Sales of newly built single-family homes posted a slight increase in September, rising 2.7 percent to a seasonally adjusted annual rate of 464,000 units, according to a U.S. Dept. of Commerce report released Monday. The report also indicated that builders are making substantial progress depleting the supply of unsold units on the market.The number of new homes for sale fell to 394,000 units in September, compared with 425,000 units in August. At the current sales pace, there was a 10.4 months' supply of unsold new units on the market, compared with an 11.4 months' supply in August. Conversely, the median number of months that completed new homes have been on the market hit a new record of 9.1 months.
Regionally, sales activity gained 22.7 percent in the West and 0.7 percent in the South in September, but at the same time declined 21.4 percent in the Northeast and 5.8 percent in the Midwest.
Fast Facts
Calif. median home price - September 08: $316,480(Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 08: Santa Barbara So. Coast $935,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 08: High Desert $159,720 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: C.A.R.)
Mortgage rates - week ending 10/23/08 30-yr. fixed: 6.04% Fees/points: 0.6% 15-yr. fixed: 5.72% Fees/points: 0.6% 1-yr. adjustable: 5.23% Fees/points: 0.5%(Source: Freddie Mac)
Wednesday, October 29, 2008
Tuesday, October 28, 2008
2008 THE NEW FINANCIAL WORLD AND ITS IMPACT ON REAL ESTATE! Presented by: Gary Watts
Gary Watts is a local area (Orange County, California) real estate economist that has been doing his forecasts/predictions on the market for years. He is very well respected and seems to know what is going on and where it is all going. The following was an outline of his most recent presentation.
How Did This Mess Happen?
I. Repeal of the Glass Steagall Act!
Prior to the stock market crash in 1929, both investment and commercial banks took on too much risk, with depositors' money by using those funds for active speculation in the stock market. These banks became greedy, taking on huge risks in the hopes of even bigger rewards. Banking became sloppy and unsound loans were made. Congress deemed that these banks had been the culprit in the crash. In 1933, the Glass Steagall Act was passed to separate investment and commercial banking activities. Now moving to the 1990s . . . after many years of investment bank lobbying, Congress passed the Gramm-Leach-Bliley Act in November of 1999, once again allowing the consolidation of commercial and investment banks into one entity.
II. Now Let the Fun Begin!
From 1999 to 2002, demand for houses and the ensuing price rises could be attributed to economic fundamentals such as low unemployment, expanding household incomes and population growth. Congress told both agencies, in 1999, to ease the credit requirements to low-income buyers. With the events of 9/11 and the Fed's later decision to lower the discount rate to 1%, future home buyers were lured (by lower interest rates) into acquiring property sooner than they had planned. At this time, the biggest players (in home mortgages) were Freddie Mac and Fannie Mae, which actively issued and purchased conventional, conforming mortgage-backed securities.
Loan volume grew to $5 trillion by 2002.
Pay-Option ARMs represented only 3% of loans.
In 2002, federal regulators found (in both companies) irregularities and mismanagement by senior officers, who later resigned. By 2003, regulatory and political factors forced both Freddie and Fannie overstated earnings by $9 billion, which significantly slowed down their future lending volume. With the Gramm-Leach-Bliley Act in place and demand for housing still increasing, the "new" investment banks created private funding in the form of mortgage and asset-backed securities, which replaced the standard conventional lending with looser underwriting standards. In 2004, these investment banks were successful in changing their reserve requirements on securities, which required $1 in reserves for every $12 loaned. The new reserve ratio became $1 to $40! Now new loan programs could be designed to meet the needs of the investment bankers' clients, who were demanding higher returns.
By 2005, loan volume had grown to $9 trillion. 68% of home mortgages were securitized, 33% were non-prime loans, and Pay-Option ARMs grew to 30% of securitized non-prime mortgages. 40% of loans were low or no doc loans These new lending programs allowed less-than-credit-worthy borrowers to obtain loans. With rapidly appreciating home prices, home equity loans were added to the mix and the consumer was living large! Wall Street was now in love with their creation, Structured Investment Vehicles!
(Sources: Glass Stegall Act, Gramm-Leach-Bliley Act, UC Irvine's Paul Merage School of Business, FDIC -1- III. The Structured Investment Vehicle (SIV))
Even by 2005, charge-off rates for mortgages and home equity loans were well below the long term averages (0.05/0.10 versus the long term average of 0.10/0.20). This allowed Wall Street's new credit environment to continue to offer looser lending standards and increased tolerance for riskier, high-yield loan products. The structured investment vehicle was designed to help diversify these risks.
Their Structure: Sub-Prime, 8.3%; Alt-A ,6.7%; Prime, 13.3%; Residential Mortgage-Back Securities, 0.2%. Asset Backed Securities, 12.1%; Collateralized Debt Obligations, 15.4%. Collateralized Loan Obligations, 6.3%; Nonfinancial Corporation Debt, 0.2%. ? Commercial Mortgages, 7.7%; Financial Institution Debt, 28%; Insurance Debt, 1.8%. Ownership Participation: U.S./Foreign Banks, 59%; Hedge Funds/Sovereign Trusts, 28%; Insurance Companies, 6%. Pension Funds, 2%; Corporations, 2%; Mutual Funds, 2%; Others, 1%.
What It Allowed Them To Do:
How Did This Mess Happen?
I. Repeal of the Glass Steagall Act!
Prior to the stock market crash in 1929, both investment and commercial banks took on too much risk, with depositors' money by using those funds for active speculation in the stock market. These banks became greedy, taking on huge risks in the hopes of even bigger rewards. Banking became sloppy and unsound loans were made. Congress deemed that these banks had been the culprit in the crash. In 1933, the Glass Steagall Act was passed to separate investment and commercial banking activities. Now moving to the 1990s . . . after many years of investment bank lobbying, Congress passed the Gramm-Leach-Bliley Act in November of 1999, once again allowing the consolidation of commercial and investment banks into one entity.
II. Now Let the Fun Begin!
From 1999 to 2002, demand for houses and the ensuing price rises could be attributed to economic fundamentals such as low unemployment, expanding household incomes and population growth. Congress told both agencies, in 1999, to ease the credit requirements to low-income buyers. With the events of 9/11 and the Fed's later decision to lower the discount rate to 1%, future home buyers were lured (by lower interest rates) into acquiring property sooner than they had planned. At this time, the biggest players (in home mortgages) were Freddie Mac and Fannie Mae, which actively issued and purchased conventional, conforming mortgage-backed securities.
Loan volume grew to $5 trillion by 2002.
Pay-Option ARMs represented only 3% of loans.
In 2002, federal regulators found (in both companies) irregularities and mismanagement by senior officers, who later resigned. By 2003, regulatory and political factors forced both Freddie and Fannie overstated earnings by $9 billion, which significantly slowed down their future lending volume. With the Gramm-Leach-Bliley Act in place and demand for housing still increasing, the "new" investment banks created private funding in the form of mortgage and asset-backed securities, which replaced the standard conventional lending with looser underwriting standards. In 2004, these investment banks were successful in changing their reserve requirements on securities, which required $1 in reserves for every $12 loaned. The new reserve ratio became $1 to $40! Now new loan programs could be designed to meet the needs of the investment bankers' clients, who were demanding higher returns.
By 2005, loan volume had grown to $9 trillion. 68% of home mortgages were securitized, 33% were non-prime loans, and Pay-Option ARMs grew to 30% of securitized non-prime mortgages. 40% of loans were low or no doc loans These new lending programs allowed less-than-credit-worthy borrowers to obtain loans. With rapidly appreciating home prices, home equity loans were added to the mix and the consumer was living large! Wall Street was now in love with their creation, Structured Investment Vehicles!
(Sources: Glass Stegall Act, Gramm-Leach-Bliley Act, UC Irvine's Paul Merage School of Business, FDIC -1- III. The Structured Investment Vehicle (SIV))
Even by 2005, charge-off rates for mortgages and home equity loans were well below the long term averages (0.05/0.10 versus the long term average of 0.10/0.20). This allowed Wall Street's new credit environment to continue to offer looser lending standards and increased tolerance for riskier, high-yield loan products. The structured investment vehicle was designed to help diversify these risks.
