Denver home prices show decline – Despite the negative headline, the numbers show Denver is holding up better than some metropolitan areas. Denver didn’t participate in the rapid price inflation the past few years. This seems to be supporting a slower erosion in prices in this soft market. Colorado House kills credit-scoring bill – Last year I testified before the state House on pending mortgage legislation. Representative Bucher held a firm bias against small business men and women. It seemed to me that there was a lack of understanding about the realities of our current credit environment and disturbingly an unwillingness to listen. This tidbit in the DBJ reveals the depth of Rep. Butcher’s understanding around issues of credit. House Bill 1143 was sponsored by Rep. Dorothy Butcher, D-Pueblo, who said the practice of “credit scoring” is unfair because there’s no correlation between credit and risks. As I see it, credit and risk are absolutely correlated. This is why an […]
The reverb from the so-called “Subprime Meltdown” continues today. I received this email about an hour ago. Today, Indymac Bank is announcing the suspension of residential Construction- to-Permanent (CTP) loan production effective February 1, 2008. As you may know, Indymac has been committed to the CTP product for 13 years, and it has been and continues to be a well-performing product for us, both in terms of profitability and credit performance. However, given our need to carefully manage our balance sheet and preserve our strong capital position (in light of current market conditions), we need to limit our loan production almost exclusively to products that are immediately saleable into the secondary market and, therefore, have independently decided that this is a prudent step to take at this time. Importantly, we are not being compelled to curtail CTP lending due to any performance issues or external pressures; when industry conditions ultimately stabilize, we look forward to restarting CTP production. More fallout […]
Be Informed Don’t sign an application or contract without understanding all the terms of the loan. Originators should be willing to explain all loan terms and conditions. No Pressure Don’t allow yourself to be pressured into a loan. Reputable mortgage originators strive to make consumers aware of and comfortable with their loan options. Use Caution Never sign blank forms in a loan package and be sure to get copies of all documents bearing your signature. If a broker is asking you for personal information that doesn’t seem relevant to the transaction, ask them for further clarification before providing private data. Ask Questions Question any fees you do not understand. Question terms you don’t understand. Question guidelines or explanations that don’t make sense. Shop Around Shop around for a loan originator that you are comfortable with. There are lots of choices for assistance. Don’t take your real estate agent’s word as the gospel. When you are unfamiliar with the process of […]
A mortgage broker serves as an intermediary between the home buyer & the lender. The broker matches the consumers needs with the right lender. Mortgage brokers offer home buyers a choice and have access to the products of hundreds of lenders. The broker does everything a lender would do, checks your credit and work record, arranges for title search and hires the property appraiser. Once all this information is compiled, the broker selects a mortgage lender that will be likely to accept your application based upon the supplied financial data and personal information.
Well we are finally going to begin showing off our digital selves. Look to these pages in the near future to hear the latest on The J. Berman Group. We are moving into some exciting new areas of mortgage consultation. In addition, the team is undergoing a systematic and structural revamping. The concept is simple: to deliver an excellent financing experience. Our experience, integrity, & knowledge guarantee our customers a simple, well-thought out plan of action that will be financially responsible and in line with their financial goals and expectations. Stay tuned for exciting changes in this space. It’s right around the corner. JB