What doesn't kill you makes you stronger!
Told by a Mortgage Broker who was there and saw it all.
After the 2006 crash, a Scapegoat was needed to blame and the easiest target was the Mortgage Broker.
This, regardless of the fact that it was the Banks and
Lenders like Countrywide, Washington Mutual and others who were relentlessly
shoving 100%, no down payment No Doc, Interest Only, Negative Amortization
loans down our throats regardless of the borrower's credit!
They were the ones Pushing/Offering those programs, they were the ones Underwriting those programs and they were the ones who were Funding those programs!
In addition, realtors would search for
those programs in effort to put buyers in the absolute Highest Priced homes
they possibly could to maximize their commission profits when they knew the
buyers couldn't afford the homes!
But in the end, Mortgage Brokers did not have the Washington Lobbyist power and were designated as the Fall Guy and blamed for everything!
I'm not saying there weren't some Mortgage
Brokers that were bad apples, but they're gone now. But think back prior to 2006, had a Mortgage Broker tried to convince borrowers to put 20% down, take a higher payment on a 30yr
Fixed rate, they'd have starved!
If a Mortgage Broker didn't offer the loan programs that the Banks were pushing and consumers and realtors were demanding, they would have simply lost business to the next lender! The facts are, everyone was drunk on the Kool-Aid (i.e. massive appreciation) and hindsight is 20/20!
But the Big Banks, not letting a crisis go to waste, took full advantage to try and eliminate their biggest completion, the Mortgage Broker! Working in tandem with the Government to Socialize Lending in America, so the Government and a few big banks can decide who is allowed to get a loan and who is not, they seized the moment!
They've actually done an awesome job in eliminating their competition, the Mortgage Broker option for consumers. By working with this current administration to impose horrendous new regulations to "Tilt the Playing Field" in the big bank's favor has reduced the Mortgage Broker profession to a small fraction of the numbers we once were in 2006 and has Greatly Increased the big Bank's share of the market!
BUT NOW, the Regulation Monster, the Obama Administration has created what is proving to have adverse effects and has gotten way out of control! Now, the Big Banks are refusing to
loan for fear of penalties and regulations that prevent them from making common sense loans to good borrowers and offer very limited programs.
They're once again starting to feel losses as Mortgage Brokers begin to take back an increasing market share!
Try and find all these programs though any
100% LTV VA- Debts
paid off at closing on a Purchase
100% LTV- USDA -12 mo. into Chapter 13 BK OK Too!
96.5 LTV- FHA -
95% LTV--> No PMI (incuding CONDOS)
90% LTV--> No PMI -SUPER JUMBO LOAN
90% LTV--> No PMI -2nd Home
85% LTV- Rental/Invest. Prop.
Stated Income Alt loan programs
90% LTV- NEW- after Short Sale, BK or Foreclosure to Super Jumbo
80% LTV-Stated Income Alt to Mega Jumbo
75% LTV-Foreign Nationals- Stated Income Alt to Super Jumbo
70% LTV-Soft and Hard Money/Private Money -Stated Income Alt to Super Jumbo
FLORIDA LOT/Commercial LAND LOANS- up to $1,000,000 (by case basis)
Pro Option Mortgage
888 662 4404
Prior service U.S. Marine Corps