Home » December 15th, 2008
Entries posted on “December, 2008”
Company?s growth to 25 branches and expansion into
nine states prompts unique name change
Waukesha, Wis., December 15, 2008 ? First Choice Mortgage, a mortgage banker and broker since 1993, announces it has changed its name to Inlanta Mortgage. After operating with separate names in several states, the company is pleased to unite its partner branches under one name, creating a more consistent identity.
?We?re excited to introduce our new name to our customers and fellow mortgage industry professionals,? said John Knowlton, President of Inlanta Mortgage. ?Our name change signifies our continued growth, and as we move forward as Inlanta, we will maintain our commitment to providing the best possible service to our customers and partner branches.?
Previously operating as First Choice Mortgage in Wisconsin, Iowa and Florida, the company had been using the name Inlanta Mortgage Group, Inc. in Michigan and Minnesota, and Tradition Mortgage in Illinois. Going forward, the company?s name will be Inlanta Mortgage in all states, including the states into which it recently expanded, Indiana, Missouri and North Dakota. In select locations, existing branches will have the option to continue to do business as First Choice Mortgage.
December 15th, 2008 | Posted in Uncategorized | Read More »
WASHINGTON, DC — The American Association of Residential Mortgage Regulators (AARMR) and the Conference of State Bank Supervisors (CSBS) are announcing the release of a comprehensive set of examination guidelines designed specifically for reviewing the business practices and operations of lenders and brokers selling reverse mortgage loans to seniors. CSBS and AARMR expect that the Reverse Mortgage Examination Guidelines, or RMEGs, will begin to be used by state mortgage regulators in early 2009.
A reverse mortgage loan is a loan secured by a lien on residential real estate in which the homeowner is not required to make payments on the loan until the homeowner ceases to reside in the property. Typically, a reverse mortgage loan is eligible for homeowners at least 62 years of age.
December 10th, 2008 | Posted in Uncategorized | Read More »
WASHINGTON, D.C. ? The Financial Crimes Enforcement Network (FinCEN) and the Internal Revenue Service (IRS) released today the MSB Bank Secrecy Act/Anti-Money Laundering Examination Manual (MSB BSA/AML Examination Manual). The manual’s release marks an important step forward in the effort to ensure the consistent application of the BSA to all Money Services Businesses.
The MSB BSA/AML Examination Manual was developed by the Financial Crimes Enforcement Network (FinCEN), Internal Revenue Service (IRS), and the state banking agencies through the Conference of State Bank Supervisors (CSBS) and Money Transmitter Regulators Association (MTRA).
The MSB BSA/AML Examination Manual emphasizes an organization’s responsibility to establish and implement risk-based policies, procedures, and processes to comply with the BSA and safeguard its operations from money laundering and terrorist financing. The BSA/AML examination procedures will guide examiners through an evaluation of an organization’s BSA/AML compliance program regardless of its size, complexity or business lines. The MSB BSA/AML Examination Manual provides narrative guidance and resource materials as well as specific examination procedures. This includes an overview of the BSA requirements and the federal and state banking agencies’ supervisory expectations in this area.
December 9th, 2008 | Posted in Uncategorized | Read More »
The month of December is traditionally a slow period for the mortgage industry, especially for brokers and wholesale lending in general. Now add in the brutal downturn this market has likely ever seen, and suddenly past winter months look like boom times ? or does it?
Let me describe what I have actually been witnessing in the trenches of our specific loan originating industry, because it seems to be quite different than what is being reported. We?ve just arrived back from Las Vegas after attending the NAMB West expo. We had a great time, and met with many industry insiders. The turn out was much better than expected and so was the overall sentiment from the attendees. There were also some painfully obvious vacancies from this year?s expo as compared to prior year?s events i.e. vendors such as Indymac Bank and Countrywide Home Loans. Loan modification companies were out in full force, picking up this vacant vendor space.