Their Structure: Sub-Prime, 8.3%; Alt-A ,6.7%; Prime, 13.3%; Residential Mortgage-Back Securities, 0.2%. Asset Backed Securities, 12.1%; Collateralized Debt Obligations, 15.4%. Collateralized Loan Obligations, 6.3%; Nonfinancial Corporation Debt, 0.2%. ? Commercial Mortgages, 7.7%; Financial Institution Debt, 28%; Insurance Debt, 1.8%. Ownership Participation: U.S./Foreign Banks, 59%; Hedge Funds/Sovereign Trusts, 28%; Insurance Companies, 6%. Pension Funds, 2%; Corporations, 2%; Mutual Funds, 2%; Others, 1%.
What It Allowed Them To Do:
- Credit was made available to various types of borrowers (sub-prime, businesses, credit card users, leasing contracts, commercial loans, manufacturing, auto loans, etc.) who would otherwise have not been able to obtain such credit.
- Transferred risk to their off-balance sheets (OBSEs), to reduce reserves.
- Permitted exposure to remain mostly undisclosed to regulators and investors.
- Improved loan liquidity; generated fees; obtained relief from regulatory capital requirements.
- From 1997 to 2006, U.S. home prices rose 85% an historical high!
- Their Problems: Default rates exceeded earlier assumptions. The three main credit rating agencies were forced to make precipitous downgrades on a large number of these SIVs.
- Freddie Mac's Alt-A loans are 10% of its portfolio but more than half of its credit losses.
- Option ARMs were 19.5% of loan volume in 2005 and 28.7% in 2006.
- Freddie Mac had a projected model (risk factor) of price declines of 13.4%.
To make matters worse, they made long-term loans with short-term deposits. Investors did not have a clear idea of what portion of an SIV they owned, with whom they owned it with, what portion (if any) was insured, what was their "tranche" position, and were any of the insuring companies covering any of the losses. Due to a lack of this knowledge, many investors withheld funding from these very complex structured products, even those with high-quality underlying assets. By the summer of 2007, the securitization market was dead and the credit crunch hit all aspects of the lending markets. With little money for refinances and rapidly falling housing prices, short sales and foreclosures began to dominate the market. Today, these types of sales contribute to almost 50% of all recorded sales in southern California.
(Sources: Federal Reserve, Standard & Poor's, Federal Deposit Insurance Corporation)
II. The Current State of Orange County Housing As of October 16th:
- 12,722 the lowest number in 18 months and a current housing supply of 4.76 months.
- 49.7% of our entire inventory is priced below $500,000, representing 69% of the demand
- 42.9% of our entire inventory (5,458) is distressed properties, representing 64.2% of demand.
- Short-sales make up 77% of distressed properties with a market time of 6.08 months.
- Bank-owned make up the remaining 23% and have a market time of only 1.22 months.
- In southern California last month, 45.5% of all sales were foreclosed properties.
- 67.5% of distressed properties are priced below $500,000 93.0% of distressed properties are priced below $750,000
- 38.2% of attached homes are vacant
- 25.5% of detached homes are vacant
- 12.0% demand for homes above $750,000
- With 14 months of declining sales in jumbo purchases, the actual median sales price is greatly distorted. Normally, 40% of all sales are jumbo purchases; today they are only 12%!
- Fewer sales reduces the sample size, thus reducing the validity of the conclusions.
- The dominance of foreclosures and short-sales usually concentrated in a smaller area.
- Median sales price is now being distorted by the low-end/smaller property market.
- Larger price declines on distressed sales actually distorts factual metro sales prices.
(Sources: Altera Orange County Market Time Report, John Burns Real Estate Consulting.)
IV. Our Government to the Rescue?
This year, the federal government has tried to "prop-up" both the housing and financial markets through various measures: 1. Economic Stimulus Act of 2008. The IRS mailed out 132 million rebate checks in an effort to help stimulate the economy. Unfortunately, 78% of the rebates went to the payment of bills not to purchase goods and services in the economy! 2. Housing and Economic Recovery Act of 2008 This was to shore up Freddie Mac and Fannie Mae so that they could continue to bring a steady supply of mortgage capital to homebuyers. The Treasury Department was to inject $100 billion into each company. Conforming loan amounts were raised and FHA was authorized $300 billion to help troubled homeowners by refinancing their loans. Increasing the loan amounts was also to help lower interest rates for high-priced areas. A new $7,500 tax credit was given to first-time homebuyers, and $4 billion was allocated go to Community Development Block Grant funds to purchase and fix-up foreclosed homes. 3. The Federal Reserve opened its discount windows and allowed troubled banks to borrow from them through "auction securities." This would allow the banks to strengthen their capital reserves and begin making both residential and commercial loans again. By September, banks had borrowed over $500 billion dollars but banking problems still persisted. At the end of September, the Fed agreed to advance another $228 billion in auction securities, through November. 4. Emergency Economic Stabilization Act of 2008 . . . or "Re-arranging cards in the House of Cards!" A massive plan designed to provide the Treasury with $850 billion to buy or insure troubled securities, with the hope that it frees-up the capital markets and helps stabilize future banks from failing. The plan raises the new FDIC limit to $250,000; limits pay and ends "golden parachutes" for those companies who participate; and directs federal agencies to modify troubled loans whenever possible. FDIC has only $45 billion left after paying out $9 billion for IndyMac Bank. Total insured deposits exceed $4.5 trillion, with $3.5 trillion in money market funds.
More Potential Problems on the Horizon! U.S. Credit Card Debt . . $ 1 Trillion
Corporate Debt . . . . . . . . . . . . . $ 12 Trillion
Mortgage Debt . . . . . . . . . . . . . . . $ 14 Trillion
Credit Default Swaps . . . . . . . . . $54 - $62 Trillion
Derivatives . . . . . . . . . . . . . . . . . .$370 - $583 Trillion
Note: AIG had $1 trillion in assets to back insurance policies. Their problem was the $500 billion of exposure to corporate debt and credit default swaps. On Oct. 10th, Lehman's bankrupt bonds sold for 8.62¢ on the dollar and the credit default swap holders (insurers) paid out 91¢ on each dollar!
(Sources: FDIC, Federal Reserve, Economy.com, Bureau of Economics)
The Challenges Our Economy is Currently Facing Various Headwinds:
1. Wealth Effect - due to declining assets The Federal Reserve reported that real estate "net" equity declined $879.6 billion in 2007. Household equity is at 46.2% vs. 57% ten years ago a record low since post-WWII. CA foreclosures in 2007 totaled 94,969 versus 110,282 for the 1st half of 2008. Through September, Orange County is averaging 1,012 foreclosures monthly. 2. Price Effect - due to higher energy and food prices Commodity prices are on the rise due to a weak U.S. dollar. As prices rise, consumer and business spending decreases. 3. Income Effect - due to higher unemployment Current U.S. unemployment is at 6.1% 760,000 jobs have been lost in the past year. California's current unemployment rate is 7.7%, the highest in 12 years. Orange County's unemployment rate is 5.7%, with job losses exceeding 29,600 in the past year. Less income, less paid taxes, more pressure on federal, state and personal budgets. 4. Funding Conditions - due to the "credit crunch" This is the 20th month since sub-prime, housing woes, and weak financials were reported. Regulators and thus the banks have tightened credit standards for all types of loans. Many loans require larger down payments, actual verification of assets and income. Appraisers are "adjusting" appraisals for the market conditions 5. "Spill-Over" Effect The September delinquency rate on single-family loan balances were 12.5%. If prices continue to decline, another tier of properties with exhausted home equity lines or increasing loan balances could set off another round of very large foreclosures. 75% of Option ARMs borrowers are paying the minimum payment. This is causing the recast date to be reached earlier than had been projected. There is $500 billion worth of Option-ARM mortgages that have yet to recast, with $300 billion worth of mortgages on California properties.
(Sources: Mortgage Bankers Association, U.S. Bureau of Labor, Ca. EDD, Federal Reserve, DataQuick)
VI. How The Financial World Is Changing Real Estate For The Buyer:
There are 71% fewer mortgages available than a year ago. There are no more "Bail & Buy" loans. All assets and income must be verified. Larger down payments are required, with points to be paid on the loan. Fixed rate mortgages account for 69% of funded loans. FHA is the new "big" player. (a) up-front insurance premium is now 1.75%. (b) "Kiddy Condos" for kids in college. (c) down payment goes to 3.5% on Jan. 1st. (d) gift still available for down payment
For The Lender: FHA appraisers must be certified, which will cause a decrease in the number of appraisers. Some lenders may no longer use "in-house" appraisers. Financial institutions will be held liable for any misleading advertising. Adjustable sub-prime loans cannot have a pre-payment penalty for 4 years. Fixed sub-prime loans can not have a pre-payment penalty for 2 years. Truth in Lending statement must be printed in the native language of the borrower. Jumbo loans will be set at $625,500, as of January 1st.
For The Investor: 25% down or more offers the best rates. 20% down will cause rate to rise approximately 3/8% less than 20% down, introduces PMI; higher rates; added approval by insurance companies.
For The Seller: Foreclosures and short-sales will continue to dominate the 2009 real estate market. Listing prices must be competitive with these properties for a successful sale. Regardless of their expectations, their house will be appraised conservatively. Expect the short sale process to take 4 to 6 months. The buyers are still in control of pricing: (a) give careful consideration to a counter offer. (b) expect to pay for all termite work and repairs disclosed by the inspection report. (c) length of escrow will be the buyer's choice, but market conditions can push it longer. (d) making necessary repairs and improvements ahead of time will help the marketing.
(Sources: FHA, Mortgage Bankers Association)
VII. A Final Perspective For 2009: Delinquent December tax bills should give us a peek into potential problem properties. It will be early January before we know the full impact of the latest bailout. The housing market below $250,000 has most likely reached the bottom. Prices now in the $350,000 range are close to the bottom. The rest of the housing market still must suffer a restructuring of price levels. Expect foreclosures and short sales to dominate the market through 2010. Listing inventory should rise due to the large number of foreclosures set to enter the market.
The Light In The Tunnel: The credit conditions should greatly improve, bringing more buyers into the market place. Demand for properties will continue to be higher than the past three years. American households have $7.4 trillion in checking, savings, and money market funds. Americans have $4.1 trillion stashed in Treasury bills and other bonds. This total of $11.5 trillion could pay off every home mortgage in America! Investors have "parked" $3.5 trillion dollars in money market funds and it has to eventually move someplace. Hopefully, a large chunk goes into real estate lending. Most lenders will recover 70% of their outstanding loan balances through repossessing homes and then reselling them. If not, they can sell them off to the Treasury at auction, at the current rate of "X" cents on the dollar (unknown at time of print). Price declines have allowed first-time buyers back into the real estate market. Pent-up demand from buyers, who have been "fence-sitting" for the past couple of years and are now re-entering the housing market, should help reduce our current housing supply. The U.S. income this year will be $14 trillion, while global income will be $53 trillion. The U.S. economy earns $26 billion every day and, even with loan write-downs in the hundreds of billions, it will represent less than ½ of 1% of the combined assets of all U.S. households and non-financial corporations.
Orange County: It has 4 of the top 20 income-earning cities (NB, YL, IR, MV) in America. It has the 5th lowest unemployment rate in the State and job growth is projected to grow next year at a rate of 1% - adding 14,000 new jobs. There are 94,000 small-business employers, of which 62% have fewer than 5 workers and 95% employ fewer than 50 people - leading to stability through diversity. There are 8 billionaires who call this county home. This county ranks 4th in the nation with 315,396 millionaires Rents are up 4.5% (June to June), making OC the 6th highest rental market in the U.S.
(Sources: OC Business Journal, WSJ, Federal Reserve, World Wealth Report, U.S. Census, EDD, REIS Inc. )
On Success "Every man should make up his mind that if he expects to succeed,he must give an honest return for the other man's dollar." Edward Harriman
Thursday, October 23, 2008
Some Fast Facts on California Real Estate
To keep you updated with our local real estate marketplace, here are some fast facts:
Calif. median home price - August 08: $350,140(Source: C.A.R.)
Calif. highest median home price by C.A.R. region August 08: Santa Barbara So. Coast $930,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region August 08: High Desert $169,200 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: C.A.R.)
Mortgage rates - week ending 10/16/08 30-yr. fixed: 6.46% Fees/points: 0.6% 15-yr. fixed: 6.14% Fees/points: 0.6% 1-yr. adjustable: 5.16% Fees/points: 0.6%(Source: Freddie Mac)
Calif. median home price - August 08: $350,140(Source: C.A.R.)
Calif. highest median home price by C.A.R. region August 08: Santa Barbara So. Coast $930,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region August 08: High Desert $169,200 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 08: 48 percent (Source: C.A.R.)
Mortgage rates - week ending 10/16/08 30-yr. fixed: 6.46% Fees/points: 0.6% 15-yr. fixed: 6.14% Fees/points: 0.6% 1-yr. adjustable: 5.16% Fees/points: 0.6%(Source: Freddie Mac)
List of Lenders Who Are Participating in the HOPE for Homeowners (H4H) Program
I received this from the California Association of Realtors and thought that it would be good to post on my blog to get the word out.
NOTE: Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program.
The lenders listed below have indicated an interest in refinancing loans under the HOPE for Homeowners program. When contacting any of the lenders listed below, you are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage. It is important to remember that the HOPE for Homeowners program is voluntary and your servicing lender may offer different solutions for avoiding foreclosure.
If you are experiencing difficulty in communicating with your current servicing lender and/or subordinate lien holders, you may wish to contact a housing counseling agency to ask for advice and assistance in reaching a mutually agreeable solution for avoiding foreclosure.
To view the list of lenders who are participating in the HOPE for Homeowners program click on the link below. Your browser will open an Excel Spreadsheet.
The H4H Lender List was updated on October 17, 2008. We will refresh the list on most Fridays.
This was in an excel spreadsheet, so if you can't follow it, let me know by sending me an email and I will forward the information that you need.
Copy of LIST OF H4H PARTICIPATING LENDERS
Pan American Mortgage, LLC
John Palla
6232 N Pulaski, Chicago, IL 60646
Alaska, Arkansas, California, Colorado, District of Columbia, Florida, Georgia, Hawaii, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Carolina, Nebraska, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Wisconsin
773-493-8979
773-493-8981
Citizens Home Loans
Chris Rines
7601 Paragon Rd Ste 104, Dayton, OH 45459
Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, West Virginia
888-342-6550
937-886-6588
Chicagoland Mortgage Services, Inc.
Nathan Reynolds
15 Spinning Wheel Rd Ste 15, Hinsdale, IL 60521
Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, Tennessee, Wisconsin
630-734-3900
630-734-7583
Kinetic Mortgage Group
Christy Celi
5300 NW 77 Ct, Doral, FL 33166
Alabama, Florida, Georgia, Mississippi
305-592-9265
305-592-1782
Valley National Mortgage
Mark Gutweiler
4400 E Broadway Blvd Ste 805, Tucson, AZ 85711
Arizona, California, New Mexico, Nevada
520-323-3811 x101
520-323-2050
Trenchant Mortgage
Tory Teunis
8778 S Maryland Parkway Ste 105, Las Vegas, NV 89123
Arizona, California, Nevada, Idaho, Oregon, Utah
866-728-3560
866-728-1340
Amera Mortgage Corporation
Thomas Ciotti
20300 Superior Rd Ste 260 Taylor, MI 48180
Illinois, Indiana, Michigan, Ohio
734-530-2002
734-287-4747
American Liberty Mortgage & Loan Corporation
Gloria Kapurch
195 Lake Ave, Worcester, MA 01604
Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Rhode Island, Maine
508-793-8637
508-793-1919
Great Lakes Mortgage Funding
Jeffrey Marsack
14460 Lakeside Circle Ste 180, Sterling Heights, MI 48313
Illinois, Indiana, Michigan, Ohio,
586-421-1639
586-532-0700
American Security Financial
Leeann Simpson, Cynthia Ruiz
1501 F St, Modesto, CA 95354
Arizona, California, Nevada, Oregon
209-544-3164
209-593-5713, 209-593-5722
First Universal Financial, Inc
Concha Taylen
8630 Technology Way Ste C, Reno, NV 89521
Arizona, California, Idaho, Nevada, Oregon
775-850-1070
775-850-1080
Primary Residential Mortgage Inc.
