Lenders have raised the bar on underwriting guidelines in recent years, and more specifically in the COVID era. Back in the good ‘ole days, prior to the Great Recession and now COVID, lenders did what might be now described as a cursory job of underwriting the borrower. They typically asked for a simple financial statement, personal & business, with a credit check, and that was the extent of the credit items required. Back then, they focused almost exclusively on the pros and cons of the property. And if they liked the risks associated with the property, it was very...
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WHAT SHOULD YOU DO TO PROTECT YOURSELF WHILE IN FORBEARANCE?
We offer a variety of products and services, ask us how we can assist you today: Counsel Mortgage Group®, LLC 480-502-1000 www.counselmortgage.com NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873 Copyright © 2020 Counsel Mortgage Group®, LLC.
October 30, 2020October 30, 2020
WHAT SHOULD YOU DO IF YOUR MORTGAGE STATEMENT IS INCORRECT?
If you see a discrepancy on your statement you need to contact the loan servicer. You can call them over the phone but it is a best practice to write a formal letter regarding disputed charges. Remember to use the address the server requests be used for written communications. Otherwise a response may be delayed. Here is an article outlining important steps to follow when disputing an error with your servicer:
October 25, 2020October 28, 2020
COUNSEL MORTGAGE GROUP CLIENT REVIEWS
“Counsel Mortgage and John Rapasky is an excellent choice if you are looking for real estate finance. I have been a full time practicing real estate broker for over 15 years, licensed in Arizona and California. I have worked with more lenders than I can count. In the last transaction in which I represented the buyer, I had the chance to work with John. John’s rates and pricing were better than two other local lenders, which is why my buyer chose to work with him, but finance is so much more than pricing, and John delivered on all accounts. We...
October 22, 2020October 28, 2020
COUNSEL MORTGAGE GROUP LLC
We’re a mortgage brokerage located in Arizona and provide service in both Arizona and California. We have several dedicated, qualified and talented originators available to assist you with your lending needs. We welcome you to take a look at our client reviews to get a feel for how invested we are in helping our customers. We’re driven to provide you with outstanding customer service while making one of the most important investments decisions hassle free. Click link for reviews and get to know some of our originators! http://counselmortgagegroup.com/testimonials/ We offer a variety of products and services, ask us how we...
October 20, 2020October 28, 2020
OUTSTANDING CRE DEBT CONTINUES TO INCREASE, IN SPITE OF TIGHTER CREDIT STANDARDS
Today’s post is written by Michael Green, Commercial Loan Originator for Counsel Mortgage Group, LLC Credit is the lifeblood of the economy, therefore a substantial tightening in credit conditions could cut the current recovery short. The latest Senior Loan Officer Opinion Survey points to banks tightening credit across all major loan categories. But loans at commercial banks account for only about 30% of the total credit extended to the U.S. private non-financial sector. Debt capital markets are more or less wide open again, which has helped keep credit flowing to larger businesses, and to households indirectly.
October 1, 2020October 1, 2020
LENDING ON CONDOMINIUMS
Did you know when you apply for a loan there are actually 2 approvals that take place? The lender reviews the file based on your credit and income, and also reviews the collateral. The collateral must be sufficient in order for a loan to be approved. When the collateral is a condominium, there is increased scrutiny by the lender. This is due to the fact that a condo typically has shared walls, ceilings, or floors, and there is more risk to the lender because the loan is somewhat dependent on the status of the units surrounding the condo. Thus, lenders...
September 29, 2020September 29, 2020
WHOLESALE LENDER PARTNERS
One of the lenders to whom we broker is United Wholesale Mortgage (“UWM”). UWM announced this week that they are going public later this year. They are one of the largest lenders in the Nation. To get a loan from UWM, you have to apply through a mortgage broker, such as Counsel Mortgage Group, LLC. Going public will allow UWM to raise more capital to provide more lending options for their mortgage broker partners. We congratulate UWM on this announcement and are looking forward to many more years of success. Here is the announcement: https://www.crainsdetroit.com/…/united-wholesale… We offer a variety of...
September 26, 2020September 26, 2020