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As economic news continues to lead most discussion these days, an issue which appeared very innocent has 
crept into economic and credit news and just when you thought things might turn around Real Estate professionals must protect general consumers, otherwise their market will continue to disappear....right before our eyes!!!
Credit scoring controlled by FICO and their scoring model is reeking havoc for customers whose credit is greatly affected for various reasons. FICO proved beneficial and received wide acceptance starting in the mid to late '90's and is a great tool as long as credit is flowing. The manual system previously used was literally dumped as being "out of step" as economic models called for the need to integrate technology which brought on many automated systems with the bottom line goal of making credit more affordable.
HERE'S THE ISSUE...........FICO is based on various components. One critical component is the percentage of credit used in consideration of the respective loan/credit limit. Seem simple enough - right? No one would argue with prudent credit management.......on the consumer end, as well as the creditor end. Unfortunately as the economy has spiraled out of control and the credit markets hammered resulting in many creditors going out of business or invoking provisions of their various customer agreement to generate additional interest/payment income AS MORE CONSUMERS THAT YOU WOULD THINK - ARE BEING STUNNED AND HIT WITH THE DOUBLE-BARREL BAT:
We're not arguing that creditors should not take provisions to protect themselves by controlling their exposure, nor are we arguing that consumers should not be graded on accurate data from their credit profile. What we are suggesting is we are Real Estate professionals should lobby whoever we need to so that FICO in particular amends their scoring model to the relative economy, not necessarily components used while the economy was booming. In other words, a simple handicap is suggested to either reduce the percentage of the "Credit Used" or adjust the component, so a clearer picture can be provided, without arbitrarily moving a otherwise good credit candidate into a deficient category. Obviously this is just a quick stab at the problem but the facts are clear if consumers are affected by their credit being eroded, it will affect their ability to participate in the market, currently or when it turns around because after all, it will be the consumers spending money which will get the economy moving again.
Talk to your local Board or Association of Realtors, your local consumer groups, your political representatives about this issue because while we have come to realize that FICO is here to stay, we simply want grading to be fair and adjusted accordingly as components change.
That's if you agree. Either way, what's your 2 cents????
as the process continues to allude those in need. Is this another Bait/Switch???, Smoke/Mirrors??? or other type of scheme that produces none, if any results for those who could geniunely benefit from the program???
http://modifypro.blogspot.com/
With the timing of the
foreclosure crisis resulting into Loan Modifications as the solution to resolve the crisis homeowners are experiencing, the results were paltry at best and coincidentally criss-crossed with the now infamous discussion of Bailouts.
Now we're really in a jam!!!!!
Paulson intimated using a "Bailout" to help homeowners as a ploy to game the politicians in approving the plan, when in fact that was never the intention as how could you possible justify starting the game with AIG's boost?
Months later the very homeowners who were the topic of discussion in getting the bailout approved have been left stranded, and in fact many have lost their homes as the clock simply ran out.
Anyway, now that Bailoutmania has started you might as well heal all those in need, otherwise you most certainly will leave a group disenfranchised. Many colleagues and clients I speak to are asking - "where is the bailout for folks who make their mortgage payments on time - - why are people who took a mortgage out and who are experiencing tough times be the only one receiving help?????"
Our economy is built on consumers ability to spend and if that ability is affected, what we currently are experiencing (as an economy) will be our reality. Therefore we are in support of whatever measure is necessary to get this economic engine moving - bailout, grant, gift - it doesn't matter as evidenced by the long line of companies with their hands out seeking bailout assistance. Also, on a side note, some or perhaps I should say most are the very culprits reeking havoc, as they are reducing payrolls at an alarming rate, and unfortunately those people at the middle to lower will die, if they do not have the ability to earn income - hence A JOB.
Anyway, stay tuned as this issue will be hot fodder well into 2009.
Since we started................when should we end it?? or who gets what????and how much????
Is this socialism? Is socialism a bad thing? The bottom line is WE THE PEOPLE own the treasury and can bail out whoever we wish. It was pretty refreshing to see President-elect Obama roll out his economic team and bring this issue to the forefront - EVERYONE NEEDS BAILING OUT!!!!!!!!!
Anyway, however you define it......most of us on Activerain are business owners or tied to providing services to consumers, so unless the consumers have the means to purchase what we are selling - we will continue to die on the vine. In addition the the much pronounced "Jobs Workout" program which is desparately needed as our infrastruture could use some improvement, we need to create incentives for people to be able to earn money (from the bottom to the top) - as that is the gas which keeps our economy rolling.
Paulson unfortunately pulled a hat trick and misrepresented his intention of getting the bailout approved. Maybe they should drag him into federal court for lying on his loan application??? Finally, they need to cut the bull and work out a solid plan to help those in foreclosure who have shown a solid desire to keep their home. We simply cannot afford any more blight as the neighbor who is paying his mortgage on time and whose home is in good shape is in jeopardy if the neighborhood goes up in smoke!!!!!!!!!
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Omega Capital Financial, Inc. is a full service real estate brokerage headquartered in downtown Glendale. Our group of professionals work virtual throughout the state of California.
We are a full service real estate brokerage company. Our specialty is in real estate financing (mortgage lending) and our primary coverage area is the entire state of California, as well as servicing clients and their needs as we have approved national relationships which allow us to conduct business in 30 states (contact us for specific state availability).
Additionally we are proud to service clients on the Agency (Buying/Selling) side of the business which allows us to maintain a "One Stop Shop" for clients who understand it is better to have solid professional relationships than to piecemeal various components of a real estate transaction using several different licensees.