Al Norman
126 Wilshire Blvd Ste 160, Casselberry, FL 32707
Alabama, Florida, Georgia, Mississippi
407-622-2020, 866-310-3999
866-208-9185
First Florida Financial Group, LLC
Ashley Cochran
907 Jennifer Ln, Fort Myers, FL 33919
Alabama, Florida, Georgia, Mississippi
239-206-1115
954-919-6330
American Eagle Mortgage
Joe Kowalczyk
1505 Tamiami Trail S #401A, Venice, FL 34285
Florida
941-496-9800
941-492-6300
Kinetic Mortgage Group
Lilliam Fernandez
5300 NW 77 Court, Doral, FL 33166
Florida, Alabama, Georgia, Mississippi
305-592-9265
305-592-1782
Security One Mortgage Corp
Valerie Jones
1051 Winderley Place Ste 100, Maitland, FL 32751
Florida, Alabama, Georgia, Mississippi
407-681-9800
407-681-9877
1st Lending Solutions, inc
Alan J. Vogan
6370 Magnolia Ave Ste 350, Riverside, CA 92506
Arizona, California, Nevada, Oregon
951-684-3307
951-684-3962
Ace Mortgage Funding, LLC
Jeremiah Wean
7820 Innovation Blvd Ste 300, Indianapolis, IN 46278
Arkansas, Alabama, Alaska, Arizona, California, Colorado, Connecticut, Washington D.C., Delaware, Florida, Georgia, Hawaii, Idaho, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Maine, Minnesota, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New York, Nevada, Ohio, Oklahoma, Pennsylvania, Puerto Rico, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia, Wyoming
317-246-5740
317-227-2684
Edwards Mortgage LLC
Erich Edwards
210 E Mount Vernon St, Nixa, MO 65714
Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma
417-724-0300
417-724-0329
Tandem Mortgage
Rita Moskalenko
19520 Nordhoff St Ste 7, Northridge, CA 91324
Arizona, California, Nevada, Oregon
818-700-6300
818-993-9914
HomeTeam Equity, LLC
Quita Williamson
670 N Orlando Ave Ste 1003, Maitland, FL 32751
Alabama, Florida, Georgia, Mississippi
407-599-6888
407-599-6889
Allied Home Mortgage Capital Corp
Michael Huffman
858 Cherry Rd, Rock Hill, SC 29732
South Carolina, Tennessee
803-619-5251
803-948-0264
Southwest Funding
Rich Juge
15280 Addison Rd Ste 120, Addison, TX 75001
Arkansas, Louisiana, New Mexico, Oklahoma, Texas
972-485-5300, 866-594-9200
972-485-5301
American Capital Financial
D.J. Davenport
1905 Sherman St Ste 810, Denver, CO 80203
Colorado, Kansas, Nebraska, New Mexico, Utah, Wyoming
303-830-2208
303-830-2213
Red Brick Mortgage/ Artisan Mortgage, LLC
Sherod McGuire
9101 Antares Ave, Columbus, OH 43240
Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, West Virginia
614-785-9900 x123
614-802-3010
ARISE MORTGAGE LLC
Julia Sotomarino
15800 Crabbs Branch Way Ste 120, Rockville, MD 20855
Washington D.C., Maryland, Delaware, North Carolina, New Jersey, Pennsylvania, Virginia, West Virginia, Virginia
301-978-9722
301-978-9726
Regal Lending Group Inc
Ana Young
5220 S University Drive Ste C-201, Davie, FL 33328
Alabama, Florida, Georgia, Mississippi
954-680-5650 x308
954-323-5093
Saab Financial Corp DBA Saab Mortgage
Kathy Saab
2070 Chain Bridge Rd Ste G3, Vienna, VA 22182
Washington D.C., Maryland, Delaware, North Carolina, New Jersey, Pennsylvania, Virginia, West Virginia, Virginia
703-288-0777
703-288-0300
SD County Financial, Inc.
Mark Revetta
860 Jamacha Rd Ste 208A, El Cajon, CA 92019
Arizona, California, Nevada, Oregon
619-889-6275
619-334-7790
Nunez Corporation / Lender Name: Professional Mortgage
Bo Nuñez
2101 S Bristol St, Santa Ana, CA 92704
Arizona, California, Nevada, Oregon
714-436-9990
714-436-9991
American Pacific Mortgage Dba Beaver Mortgage Services
1. Kristin M. Eklund, 2. David Kimmer, 3. Don Beazely
3309 SW Arrowood Drive, Portland, OR 97219
California, Idaho, Nevada, Oregon, Washington
Eklund: 503-768-9270, Kimmer: 503-780-7783, Beazely: 503-780-7783
503-452-4140
1st Alliance Lending, LLC
John DiIorio, Huong Do
111 Founders Plaza Ste 1102, East Hartford, CT 06108
Connecticut, District of Columbia, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia
866-546-7298
860-289-0557
American Bancshares Mortgage Corporation
John Cosculluela
14211 Commerce Way Suite 100, Miami Lakes, FL 33016
Alabama, Florida, Georgia, Mississippi
305-817-2160
Stateline Funding Incorporated
Debbie Arthur
1401 Hillshire Drive #150, Las Vegas, NV 89134
Arizona, California, Idaho, Nevada, Oregon, Utah
702-871-7800
JMO, Inc.
David Connelly
27290 Madison Ave Suite 205, Temecula, CA 92590
Arizona, California, Nevada, Oregon
Priority Partners Lending Group
Anthony Lombardo
15005 Telegraph Rd Ste 201, Flat Rock, MI 48134
Illinois, Indiana, Michigan, Ohio
951-296-1234
Del Sol Financial Corporation
Joe Del Sol
251 North Avenue W 3rd Floor, Westfield, NJ 07090
Connecticut, District of Columbia, Delaware, Massachusetts, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, Virginia
Chesapeake Residential Finance Corp.
Bill Hicks
4275 Hawthorne Rd, Indian Head, MD 20640
District of Columbia, Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia
301 743 6622
301-743-6623
NorthStar Mortgage Group
Sue Botelho
543 Harbor Blvd Ste 102, Destin, FL 32541
Alabama, Florida, Georgia, Mississippi
850-424-6866
850-424-6873
Strydio Mortgage Corporation
Sarah D. Cabrera
6435 Coral Way, Miami, FL 33155
Alabama, Florida, Georgia, Mississippi
305-266-1190
305-266-1055
OrlandoHomeMortgages.com, Inc.
Jeffery Perdue
4725 S Orange Ave, Orlando, FL 32806
Florida
407-816-3863, 888-511-6060
407-209-3582
Liberty Residential Mortgage
David D McElroy
5151 Belt Line Rd Ste 600, Addison, TX 75001
Arkansas, Louisiana, New Mexico, Oklahoma, Texas
214-830-9078
866-380-3988
Net Rate Mortgage Inc.
Rich Mitchell
108 4th Ave S, Safety Harbor, FL 34695
Alabama, Florida, Georgia, Mississippi
727-796-7200 x211
727-796-7205
Equilliance LLC
Adriana S. Gibbs
3501 Quadrangle Blvd Ste 100, Orlando, FL 32817
Alabama, Florida, Georgia, Mississippi
888-682-6556
407-470-1771
All Western Mortgage
Lisa Walters
5580 W Flamingo Rd Ste 106, Las Vegas, NV 89103
Arizona, Idaho, Nevada, Oregon, Utah
702-369-0905 x251
702-253-0630
Brown Lending Group Inc
Adelheide Dixon
2033 N University Dr, Sunrise, FL 33322
Alabama, Florida, Georgia, Mississippi
954-326-0904
954-318-4004
Washington Capitol Financial Corporation
Tony Scardelletti
1700 Research Blvd Ste 210, Rockville, MD 20850
District of Columbia, Delaware, Maryland, North Carolina, New Jersey, Pennsylvania, Virginia, West Virginia
301-309-0084
301-309-8953
Interstate Mortgage Service
Ryan Ingram
4135 S Power Rd Ste 133, Meza, AZ 85212
Arizona, California, New Mexico, Nevada
480-926-1118 ext.101
480-926-8557
Great Western Financial Group, Inc.
