Friday, May 23, 2008

Fingerprinting Loan Originators

Let's fingerprint all Loan Originators, Mortgage employees and Real Estate Agents. Yep, that's the ticket. ... God Help Us! This was slipped into a the foreclosure assistance bill, and hidden in the "manager's amendment", and passed by the Senate Banking Committee.

Here are a few quotes from the article that came from "" and posted by John Berlau.

"a federal fingerprint registry totally unrelated to national security passed a U.S. Senate committee almost without notice. The legislation would require thousands of individuals working even tangentially in the mortgage and real estate industries — and not suspected of anything — to send their prints to the feds. The database and fingerprint mandates were tucked into housing and foreclosure assistance bills that on Tuesday passed the Senate Banking Committee by a vote of 19-2. "

What, ??? so fingerprinting the mortgage industry is going to fix, or would have prevented the problems we have now? Where did these idiots come from. Did we really elect them? What is their real agenda, surely they are not ignorant enough to think this will fix anything!? Here is another quote.

"The measure the committee passed states that “an individual may not engage in
the business of a loan originator without first … obtaining a unique identifier.” To obtain this “identifier,” an individual is required to “furnish” to the newly created Nationwide Mortgage Licensing System and Registry “information concerning the applicant’s identity, including fingerprints for submission” to the FBI and other government agencies."

"The fingerprint provisions are contained in a “manager’s amendment” that was hammered out by committee Chairman Chris Dodd, D-Conn, and Ranking Member Richard Shelby, R-Ala., on Monday and attached the next day to a broader housing bailout bill that had been scheduled for a committee vote. That bill, the “Federal Housing Finance Regulatory Reform Act of 2008,” expands the lending authority of the Federal Housing Administration and the government-sponsored enterprises Fannie Mae and Freddie Mac to refinance the mortgages of troubled borrowers and banks."

"The amendment defines “loan originator” as anyone who “takes a residential loan
application; and offers or negotiates terms of a residential mortgage loan for compensation or gain. It states that even real estate brokers would be covered if they receive any compensation from lenders or mortgage brokers. "

I want you to know that I try to stay neutral about political issues in my blog. I'm not always successful but I really do try. This morning I read this article on the Drudge Report and I am totally outraged. I cannot contain myself. I don't think it matters which party you affiliate yourself with, you should be stunned by this too.

The bill claims justification for this provision as: “increased accountability and tracking of loan originators,” “enhanced consumer protection,” and “facilitating responsible behavior in the subprime mortgage market.” ... Hey, they got this right. All mortgage people and real estate agents are sneaking around and far from trust worthy. They should all be put into a mandatory parole program and should have to check in every week, and provide urine for drug tests. How about an ankle bracelet too! ... "Book em Dan-O"

What has happened to us? The People we have elected and put our trust in are totally out of control. They feel and display no accountability or respect for us or the constitution. And We pay them money to do this to us!

We have to wake up.. I am so angry I can't get my thoughts in order but I wanted to get this out to you. I'll blog more about it after I cool off a little. In the mean time go read the article here, then come back and leave some comments. I need to know if I'm the only person that finds this troubling.

Monday, May 19, 2008

For Sale By Owner Manual

If you are a homeowner and you say, I want to sell my home fast, I would suggest that you seek out a mortgage broker that has a For Sale By Owner Program. Mortgage Brokers have a wealth of knowledge that they are more than willing to share with you.

Most programs include providing you with a yard sign, an information manual, home fliers, and instructions on how to fill out the required paperwork. They will also follow up on everyone that views your home and will pre-qualify them so you don't have the worry of wondering if the buyer can get a loan.

They cannot negotiate for you, but what most people don't understand is that after the contract is signed it is the broker that handles the rest of the transaction.

The lender orders the appraisal, and inspections, and title insurance, and everything else that is needed ... and does all the coordination.

If you don't have a mortgage broker with a for sale by owner program assisting you, you are missing out on the best free help you could possibly get. is a free fsbo website where you can list your home free of charge. They also have a list of real estate professionals in your area that have free programs. I would check that out. If there isn't anyone listed in your area, just get on the phone and call some of the brokers in your neighborhood. Most brokers have a program. also has a For Sale By Owner Manual ($27.94). The manual is in pdf format and it's focus is toward the mortgage broker. I guess by that what I mean is it is an ebook that contains a FSBO manual and ideas for the broker so they can set up a program for their own company.

The video below illustrates to the broker the manuals covered in the pdf, how they are put together and replicated for their loan officers at a cost they can afford.

If you are a For Sale By Owner, you could purchase the ebook/manual but I don't recommend it. What I recommend is what you really need, a Broker to support you and help you along the way. I actually have an ebook almost finished that will be focused just for your use. I hope to have it completed by the end of June.

If you are a seller and have any questions send me an email. I'll be happy to support you anyway I can.

