Rate Your Mortgage - a Side by Side Comparison
On December 30, I paid mortgages on line to try and get a little break by paying “more interest” in 2009. While doing this I made “side by side” comparisons of the mortgage companies or their servicer. The mortgage companies used in this comparison were Wells Fargo, First Horizon, Saxon, and Everhome. I used statements, company websites, and transaction fees to rate my mortgage companies.
Difference between correspondent lenders and mortgage brokers
Correspondent lenders are small lenders who do have the right to extend loans on their own risk and have the necessary funds to do so. After a loan is closed a correspondent lender will rarely keep it in their portfolio, selling it to a larger wholesale lender.
SEC finally sues New Century Financial Corp
From 2007 through 2009 Mortgage Blues reported on the subprime crisis. Daily articles highlighted a nation in turmoil as financial greed and abuse rocked the country.
Advice for those applying for a HAMP mortgage modification
From our Saxon Mortgage watchdog and consumer advocacy website comes this information concerning the HAMP program. The information was submitted by a HAMP applicant who initially was told of missing paperwork. The complaint is frequently heard about mortgage servicers including Saxon Mortgage. Citigroup had similar complaints about missing paperwork.
A Kernel of Truth at the Country Store
We went to the Country Store in our town. The people shopping inside were either men with lists or the wives of the men sitting outside on the bench in the sun. The conversation outside went around to the recession being over and the amount of stimulus money spent. It is strange that the men in the country are treated with disdain, but can provide such insight into the day to day problems. The following are snatches of various conversations:
