Texas Home Loan Blog: November 2007

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Maverick Residential Mortgage Selected Among Top Dallas 100 Entrepreneur Award Winners

 

Maverick Residential Mortgage, Inc. was selected as 48th highest winner of the 2007 Dallas 100 Entrepreneur Awards at an impressive awards banquet Nov. 7. Executives and representatives of Maverick learned of their impressive finish at the gala held in the Morton Meyerson Symphony Center in the Arts District near downtown Dallas.

Sponsored by the Caruth Institute for Entrepreneurship at the SMU Cox School of Business, the 2007 Dallas 100 Entrepreneur Awards honor the 100 top entrepreneurial businesses in the Dallas market.

Maverick Mortgage, one of the nation's fastest growing and most dynamic privately held firms, was named the number one ranking company among the 60 fastest growing firms in Collin County last May.

"Barrett Owens and I are indebted to each and every one of our executives, loan officers and support professionals in all of our branches nationwide and in our corporate office," said Bob Johnson, Maverick's Chairman and Chief Executive Officer. "To finish as high as we did in the mortgage profession that has seen more than 180 companies close its doors is a tribute to our people's commitment to fair business practices, dedication to doing their jobs to the best of their ability and beyond, and to their undying accountability to customers and industry partners such as builders and realtors. I hope that every Maverick holds his and her head high in the aftermath of this impressive ranking."
Mr. Owens, the company's President and Chief Operating Officer, credited Maverick's corporate culture with enabling Maverick to once again stand among the leading entrepreneurial businesses. "Our culture is imbedded in its WOW philosophy, a mindset that encourages and enables every employee to go above and beyond the call of duty. This is a philosophy that helps our employees believe in each other, and is helping us succeed in a mortgage industry that has suffered its share of troubled times in recent months."

With more than 100 of its 600 employees based in Dallas and Collin Counties at its Frisco, Texas corporate office as well as its several local branch offices, Maverick Mortgage has earned a significant foothold locally.

Maverick Mortgage, which has grown considerably since opening its doors in 2002, is experiencing unprecedented expansion in a mortgage industry that has seen its share of companies downsizing and ceasing operations. The full-service mortgage banking operation produces mortgage loans nationwide for sale in the secondary market. The company began as a 10-person office co-founded by Mr. Johnson and Mr. Owens, and has grown to more than 70 branch office location throughout Texas and in 35 other states.

Maverick Mortgage is regarded as a proven, innovative leader in technological infrastructure. Maverick has introduced a cost-reducing, expeditious paperless Image File Delivery system that uploads and transmits a homebuyer's file in just eight seconds. Maverick also provides its loan officers and support personnel with Virtual Underwriting, Image File Storage, and File Locking and Tracking. Maverick also offers in-house funding, closing and underwriting for total control of loans, Maverick University that enhances employees' industry knowledge of products and sales, and a full-service marketing operation that enables loan officers to manage their customer databases as well as create product and service brochures and flyers with a click of their computer mouse. The company's Multi State Lending Division enables loan officers to service out-of-state referral customers.

Maverick Residential Mortgage, Inc., based in Frisco, Texas, is a full-service mortgage banking operation that produces mortgage loans nationwide for sale in the secondary market. The company, which was founded by Mr. Johnson and Mr. Owens, does business in 36 states with more than 70 branch locations nationwide. Maverick Mortgage, which reinforces its branch network with outstanding support in accounting, technology, sales and marketing, and training, is not a depository institution, and is an equal opportunity lender. Maverick Mortgage can be accessed on the World Wide Web at http://www.maverickmortgage.com/.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!

 

 

MORTGAGE PRO Week in Review, Nov. 19 - 25

I was honored when Jeff Belonger asked me to write this review. I don't consider myself the best writer on ActiveRain but I do have opinions and a wealth of knowledge to share.... So even with my lack of writing skills I have still found my voice here on ActiveRain and am grateful for the small following that I have to date!!

