Darren Malon's Blog

Why start a new office in a challenging real estate market you ask?

     After nearly two decades in Mortgage Brokering and Mortgage Brokering, a paradigm shift has emerged in our marketplace.  Mortgage Banking used to be a premier way of getting a mortgage loan.  Large private mortgage banks such as our previous employers and national banks (including Wells Fargo, Bank of America, etc.)  had in-house underwriting and programs to facilitate speed of service.  

     Mark and I have have witnessed the challenges now that seem to plague most mortgage banks.  These include poorly trained and unlicensed loan officers (national banks are exempt from the new professional training and testing mandated by the new Nationwide Mortgage Licensing System!)  Banks are being absolutely scared of taking any risk on even somewhat challenging loans and are just saying NO to applicants.  Extra conditions or restrictions are being placed ON TOP of previous federal and national lending guidelines.  Due to shrinking profit margins, mortgage bankers often have much higher pricing than mortgage brokers.  Their program options have shrunk to keep it simpler for them (ie.  NO USDA, down pmt. assistance, Jumbo pricing, ARMs, etc.)  This means the client gets substandard pricing, service, and loan options.  We're out to fix this. 

     We have gone back to the future - Mortgage Brokering!  We have combined forces with Metropolitan Mortgage Group Inc., the largest regional Mortgage Brokerage since 2003.  MMG's network of 9 local offices are also available to serve our clients.  Their extensive list of approved Wholesale Mortgage lending channels will give us the broadest product & price selection possible.  We are placing loans with large national Wholesale Mortgage Banks who do not have "brick & mortar" offices on every corner.  This keeps pricing better for our clients.  Because we are not captive to one individual bank, they are motivated to give us more loan options, better pricing, and excellent service.  If one lender doesn't have what we need, we simply go to another on our approved list who will say yes!  More opportunities to say yes to clients.

April 15th 2011 UPDATE:  Monthly MI changing to a factor of 1.15%

Hello Friends,

It is important for you to know that FHA's monthly mortgage insurance payment will almost double this OCTOBER 4th, 2010.  If you know of any home owners who are currently paying on an FHA mortgage then NOW is the time for them to streamline refinance their loan without an appraisal.

 A $200,000 FHA loan TODAY comes with a monthly mortgage insurance payment of $91.67/month.

A $200,000 FHA loan after OCTOBER 4th will come with a monthly mortgage insurance payment of  $150.00/month.

That's a difference of $58.33 that will not apply to your principal balance!

Rate's are still very low. My average client is saving at least $125/ month on their mortgage payment when they refinance through me. If you know of any home owner's who are paying 5% or higher please forward this email to them or have them contact me so that I can FIX their loan before OCTOBER 4th. You must hurry! I have a few weeks to get their loan in!

Please call me if you have any questions regarding this email.  It is important for you to inform your freinds, family and co-workers of this change.

PS. This includes purchases.