December 5th, 2008 | Posted in Articles | Read More »
Recent research suggests that how you speak is more important in effective communication than what you actually say. Successful customer service oriented professionals will speak little and listen much. When they do speak, their voices fluctuate strongly in amplitude and pitch. This will reflect the suggestion to the listener, there is interest and responsiveness to that customer?s needs. Little variation in vocal inflections will denote a tone of authority and the customer may become stand-offish. Speaking invitingly, responsively but not pushy, and with variation can be the key to a successful cold call, follow-up call, or initial meeting.
December 5th, 2008 | Posted in Articles | Read More »
What is this vision thing that people speak of? I hear athletes talk about visualizing the winning homerun, then going out and crushing the ball into the outfield bleachers. I hear of the concept of creative visualization, whereby an actor sees himself or herself portraying a challenging role, then successfully acts the part. I don?t think this is the application I mean. One definition of vision found in the dictionary is ?A mental image produced by the imagination.? I believe this to be closer to the truth. My experience has been that from the beginning of a project, I can see the finished product, with exact clarity, as if I am seeing the outcome as already having occurred. My response is to then deconstruct the finished product back in time to the point of origin. The path to completion then unfolds before me. I instantly know if the timeline requires compression or if I have the convenience of slack in the schedule, and can therefore apply a healthy dose of value engineering to the project. My job as project manager has always been easier then most because of this mental picture; this vision, that guides my way. If every loan and every origination is a project to be visualized as I outline in this article, then let me show you how this vision thing can be a valuable tool for success.
December 5th, 2008 | Posted in Articles | Read More »
The Niche Report would like to present you to an association that has recently come on to the mortgage scene. The National Association of Black Mortgage Brokers was created by Joy Jamison, (Founder), as she was meeting with friends in organizations like the Maryland Association of Mortgage Brokers and National Association of Mortgage Brokers. During those meetings she realized the need for an African American centered association to promote and educate originators and the community on mortgage products and services. She took that opportunity and formed the National Association of Black Mortgage brokers.
December 5th, 2008 | Posted in Archive,Articles | Read More »
For commuters crossing the Golden Gate Bridge to get to work, the value of a highly capable, stable bridge crossing is priceless. The same can be said for bridge loans, which are generally low cost, are used for a specific purpose and help borrowers ?bridge the gap? between funds they need and funds they will soon have.
Just like the name implies, a bridge loan is a solid option that takes a borrower from one point to another. Used in commercial and residential lending alike, a bridge loan is another viable lending option that skilled brokers can use when appropriate
December 5th, 2008 | Posted in Articles | Read More »
Like them or not, changes have arrived in the lending industry. After exhaustive comment periods, various amendments have been published to federal regulations impacting Regulation Z, C and RESPA. These changes will impact the process of mortgage lending from origination to closing.
This article is intended to only be a brief summary of the changes; it is advised that you review these changes immediately since there could be extensive system changes and staff training.
REGULATION Z CHANGES – Effective date October 1, 2009 (The escrow requirement has an effective date of April 1, 2010 for site-built homes, and October 1, 2010 for manufactured homes)
December 5th, 2008 | Posted in Articles | Read More »
As a property owner, you may be unpleasantly surprised at the current market value of your property if you need to sell in today?s market. If you can, wait out the current downswing to sell. Many homeowners, however, are forced to sell now due to financial hardship, divorce, or relocation. For them, the prospect of owing more than what they owe is a nightmare with little light at the end of the tunnel. If you find yourself in this situation, there are several options available to you. In this article, I will concentrate on the short sale, what it is, and how it affects you.
Underwater-Now What?
It really does not matter why you need to consider a short sale. You may have a financial hardship such as a job loss, upward adjusting mortgage, a bad tenant in an investment property, or a divorce that forces you to sell your home in this down market. The truth of the matter is that the lenders really don?t care. They are only interested in two things: How much do you owe, and for how much can you sell? That?s it. If you are a homeowner facing foreclosure due to non payment, or you are not delinquent but need to sell at a loss, there are several options that you must consider:
December 5th, 2008 | Posted in Articles | Read More »
A lot of people don’t...
