The first step to looking for a mortgage is to consult with a mortgage broker. Mortgage brokers have access to many lenders and programs and can shop your scenario to see what is the best fit for you. Counsel Mortgage Group, LLC is a mortgage brokerage in our 17th year of business. My personal background as an attorney and CPA give me unique insight into how to analyze your scenario to place it with a lender that best suits your needs. We have helped thousands of families over the years and we can help you, too. As interest rates have...
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NAR SETTLEMENT AND LENDING
It’s business as usual in lending in light of the National Association of Realtors’ settlement in the Burnett et al and Moehrl et al cases. None of the lending guidelines changed. Fannie Mae, Freddie Mac, and FHA maintain that buyer agent fees are not interested party contributions (IPC) and are excluded from financing concession limits. A seller or seller’s real estate agent’s payment of the buyer’s real estate agent’s commission in accordance with local common and customary practices is not to be counted towards the IPC limits for the transaction. You can read Fannie Mae’s statement by clicking here: https://bit.ly/3JWLRA0....
May 11, 2024May 11, 2024
RETAIL SEGMENT OF CRE CONTINUES TO IMPROVE
Today’s post is written by Michael Green, Senior Commercial Loan Originator with Counsel Mortgage Group, LLC. Mike writes monthly on the commercial mortgage market. Check back each month to check his commentary. Trepp (CRE research & analytics) released their CMBS Delinquency rate for March, showing it dipped slightly for the month, led by a significant improvement in the retail CMBS delinquency rate (and, notably, a 5 bp (basis point) uptick in the office delinquency rate). The overall delinquency rate declined 4 bps to 4.67%, with retail delinquency posting a huge 47 bp drop to 5.56%. Per Thomas Taylor at Trepp:...
May 2, 2024May 2, 2024
ATTENTION REALTORS: FREE LUNCH AND CE
Join us next Tuesday, May 7th, at 11:30 am at Old Republic Title for a free lunch and 1 hour of CE. I will be presenting a class on real estate finance where we’ll go over the different types of loans and ways to get your clients approved, while sharing my experience and tricks of the trade I’ve learned over the years. Space is limited, so please RSVP to Jose Rodriguez at joser@ortc.com, to reserve your spot. This should be fun and informative. All of the details are in the flyer. Hope to see you there!
April 29, 2024April 29, 2024
A VISIT TO THE CAPITOL
As the Chair of the Government Affairs Committee for the Arizona Association of Mortgage Professionals, I traveled to Washington DC to meet with legislators and administrators regarding the issues of the day affecting mortgages and real estate. This year, there were many topics discussed, including: * Trigger leads – ending the practice of solicitors calling you after your credit is pulled * Requesting a GAO study be conducted on whether there is a stigma in the real estate market against VA loans * Gold Star Spouses – allowing spouses of fallen veterans to continue receiving VA benefits if they remarry...
April 20, 2024April 20, 2024
LOAN APPROVAL – SALEABILITY
When a lender issues you a loan approval, what does it mean? It means the loan meets program guidelines for saleability. A lender will grant you a loan approval when they know they can sell the loan and make money on it. The game is about the lender making money on the loan. When the lender asks you for certain documents during a transaction, it is so they can package the file to sell it, which in turn allows them to lend you money. For example, a lender may inquire about large deposits in your accounts due to anti-money laundering...
April 6, 2024April 6, 2024
WHO’S MAKING CRE LOANS
Today’s post is written by Michael Green, Senior Commercial Loan Originator with Counsel Mortgage Group, LLC. Mike writes monthly on the commercial mortgage market. Check back each month to check his commentary. Part of MSCI’s recent Periodic Capital Trends Report covering 2023 looks at financing sources that are the most active for different CRE types. (For more, see https://MSCI.com ) Overall, the breakdown by lender type in 2023 was fairly close to that of 2022, excepting a significant increase in government agency funding from 19% to 26%. But that shift was closer to the 2015 to 2019 average of 23%....
April 1, 2024April 1, 2024
JIM MOORE, A VETERAN HELPING VETERANS
I am proud to work with Jim Moore. Jim is a Loan Originator with Counsel Mortgage and has worked with us for about 16 years. Jim served as an Army Ranger in Vietnam. His heart is in helping veterans attain home ownership. Jim helps veterans with their disability claims and puts them in touch with a VA disability attorney, thereby giving the veteran a chance to earn income and qualify for a VA loan so they can own a home. He is a Certified Credit Specialist and a Certified Veteran Lending Specialist with the National Association of Mortgage Brokers. For...
March 22, 2024March 22, 2024
WHEN TO LOCK-IN AN INTEREST RATE – PURCHASE TRANSACTION
We often get asked when to lock-in the interest rate after you have entered into a contract to purchase a home. You typically have 30-45 days to close, so you’ll have to lock-in the rate during this time. Hopefully, during the pre-qualification process, you had discussions with your loan originator as to interest rates and payments you would be comfortable making. It is during this process when you can consider your options of loan products, payments, and interest rates. Many times, lenders will qualify you for a higher payment than what you would want to pay. Make sure the payment...
March 17, 2024March 17, 2024
INTEREST CREDIT
Did you know if you close in the first few days of the month, you may be able to choose when to make your first mortgage payment? This can help if you have a cash flow issue right after closing. When you make a mortgage payment, you pay the prior month’s interest. For example, if you make a mortgage payment on April 1st, you are paying March’s interest. The reason is that the lender can only charge you interest for the time you lived in the home. This is different than rent, i.e. when you make the April 1st rent...
March 10, 2024March 10, 2024