Joe Mueller
41391 Kalmia St Ste 300, Murrieta, CA 92562
Arizona, California, Nevada, Oregon
951-696-4401 x207
951-696-4413
Top Flite Financial
Steve Tardiff
22705 Northline Rd, Taylor, MI 48180
Illinois, Indiana, Michigan, Ohio
734-287-5962
734-287-6407
WCS Lending, LLC
Miles N. Rosenthal
6501 Congress Ave 3rd Floor, Boca Raton, FL 33487
Alabama, Florida, Georgia, Mississippi
561-864-2562
561-864-2662
Mortgage Services, Inc
Ronald A. Giannamore
193 Grand St 2nd Floor, Waterbury, CT 06702
Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont
800-922-3210
203-841-2513
Universe Financial Corp
Alex Bejerano
2530A SW 87th Ave, Miami, FL 33165
Alabama, Florida, Georgia, Mississippi
305-557-0507
305-557-4646
Capital Mortgage Finance Corp.
Jim Nixon
6310 Stevens Forest Rd, Columbia, MD 21046
District of Columbia, Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia
800-836-6670
443-656-0232
Skofed Mortgage Funding Corporation
Brenda Bloomer
2610 S Jones Blvd Ste 1, Las Vegas, NV 89146
Arizona, California, Idaho, Nevada, Oregon, Utah
702-362-2626
702-362-2169
Melody Mortgage, LLC
Ken Ziehm II
2 Winnhaven Dr, Hudson, NH 03051
New Hampshire
603-886-1980
603-883-9528
Grewal Mortgage Company
Christie Lo Iacono
3120 Pine Tree Rd, Lansing, MI 48911
Michigan
517-393-3400 x323
517-393-1488
Group Capital Mortgage, Inc
Sandra Mosley
18000 Studebaker Rd Ste 795, Cerritos, CA 90703
Arizona, California, Nevada, Oregon
562-207-6840 x550
562-207-6858
Affinity Home Loans, Inc
Heidi Lawler
10650 Treena St Ste 103, San Diego, CA 92131
Arizona, California, District of Columbia, Florida, Michigan, Nevada, Oregon, Virginia
866-365-6428
858-764-2835
Flagship Financial Group
Peter Brown
1349 Galleria Drive Ste 110, Henderson, NV 89014
Arizona, California, Idaho, Nevada, Oregon, Utah
702-476-9000
702-982-4367
Kaiser Financial Services
Roger Chandler
7290 Engineer Rd Ste B, San Diego, CA 92111-1413
Alaska, Arizona, California, Colorado, Florida, North Carolina, Nevada, Oregon, Tennessee, Washington
858-751-0700 x104
858-751-0744
Black Mountain Community Bank
Claude Rosenthal
1700 W Horizon Ridge Parkway #101, Henderson, NV 89012
Arizona, California, Idaho, Nevada, Oregon, Utah
702-990-5920
702-990-5950
Mortgage House, Inc.
Ferry Ajdari
6351 Owensmouth Ste 102, Woodland Hills, CA 91367
Arizona, California, Nevada, Oregon
818-227-0922, 800-645-1301
818-227-0911
Peoples Mortgage Inc.
Jeff Ocasio
309 Little Grove Lane, North Fort Myers, FL 33917
Florida, Kentucky, Tennessee, Indiana, Kentucky
239-652-6800
239-652-0600
Mortgage Source Lakeland
Trina Kingery
4732 U.S. Highway 98 North, Lakeland, FL 33809
Alabama, Florida, Georgia, Mississippi
863-858-6700
CasaBanc Mortgage Corp.
Janye Seppinni
17870 Skypark Circle #106, Irvine, CA 92614
California, Arizona, Nevada, Oregon
949-681-7280
949-681-7290
Primary Residential Mortgage Inc.
Vonda Allen
2201 South W S Young Dr Ste 104C, Killeen, TX 76543
Arkansas, Louisiana, New Mexico, Oklahoma, Texas
254-554-7764
254-554-7765
United Capital Financial, Inc.
Ruben B. Gonzales
8560 Vineyard Ave, Rancho Cucamonga, CA 91730
Arizona, California, Nevada, Oregon
909-980-4611
909-495-1961
Topline Mortgage Solutions
Bonita Turner
102 E Cary St, Richmond, VA 23219
District of Columbia, Delaware, Kentucky, Maryland, North Carolina, New Jersey, Pennsylvania, Tennessee, Virginia, West Virginia
804-225-9566
804-225-9266
M2 Lending Solutions
Chris Murphy
2000 S Colorado Blvd, Tower One Ste 1-3400, Denver, CO 80222
Colorado, Kanasas, Nebraska, New Mexico, Utah, Wyoming
720-529-1880 x12
720-529-1880
Progressive Lenders Inc
Bernard Cohen
12490 NE 7th Ave Ste 201-202, North Miami, FL 33161
Alabama, Florida, Georgia, Mississippi
305-895-6055
305-895-6056
Direct Access Lending
Dennis Thomas
650 White Drive Suite 200, Las Vegas, NV 89119
Arizona, California, Idaho, Nevada, Oregon, Utah
702-617-9900
702-617-9970
APMC dba TreeHouse Mortgage Group
Lorisa M. McKelvey
451 Washington St, Monterey, CA 93940
Arizona, California, Nevada, Oregon
734-782-5626
Delta Home & Lending Inc.
Mark Anya
931 Howe Ave Ste 101, Sacramento, CA 95825
Arizona, California, Nevada, Oregon
916-565-3856
916-848-3359
Patriot Home Funding, Inc.
John Seybert
101 Wymore Rd Ste 320, Altamonte Springs, FL 32714
Alabama, Florida, Georgia, Mississippi
407-389-5132, 866-701-4346
321-281-4725
All Western Mortgage
Emelie Maybrook
5580 W Flamingo Rd Ste 106, Las Vegas, NV 89103
Arizona, California, Idaho, Nevada, Oregon, Utah
702-369-0905
702-974-1973
Sky Valley Financial, Inc.
Mitchell Chernock
1090 Adams St Ste L, Benecia, CA 94510
California
707-745-9600, 800-557-9944
707-748-5960
NOTE: Homeowners, contact your existing lender and/or a new lender to discuss how you may qualify for the H4H program.
The lenders listed below have indicated an interest in refinancing loans under the HOPE for Homeowners program. When contacting any of the lenders listed below, you are strongly encouraged to contact your servicing lender and any subordinate lien holders since their participation is vital for you to refinance into a HOPE for Homeowners mortgage. It is important to remember that the HOPE for Homeowners program is voluntary and your servicing lender may offer different solutions for avoiding foreclosure.
If you are experiencing difficulty in communicating with your current servicing lender and/or subordinate lien holders, you may wish to contact a housing counseling agency to ask for advice and assistance in reaching a mutually agreeable solution for avoiding foreclosure.
To view the list of lenders who are participating in the HOPE for Homeowners program click on the link below. Your browser will open an Excel Spreadsheet.
The H4H Lender List was updated on October 17, 2008. We will refresh the list on most Fridays.
This was in an excel spreadsheet, so if you can't follow it, let me know by sending me an email and I will forward the information that you need.
Copy of LIST OF H4H PARTICIPATING LENDERS
Pan American Mortgage, LLC
John Palla
6232 N Pulaski, Chicago, IL 60646
Alaska, Arkansas, California, Colorado, District of Columbia, Florida, Georgia, Hawaii, Iowa, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, North Carolina, Nebraska, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Wisconsin
773-493-8979
773-493-8981
Citizens Home Loans
Chris Rines
7601 Paragon Rd Ste 104, Dayton, OH 45459
Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, West Virginia
888-342-6550
937-886-6588
Chicagoland Mortgage Services, Inc.
