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Blog Details for "the Apply Blog."
the Apply Blog.the Apply Blog.The applyblog is a source of transparent mortgage information designed to empower people with valuable insider information, breaking news and overall a sense of straightforward truth not found in the mortgage industry. We also operate applyclub.com w Articles
Why Subprime Borrowers Get Taken For a Ride.
2008-02-14 12:18:00 We all know that bad credit comes at a cost. Unfortunately, this allows many loan officers to take advantage of those with poor credit. While it’s a fact that subprime loans carry higher rates, they shouldn’t come at a higher cost or with additional markup. Loan officers price loans so that those with bad credit turn into ... More About: Rants , Ride , Subprime
Top 3 Lies Borrowers are Told.
2008-02-13 13:55:00 Mortgage brokers and loan officers often use intimidation to keep their borrowers from shopping around or to ensure they accept the loan they are pitched. Sound crazy? Here are the top 3 lies mortgage brokers and lenders tell their borrowers. 1. I’m giving you the lowest rate. “The rate you qualify for is 6.35.” Never, ever assume the rate you are being sold ... More About: Rants , Told , Lies
Project Lifeline: The Foreclosure Bailout Plan.
2008-02-13 07:47:00 The Project Lifeline plan was announced today. The six lenders taking part are Bank of America, Citigroup, Countrywide, JP Morgan Chase, Washington Mutual and Wells Fargo. These lenders represent 50% of the housing market and are targeting borrowers who are 90 days or more delinquent on their mortgages. The plan does not apply to vacant homes or investment properties. Under Project Lifeline, the ... More About: Rants , Foreclosure , Plan , Bailout
A mortgage revolution. The applyclub story.
2007-12-24 05:10:00 If your coming to my blog for the first time - Welcome. I originally created ApplyBlog with the intent of allowing people to get true no BS insider mortgage information. I created applyclub.com, where I offered essentially an amazing deal for anyone looking for a mortgage. In short, I was offering people true mark up free, lowest rate off ... More About: Rants , Story , Mortgage , Revolution , Mort
Brokers Vs. Banks, and Par Rates.
2007-08-01 22:10:00 People often wonder about whether to use a broker or a bank for their mortgage. Many people choose banks because they think that banks do not mark up their rates or earn commission, this is not true. Banks are under different regulations than brokers and therefore do not have to disclose their rate based commissions. The trick when using a ... More About: Rants , Brokers , Rates , Rate
Shopping around for a mortgage won?t kill your credit.
2007-08-01 02:57:00 A big misconception about shopping for a mortgage is that all of the credit inquiries will drastically lower your score. Many loan officers love to tell their clients not to have anyone else pull their credit because it will lower their score. The first mortgage credit inquiry will lower your score slightly, but all mortgage credit inquiries within that same 30 day period will not lower your score. ... More About: Shopping , Rants , Credit , Mortgage , Kill
105 Mortgage Lenders Imploded Since Late 2006
2007-08-01 02:40:00 Since late 2006, over 105 lenders have fallen victim to the sub-prime crisis. Lend erimplode.com maintains a list of the lenders that have “imploded” Lenderimplode.com’s “Imploded” definition: 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” ... More About: Rants , Mortgage , Late , Ender
Ex-Mortgage Broker tells it like it is.
2007-07-31 00:32:00 This comment was a response to Is Mort gage Lending Inherently Predatory? : Yes and absolutley, you are RIGHT! I am an ex-mortgage broker, i was in the business for a little over 4 years. First of all keep this in mind, MORTGAGE BROKERS/ LOAN OFFICERS DO NOT GET STEADY PAYCHECKS, THEY ARE CONTINGENT UPON CLOSING A LOAN thus we ... More About: Rants , Broker , Tells
Mortgage Mess Sends Dow Tumbling.
2007-07-28 20:27:00 Last week the Dow fell 585 points as investors dumped stocks amid fears caused by the housing market. This was the worst week for the Dow in 5 years. Those who thought that the housing market troubles were contained have been proven extremely wrong. Subprime troubles aren’t just spilling into the stock market, they’re spilling into the prime mortgage market as well. This ... More About: Rants , Mortgage , Mort , Mess
Wells Fargo: No More Wholesale Subprime Lending.
