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Jake Planton

New Commercial

05-11-09
Jake Planton

Here is the first part of a series of commercials I am working on for myself, and my company. What do you all think?

http://www.vimeo.com/4566228

Rate update for 4/27/2009

04-27-09
Jake Planton

Rates are really great right now. Here is my rate update that I posted on my blog, www.JakePlanton.com/blog:

There are so many factors on EVERY loan that it can be dangerous to quote. Keep in mind that rates can change hourly on busy days, so this is just a snap shot in time. I want to try and show you how things are moving through each day. Here are the factors I will be quoting:

Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount of $260,000, taxes and insurance as part of monthly payment, 21 day lock. (If any one of these factors are different, it COULD change the below rates. This is just a barometer of the current rates).

30 Year Fixed with 1.250% in origination fee : 4.5% (APR 4.670%) ~ Priced 0% in origination fee: 4.875% (APR 4.946%).

For loans that are at $417,000+, interest rates/guidelines are tighter. Here is one of the best priced 30 year fixed rates out there:

Purchase, 20% down, owner occupied, SFR, full documentation, 740 FICO+, loan amount of $500,000.

30 year fixed with 1% in origination fee: 5.750% (APR 5.895%)

7/1 ARM- (different lender than 30 year fixed) with 1% origination fee, 5.60% (APR 5.743%)

3/1 Arm- with 1% origination, 4.250% (APR 4.377%)

ALL mortgage professionals are REQUIRED by LAW to report APR. If you do not see APR, they are doing something illegal. HOWEVER, APR is something that can be calculated differently depending on the lending institution. Rose City’s APR guidelines are copied straight from the state of Oregon. The real way to compare lenders is to look at RATE and ORIGINATION fee, from the two lenders, on the same day, at the same HOUR . Keep that ALL in mind.

Keep in mind that I will compete for YOUR business, and I would love to compete!

#1 place to work for in Oregon!

03-02-09
Jake Planton

Every time I tell people how great of a place it is that I work at, they are always wondering why do I say that? What makes it so great?

There are lots of reasons why Rose City Mortgage is such a great place to work. It was all re-affirmed, though, this past Thursday evening. At the Oregon Business Magazines annual 'best places to work' dinner, Rose City Mortgage took home the award for the best place to work in Oregon. I could give you a ton of reasons why we won, but this article does it all for me~

http://www.oregonbusiness.com/.docs/action/detail/rid/35835/pg/10003

Just a taste...

11-20-08
Jake Planton

I sent this email out yesterday to my realtor partners. Lots of changes coming down the line. If you want more info on the loan modification aspect of this, let me know!

There are some changes coming down the pipeline that I wanted you all to be aware of. Look below for information on debt-to-income ratio changes, as well as ways for people to modify their home loans without going delinquent, at ALL! This new program could help a lot of your clients that are upside down in their home, or are struggling to make their payments. Check it out below~
1- We are learning that mortgage insurance companies are enforcing a new rule for homes that are 80% LTV and above. This new rule has a MAX debt to income ratio of 45%. Lenders are following suit, and starting December 1st, they will also have a max debt to income ratio of 45%; on ALL loans. We used to be able to push that ratio up higher based on other circumstances in the file, such as assets, higher credit, etc. Lenders are coming down hard on it. We do have ways to help people who are pushing that though, including wrapping up their mortgage insurance payment into the loan amount. This is called 'super saving premium.' This program can save people a TON of money over time, and blows FHA mortgage insurance payments out of the water. Let me know if you have questions on that.
I one time got a 64% DTI through the system. Having that high of a DTI begs the question, should this person be buying a home anyway? We are all headed to old time underwriting guidelines.
2- I just got word from a friend at Wells Fargo retail, and Wells is requiring that the ENTIRE package be with the lender before the loan officer can lock a loan. For your clients sake, if they are working with Wells (or any bank, really) I would make sure that they know to get their stuff into them quickly. If the market has a wonderful day, and rates drop, you want to be able to lock at the drop of a hat. That is the wonderful thing of working with a broker, I can lock whenever, and move the loan if I need too.
3- There are lots of programs out there that will help a person modify their home loan with a bank. That person is usually a loan officer, like me, that tells the client to not pay their mortgage for 60 days. That 60 days is the minimum lenders require before they will look at the file to MAYBE modify it. We just met with this lady representing a network of real estate lawyers that will help people modify. They do NOT require the person to hurt their credit with a delinquency, or two. They write a letter requesting a number of things to the lender, and if the lender does not reply within 21 days, the lawyer then can demand a modification of the loan. This gives the power to the BORROWER, not the lender. The person knows what they are paying for up front, and there are payment plans. It really is a cool program, and could help people you know get out of a crushing mortgage. The lenders have been known to reduce interest rates to 3%, and modify the loan principle. AND, it does not affect a persons credit.
I am a very cynical person, and I was highly skeptical of what these people are doing. I read the work, I sat through the presentation, and it appears to be on the up and up. If you want more info on how it works, please let me know!

Lending Specialist

10-28-08
Jake Planton

Here is my new ad:

I am really excited about it, and my Internet traffic went up when I put it on the car. (it says jakeplanton.com, lending specialist). We will see if this is just a strange phenom, or if it will be a lasting thing. We will see.


The reason for this post is not for the ad though, but for what it says. I did not realize that 'lending specialist' could be taken in so many different ways. My boss came to me and said that I should set myself up to be an expert on ALL lending, not just home lending. She says that I should do some research on SBA loans, on car loans, etc., and make it so I am THE expert on it.

I do not know how that might work (any advice would be great) but we are all trying to find new ways to market ourselves, and this might be just another niche to dive into. What do people think? Anyone have any advice on this topic?

Thanks for any Advice!