Nathan Reynolds
15 Spinning Wheel Rd Ste 15, Hinsdale, IL 60521
Iowa, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, Tennessee, Wisconsin
630-734-3900
630-734-7583
Kinetic Mortgage Group
Christy Celi
5300 NW 77 Ct, Doral, FL 33166
Alabama, Florida, Georgia, Mississippi
305-592-9265
305-592-1782
Valley National Mortgage
Mark Gutweiler
4400 E Broadway Blvd Ste 805, Tucson, AZ 85711
Arizona, California, New Mexico, Nevada
520-323-3811 x101
520-323-2050
Trenchant Mortgage
Tory Teunis
8778 S Maryland Parkway Ste 105, Las Vegas, NV 89123
Arizona, California, Nevada, Idaho, Oregon, Utah
866-728-3560
866-728-1340
Amera Mortgage Corporation
Thomas Ciotti
20300 Superior Rd Ste 260 Taylor, MI 48180
Illinois, Indiana, Michigan, Ohio
734-530-2002
734-287-4747
American Liberty Mortgage & Loan Corporation
Gloria Kapurch
195 Lake Ave, Worcester, MA 01604
Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Rhode Island, Maine
508-793-8637
508-793-1919
Great Lakes Mortgage Funding
Jeffrey Marsack
14460 Lakeside Circle Ste 180, Sterling Heights, MI 48313
Illinois, Indiana, Michigan, Ohio,
586-421-1639
586-532-0700
American Security Financial
Leeann Simpson, Cynthia Ruiz
1501 F St, Modesto, CA 95354
Arizona, California, Nevada, Oregon
209-544-3164
209-593-5713, 209-593-5722
First Universal Financial, Inc
Concha Taylen
8630 Technology Way Ste C, Reno, NV 89521
Arizona, California, Idaho, Nevada, Oregon
775-850-1070
775-850-1080
Primary Residential Mortgage Inc.
Al Norman
126 Wilshire Blvd Ste 160, Casselberry, FL 32707
Alabama, Florida, Georgia, Mississippi
407-622-2020, 866-310-3999
866-208-9185
First Florida Financial Group, LLC
Ashley Cochran
907 Jennifer Ln, Fort Myers, FL 33919
Alabama, Florida, Georgia, Mississippi
239-206-1115
954-919-6330
American Eagle Mortgage
Joe Kowalczyk
1505 Tamiami Trail S #401A, Venice, FL 34285
Florida
941-496-9800
941-492-6300
Kinetic Mortgage Group
Lilliam Fernandez
5300 NW 77 Court, Doral, FL 33166
Florida, Alabama, Georgia, Mississippi
305-592-9265
305-592-1782
Security One Mortgage Corp
Valerie Jones
1051 Winderley Place Ste 100, Maitland, FL 32751
Florida, Alabama, Georgia, Mississippi
407-681-9800
407-681-9877
1st Lending Solutions, inc
Alan J. Vogan
6370 Magnolia Ave Ste 350, Riverside, CA 92506
Arizona, California, Nevada, Oregon
951-684-3307
951-684-3962
Ace Mortgage Funding, LLC
Jeremiah Wean
7820 Innovation Blvd Ste 300, Indianapolis, IN 46278
Arkansas, Alabama, Alaska, Arizona, California, Colorado, Connecticut, Washington D.C., Delaware, Florida, Georgia, Hawaii, Idaho, Iowa, Illinois, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Maine, Minnesota, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New York, Nevada, Ohio, Oklahoma, Pennsylvania, Puerto Rico, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, West Virginia, Wyoming
317-246-5740
317-227-2684
Edwards Mortgage LLC
Erich Edwards
210 E Mount Vernon St, Nixa, MO 65714
Colorado, Iowa, Kansas, Missouri, Nebraska, Oklahoma
417-724-0300
417-724-0329
Tandem Mortgage
Rita Moskalenko
19520 Nordhoff St Ste 7, Northridge, CA 91324
Arizona, California, Nevada, Oregon
818-700-6300
818-993-9914
HomeTeam Equity, LLC
Quita Williamson
670 N Orlando Ave Ste 1003, Maitland, FL 32751
Alabama, Florida, Georgia, Mississippi
407-599-6888
407-599-6889
Allied Home Mortgage Capital Corp
Michael Huffman
858 Cherry Rd, Rock Hill, SC 29732
South Carolina, Tennessee
803-619-5251
803-948-0264
Southwest Funding
Rich Juge
15280 Addison Rd Ste 120, Addison, TX 75001
Arkansas, Louisiana, New Mexico, Oklahoma, Texas
972-485-5300, 866-594-9200
972-485-5301
American Capital Financial
D.J. Davenport
1905 Sherman St Ste 810, Denver, CO 80203
Colorado, Kansas, Nebraska, New Mexico, Utah, Wyoming
303-830-2208
303-830-2213
Red Brick Mortgage/ Artisan Mortgage, LLC
Sherod McGuire
9101 Antares Ave, Columbus, OH 43240
Indiana, Kentucky, Michigan, New York, Ohio, Pennsylvania, West Virginia
614-785-9900 x123
614-802-3010
ARISE MORTGAGE LLC
Julia Sotomarino
15800 Crabbs Branch Way Ste 120, Rockville, MD 20855
Washington D.C., Maryland, Delaware, North Carolina, New Jersey, Pennsylvania, Virginia, West Virginia, Virginia
301-978-9722
301-978-9726
Regal Lending Group Inc
Ana Young
5220 S University Drive Ste C-201, Davie, FL 33328
Alabama, Florida, Georgia, Mississippi
954-680-5650 x308
954-323-5093
Saab Financial Corp DBA Saab Mortgage
Kathy Saab
2070 Chain Bridge Rd Ste G3, Vienna, VA 22182
Washington D.C., Maryland, Delaware, North Carolina, New Jersey, Pennsylvania, Virginia, West Virginia, Virginia
703-288-0777
703-288-0300
SD County Financial, Inc.
Mark Revetta
860 Jamacha Rd Ste 208A, El Cajon, CA 92019
Arizona, California, Nevada, Oregon
619-889-6275
619-334-7790
Nunez Corporation / Lender Name: Professional Mortgage
Bo Nuñez
2101 S Bristol St, Santa Ana, CA 92704
Arizona, California, Nevada, Oregon
714-436-9990
714-436-9991
American Pacific Mortgage Dba Beaver Mortgage Services
1. Kristin M. Eklund, 2. David Kimmer, 3. Don Beazely
3309 SW Arrowood Drive, Portland, OR 97219
California, Idaho, Nevada, Oregon, Washington
Eklund: 503-768-9270, Kimmer: 503-780-7783, Beazely: 503-780-7783
503-452-4140
1st Alliance Lending, LLC
John DiIorio, Huong Do
111 Founders Plaza Ste 1102, East Hartford, CT 06108
Connecticut, District of Columbia, Delaware, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia
866-546-7298
860-289-0557
American Bancshares Mortgage Corporation
John Cosculluela
14211 Commerce Way Suite 100, Miami Lakes, FL 33016
Alabama, Florida, Georgia, Mississippi
305-817-2160
Stateline Funding Incorporated
Debbie Arthur
1401 Hillshire Drive #150, Las Vegas, NV 89134
Arizona, California, Idaho, Nevada, Oregon, Utah
702-871-7800
JMO, Inc.
David Connelly
27290 Madison Ave Suite 205, Temecula, CA 92590
Arizona, California, Nevada, Oregon
Priority Partners Lending Group
Anthony Lombardo
15005 Telegraph Rd Ste 201, Flat Rock, MI 48134
Illinois, Indiana, Michigan, Ohio
951-296-1234
Del Sol Financial Corporation
Joe Del Sol
251 North Avenue W 3rd Floor, Westfield, NJ 07090
Connecticut, District of Columbia, Delaware, Massachusetts, Maryland, New Jersey, New York, Pennsylvania, Rhode Island, Virginia
Chesapeake Residential Finance Corp.
