 1-day discharged; No VOM/VOR with 620+ credit score; 24 months bank statements allowed

Mortgage Only:
- 550 credit score to 90%; $400,000 max loan; rolling 30's on mortgage allowed; consumer lates ignored; 24 months bank statements allowed

Stated Loans:

80/20 Combo: Self Employed, 1099, or Wage Earner:
- Up to $650,000 combined loans; wage earners and first-time home buyers to $500,000 combined

Score More: Consumer Lates Ignored:
- 640 credit score - self employed, 1099 or wage earner; 100% CLTV to $500,000; lower LTV's on lower credit scores

100% LTV: Self Employed, 1099, or Wage Earner:
- Minimum score all borrowers: 100% LTV - 660; 95% LTV - 640; First-time home buyer wage earner - 680; $400,000 maximum loan

Super Jumbo:
- 65% LTV to $1,000,000; 75% to $750,000; 85% to $600,000; interest only payment option available

Accredited Home Lenders is licensed in all 50 states. Fast, common sense underwriting.

Jack Keeley, Account Executive
813-892-5688 Cell
888-391-6942 Fax

Thursday, December 09, 2004

Mila's 100% Stated 80/20 gets Bigger

MILA has increased its maximum 80/20 combo loan amount to $600,000 for Self-Employed borrowers with a middle credit score of 650 or higher.

Other Stated Income Documentation Loan Program Highlights include:

# Middle score of 625 for Self-Employed and 640 for Wage Earner or 1099.
# 12 month rental or mortgage history (and a private VOR can confirm rental history).
# 4 trades including mortgage or rent, one must be open > 24 months. No minimum account balance is required. Accounts may be closed or not active.
# For Self-Employed Borrower: 2 years self-employed, same address. For Stated Wage Earner or 1099 Borrower: 2 year employment history with 1 year same line of work.
# 50% Debt Ratio
# Owner occupied, SFR, Condos and 2-unit properties (3-4 units 100% CLTV on refinance only)
# 6% seller contribution can be used towards non-recurring closing costs

And it gets even better:

# With 625 middle credit score, Interest Only is available.
# As with any MILA loan, there is no MI and no reserves or impounds required.

Check Today's Rates on www.mila.com for MILA's latest rates and AccessPoint to get your loan approved in seconds.

Please don't hesitate to call me with any questions

Heather Sweeney
Business Development Manager
P (702) 324-5000
F (702) 791-0799

MILA Financial Center
http://www.mila.com

Wednesday, December 08, 2004

Mortgage Applications Rise Last Week

Yahoo! News - Mortgage Applications Rise Last Week: "NEW YORK (Reuters) - New applications for U.S. home mortgages increased last week, as purchase activity rose amid lower mortgage rates, an industry group said on Wednesday.

Treasury yields, which lenders use to set mortgage rates, dropped sharply last Friday after a softer-than-expected November payrolls report sent prices higher.

Despite the drop in yields, the report showed both declining refinance activity and a decrease of refinancing activity as a percentage of overall mortgage applications."

---

Yeah no kidding! Who stole all the refi's?!

Tuesday, December 07, 2004

1st Choice Mortgage TRUE Alt A Program

Announcing the 1st Choice Mortgage TRUE Alt A Program...With minimal credit requirements, 7 different doc type options, unlimited cash out, no seasoning requirements and 80/20 financing, TRUE Alt A offers the loan solution for every borrower.

T--Tradelines. Minimum 2 trades or 3 alternative trades required with 12 month history.
R--Reduced Documentation. 7 different doc type options.
U--Underwriting Flexibility.
E--Easy. Effortless. Every Borrower. Loan programs to fit every borrower's needs.

The matrix prints nicely on the front and back of a single sheet of legal-sized paper. This will be a great tool for a loan agent's desk for future reference.

Alt A Re-Lock Policy: Loans requiring relock from Alt A+ to TRUE Alt A (and vice versa) must be relocked using worst-case pricing between original lock day plus applicable extension fees and current market.

FOR MORE INFORMATION CONTACT:

Chris Holeman, Your Account Executive
choleman@1stchoicemortgage.biz
http://www.95no.com
(480)-699-5967

Subprime loan market grows

Subprime lending, higher interest loans to consumers with impaired or non-existent credit histories has been the fastest-growing part of the mortgage industry.

Subprime mortgage activity grew an average 25% a year from 1994 to 2003, outpacing the rate of growth for prime mortgages. The industry accounted for about $330 billion, or 9%, of U.S. mortgages in 2003, up from $35 billion a decade earlier.

Read the complete story on USATODAY.com

Thursday, December 02, 2004

Mortgage Fraud Blog

Mortgage Fraud Blog: "Rachel M. Dollar, the editor of Mortgage Fraud Blog, represents mortgage lenders nationwide in pursuing civil recovery from the perpetrators of mortgage fraud schemes. She is a frequent lecturer at industry events and teaches in-house seminars for mortgage lenders and investors. Ms. Dollar is licensed to practice law in California and maintains offices in Santa Rosa, California."

Nice site with information on recent mortgage fraud schemes, indictments and prevention. All you loan officers take note! :)

Added 1st Choice Mortgage

Chris Holeman over at 1st Choice Mortgage sent me his NO DOC program parameters.

He offers 90 LTV NOO NO DOCs and 95 LTV OO NO DOC for purchase and refi. He also has 95% Stated NOO at 620 fico up to $500,000.

Do a NO DOC loan search for loan programs and contact info.

Wednesday, December 01, 2004

Mortgage applications fell 5.8% last week

MSNBC - Mortgage applications fell 5.8% last week: "The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity fell 5.8 percent to 673.3 in the week ended Nov. 26, which was shortened by the Thanksgiving Holiday, following a 5.7 percent drop the previous week."

Time to get out the "Will Refi for Food" signs!!

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