IF you are a broker or loan officer I hope this video helps to clarify any questions you may have.

This program works, ... but like any program, it only works if you work it, ... consistently.

You can purchase this program on on our web site at fsbo manual,



Sunday, May 18, 2008

How Effective Is Debt Consolidation With Credit Cards?

People who are seeking to establish credit will often apply for a major credit card or for a personal loan. On the other hand, people who are in debt will often apply for credit cards, believing it is a solution for debt consolidation. In both instances, the people in the scenario are both risky candidates for getting a loan.

If you do not have credit, it can be just as difficult to get a loan as if you had bad credit. Credit is necessary these days, which is why you should work on building it before you actually need it for something important.

Regardless of the situation, you must stay on track if you find a way to consolidate your debts. Once you begin the process of debt consolidation, you must keep track of your money, spending, and so forth. When you keep track of your money and spending, you are taking the first step to consolidate your bills and manage your money at the same time.

This web page will help you understand your credit history and how to take care of it. Credit Guidelines

Credit cards are nice to have; in fact today, credit cards are essential, as you cannot make purchases in some instances if you do not have a major credit card. Pre-paid credit cards are newer cards that offer a similar effect to credit cards. The cards allow you to deposit your money into the card and use it as though you had a major credit card.

The downside is that these cards have fees and this will not help you to consolidate your debts. It is possible to get a credit card if you have bad credit, but it may come at a costly fee. The interest rates are often higher than on cards given to individuals or families without credit problems.

So if you are bent on getting a credit card to consolidate your debts, think again; if you don't, you could end up in more debt!

Good Luck

Wednesday, May 14, 2008

Which Is Worse - Debt Settlement Consolidation or Bankruptcy?

Many lawyers will take loads of cases, leading their clients into bankruptcy, rather than helping them to find a solution. The lawyers are paid large amounts for their work; therefore, they are out to make a buck in most instances. You should make a visit to the attorney's office as your last resort.

There are a number of other solutions for settling your debts, including debt management, debt consolidation, debt negotiation, and even do-it-yourself strategies.

In other words, if you want to cutback, find ways to make extra cash, work toward paying off your debts to avoid bankruptcy and the subsequent lawyer fees.

If you have recently ruined your credit or filed for bankruptcy, repairing your credit is the most important thing you will ever do. If you have bad credit, it will always be hard to get an apartment, to get a house, to refinance a loan, or to get any other form of credit loans, including even credit cards.

Similarly, if you have not established credit, it is frequently easier said than done to get a line of credit from most banks. Consequently, it is imperative that you protect your credit rating. There are more than a few ways to build credit, as well as to repair credit.

If you are repairing your credit, it will usually take around six months before most banks will allow you to apply for a loan; however, since more than 4% of the population is in debt, companies are coming up with solutions to help these debtors out.

United Way and Credit Unions have joined together to help millions resolve their credit issues every single day and get out of debt. If you want to rely on an honorable source to help you, then United Way or Credit Unions for debt consolidation are your best bet.

Thursday, May 8, 2008

How To Find A Debt Consolidation Loan

There are very few online debt consolidation lenders that will really help debtors reduce their debts. If you choose to use one of these groups be vary cautious and consider the fact that by getting into one of these programs your credit scores will suffer.

Homeowners who are in over their heads in debt can use their homes as collateral to payoff their debts. A homeowner can get a cash out refinance to payoff the smaller debts. How much you qualify depends on how much equity you have in your home.

An FHA cash out refinance will allow up to 95% LTV. A Conventional cash out refinance will only allow 90% LTV. If you don't have enough equity for a cash our refinance of your first mortgage your next option would be to take out a 2nd mortgage. Second mortgages usually allow a higher CLTV (combined loan to value). Some lenders will go as high as 100%CLTV but the interest rate is higher.

The loans offered are given to the debtor to repay the debts; and then the debtor must payoff the loan in monthly installments. In other words, your bills are calculated and rolled into one monthly installment. If you have credit cards, then the interest rates will roll into the monthly installment, as well if you have personal or home loans or other types of loans, then the interest rates are rolled in to one balance per month.

Some debt consolidations make it easy and offer short applications, which will link you to an expert who will search for a solution to reduce your debts by assessing your information. Money Management International (MMI) is one of the many online "Consumer Credit Counseling Services" (CCCS) that is a non-profit organization that offers support to debtors.

The non-profit organizations are sometimes safer to use than the organized services. Since MMI is a member of the Better Business Bureau, I will refer to this debt consolidation reduction organization to help you get an idea of what is available to you.

Once you sign up at an online debt consolidation reduction organization and are approved, then the professional financial guides will work with your creditors, asking for leniency. This means that the experts will work hard to get a reduction on your debts. For example, if you are paying $1000 per month in bills, some debt counselors will work to get your debts reduced to $500 give or take a couple hundred. This figure is half the amount you were paying in the first place. What a bargain!

Tuesday, May 6, 2008

Avoid Mortgage Fraud

I found this great video on Youtube about mortgage fraud. Freddie Mac put out this great view. The first time I watched it my heart was really touched because this is just exactly what happens to homeowners that are close to foreclosure. They are desperate and at that point will believe anyone that sounds real.

There is a lot of mortgage fraud in the mortgage industry but it has always been there, just like in other industries. The media is blowing it out of sight now because of the election and the slow in our economy.

I have put it on this blog because we get a lot of traffic and just maybe this will help to inform people about mortgage fraud.

This is so Sad!

Always take the time to shop for a reputable mortgage broker. this web page may help you do that. How to select a mortgage broker.

You are welcome to leave comments. Just remember to be ware in any market that involves money. People will always want to take it from you. If you are ever unsure, call someone. Ask!

Good Luck,


Atlanta Mortgage Lender

This is a little off topic but I thought I would share it with you. Jerry owns a mortgage company in Marietta, Georgia. We all know the mortgage industry is suffering. It doesn't matter if it is a large mortgage company or a small independent mortgage Broker. The large companies are downsizing and the small companies are going out of business.

I think it is really sad for the independent mortgage broker because most of the fraud was created by the large companies and it is the little guy that takes the hit.

Well I read somewhere that doing videos will really drive traffic to a website. It couldn't hurt and it doesn't cost anything so why not?

I thought I would create some videos to drive some traffic to Jerry's site. I didn't have a clue how to do it but I took a shot at it and this is what I came up with. This is my first attempt.

Of course there are many topics I could use for a mortgage video but in my first effort my focus was just on learning the software. I think the hardest part was uploading it to the different video sites like You Tube, Google, and Yahoo. It wasn't really hard but sort of complicated and each was a little different.

Since I wasn't focusing on content I through in a cute picture of my friend Alex. I think you will like him too.

Wish me luck with my future attempts. That focus will be on major mortgage content.

Ok, watch the video, be kind now, it was my very first one.

Your comments are welcome. Maybe you have some tips that will help with the next one. (I know this one sucks but you have to start somewhere)

See Ya,

Sunday, May 4, 2008

How To Get a Low Interest Debt Consolidation

Debt consolidation loans help debtors lower their monthly bills while paying off credit cards with high interest rates and debt, adhering to an overall debt strategy. Many online counselors or debt management services will offer to make your bills lower each month and may even claim to offer additional funds for your own purposes.

Buyer Be Ware! This is a rip off!

If you are having a difficult time paying off your debts, then consider that some plans will enable you to pay off costly interest rates on credit cards. The monthly installments, once the debt consolidation personnel settle on an amount, will not increase or decrease during your agreed plan. Some companies will claim that the loan offered has no restrictions. They will tell you the date your loan borrowed will be repaid, as well as offer you as much as "$10,000" fast in loans, and even may claim you can get the money the "same day you apply."

Few of the online debt consolidation services will offer a variety of plans that will meet your budget. However, if your loan amount is above the "$10,000, then you will need home equity to get additional loans. The loans then become secured loans, which require collateral - and your home is generally the collateral.

To get a loan online, you must collect all your bills and provide the details on an online application. You must also have a detailed estimate of your debts, plus your income. After you fill out the online applications, some debt consolidators claim to take a few seconds to evaluate your application and then contact with their decision. Some companies who claim to lend you money will also claim that they will lend it on the spot as soon as you are approved.

Be aware that some companies charge high interest rates, plus additional fees for services in debt consolidation.

If your debt is more than 10k and you need to roll it into your mortgage, go to a Mortgage Broker and Do Not fill out an application on line for one of these so called "debt consolidation" companies. They are just waiting to rip you off!!

Go to a lagit Mortgage Broker in you area and get a cash out refinance or a 2nd mortgage. (That is what a loan "using your home for collateral" is) Get it from someone that is reputable and is regulated. They will also tell you of any other options you may have.

Send me an email if you have questions.

Good Luck!


Friday, May 2, 2008

Credit Repair Scams

This video will help you understand about credit repair scams. There are so many of them out there just trying to take your money.

This is a good video. Again, I don't know who the company is and names can be deceiving but the information is excellent. Enjoy.

Here are two good pages that talk about your credit and what you can do to improve it. Credit scores, credit repair

Good Luck,


Mortgage Refinancing Scams

I found this great video on the net. It has some very good information about how a few lenders take advantage of consumers through deceptive advertising. Take some time to view it.

I wish consumers had to take a two hour course on mortgage loans and interest rates before they could apply for a loan.

I don't know who this company is and names can be deceptive but the video is very good. Enjoy!

Here is a good web page that will help you decided which mortgage loan is right for you. Which loan is right for you

Good Luck,