Archive for the ‘education’ Category

Teaching First-Time Buyers

Friday, April 9th, 2010

Everytime I have the opportunity to teach a group of first time buyers, I realize more and more where my passion lies and why I became a mortgage lender in the first place.  It is such a life-changing decision to buy a home (and usually in a good way). Converting a family from renting to owning can change the course of their financial future.

I had an opportunity this week to teach a course as part of Team Buckley Saves at Buckley Air Force Base right here in Colorado.  Met a great group of our service men and women and was able to answer many questions regarding home ownership.

Some were in the process of buying, some had had bad experiences in the past and had questions, and many just had misconceptions about the mortgage process.  It was great to see all of the “lightbulb” moments and give a little back to the brave men and women who serve us all.

Posted in Mountain Crest Mortgage, Society of Financial Awareness, education, lending, mortgage, sofa | No Comments »

Mary On Your Brand Radio

Tuesday, March 30th, 2010
Thanks to Mark Crowley and David Sandusky for allowing me to be part of the Your Brand Radio program.  Awesome opportunity to be part of an exciting local radio show.
http://www.yourbrandplan.com/forum/your-brand-radio/30380-creative-connections-business-owners-your-brand-radio.html#post87738

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Posted in Uncategorized, education, mortgage | 2 Comments »

Client Questions

Wednesday, July 30th, 2008
Recently, I had a client pose a few questions relative to the mortgage process.  They are questions probably many people have, so I thought they were worth repeating.
 
Where does the money for the loan come from?
The money comes directly from us as we are a mortgage banker (the funds do not come from Fannie or Freddie).   At present, Fannie Mae has announced they will not be using the credit line offered by the Fed (they made a few billions dollars in the 1st quarter of this year).  The Fed more or less offered the “bail out” to calm the financial markets.  
 
What are the benefits/risks of working with a broker like Mountain Crest Mortgage?
There are two main benefits of going with a banker like us vs. directly to a bank.  1)  If the bank closes, borrowers with pending closings are out of luck.  For example, borrowers who were scheduled to close with IndyMac now have to re-apply someplace else and reschedule their loans.  If this is a purchase transaction, the impact can be disastrous.  As a banker we just take you to a different bank if one of them closes;  2)  We work on the wholesale side and have the ability to “shop” your loan to multiple investors to find the best overall loan package for you and your clients. 
 
What’s impacting interest rates so much?
Regarding the rates, what is driving them up (or down) is news of inflation.  We’re in a volatile market.  I’m advising all of my clients to lock early to avoid major swings in interest rates.  We have some investors who allow a “float down” so if rates dramatically improve after locking, we can still take advantage of the pricing improvement for our clients.  Rates for the past 7 months have been bouncing up and down between 6% and 6.5% with 0 & 0 points - I expect this to continue over the next few months.  
 
Have other questions?
Let me know.  I’d be happy to answer them here or privately.

Posted in Uncategorized, education, lending, licensing, mortgage | No Comments »

I Passed!!!!

Wednesday, July 30th, 2008
I am pleased to report that I sat for and passed the state mortgage broker licensing exam yesterday, July 24, 2008.  I now hold both the mortgage broker license as well as my Certified Mortgage Lender designation.
 
Let’s be candid for a minute. With record foreclosures, unscrupulous mortgage companies were part of the problem. 
 
To help combat mortgage fraud, predatory lending, and bait and switch tactics, the Colorado Legislature now requires persons who take mortgage applications to be licensed, carry an individual state bond, individual errors and omissions insurance, 40 hours of industry education by the end of the year, continuing education, and passage of mandatory state exams.  I have completed all of these requirements.
 
But the Colorado Legislature has no legal authority over national banks or state credit unions which are regulated at the federal level.  As a result, these lending institutions’ loan officers are exempt from the strict requirements placed on mortgage brokers and bankers (like Mountain Crest).  Their loan officers are exempt from the all of the above requirements.
 
Especially during these turbulent times, be sure to work with a Colorado-licensed Mortgage Broker.
 
Mary Steinmeyer
MB License #10017382

Posted in Mortgage Training Institute, education, lending, licensing, mortgage | No Comments »

FHA Risk-Based Mortgage Insurance

Wednesday, July 30th, 2008
This bears repeating as it goes into effect next week.  I’m still hearing many lenders quote FHA as the mortgage option with no penality for FICO score.  This is no longer correct. 
 
Effective with new FHA case number assignments on or after July 14, 2008, FHA will implement risk-based premiums on one- to four-unit single family mortgages.  Highlights of change include:
 
  • Upfront MI will range from 1.25 percent of the loan amount for lower-risk borrowers to 2.25 percent for riskier borrowers.
  • No borrower who qualifies for a FHA-insured mortgage will pay more than 2.25 percent on the upfront mortgage insurance premium and 55 basis points for the annual premium.
  • Borrowers with credit bureau scores must be risk-classified by FHA’s TOTAL Mortgage Scorecard.
  • Those in risk categories without a premium shown are not eligible for FHA-insured mortgage financing.
  • Borrowers without credit bureau scores will need to be manually underwritten and deemed as eligible based on criteria described in Mortgagee Letter 2008-11; the mortgage insurance premium will be determined by the loan-to-value ratio for the non-traditional column in the premium schedule.

First-time homebuyers who will be obtaining a mortgage with an LTV greater than 95 percent and whose decision credit score is in the 559-500 range are entitled to a reduction of their upfront mortgage insurance premium from 2.25 percent to 2.00 percent provided the homebuyer completes HUD-approved pre-purchase counseling. 

 
Pre-purchase counseling must be obtained from a HUD-approved housing counseling agency, a participating agency of a HUD-approved housing counseling intermediary or a state Housing Finance Agency receiving HUD housing counseling grant funds, and the counseling must occur prior to execution of the sales agreement.  With this requirement, it is FHA’s intent to encourage borrowers to participate in meaningful counseling prior to the decision to purchase a home, not to create an incentive or burden for lenders to have borrowers re-execute the sales contract in order to receive a reduced premium.  Borrowers can take the course within one year of purchase.

Posted in Mortgage Training Institute, education, licensing, mortgage | 1 Comment »

New Broker Education Requirements

Wednesday, April 16th, 2008
Effective April 7, 2008, all mortgage brokers who currently maintain a Colorado mortgage broker’s license must complete 40 hours of education and pass the two-part exam by January 1, 2009.
 
The 40-hour course is divided into four sections including 7.5 hours of Federal regulations, 12.0 hours of Colorado laws, regulations, and contracts, 16.0 hours of basic mortgage training, and 4.5 hours best business practices.  Currently there are six approved education providers offering the Colorado-approved coursework. 
 
Upon completion of the 40-hour class time, all mortgage brokers will have to pass a test administered by PSI.  The test will be made up of 100 questions divided into two sections.  The largest section of 60 questions will include Federal and State laws and regulations.  The second, smaller section of 40 questions will include mortgage concepts, math, programs, and procedures.  The test will take 2 hours and a score of 70% or greater will be required for licensing.
 
Beginning in January 2009, all applicants for a mortgage brokerage license in Colorado will have to complete the coursework and pass the test prior to application.
 
This is the first time education has been required for mortgage brokers in Colorado and is a huge step to improving the overall quality of mortgage brokers operating in the state.

Posted in Mortgage Training Institute, education, licensing, mortgage, real estate | No Comments »