Nima Rezvan First Time Home Buyer Expert CT FHA Loans - FHA 203k - CT Mortgage

Dear Reader,

I was referred to a very interesting website which I thought was extremely interesting to me and I know for a fact that it would be interesting for you as well. You don't have to be a financial analyst or a mortgage industry analyst to know that we are going through some rough times. I was referred to this websute: http://www.ml-implode.com/ which is a website dedicated to the mortgage lending industry. This website has news about lenders that have gone out of business and lenders that are on a watch list of lenders in trouble or possibly going out of business. You can take a look at the website closely on your own and you figure out if this is really accurate or not. Below I will copy and paste the 117 mortgage lenders that have already gone out of business or are on their way of going out of business if still functioning. I will also share the 14 top mortgage lenders that are on a watch list of mortgage companies that are in trouble of some sort which is very bad for their company. Everything you find in this blog is not my opinion but data that I found on http://www.ml-implode.com/ or http://www.lenderimplode.com/ or http://www.mortgageimplode.com/

I will also share the definitions of imploded lenders and ailing lenders that is also found on the website:

"Imploded" lenders: The "imploded" status is somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or a "firesale" acquisition. The Companies include all types (prime, subprime, or a mix of both; retail or wholesale; subsidiaries and entire companies). Note: Companies listed here may still be operating in some capacity; check with them before making assumptions.

Ailing lenders haven't shut down, but they're significantly scaling back or are (or recently have been) in manifest financial, legal, or operational distress. Unfortunately, most of the industry now falls under this description, so we are forced to reserve this list for the more glaring cases or those which we happen to have more specific info about.

The 14 mortgage lenders on a watch list are:

Ailing/Watch List Lenders according to website: http://www.ml-implode.com/

13. Quality Home Loans
12. Amstar Mortgage Corporation
11. Meridias Capital
10. Option One
9. CIT Home Lending
8. FNBA
7. GreenPoint Mortgage
6. All Fund Mortgage
5. Ocwen Loan Servicing
4. Doral Financial Corp.
3. Evergreen Investment/Carnation Bank
2. Coast Financial Holdings, Inc.
1. Residential Capital, LLC*

The 131 mortgage lenders that "imploded" according to website: http://www.ml-implode.com/

131. Accredited Home Lenders
130. First National Bank of Arizona (FNBA) Wholesale, Correspondent
129. GreenPoint Mortgage - Capital One Wholesale

128. NovaStar Wholesale
127. Quick Loan Funding
126. National City Home Equity
125. Calusa Investments
124. Mercantile Mortgage