The ActiveRain week in review has become a staple here... yet it seems that the Mortgage content has been lacking. I have heard from many people here that ‘content is king' and that ‘knowledge is power'. Well, what a better way to bone up on your knowledge of the Mortgage Industry and the changes than to have a consistent weekly article summing up all the news that is fit to read about the Mortgage Industry? Hold on to your hats.... And get ready to stay on top of the ‘lending side' of this crazy business.

And what better way to kick off the Week in Review than to feature a Mortgage article written by a Realtor?

CALIFORNIA SUBPRIME BORROWERS MAY GET RELIEF? - More Questions than Answers 
Lenn Harley had her hands full with this great article about the very debatable topic of the Subprime Bailout!!

 Here's A Concept: Let's Just Do Nothing About the Mortgage Crisis  
Janet Guilbault steps up to the plate and says what we are all thinking. Gov't bailout? We don't need no stinking Gov't bailout. The Gov't safety net will NOT affect change.

Hey! My mailman said He Can do My Mortgage, What do you think?
This timeless piece by Thomas Weiss caught my attention because in an ever changing market (especially as volatile as it is right now) who do you trust to process your home loan?

Loan Programs; The Good, The Bad, and The Downright EVIL! Rey "Owes me a Steak Dinner for this feature" Gallegos gives a cliff notes update to what's up in Mortgages.

FHA & First Time Homebuyers -- Buying Steps & Tips that you need to know!!!
And what better way to stay on top of FHA than to subscribe to Jeff Belonger. He even started a group dedicated to the newly rediscovered FHA Loan. Not only are FHA loans relevant.... They are very important right now. http://activerain.com/groups/fhanow

Deal or No Deal? Part One
Mike Mueller explains some misconceptions about the foreclosure situation.

The REAL Skinny on Mortgages
Keith Hoffman explains that there is no free lunch, and that no cost mortgages indeed come with a cost.

Pre-Pay Penalty..Pay it Now? It Might be Worth it
Matthew Blum  is ‘Thinking Forward' in this post about Pre-Payment Penalties.

Reasons to Float or Lock
Matthew Rosov discusses locking loans.

FHA Mortgage Reform: Is It Just Another Government Bailout?
Carl Pruitt discusses that subject of FHA bailing out subprime....

Modular, Manufactured or Mobile ---- The Final Word
Joe Adams gives us CLARITY!!! FINALLY!!!

Is a Reverse Mortgage the right decision for you???
Sean Allen & Pilar Lorenzo write about Reverse Mortgages. Content that is becoming more and more relevant every day.

 

This week was a little light on news with the holidays, but the theme remained the same. More lenders have been writing off losses from their portfolios as foreclosures continue to rise.... With the big numbers coming from the bubble areas like California and Florida.

I expect the bad news to continue and for the media to fan the flames. But there is good news... 100% financing is very much alive and well. And many borrowers with less than perfect credit are still buying homes with great rates. Realtors should sit with their lender partners and learn about the changes and use that knowledge to separate themselves from the masses. Knowledge is power.... And it just might make a difference between earning that buyer's trust over the competition.

The next 3 members : 

•1.      Sarah Eubanks     11/26/07 through 12/02/07
•2.      Bill Nazur               12/03/07 through 12/09/07
•3.      Mike Mueller       12/10/07 through 12/16/07

Mortgage blogs by loan officers (Posts)   Here is a list of Loan Officers.  If you are not listed, please email Jeff Belonger to be added. This way the person doing the Mortgage Pro week in review can try and find most mortgage related posts in one section. ActiveRain is growing rapidly and it is difficult to keep up.... If you think you have been ignored, you have not. This is open to all!!!

MORTGAGE PRO Week in Review    A repository for the Mortgage Week in Review.

There will be no recreations of any type regarding the titles or content of this group or Review without the permission and expressed written consent of the Group's founder- Copyright 2007©

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan for Every Texan"

http://www.dallasloanguy.com/
Dallas Loan Guy logo

Texas Home Loans

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!