Our professional team is comprised of staff who works virtual throughout the state of California. On a spot basis we employ reciprocal relationships with licensees based on specific state requirements. Our staff is very diverse and communicates in most languages. The majority of our clientele is referral, however due to being very competitive in our marketplace regarding price/rate/fees we are able to attract many clients who otherwise would select traditional companies, but understand the need of partnering with professionals who have a high degree of expertise.
OCFI Corporate Office is located in beautiful downtown Glendale, CA and located adjacent the world renowned Americana Shopping Complex. We are members of several real estate and related professional organizations which allow us to provide timely representation. Our business is licensed by the State of California Department of Real Estate. Embracing Technology and Servicing Clients where they are at Consumers demand solid service and competitive fees/prices. Technology has been a great component for customers as they are offered more choices, as well as companies as they are able to reduce costs associated with operating the business, thus providing a better level of service and efficiency passing the savings back to the customer. Real estate is a personable business, however most clients simply want representation and service, and when they want it oftentimes that is not during traditional business hours, so companies must meet the need where it is, and in our case we offer 24/7 service.
Our Lineup of Services Offered
Mortgage Loans for purchase or refinance as well as cash out. We are extremely proud of our lineup of solid professional lending sources which allow us to provide more options to our clients.
Conventional & Jumbo, as well as Super Jumbo - OK
Bond Programs - OK
Reverse Mortgages - OK
Stated Programs. Even though this product has gone by the wayside, we can offer on a case by case basis.
Commercial Mortgages (small apartment to multi-use projects) - OK
Real Estate Agency – commonly called representing Buyers & Sellers
Our fee structure is very competitive as with any transaction where professional expertise is required we have been a solid reputation as our client’s understand – “You Get What You Pay For”
Access to Real Estate Owned Properties including approved by HUD/PEMCO, FNMA, FHLMC/HOMESTEPS and other institutional investors who have an inventory of property for the general public
Loan Modification & Short Sale Representation
A solid process where the “Buyer Must Be Aware.” Our representation includes the appropriate legal attorney network to insure the homeowner receives professional service.
Loan Modification is the process for the homeowner who wants to keep the property.
Short Sale is the process for the homeowner who wants to sell the property.
Representing the Owner or the Lessee, our service includes handling the necessary documents so the agreement regarding maintaining the property is professionally coordinated.
Blogs – In addition to our Active Rain Blog, we are authors of the following reports:
Omegacap eReport Loan Modification Blog
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Fred Thomas, III is our Broker of Record and has an extensive background in lending from various levels of production to Senior Management for top tier lenders.
In addition to successfully closing thousands of transactions through his personal production, Fred has the knack to leverage his experience and has trained over 400 sales staff during his tenure, as well as hundreds of Realtors gaining invaluable knowledge of the mortgage finance side of the business. In addition to traditional transactions he is very knowledgeable on most programs designed to allow homeowners to secure their "American Dream."
454A Reposo Drive
Los Angeles, CA 90065
22 November 2008
President/CEO
Omega Capital Financial Inc.
100 North Brand Blvd. Suite 320
Glendale,CA
Dear Sir/Madam:
This is to bring your attentiont o the excellents ervicesr enderedt o us by an Associate/Sr. Loan Consultant of Omega Capital during the recent month- namely Connie Rodarte. It isn't very often these days that one can receive total satisfaction from a representative of any business particularly in the Home Financial business. In this case however Ms. Rodarte exemplifies the special characteristics of a loyal and trustworthy person whom a client can believe and rely on. In the course of our refinancing process we had no problems with her direction and the procedures we had to follow to result in success and what we wished to accomplish. With this in mind we want to take this opportunity to advise you that Ms. Rodarte is one of the rare peoplei n the business who can lend to the good reputation of your firm contrary to what we all know has happened in the recent past in the home loan business with other firms and we have dealt with several others whom we rejected.
We will recommend Omega Capital to others who may be interested in the refinance procedure simply because of Ms. Rodarte and her honesty.
'w, "t/,lzw
Cc; Connie Rodarte
________________________________________________________________________________________________________________________________
KUDOS TO OMEGA
Doreen E. Gann
56848 Anaconda Drive
Yucca Valley CA 92i2U (760)36
Fred Thomas
Omega Gapital Financial This lettter is in regards to one of, your employees- Her narne is Gonnie Rodarte. I just want you to know that you have definitely hlred one, not one, but the most competent and honest loan agent that I have ever had llre privilege of wor*ing witlr. I truly admire her confidence and extreme professionalism that I have penronally encountercd in past dealings with Gonnie. You have sorneone whom is a delinite asset to your eompant/. Don't Ever Let Her Gollllllllllllllllll She is on the ball and those type of employees are few and far between. Gonnie is such an asset to your eompany, that I petsonally by my own word of, mouth will tell all of my known associates and friends whom are seeking a loan to penronally contact Gonnie at Omega. I cannot expness how rcf,ereshing it is to fond an employee whorn is so dedicated to her clients and rnainly to the cornpany she ic ernployed by. You have found yorrself an exceptional wor*er and a total winnerllll$nililnilil She is above board and sulpasscs any expectations a company would require of their employees, I wifl proudly teler any and alt oil my friendc and aquantainces to your company as long as I know that Gonnie will be handling tlreir loan needs. Sincerely and Honeetly,
Dont Ever Lose This Girl Doreen Gann
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