2007-07-28 19:52:00 At applyclub, we just got word that Wells Fargo is shutting down it’s non-prime wholesale lending division. This is on the coattails of our post re: GE and Ampro’s exit from the subprime market. Mike Lepore, Wells Fargo Executive Vice President of Institutional Lending , issued the following statement in an internal email: “Continued challenges in the nonprime market have made it impossible to generate ... More About: Rants , Subprime , Whole
Fixed vs. Adjustable, how long are you going to keep the loan?
2007-07-25 00:38:00 At applyclub, we get a lot of loan applications requesting 30 year fixed loans from people who think an adjustable rate, or arm, is not worth the risk. Many people have been burned due to their arm, once the fixed rate period was over. This is probably due fact that their loan officer sold them on an adjustable rate, ... More About: Loan , Long , Adjust , Fixed , Going
Off Topic: E-Commerce Evolution.
2007-07-21 00:38:00 I recently heard someone mentioning that online sales had declined for the first time. When E-Commerce started gaining popularity in the 90’s, we bought virtually everything online. We even stoped comparing online vs. in store prices in our excitement. After all, the stores couldn’t compete, they were suffering and some even closed. Most ultimately became “click and mortar” stores, offering consumers online and in store shopping. Retailers had to compete with ... More About: Rants , Evolution , Topic , E-Commerce
Is mortgage lending inherently predatory?
2007-07-20 03:57:00 After discussing the current ongoing subprime saga over lunch today, we came to the conclusion that predatory lending is far more widespread than people recognize. But than again, we have a different definition of predatory lending than most. While the Department of Housing and Urban Development (HUD) defines predatory lending as a number of practices that are either fraudulent or ... More About: Rants , Mortgage , Lending , Lend , Tory
MORTGAGE RATES REVERSE DOWNWARD TREND THIS WEEK.
2007-07-17 05:49:00 Short-term Rates Remain Mixed. McLean, VA ? Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.73 percent with an average 0.4 point for the week ending July 12, 2007, up from last week when it averaged 6.63 percent. Last year at this ... More About: Week , Gage , Trend
How to get a wholesale rate on your next mortgage.
2007-07-16 04:30:00 People often think their interest rate is determined strictly by what they qualify for. This is seldom true. What people don?t know, is that all lenders and brokers earn commission by marking up their rates. The difference between the wholesale rate and the retail rate is known as Yield Spread Premium, or YSP. This profit for the lenders and brokers ... More About: Rants , Mortgage , Gage , Whole , Holes
Subprime woes continue as Ampro Mortgage closes it?s doors.
2007-07-14 02:55:00 I just received the following email at applyclub.com: “Effective Immediately ~ Alliance Bancorp/Ampro Mortgage has closed. All loans in pipe will not be funded.” Wow. They aren’t even funding their current loans. This news comes a day after General Elecric announced the sale of it’s subprime lending division, WMC Mortgage. Chief Executive for WMC, Laurent Bossard, broke the news to ... More About: Gage , Subprime , Door , Prime
True transparency isn?t a marketing tool. It?s a consumer tool.
2007-07-14 00:35:00 While transparency in the mortgage industry may be the central theme of our blog, it certainly isn’t that way everywhere else online. Not that it appears that way to consumers. Unfortunately there are a lot of people that use the facade of “transparency” as a marketing tool to mislead consumers into thinking that they are telling the full story. For ... More About: Marketing , Rants , Consumer , Tool , Transparency
Real Estate 2.0. Who will pioneer it?
2007-07-12 03:11:00 Yesterday, I wrote about Web 2.0 revamping the mortgage industry and today I promised to forecast a few people and blogs that will be a part of real estate 2.0. While some, like realestateblogsites.com and transparentRE.com, are vocal proponents for a change in the industry, others like zillow, or craigslist are simply participating in what are Web 2.0 paradigms. What has yet to happen, is ... More About: Rants , Estate , Real Estate , Real , Pioneer
Web 2.0 will revamp the real estate industry.
2007-07-11 07:35:00 In our first post we talked a little bit about how Web 2.0 will be changing the mortgage industry. The truth is, Web 2.0 equals transparency and that will mean a big change for the entire real estate industry. The astounding thing is, very few people in the industry are actually aware of the forthcoming change and ... More About: Estate , Real Estate , Industry , Real , Stat
THE NEXT BIG MORTGAGE SCAM THAT NO ONE KNOWS ABOUT.