117. Express Capital Lending
116. Deutsche Bank Correspondent Lending Group (CLG)
115. MLSG
114. Trump Mortgage
113. HomeBanc Mortgage Corporation
112. Mylor Financial
111. Aegis (Everything)
110. Alternative Financing Corp (AFC) Wholesale
109. Winstar Mortgage
108. American Home Mortgage / American Brokers Conduit
107. Meridias Capital
106. Fieldstone Mortgage Company
105. Nations Home Lending
104. Wells Fargo Alternative Lending Wholesale
103. Entrust Mortgage
102. Flick Mortgage/Mortgage Simple
101. Alliance Bancorp
100. Choice Capital Funding
99. Premier Mortgage Funding
98. Stone Creek Funding
97. FlexPoint Funding (Wholesale)
96. Starpointe Mortgage
95. Unlimited Loan Resources (ULR)
94. Freestand Financial
93. Steward Financial
92. Wells Fargo (Correspondent)
91. Altivus Financial
90. ACT Mortgage
89. Alliance Mortgage Banking Corp (AMBC)
88. Concord Mortgage Wholesale
87. Heartwell Mortgage
86. Oak Street Mortgage
85. The Mortgage Warehouse
84. First Street Financial
83. Right-Away Mortgage
82. Heritage Plaza Mortgage
81. Horizon Bank Wholesale Lending Group
80. Lancaster Mortgage Bank (LMB)
79. Bryco (Wholesale)
78. No Red Tape Mortgage
77. The Lending Group (TLG)
76. Pro 30 Funding
75. NetBank Funding
74. Columbia Home Loans, LLC
73. Mortgage Tree Lending
72. Homeland Capital Group
71. Nation One Mortgage
70. Dana Capital Group
69. Millenium Funding Group
68. MILA
67. Home Equity of America
66. Opteum (Wholesale, Conduit)
65. Innovative Mortgage Capital
64. Home Capital, Inc.
63. Home 123 Mortgage
62. Homefield Financial
61. First Horizon (Subprime)
60. Platinum Capital Group
59. First Source Funding Group (FSFG)
58. Alterna Mortgage
57. Solutions Funding
56. People's Mortgage
55. LowerMyPayment.com
54. Zone Funding
53. First Consolidated (Subprime Wholesale)
52. EquiFirst
51. SouthStar Funding
50. Warehouse USA
49. H&R Block Mortgage
48. Madison Equity Loans
47. HSBC Mortgage Services (correspondent div.)
46. Sunset Direct Lending
45. Kellner Mortgage Investments
44. LoanCity
43. CoreStar Financial Group
42. Ameriquest
41. Investaid Corp.
40. People's Choice Financial Corp.
39. Master Financial
38. Maribella Mortgage
37. FMF Capital LLC
36. New Century Financial Corp.
35. Wachovia Mortgage (Correspondent div.)
34. Ameritrust Mortgage Company (Subprime Wholesale)
33. Trojan Lending (Wholesale)
32. Fremont General Corporation
31. DomesticBank (Wholesale Lending Division)
30. Franklin Financial (Wholesale Operations)
29. Ivanhoe Mortgage/Central Pacific Mortgage
28. Eagle First Mortgage
27. Coastal Capital
26. Silver State Mortgage
25. ResMAE Mortgage Corporation
24. ECC Capital/Encore Credit
23. Lender's Direct Capital Corporation (wholesale division)
22. Concorde Acceptance
21. DeepGreen Financial
20. Millenium Bankshares (Mortgage Subsidiaries)
19. Summit Mortgage
18. Mandalay Mortgage
17. Rose Mortgage
16. EquiBanc
15. FundingAmerica
14. Popular Financial Holdings
13. Clear Choice Financial/Bay Capital
12. Origen Wholesale Lending
11. SecuredFunding
10. Preferred Advantage
9. MLN
8. Sovereign Bancorp (Wholesale Ops)
7. Harbourton Mortgage Investment Corporation
6. OwnIt Mortgage
5. Sebring Capital Partners
4. Axis Mortgage & Investments
3. Meritage Mortgage
2. Acoustic Home Loans
1. Merit Financial

These two lists are just mind boggling! What is going on with the mortgage industry? What are your thoughts? Share your thoughts with us here.

* Note: Everything that you found in this blog was all found on ml-implode.com (as of 8-22-2007)

Dear Reader,

This is a great blog for new first time home buyers across the country not just Connecticut. The following list of items has been compiled for your convenience. You will need to bring this information to your mortgage application in order to expedite the processing of your mortgage loan.

All questions welcome! Visit my Countrywide Home Loans Website by clicking here: Countrywide Home Loans

• A check for your credit report and appraisal
• Your residence addresses for the past two years
• Names, addresses and phone number of your landlords for the past two years
• Present value of all real estate owned
• Names, addresses, phone numbers and contact person for all employers for the last two years
• W-2 Forms for all employers for the last two years
• Pay stubs covering the most recent 30 day period (all current jobs)
• Addresses, account numbers and current balances for all checking, savings and other deposit accounts
• Three most recent months' bank statements (all accounts, all pages)
• Name, account numbers, balances and monthly payments for all consumer debt accounts including auto loans, personal loans, student loans, credit union loans and mortgages
• Name, account numbers, balances and monthly payments for all credit cards used in the last several months
• Evidence of alimony or child support, a copy of the court order and ages of child(ren)
• Copy of divorce decree and separation agreement
• Social security and other benefit award letters if being used toward qualifying income
• Stock information including names of stocks, share owned, current price per share and last three month's stock statements (or most recent quarterly statement)
• Make, year and estimated value of all automobiles. Also include copy of title if auto is less than four years old and owned free and clear.
• Documentation relating to any special issues such as bankruptcy, credit problems and recently established accounts for deposits or loans
• Copy of deed, most recent tax bill and most recent homeowner's insurance bill (for refinance only)