 

 

 

 

 

Gulf Coast Hurricane-Related Underwriting Flexibilities Extended

Fannie Mae Extends the Availability of All Gulf Coast Hurricane-Related Underwriting Flexibilities

 From Fannie Mae's website: The widespread devastation caused by Hurricanes Katrina and Rita resulted in great tragedy and hardship for thousands of homeowners. We continue our commitment to work with our customers to help those whose lives have been disrupted by the disasters.

For those that remember, Fannie Mae relaxed some guidelines for those borrowers affected by the devastating hurricanes. Specifically, some of the guideline rules that were relaxed were the temporary elimination of income limits for My Community Mortgages and ‘make sense' underwriter discretion with regard to hardship that resulted in foreclosure due to these circumstances beyond the borrower's control. They also allowed borrowers with a current mortgage on their credit to get into programs that would normally disallow that borrower fo some programs. And for those that do NOT remember... contact your Lender Partner.

I applaud the work of Fannie Mae to step up and help our neighbors to the south. And their continued attention to this issue should be well received in the current Real Estate market.

The areas affected were considered disaster relief areas by FEMA, And encompassed a wide range of Counties/Parishes.

Counties extended relief in Mississippi: Hancock, Harrison, and Jackson.

Parishes extended relief in Louisiana: Calcasieu, Cameron, Jefferson, Orleans, Plaquemines, St. Bernard, and St. Tammany. (I cannot pronounce some of them either.... And I lived in South Louisiana for 18 months)

Realtors in these areas should definitely get in touch with their lender partners and make sure that their team is capturing this business afforded by these changes. Those that do not understand the impact of these changes or fail to ask questions will leave their clients at a severe disadvantage.

Here is a copy of the Lender Letter from Fannie Mae.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

Dallas Loan Guy logo

Texas Home Loans

 

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!

 

 

 

The other lender had a better Good Faith Estimate.......

That was the excuse I got today when informed that the borrower went with another loan officer to close their deal for them.

Thing is..... My quote was better!!! And then we learned that the borrower made a mistake. It seems that the 12 GFEs all looked the same and mine got lost in the shuffle. He even admitted to not remembering my rate.

Moral to this story? You can indeed shop too hard for a loan.

Usually, when borrowers get quotes from many, many places and use those quotes to beat up the others for a better deal... The borrower typically ends up buying from the guy who set up the deal so thin that things change a little at the closing table. Or the borrower buys from the loan officer is new to the business and can only throw out cheap rates to 'buy the business'. <= Is this who you want working on your loan when you are moving from out of state?

I have lost many deals over the course of my career. Some were rate. Some were fees. Some were due to me being very new to the business and not fully understanding my products, nor were they positioned correctly so the borrower could make an informed decision.

I get to add to my experience a little bit today. I learn from my experiences.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

Dallas Loan Guy logo

Texas Home Loans

 

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!

 

 

Wanna help a soldier this Veterans Day? Or for Christmas? From the boots on the ground, some ideas to bring holiday cheer to a soldier!!

I have read several posts here about sending Christmas cards to Walter Reed hospital. Those living here in Texas will recognize that the 2nd busiest hospital for the wounded soldiers of the gulf war is Brooks Army Medical Hospital.

My main concern as a founding member of the Texas Chapter of the Coalition to Salute America's Heroes, I can tell you that the hospitals have a lot more Christmas cards and gifts than they need. Not that this is a bad thing. But I would like to see if we can come up with some other ideas that could be more meaningful to show our appreciation.

So, how can we lift the spirits of our heroes?

TSGT Dan Vargas(retired) with the United States Air Force is a friend of mine and is also a member of the Coalition to Salute America's Heroes. He has a direct connection with a soldier on the ground in Afghanistan. And they could use some Holiday Cheer from us guys back home!!!!

KEVIN WOLFE
451 AEG/SC
APO AE 09355

This is it.... a simple package to Kevin Wolf who is stationed in Afghanistan. He is putting together a Christmas party for the boots on the ground in Afganistan.