2007-07-10 05:31:00 Being directly involved in the mortgage industry at applyclub.com gives us a chance to speak with both borrowers and loan officers regarding current trends and loan programs. One new so called loan program won’t be found on any wholesale rate sheet and the loan officers won’t be telling the lenders about it either. It works like this: the loan officer ... More About: Rants , Mortgage , Scam , Gage , No One
A mortgage broker ?explains? his compensation.
2007-07-09 03:05:00 A mortgage broker “explains” how they get paid. He somehow neglects to mention that the compensation he gets paid from the lender goes up by giving you a higher rate. More About: Rants , Mortgage , Broker , Compensation , Gage
Mortgage Calculator. Calculate your mortgage payments.
2007-07-07 23:27:00 Here is an easy to use mortgage calculator. More About: Rants , Calculator , Mortgage , Late , Gage
hosting problems with 1and1 @ applyclub.com
2007-07-07 18:14:00 Despite the fact that we are hosted with the largest web hosting company in the world (1and1) and the fact that we have plenty of bandwith, applyclub.com is down. This is due to a server error at 1and1 and the site has been down for hours. It’s a little bit of a nightmare. We’ll keep things updated as ... More About: Rants , Hosting , Problems
Average borrower paying 1.69 points for 30 year fixed.
2007-07-06 05:12:00 The Mortgage Bankers Association released it?s weekly application data today, reporting that purchase and refinance volume remains virtually unchanged from a week ago. Refinance applications accounted for 37.8 percent and adjustable rate loans decreased to just 21 percent. The real news is that the average borrower is paying 1.69 points for a 30 year fixed ... More About: Points , Borrow , Year , Fixed , Average
Long Term Mortgage Rates Drift Lower for Third Consecutive Week.
2007-07-06 04:33:00 McLean, VA ? Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 6.63 percent with an average 0.4 point for the week ending July 3, 2007, down from last week when it averaged 6.67 percent. Last year at this time, the 30-year ... More About: Week , Long , Lower , Gage
Good Faith Estimates part 2: an itemized breakdown.
2007-07-06 03:47:00 In part one, we talked about the misinformation surrounding the Good Faith Estimate and why we’re not scared. Here is an itemized breakdown of the main charges on a Good Faith Estimate Section 800: Items payable in connection with your loan. Origination fee: This is expressed as a percent of your loan and is charged by the ... More About: Part , Brea , Estimates
Good Faith Estimates part 1: junk fees and understanding it all.
2007-07-06 02:44:00 For something as seemingly simple as an estimated breakdown of your closing costs, the Good Faith Estimate has a lot of misinformation surrounding it. Why? Well, for one thing, a lot of the information was written by mortgage companies who have it in their best interest to keep people in the proverbial dark. Remember, the name of the game for ... More About: Fees , Part , Junk
no closing cost loans. We call bs.
2007-07-02 06:23:00 Mortgage companies love to tout ?No Closing Cost ? or ?No Point? loans. There is no such thing as a no closing cost loan. Unless your uncle owns the title insurance company, your mom is an appraiser and, oh wait, never mind?because loan officers will even give their family members a higher rate to earn a commission, I?ve seen it ... More About: Loans , Call
The real truth about rates and fees.
2007-07-02 06:18:00 Welcome to our most popular post and the virtual nucleus of our blog. This post contains everything about mortgages that your loan officer wouldn?t want you to know. Essentially, we?ve set out to change the mortgage industry. To do that, we created applyclub.com, where we?re offering loans without earning a penny on our rates and without charging any points. In an industry that has no problem with charging ... More About: Truth , Fees , Real , Rates , Rate
We?re meeting the needs of a changing market.
1970-01-01 04:59:00 Learn about the best Real Estate Career in today’s market. The For Sale By Owner market is growing rapidly as home prices remain virtually flat or in decline across the nation and the number of homes for sale continues to climb. By not using a Realtor, homeowners are able to save thousands in commission and ensure their homes are competitively priced. Fizbowz provides sellers the online presence ... More About: Market , Changing , Meeting |
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