Marc Brinitzer's (merlin) Blog

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Mortgage and Lending - Big Valley Mortgage - NMLS#220931, DRE#00899544
RECENT BLOG POSTS
During the sellers’ market of the early 2000’s, FHA loans were the forgotten stepchild of the mortgage business.  No seller would even talk to a buyer approved through FHA or VA.  One big reason for that avoidance was the FHA appraisal and related property issues.   All that has changed. While a...
09/12/2007
President Bush today announced FHASecure, a new FHA refinance program designed to help trouble homeowners keep their homes.   The new program should provide an option for at least some of those people headed into foreclosure due to interest rate resets and skyrocketing mortgage payments.  Who wi...
08/31/2007
So what are mortgage rates doing? That’s an interesting question.  The conforming 30 year fixed rate has actually been falling.  That is the bright star in a dark sky.  But, it helps pull FHA, VA, CalHFA and any agency 100% programs down with it.  Freddie Mac last week reported the average 30 ye...
08/29/2007
….was the heading on yesterday’s email from Wells Fargo Wholesale.  This is a heads-up to Realtors and home buyers… Fast Rewind In mid July, FannieMae issued Announcement 07–11, entitled Collateral Valuation Practices and Declining Markets. Here are several key points from the memo: FannieMae’s D...
08/24/2007
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Lehman Brothers announced today the closure of its sub-prime subsidiary BNC Mortgage.  Lehman Brothers will continue to originate prime mortgages through its Aurora Loan Services platform but is discontinuing all sub-prime originations. More sad news from my rep at Accredited Mortgage yesterday ...
08/22/2007
More sad news.  Today Capitol One Financial Group announced that effective immediately it is shutting down Greenpoint Mortgage, it’s wholesale lending group.  I did a lot of business with Greenpoint over the years.  They’ve been a great niche lender, but their eggs were predominately in the Alt-...
08/20/2007
These words of wisdom came in the form of a Monday morning email from fellow loan officer and mortgage broker Dave Ryland.  Dave was a seasoned professional when I got into the business 18 years ago.  Through good and bad markets, Dave has lived and demonstrated the kind of integrity & profession...
08/20/2007
If common sense and research studies hadn’t already convinced you that you should use a mortgage broker (vs. a mortgage banker or direct lender), then chew on this: Countrywide and Washington Mutual, two of the nation’s largest mortgage banks, stated this week that they are facing “unprecedented...
08/10/2007
From CBS Market Watch this morning…. LONDON (MarketWatch) — BNP Paribas, one of the largest banks in France, said Thursday that it will stop valuing three of its funds and is suspending investor withdrawals after U.S. subprime-mortgage woes led to the “complete evaporation of liquidity,” the lat...
08/09/2007
Although not quite the canary in this coal mine, yesterday’s announcement of insolvency by American Home Mortgage Corp., one of the country’s largest mortgage banks, sent a chill through the financial markers. The announcement was significant because AHM was not a sub-prime lender and because it...
08/02/2007
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