Bill Hicks
4275 Hawthorne Rd, Indian Head, MD 20640
District of Columbia, Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia
301 743 6622
301-743-6623
NorthStar Mortgage Group
Sue Botelho
543 Harbor Blvd Ste 102, Destin, FL 32541
Alabama, Florida, Georgia, Mississippi
850-424-6866
850-424-6873
Strydio Mortgage Corporation
Sarah D. Cabrera
6435 Coral Way, Miami, FL 33155
Alabama, Florida, Georgia, Mississippi
305-266-1190
305-266-1055
OrlandoHomeMortgages.com, Inc.
Jeffery Perdue
4725 S Orange Ave, Orlando, FL 32806
Florida
407-816-3863, 888-511-6060
407-209-3582
Liberty Residential Mortgage
David D McElroy
5151 Belt Line Rd Ste 600, Addison, TX 75001
Arkansas, Louisiana, New Mexico, Oklahoma, Texas
214-830-9078
866-380-3988
Net Rate Mortgage Inc.
Rich Mitchell
108 4th Ave S, Safety Harbor, FL 34695
Alabama, Florida, Georgia, Mississippi
727-796-7200 x211
727-796-7205
Equilliance LLC
Adriana S. Gibbs
3501 Quadrangle Blvd Ste 100, Orlando, FL 32817
Alabama, Florida, Georgia, Mississippi
888-682-6556
407-470-1771
All Western Mortgage
Lisa Walters
5580 W Flamingo Rd Ste 106, Las Vegas, NV 89103
Arizona, Idaho, Nevada, Oregon, Utah
702-369-0905 x251
702-253-0630
Brown Lending Group Inc
Adelheide Dixon
2033 N University Dr, Sunrise, FL 33322
Alabama, Florida, Georgia, Mississippi
954-326-0904
954-318-4004
Washington Capitol Financial Corporation
Tony Scardelletti
1700 Research Blvd Ste 210, Rockville, MD 20850
District of Columbia, Delaware, Maryland, North Carolina, New Jersey, Pennsylvania, Virginia, West Virginia
301-309-0084
301-309-8953
Interstate Mortgage Service
Ryan Ingram
4135 S Power Rd Ste 133, Meza, AZ 85212
Arizona, California, New Mexico, Nevada
480-926-1118 ext.101
480-926-8557
Great Western Financial Group, Inc.
Joe Mueller
41391 Kalmia St Ste 300, Murrieta, CA 92562
Arizona, California, Nevada, Oregon
951-696-4401 x207
951-696-4413
Top Flite Financial
Steve Tardiff
22705 Northline Rd, Taylor, MI 48180
Illinois, Indiana, Michigan, Ohio
734-287-5962
734-287-6407
WCS Lending, LLC
Miles N. Rosenthal
6501 Congress Ave 3rd Floor, Boca Raton, FL 33487
Alabama, Florida, Georgia, Mississippi
561-864-2562
561-864-2662
Mortgage Services, Inc
Ronald A. Giannamore
193 Grand St 2nd Floor, Waterbury, CT 06702
Connecticut, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont
800-922-3210
203-841-2513
Universe Financial Corp
Alex Bejerano
2530A SW 87th Ave, Miami, FL 33165
Alabama, Florida, Georgia, Mississippi
305-557-0507
305-557-4646
Capital Mortgage Finance Corp.
Jim Nixon
6310 Stevens Forest Rd, Columbia, MD 21046
District of Columbia, Delaware, Maryland, New Jersey, Pennsylvania, Virginia, West Virginia
800-836-6670
443-656-0232
Skofed Mortgage Funding Corporation
Brenda Bloomer
2610 S Jones Blvd Ste 1, Las Vegas, NV 89146
Arizona, California, Idaho, Nevada, Oregon, Utah
702-362-2626
702-362-2169
Melody Mortgage, LLC
Ken Ziehm II
2 Winnhaven Dr, Hudson, NH 03051
New Hampshire
603-886-1980
603-883-9528
Grewal Mortgage Company
Christie Lo Iacono
3120 Pine Tree Rd, Lansing, MI 48911
Michigan
517-393-3400 x323
517-393-1488
Group Capital Mortgage, Inc
Sandra Mosley
18000 Studebaker Rd Ste 795, Cerritos, CA 90703
Arizona, California, Nevada, Oregon
562-207-6840 x550
562-207-6858
Affinity Home Loans, Inc
Heidi Lawler
10650 Treena St Ste 103, San Diego, CA 92131
Arizona, California, District of Columbia, Florida, Michigan, Nevada, Oregon, Virginia
866-365-6428
858-764-2835
Flagship Financial Group
Peter Brown
1349 Galleria Drive Ste 110, Henderson, NV 89014
Arizona, California, Idaho, Nevada, Oregon, Utah
702-476-9000
702-982-4367
Kaiser Financial Services
Roger Chandler
7290 Engineer Rd Ste B, San Diego, CA 92111-1413
Alaska, Arizona, California, Colorado, Florida, North Carolina, Nevada, Oregon, Tennessee, Washington
858-751-0700 x104
858-751-0744
Black Mountain Community Bank
Claude Rosenthal
1700 W Horizon Ridge Parkway #101, Henderson, NV 89012
Arizona, California, Idaho, Nevada, Oregon, Utah
702-990-5920
702-990-5950
Mortgage House, Inc.
Ferry Ajdari
6351 Owensmouth Ste 102, Woodland Hills, CA 91367
Arizona, California, Nevada, Oregon
818-227-0922, 800-645-1301
818-227-0911
Peoples Mortgage Inc.
Jeff Ocasio
309 Little Grove Lane, North Fort Myers, FL 33917
Florida, Kentucky, Tennessee, Indiana, Kentucky
239-652-6800
239-652-0600
Mortgage Source Lakeland
Trina Kingery
4732 U.S. Highway 98 North, Lakeland, FL 33809
Alabama, Florida, Georgia, Mississippi
863-858-6700
CasaBanc Mortgage Corp.
Janye Seppinni
17870 Skypark Circle #106, Irvine, CA 92614
California, Arizona, Nevada, Oregon
949-681-7280
949-681-7290
Primary Residential Mortgage Inc.
Vonda Allen
2201 South W S Young Dr Ste 104C, Killeen, TX 76543
Arkansas, Louisiana, New Mexico, Oklahoma, Texas
254-554-7764
254-554-7765
United Capital Financial, Inc.
Ruben B. Gonzales
8560 Vineyard Ave, Rancho Cucamonga, CA 91730
Arizona, California, Nevada, Oregon
909-980-4611
909-495-1961
Topline Mortgage Solutions
Bonita Turner
102 E Cary St, Richmond, VA 23219
District of Columbia, Delaware, Kentucky, Maryland, North Carolina, New Jersey, Pennsylvania, Tennessee, Virginia, West Virginia
804-225-9566
804-225-9266
M2 Lending Solutions
Chris Murphy
2000 S Colorado Blvd, Tower One Ste 1-3400, Denver, CO 80222
Colorado, Kanasas, Nebraska, New Mexico, Utah, Wyoming
720-529-1880 x12
720-529-1880
Progressive Lenders Inc
Bernard Cohen
12490 NE 7th Ave Ste 201-202, North Miami, FL 33161
Alabama, Florida, Georgia, Mississippi
305-895-6055
305-895-6056
Direct Access Lending
Dennis Thomas
650 White Drive Suite 200, Las Vegas, NV 89119
Arizona, California, Idaho, Nevada, Oregon, Utah
702-617-9900
702-617-9970
APMC dba TreeHouse Mortgage Group
Lorisa M. McKelvey
451 Washington St, Monterey, CA 93940
Arizona, California, Nevada, Oregon
734-782-5626
Delta Home & Lending Inc.
Mark Anya
931 Howe Ave Ste 101, Sacramento, CA 95825
Arizona, California, Nevada, Oregon
916-565-3856
916-848-3359
Patriot Home Funding, Inc.
