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Posted August 18, 2008
A few days ago I asked how the Alaska Home Loan market was doing. How funny that my website that is focused on Charlotte Home Loans would rank on the first page of Google when searching Alaska Home Loans!
I have not yet heard from any mortgage loan officers that offer Alaska home loans, but hope to soon. I did hear from a Realtor that lives in the north west area of the US that happened to be visiting Alaska when coming across my post. I did think that was a bit ironic.
Anyway, I still would love to hear from those that offer Alaska home loans. How’s your market doing?
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Posted August 18, 2008
Today, at 10:02pm, Governor Micheal Easley quietly signed North Carolina house bill 2188 into law. The major purpose of this law was to change how lenders that service mortgages are supposed to communicate additional charges to their customers. However, a small surprise got slipped in to the bill… surprising huh?
SECTION 3. G.S. 53?243.11 is amended by adding a new subdivision to read:
“(16) In connection with the brokering or making of a rate?spread home loan as defined under G.S. 24?1.1F, no lender shall provide nor shall any broker receive any compensation that changes based on the terms of the loan. This subdivision shall not prohibit compensation based on the principal balance of the loan.“
This is the last item they added. You can see it for yourself at
http://www.ncleg.net/Sessions/2007/Bills/House/HTML/H2188v5.html
What does this mean? According to this, and the way I read it, a mortgage broker can charge an origination fee (which would be “based on the principal balance of the loan”); however, this seems to call into question the ability for a mortgage broker to make any money on the mark up of wholesale mortgage rates to retail. This could easily fall into the first prohibited category which is “based on the terms of the loan.”
If you are thinking that is good news, you are sadly mistaken! This is not good at all. And I am not talking about for just brokers. I am talking about the reprocussions this will have on consumers and the overall housing market.
You see, mortgage brokers act much like the typical lender. They get the mortgage rates at a wholesale discount and then sell it at a retail price. That’s not a “bad” thing. The benefits to the public is that the retail pricing is not set in stone, so that flexibility allows the market to be competitive. But if this is taken away, they only way a broker can make money is to charge higher upfront fees such as origination and application fees. While these are normal for any loan, the fact that a broker will have to charge 2 points instead of 1 makes it appear less attractive, even if the rate is now a “wholesale” rate.
The ironic part is that lenders and banks will still be able to make money on the wholesale to retail spread. Only mortgage brokers have to disclose the wholesale profit they make. Lenders don’t… it’s not required by law. Why? The argument is that brokers know up front how much they will make, while lenders must sell the loan to another party (such as Fannie Mae) before they realize any additional profit. That profit may be higher or lower than anticipated when they actually sell, so there is no way to nail down an exact amount to disclose. Of course, law makers could require they provide the client with a range of profit they anticipate making, but no, only brokers are required to show this profit. As such, this profit has become demonized and mortgage brokers have been slammed as greedy bastards looking out for only themselves.
So 2 things here irritate me..
the double standard that provide banks and lenders an unfair advantage in what should be a competitive market and literally puts extreme limits on what brokers can make.
the way that politicians slip things in to bills instead of being bold and just saying here it is… we are making major changes. It is cowardice at the least!
So as politicians and bank executives continue their agenda to eliminate mortgage brokers, North Carolina mortgage clients (both buying homes and refinancing a mortgage) should brace for less competition, higher fees and less service. Its coming…
This post is my opinion and interpretation of the new law and does not reflect the position or views of anyone other than me!
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Posted August 12, 2008
Alaska Home Loans
Before you ask, no I can not originate Alaska Home Loans. I am not licensed to write a home loan in Alaska, but in an online search today, I somehow ran across this search and just got to wondering…
How many mortgage companies are doing Alaska Home Loans? I know Alaska is a very large state with lots of beauty. I have never been to Alaska and being from the south would assume it is usually cold in Alaska… therefore I doubt I would ever need a home loan in Alaska. So why worry about Alaska home loans?
Well, with the mortgage crunch that is hitting everyone, we all hear about the major markets out there… places like LA California, Pheonix Arizona and even Washington DC… but no one has said a word about Alaska home loans. How are the loan officers in Alaska doing in all of this? I noticed that the loan limits for Alaska FHA mortgage loans was averaging about $271,050. Some areas have Alaska FHA mortgage loan limits up to $332,500. Is the Alaska FHA mortgage loan limits helping any?
If you happen to be a loan officer doing Alaska Home Loans, please comment and let me know. Curiosity is killing me!
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Posted August 7, 2008
Rates today improved and home owners in Charlotte NC could benefit from refinancing their Charlotte home! Many of our customers are saving a ton of money each month by refinancing and consolidating debts into one low fixed rate mortgage!
Under current FHA mortgage guidelines, you could do a cash out mortgage refinance in Charlotte and not be charged a higher rate just because you did a cash out refinance. Most Fannie Mae and Freddie Mac loans actually charge a higher interest rate for your mortgage refinance when you get cash out to pay off debt. SO this makes the FHA mortgage loan a much more attractive option.
Take a look at this example:
What could you do with another $552 a month?!?
Apply now for your
Charlotte Mortgage Refinance Loan.
Ed Nailor is a mortgage specialist with Residential Mortgage Center.
Residential Mortgage Center is a HUD approved Mortgage Lender offering FHA and VA loans, in addition to the hundreds of other conventional and jumbo mortgage loans available. We proudly serve home owners and home buyers in the Charlotte area (including Concord, Gastonia, Matthews, Monroe, Huntersville and Ft. Mill as well as all of North and South Carolina.)
Apply online for your Charlotte area mortgage loan
or call 704-651-8704 for your free mortgage consultation.
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Posted August 7, 2008
I have had enough!
I am so damn tired of all the bad news and negative attitudes! It seems like no matter where I turn this is all I hear anymore.
- “The economy sucks!”
- “We can’t drill our way out!”
- “No one is buying a home!”
- “Our country is not what it once was!”
I am gonna pick on this last one for a second…
We all know that our economy is stagnant and that gas prices are up and everyone is feeling a pinch. I am feeling it too !But this one just takes the cake.
“Our country is not what it once was, and I don’t want my kids to grow up in that.” This was a quote from someone that seemingly hates America. This is a quote from someone that somehow doesn’t have a freaking clue… who said this? None other than the “chosen one” himself.. Mr. Barack Obama.
Here is my issue with this statement… I agree.. our country is not what it once was. But where Mr. Obama gets off stating that we are worse is beyond me! As an American today how am I worse off?
Read the rest of this entry »»
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