FOR VA LOANS:

• DD214 of Certificate of Eligibility (original)

IF YOU ARE SELF EMPLOYED:

• Two years personal tax returns
• Two years partnership/corporate tax returns (if applicable)
• Year to date profit and loss statement, signed by accountant

IF YOU ARE APPLYING FOR A NO-DOC LOAN:

• Three months' original bank statement or other proof of source of funds for closing

REAL ESTATE AGENTS, PLEASE PROVIDE:

• Copy of listing card
• Complete ratified contract of sale (all pages)
• Your personal business card
• Name, address and phone number of condominium management company (if applicable)

(D.C chfa)

Also for a similar informative First Time Home Buyer blog, view: 10 Things Borrowers Should Avoid When Applying For A Mortgage

Also for a similar informative First Time Home Buyer Blog, view: Countrywide Home Loans Launches New Online Home Ownership Mortgage Education (H.O.M.E.) Program for Consumers (First Time Home Buyers or Homeowners)

Contact me today with any mortgage/loan questions that you might have by clicking here: Contact Nima now!

If you would like to get started now for a NO-OBLIGATION FREE MORTGAGE PREAPPROVAL then please click on this link: FREE Home Mortgage Pre-Approval

Thanks for visiting my blog today and please come back again real soon.

Your CT Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Norwalk, CT 06851

203.913.6016

http://www.mynima.com/

I work nights and weekends until 10:00pm for your convenience.

Got Active Rain? I would like to share with you another positive ActiveRain Real Estate Network story. On Tuesday July 24, 2007 around noon time, I was on my way back from a family vacation in Newport, Rhode Island when before leaving the resort I remembered that there was a very nice real estate broker that I e-networked with here on http://www.activerain.com/ . I contacted Linda Davis and I asked her if she was available today. Although it was almost last second, Linda Davis made room in her busy schedule to meet me in person. She notified me that she had an important Real Estate meeting in Phoenix and that she had to catch a plane so our meeting could only be about 20-30 minutes. I put Broker Linda Davis's address into my GPS and I was off to meet with her. As I pulled up to her office, I was impressed. What a great office and perfect location. I parked my car and entered her office to only be greeted with a friendly/warm smile of one of her agents.

The time was here, I finally got to meet Linda Davisin person. We shook each others hand and even hugged one another. Her office was fabulous and right away I knew that I was in a meeting with a proven real estate professional and a proven winner. Thanks to Active Rain, our first meeting felt like we had known one another for a few years. She was a sweet person who accepted me into her office and our appointment with open arms. I felt right at home and our meeting was a very successful one. We discussed how foreclosures are on the rise all over the country including Connecticut. When you are a great real estate broker and you have years of experience in real estate then you are given an opportunity to list bank owned properties. Linda Davis is one of the real estate listing agents for Countrywide REO's in her territory. She currently has 2 Countrywide REO (Real EstateOwned) properties. I told her up front that I know that she has been in the business for 30 years and that I'm sure she has a great working relationship with other loan officers or mortgage brokers so that I would like to become her primary Countrywide Home Loans representative for these Countrywide REO's. When there is an interested buyer for a Countrywide REO, then you need to be pre-approved by a Countrywide loan officer first but you don't have to receive your mortgage through Countrywide Financial - Home Loans - Equity Loan Mortgages .... Our first meeting was up quickly and she had to get ready for her business trip to Phoenix. I was very pleased with our meeting and was excited to know that Active Rain gave me an opportunity to e-network with a wonderful real estate professional like Linda Davis which then turned into a face-to-face networking opportunity for the two of us. We could have definitely met longer or discussed more but we both had to get going. I had a 2pm appointment in my Norwalk, CT office and she had to catch a plane. We exchanged business cards, took a couple of pictures together and embraced one another goodbye.