John Seybert
101 Wymore Rd Ste 320, Altamonte Springs, FL 32714
Alabama, Florida, Georgia, Mississippi
407-389-5132, 866-701-4346
321-281-4725
All Western Mortgage
Emelie Maybrook
5580 W Flamingo Rd Ste 106, Las Vegas, NV 89103
Arizona, California, Idaho, Nevada, Oregon, Utah
702-369-0905
702-974-1973
Sky Valley Financial, Inc.
Mitchell Chernock
1090 Adams St Ste L, Benecia, CA 94510
California
707-745-9600, 800-557-9944
707-748-5960
Monday, October 20, 2008
SPOTLIGHT ON THE BRIGHT SIDE OF THE MORTGAGE MARKET
I read this article today by syndicated columnist Kenneth R. Harney and felt that those of us that need to see the glass as half full would appreciate this interesting perspective on the current real estate market.
"Credit squeeze, credit freeze, credit-system seizures: Everybody knows how severe and painful the global financial breakdown has been, with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan with less than a 20 or 30 percent down payment? Or with a credit score below 720? Absolutely.
It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors. Consider these facts:
• There is no shortage of money for home mortgages, no freezing of credit to purchase or refinance a house. Why? Because the mortgage market effectively has been federalized — at least for the time being. More than 90 percent of new loans now are being made through the Federal Housing Administration (FHA) insurance program, plus Fannie Mae and Freddie Mac. FHA is owned by the federal government, and Fannie and Freddie are operating under federal conservatorship. All three have unfettered access to global capital markets at rock-bottom costs because their borrowings are fully guaranteed by the Treasury. Ginnie Mae, which is FHA's pipeline to the bond market, recorded an all-time high of $29 billion in new mortgage-backed securities issued in August.
• Loan terms and credit underwriting standards have been toughened up, but you can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on certain Fannie Mae and Freddie Mac loan programs with private mortgage insurance. FHA's credit standards are generous and forgiving; the agency exists to help people with less-than-spotless credit histories. Fannie Mae and Freddie Mac have raised their credit-score requirements over the past year, but buyers and refinances with scores in the upper 600s can still qualify for loans having reasonable rates and fees.
• Despite the global financial system's quakes, mortgage rates not only remain low by historical standards but have actually declined. For the week ending Oct. 8, according to the Mortgage Bankers Association, average 30-year fixed rates nationally dropped to 5.99 percent, and 15-year mortgages averaged 5.71 percent. Freddie Mac said 30-year rates dropped to 5.94 percent.
• Maximum loan amounts through FHA, Fannie and Freddie in high-cost local markets on the West and East coasts, such as Seattle, continue to be $729,750 through December. In January, the high-cost maximum is projected to dip to approximately $625,000.
• Home prices — pushed by foreclosures and short sales — have rolled back to 2003 and 2004 levels or lower in many former boom markets. As a result, buyers are coming off the sidelines, making offers and writing contracts. The pending home-sales index jumped by 7.4 percent based on purchase contracts signed in August, according to the National Association of Realtors.
The heaviest increases — pointing to higher closed sales in the coming two to three months — were in California, Florida, Nevada and the Washington, D.C., area. Housing and mortgage leaders say consumer worries about the stock market have obscured positive developments in real estate, where pricing pain and downsizing have been facts of life for 2-½ years.
David Kittle, president and CEO of Principle Wholesale Lending and incoming chairman of the Mortgage Bankers Association, says, "the mortgage market has never shut down" despite the global financial crisis. Money is "clearly available as long as you can qualify for it" with at least a modest down payment and decent credit history," Kittle says. Matt Vernon, a national retail mortgage-sales executive for Bank of America, said, "We've got more than enough liquidity" to handle mortgage demand. "We are open for business." Most of the bank's production is now funded through FHA, Fannie and Freddie.
On the front lines, mortgage-company owner Jeff Lipes, president of Family Choice Mortgage near Hartford, Conn., says: "I don't think consumers really know how free-flowing capital is right now in the residential mortgage market. There are no shortages, no breakdowns. People ought to be aware of that." Bottom line: Scary as the news has been about stocks and banks, this is not the case for mortgages. Besides shopping at large national lenders, check with local banks and credit unions that may be originating loans for their own portfolios — not for Fannie, Freddie or FHA. Many of them are healthy, have cash to lend and may be surprisingly competitive on terms and rates with the big boys.
Kenneth R. Harney: kenharney@earthlink.net
Copyright © 2008 The Seattle Times Company
"Credit squeeze, credit freeze, credit-system seizures: Everybody knows how severe and painful the global financial breakdown has been, with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan with less than a 20 or 30 percent down payment? Or with a credit score below 720? Absolutely.
It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors. Consider these facts:
• There is no shortage of money for home mortgages, no freezing of credit to purchase or refinance a house. Why? Because the mortgage market effectively has been federalized — at least for the time being. More than 90 percent of new loans now are being made through the Federal Housing Administration (FHA) insurance program, plus Fannie Mae and Freddie Mac. FHA is owned by the federal government, and Fannie and Freddie are operating under federal conservatorship. All three have unfettered access to global capital markets at rock-bottom costs because their borrowings are fully guaranteed by the Treasury. Ginnie Mae, which is FHA's pipeline to the bond market, recorded an all-time high of $29 billion in new mortgage-backed securities issued in August.
• Loan terms and credit underwriting standards have been toughened up, but you can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on certain Fannie Mae and Freddie Mac loan programs with private mortgage insurance. FHA's credit standards are generous and forgiving; the agency exists to help people with less-than-spotless credit histories. Fannie Mae and Freddie Mac have raised their credit-score requirements over the past year, but buyers and refinances with scores in the upper 600s can still qualify for loans having reasonable rates and fees.
• Despite the global financial system's quakes, mortgage rates not only remain low by historical standards but have actually declined. For the week ending Oct. 8, according to the Mortgage Bankers Association, average 30-year fixed rates nationally dropped to 5.99 percent, and 15-year mortgages averaged 5.71 percent. Freddie Mac said 30-year rates dropped to 5.94 percent.
• Maximum loan amounts through FHA, Fannie and Freddie in high-cost local markets on the West and East coasts, such as Seattle, continue to be $729,750 through December. In January, the high-cost maximum is projected to dip to approximately $625,000.
• Home prices — pushed by foreclosures and short sales — have rolled back to 2003 and 2004 levels or lower in many former boom markets. As a result, buyers are coming off the sidelines, making offers and writing contracts. The pending home-sales index jumped by 7.4 percent based on purchase contracts signed in August, according to the National Association of Realtors.
The heaviest increases — pointing to higher closed sales in the coming two to three months — were in California, Florida, Nevada and the Washington, D.C., area. Housing and mortgage leaders say consumer worries about the stock market have obscured positive developments in real estate, where pricing pain and downsizing have been facts of life for 2-½ years.
David Kittle, president and CEO of Principle Wholesale Lending and incoming chairman of the Mortgage Bankers Association, says, "the mortgage market has never shut down" despite the global financial crisis. Money is "clearly available as long as you can qualify for it" with at least a modest down payment and decent credit history," Kittle says. Matt Vernon, a national retail mortgage-sales executive for Bank of America, said, "We've got more than enough liquidity" to handle mortgage demand. "We are open for business." Most of the bank's production is now funded through FHA, Fannie and Freddie.
On the front lines, mortgage-company owner Jeff Lipes, president of Family Choice Mortgage near Hartford, Conn., says: "I don't think consumers really know how free-flowing capital is right now in the residential mortgage market. There are no shortages, no breakdowns. People ought to be aware of that." Bottom line: Scary as the news has been about stocks and banks, this is not the case for mortgages. Besides shopping at large national lenders, check with local banks and credit unions that may be originating loans for their own portfolios — not for Fannie, Freddie or FHA. Many of them are healthy, have cash to lend and may be surprisingly competitive on terms and rates with the big boys.
Kenneth R. Harney: kenharney@earthlink.net
Copyright © 2008 The Seattle Times Company
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