So, what should you send?.... well, it gets even better.... LOL

They are looking for 'gag gifts' wrapped up by Americans. To build up the morale of the troops there....

I am sending a Pet Rock. And Tsgt Dan thinks that this may just be the perfect gift!!

So.... what have YOU got? Some lint from the vacuum cleaner? Maybe some sand from the back yard.... HEY, that would make them feel really at home by having some local sand.... LOL.

Seriously guys.... These heroes KNOW that we love them and they KNOW that we respect them and they KNOW that we LOVE them for protecting our way of life.
Can we at least send over a box of rocks or maybe a broken remote control to our television set?!?!?

Of course.... it might be a good thing to throw in some 'phone cards' for the guys/gals. They love to call home and it is a great reminder of why they are fighting!!!

 

If anyone has any questions about the 'Coalition' or generally want to help the troops.... please let me know. I can put you and your group in touch with people who know where the needs are and what is appreciated.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

Dallas Loan Guy logo

Texas Home Loans

 

Edited to add: It has been asked WHY the gag gifts(sounds mean)?

Well, these guys get moved around a lot and cannot carry much with them. The gags are meant to provide a smile.... they will be discarded soon. If it is not consumable like flavorings for their canteens or phone cards, they just don't have a lot of need for it..... So, a little gag gift with a short note of appreciation(and maybe a phone card) will be right up their alley!!! Remember, this is what they asked for.... so let's let 'em have it!!!!

 

 

Do you Wiki?

I got this link from a techie friend of mine.... Wikis in Plain English

This is a nice little video that explains how wikis work and does it in a funny way.

I have been looking at Wikis as another linkback for me and never really got too far....

So: My question is this.... Do you Wiki? Has anyone found this to be a resource for themselves? It would be pretty easy for me to delve into this and figure out if it is a viable source of SEO for my website. But it would be a lot easier if I could just follow the advice of someone here who has found success using Wikis.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

Dallas Loan Guy logo

Texas Home Loans

 

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!

 

 

The Complete Idiots Guide to Success as a Real Estate Agent

Ok, now.... before you ask.... I didn't google "real estate agent + idiot"

Really, I swear....

But I ran across this ebook on google and at first glance it looked like the whole book. It seems to be a 'preview' though and plenty of free pages to peruse.

 

http://books.google.com/books?id=LyjNXtZ5PkwC&pg=PA5&lpg=PA5&dq=attractive+real+estate+agent&source=web&ots=VX1qK58aiM&sig=ebQsvpduQH9bCuyGbzWo5y4iFMU#PPP1,M1

I have never seen 'Google Books' so this was an interesting find.

I think I will try to search around and try to find more good ebooks.

Anybody here read this? Come on, is it on YOUR night stand?

Anyway, just thought I would share this little gem.

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

Dallas Loan Guy logo

Texas Home Loans

 

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!! Subscribe to my blog and stay informed about current lending changes!!

 

 

Richardson Symphony & Orchestra 2nd Annual Beaujolais Bash

Be one of the first to enjoy a taste of the Beaujolais Nouveau for the year!!

Celebrating the end of the harvest with this year's grapes, the Beaujolais Nouveau is the first release of the new vintage, often dominated with fruity flavors and less bite.

The Richardson Symphony & Orchestra will again celebrate the Harvest with a fundraiser at The Shire parking lot on Thursday, November 15th, 2007 from 6:00-9:30PM.

On the southwest corner of Jupiter and George Bush Tollway... The Shire office retail & complex provides a convenient location for all in the N. Dallas area.

Highlights include food from local restaurants followed by a fireworks show.

Maverick Mortgage will be there as a sponsor. Stop by the booth and say hello. 

More event details => Beaujolais Bash 2

 

 

Tom Burris
DallasLoanGuy.com
Dallas, TX

"A Home Loan For Every Texan"

http://www.dallasloanguy.com/

Dallas Loan Guy logo

Texas Home Loans