_________________________________________________________________________________________

Meet Linda Davis:

Linda Davis

Broker/Owner

RE/MAX Realty Group

8 Hurlbutt Drive

Gales Ferry, CT 06335

If you are interested in Countrywide REO property in Gales Ferry or any surrounding towns, then contact Real Estate Broker Linda Davis by visiting her website at: http://www.ctrelocation.com/

Subscribe to her Eastern Connecticut Real EstateBlog: http://blog.ctrelocation.com/

If you need to be pre-approved for a Countrywide REO then please contact me by clicking here now: Contact Nima now!

Thanks again for reading my blog and as always I hope you have a great day.

Your Active Rain Mortgage Man,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, CT 06851

203.913.6016

http://www.mynima.com/

I work nights/weekends for your convenience! I'm always ready to service all of your Real Estate Financing needs whether it being a Purchase or Refinance.

Dear Reader,

Today I want to take time to educate the borrower (applicant) on things not to do when getting ready to apply for a home loan. With recent sub-prime mortgage meltdown, mortgage guidelines tightening and interest rates on the rise in the past 3 weeks in a row, I believe all consumers should be more cautious before applying for a purchase loan or a refinance loan with a lender of your choice. An educated applicant is essential in this market and it is my duty to try to educate you so that you get approved for a mortgage product of your choice with a great interest rate.

*Note: Real Estate Professionals, feel free to add this to your own blogs and even in your email blasts to your current clients. You have my permission to use this blog to share with your family, friends and colleagues.

10 Things Borrowers Should Avoid When Applying For A Mortgage:

1.) Avoid being late on your bill payments! Lenders look carefully at your recent credit history as it is a major variable when it comes down to approving you for a mortgage and determining an approval with a great interest rate. I tell all of my family, friends and clients to just make the minimum payments even if you can't afford to pay the whole debt off when you receive the bill. The three major credit bureaus look for a solid payment history in order to rate you and give you a high Fico score which is one of the major variables when applying for a home loan, a car or any big purchase.

2.) Avoid purchase or lease of a new car! Lenders look at your debt-to-income ratio. A large payment such as a car lease or purchase can greatly impact those ratios and prevent you from qualifying for a mortgage. Ask yourself, which is more important to you, a car or a home? One of the biggest purchases and investments of your lifetime is more important than a car so don't chance this by adding more debt to your current debt/liabilities. Wait until you close on your transaction/mortgage and then go ahead and purchase a new automobile or lease a new car.

3.) Avoid changing jobs! A new job may include bonuses which you can't count towards your new income because in your previous job you did not have bonuses. A new job in a different field might cause problem when applying for a loan. Remember that lenders look for 2 years of employment history which should usually be in the same line of work. If you are fresh out of college then you do have a college/university excuse and it is okay if you have not worked yet for 2 straight years after college.

4.) Avoid buying new furniture or major appliances for your new home! If the new purchases increase the amount of debt you are responsible for on a monthly basis, there is the possibility this may disqualify you from getting the loan, or cut down on the available funds you need to meet closing costs.

5.) Avoid moving assets from one bank account to another! These transfers show up as new deposits and complicate the application process, as you must then disclose and document the source of funds for each new account. The lender can verify each account as it currently exists. You can consolidate your accounts later if you need to.

6.) Avoid searching for a lender on-line! Not many have heard positive stories about people using on-line companies for their home financing needs. I am implying about companies like Ameriquest, DiTech and xyz mortgage companies. I highly recommend speaking with someone that you know and trust. If you do not know anyone in the business then ask a family member or a close friend to refer you to someone. I am looking for your best interest, your family and friends are as well. Always going with the top lender in the country like the #1 home loan lender that I currently work for Countrywide Home Loans is your best bet. Would you rather do business with someone who you can see face to face or someone that is hundreds or thousands of miles away from you in another state who you know nothing about?

7.) Avoid requesting your credit report by yourself! When you request your own credit report this will show as an inquiry on your lenders credit report. Credit inquiries must be explained to the lender by you writing an explanation letter. In your explanation letter you should also include that you have not recently applied for new credit cards or any other debt that the lender can't see. Lenders and I are looking for your best interest so don't apply for new credit cards and increase your debt because it could be detrimental to you getting approved for your mortgage product of interest.

8.) Avoid losing needed documents for the loan application! Important paperwork such as W-2 forms, divorce decrees, tax returns, pay-stub and asset statements should always be filed away in a safe place where you can access them when needed. Requesting new copies of these items could take a long time and could effect the closing of your mortgage.

9.) Avoid seeking advice from persons who are not certified professionals in the mortgage business! There have been a number of times where I've had clients tell me that their colleague or friend told them differently regarding something during the loan process. I want the best for you and I would not dare say anything which is not true or anything that will keep you away from getting approved for a mortgage. Speak with a mortgage professional about anything that has to do with your home loan and don't ask anyone else. Do you ask your landscaper about investment decisions? Do you ask your dentist about your cholesterol levels? The point here is to always seek advice about mortgage from a mortgage professional.

10.) Avoid consolidating your bills before speaking with your mortgage professional! Speak with your lender first and then they can guide you on if it is needed to be done or not. Sometimes the liquid assets that you have in your checking/savings/asset accounts could be needed in order to get approved for the home loan. It is great to have less debt/liabilities but it is also important to have money saved/stored away in the bank because lenders like to see reserves. They want to see that you have assets in emergency cases like if you lost your job that you can still make your monthly mortgage payments while you search for a new job. Again, the lender or your mortgage professional is looking for your best interest. They are not going to lend you hundreds and thousands of dollars if you have no money in the bank because you never know when any emergency can arise.

Thanks for reading my top 10 things to avoid when close to applying for a mortgage. If you have any further questions or need any mortgage advice, then please feel free to contact me by visiting my website: http://www.mynima.com/

Want to set up a FREE NO-OBLIGATION MORTGAGE CONSULTATION for a refinance or a purchase of a home then click here to get started: https://countrywide.dorado.com/nimarezvan/GetStarted

or you may contact me on my mobile at 203.913.6016 or email me at: Nima_Rezvan@countrywide.com

Your Nationwide Mortgage Professional,

Nima Rezvan

Home Loan Consultant

Countrywide Home Loans

48 Westport Avenue

Norwalk, Connecticut 06851

I work nights & weekends for your convenience! I can do loans in all 50 states.

Dear Reader,

I just got out of my hot tub and figured now that I have relaxed a bit, why not blog about "Judgement Day" or otherwise known as May 7, 2007. Today the interest rates went up significantly and effectively. Was this a positive effect or a negative effect? In most cases, it was a negative effect. I want to blog about who gets effected and how they get effected with some examples. I started out my day by going in the heated pool and once I was out drying off before I went to the office I realized on CNBC that the 10 year yield was on fire even though it was pre-market. I got a little tingly feeling inside of me and wondered what was going on. I tuned in even closer to the television set and realized that the announcers really had no answers either. I proceeded to get ready for work and I left for work. As soon as I got to work I turned on my television set in my office and noticed the 10 year yield which the interest rates are closely tied to were rising even more! At 11:00am, we received notice that the rates went up for the day and it really bummed out a lot of our sales staff in our office. We received a mid-day rate change for the worse again after 1:30pm. The rates went up and up and up today! The faces on the loan officers in the office were in major shock. The announcers said that the rates would rise even more in the coming days. The 30 year fixed rate mortgage rates reached the 6.75-6.875% levels which I haven't seen in months.

Who does this rise in interest rates effect? If you ask me, let me just give you one answer first and that is EVERYONE! The whole country, the whole real estate industry and anything closely tied to it.

1.) Rising inventory of homes listed for sale: Rise in interest rates will cause even more homes to stay actively listed for sale. The interest rates rising will make it even more difficult for some to purchase homes which will adversely effect the current inventory levels of homes for sale in most markets.

