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The Equifax Security Breach – What You Need To Know

 

On July 29, 2017, Equifax, one of the three major US credit reporting agencies, discovered a major data breach of their servers.  This cyber hack impacted an estimated 143 million US consumers.  That’s roughly half of all American adults!  The information accessed by hackers includes names, addresses, social security numbers, birth dates, and . . . → Read More: The Equifax Security Breach – What You Need To Know

Even in the Digital World, Consumers Want A Trusted Mortgage Advisor.

 

 

The internet, smart phones, and social media have changed the way consumers shop and how businesses market to them.  And additional changes are inevitable as technology races ahead.  Yet, despite these technological advancements, the majority of consumers still want a trusted human advisor to arrange their mortgage.

 

A report (“Trust In . . . → Read More: Even in the Digital World, Consumers Want A Trusted Mortgage Advisor.

Changes to Credit Reporting May Help Your Scores!

 

Consumers who’ve had their credit scores hammered by tax liens, judgments, and inaccuracies, may now receive some relief.

 

From an agreement made between the three major credit reporting agencies (Trans Union, Equifax, and Experian, collectively referred to as “the CRA’s”) and 31 state attorneys general, the CRA’s launched the National Consumer Assistance . . . → Read More: Changes to Credit Reporting May Help Your Scores!

Down Payment Misconceptions Hinder Millennials From Owning a Home

 

 

 

Misconceptions about down payments continue to hinder millennials from owning a home.

 

Industry professionals at a recent Mortgage Bankers Conference cited the “20% Down Payment” misconception as “the greatest cause of confusion among first-time buyers.”  In fact, a study conducted by United Wholesale Mortgage and Michigan State University found that . . . → Read More: Down Payment Misconceptions Hinder Millennials From Owning a Home

ATTN Realtors: Your Company’s Marketing Service Agreement Puts YOU at Risk!

 

In 2015, I wrote and published an article warning Realtors against the dangers of entering into Marketing Services Agreements (MSA’s) with lenders, title companies, or other service providers covered by RESPA (The Real Estate Settlement Procedures Act).  An MSA is a relationship between a real estate broker or developer and a title company . . . → Read More: ATTN Realtors: Your Company’s Marketing Service Agreement Puts YOU at Risk!

Dispelling Lending Myths

  Obstacles to home-ownership have reached such mythical proportions that many prospective home buyers believe it’s futile to even try!  Fortunately, many of these perceived obstacles have little or no basis in reality.

After hearing many of these misconceptions from home buyers and real estate professionals alike, let’s take a moment to dispel these . . . → Read More: Dispelling Lending Myths

When is the Best Time to Buy a Home?

 

With twenty-five years’ in the mortgage industry, I’ve pretty much seen it all.  I’ve seen buyer’s markets and seller’s markets.  I’ve seen rates way up and rates at all-time lows.  I’ve seen home values appreciate out of sight and home values spiral back to earth.  Through every market, prospective home buyers have asked, . . . → Read More: When is the Best Time to Buy a Home?

It Doesn’t Take A Rocket To Get To The Top.

 

I had an idea for a new business.  It’s a website where sick patients can go to diagnose their ailment.  Simply type in your symptoms and the website will diagnose your disease, prescribe medication, and ship it to your door within 24 hours.  No need to speak to a doctor or a pharmacist.  . . . → Read More: It Doesn’t Take A Rocket To Get To The Top.

Coming HELOC Resets Could Have Dire Consequences for Homeowners

 

The majority of Home Equity Lines of Credit (HELOC) in America were originated at the peak of the home equity boom between 2004 and 2008.  Since most HELOC’s have a ten-year draw period, there’s concern over the potential wave of defaults coming when the estimated $190 billion in HELOC loans reset between 2017 . . . → Read More: Coming HELOC Resets Could Have Dire Consequences for Homeowners

CFPB Data Reveals NEARLY HALF of All Mortgage Applicants Rejected!

 

In 2011, The Wall Street Journal published an article (Tighter Lending Crimps Housing, June 25, 2011) reporting the nation’s 10 largest lenders denied 26.8% of their loan applications.  In New York State, the percentage of loans rejected was an astounding 34.8% of their loan applications!  Those were incredibly high numbers!

 

Yet according . . . → Read More: CFPB Data Reveals NEARLY HALF of All Mortgage Applicants Rejected!