2.) Rate cuts by the Fed: After watching and reading as much as I could today on CNBC or even on Yahoo finance, I learned that the chances of the Feds cutting the prime rate dwindled down to almost zero. They will most likely not decrease the prime rate across the board for the whole country which will effect all homeowners nationwide.

3.) Decrease in home sales will even grow larger: The rates going up will make it even more difficult to sell homes. Some that were just barely getting qualified will now be rejected for a mortgage. The lender guidelines tightening up and the interest rates rising will make it extremely harder for borrowers to get approved for the mortgage that they would have been approved for 4-5 months ago.

4.) Commission cuts and more closign costs: If you were a loan officer/mortgage broker who had an existing active purchase or refinance loan where you didn't lock in your borrowers interest rate, well you could kiss most of your commission goodbye. There are some lenders who will actually pass along the whole cost of the mortgage to the borrower instead of absorbing it himself. Most lenders will probably split the rise in cost of the mortgage. I saw a lot of the guys/gals in my office today with sad faces and frusterated faces. Luckily, I keep up to date with the market and I am on top of my game and I already had locked in my loans for this month and even my loans for next month. For example, I locked in one of my purchases for next month yesterday before the so-called judgement day for 60 days because I always try to protect my clients from possible disasters that can happen in this business.

5.) Decrease in Refinance transactions countrywide: The last 3 weeks in a row, the interest rates have risen and it will effect most refinance transactions that are current and ones that were going to happen. If you were taking your sweet time to refinance and you didn't pull the trigger and call your loan officer, then you're out of luck. The interest rates have been steadily rising and it doesn't look like they are coming back down anytime soon. I had 2 walk-ins today at the office who inquired about refinancing. Both of the borrowers had interest rates in the 6.75% range which is similar to what the rates are right now. I was very honest and up-front with them and advised them about how to refinance if they must but at the same time I told them that it doesn't make financially sense to refinance now. They were very happy with my refinance consulting and thanked me. I handed my business card to them and asked them to refer me to anyone that is in the market to refinance or even purchase a home. I also gave them an extra card to keep for their own. I told them that they can call on me whenever they need any real estate financial services. About 3 weeks ago, the 30 year fixed rate conforming mortgage rates were about 6 to 6.125% or even 6.25% range but now they are in the 6.75% to 6.875% range. As you can see, the rates have gone up significantly and it is going to show in the number of refinance applications across the country. Hopefully some of the borrowers who have very high interest rates will still have an opportunity to refinance but that pool of borrowers dwindled down even more today.

I can keep going on and on about what Judgement Day meant to the industry and everyone involved with the real estate industry but I think it's enough for now. Do you agree with what I wrote in this blog? Comment on this blog and tell me what you felt today as a realtor, as a loan officer and as a borrower. Were you glued to the internet or CNBC and wondering what was going on?

Thanks for taking the time to read my blog and hope to see you back here soon.

For more mortgage/real estate information or if you have any questions/concerns, click here to ask me: Contact Nima now!

For a complimentary FREE Mortgage Pre-Approval, click here: FREE Home Mortgage Pre-Approval

First Time Home Buyer Guide: First Time Homebuyers Guide

Your Connecticut Mortgage Professional,

Nima Rezvan

Home Loan Consultant

203.913.6016

http://www.mynima.com/

Member of the Fairfield, Connecticut Chamber of Commerce:

http://www.fairfieldctchamber.com/online/directory/display.asp?business=Countrywide+Home+Loans

Member of the Stamford, Connecticut Chamber of Commerce:

http://www.stamfordchamber.com/membinfo.asp?id=5996

Member of the Norwalk, Connecticut Chamber of Commerce:

Countrywide Home Loans

As a home mortgage professional here in Fairfield County, Connecticut, I work closely with all potential borrowers in Fairfield County, Connecticut and all 50 states. I closely work with the following buyers in Greenwich, CT, Stamford, CT, New Canaan, CT, Darien, CT, Norwalk, CT, Westport, CT, Southport, CT, Fairfield, CT, Bridgeport, CT, Stratford, CT and Milford, CT.