About Rhonda Porter
Rhonda Porter is an NMLS Licensed Mortgage Originator MLO121324 for homes located in Washington state. Her blog, The Mortgage Porter, is nationally recognized for sharing relevant information to consumers about mortgages.
She has been originating mortgages since 2000 at Mortgage Master Service Corporation #40445 Consumer NMLS Website: http://www.nmlsconsumeraccess.org/TuringTestPage.aspx?ReturnUrl=/EntityDetails.aspx/COMPANY/40445
NMLS ID 40445. Equal Housing Opportunity.
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thank you for calling Only Bank in America. how can I help you?
Michael, we still have ChaseMU and Wells. 😉 Seriously, lack of competion is never healthy for the consumer.
Competition is great but it’s hard to mourn the passing of Countrywide. Which in any case was gone 10 months ago as an independent firm, no?
Colin, we’ve been working with “Countrywide” or what appears to be until yesterday.
Gone but not forgotten, especially by attorneys general nationwide.
That’s exactly what i saw when i logged into my mortgage account a couple of days ago..
How long until the Mozilo frog march commences?
Hmmmm….I wonder if my birthday present from Jillayne has appreciated in value? It means the world to me. 🙂
Synthetik,
It will be interesting to…..
See if Mozillo goes down
See how Bank of Am does with their stress test.
Well, maybe I’m the only one but I’ll always be a fan of their 40 year (pick a pay) option arm. Currently (my 3) running at 5.375% and it doesn’t deserve the bashing it gets! The greatest loan’s I’ve ever had.
The World Savings pick-a-pay never had the 40 year option for non-owner occ, so thus their Cosi-Loan will never be # 1 in my book. World always made me pay 30% down on investment non-owner occupied (due to over 10) and AGAIN….World (Wachovia) made some great loans but were always so conservative.
But, WOW…How the severe-crash made them all look like gangsters. Just not so.
Well, maybe I’m the only one but I’ll always be a fan of their 40 year (pick a pay) option arm. Currently (my 3) running at 5.375% and it doesn’t deserve the bashing it gets! The greatest loan’s I’ve ever had.
The World Savings pick-a-pay never had the 40 year option for non-owner occ, so thus their Cosi-Loan will never be # 1 in my book. World always made me pay 30% down on investment non-owner occupied (due to over 10) and AGAIN….World (Wachovia) made some great loans but were always so conservative.
But, WOW…How the severe-crash made them all look like gangsters. Just not so.
Target is having a sale on small kitchen appliances. buy a toaster and get a free bank.
Ray, there really are no bad mortgages–just bad or lack of advice and/or borrowers not taking responsibility with reading the documentation and understanding how their mortgage works.
If Barney Frank has his way, the only mortgages left will be 30 year fixed and maybe 15…with current pending legislation.
I think people deserve choices…but they need to understand the pros and cons of various programs. Many who opted for option ARMs did so chasing the low teaser rate…who could blame some of them…Wachovia had the cute commercial with the young lady who wanted the flexibility to make the minimum payment whenever her dog had litters of puppies.
As a mortgage professional, I do my best to educate consumers about various mortgage products–some would still opt for what ever seemed to be the lowest rate or payment regardless of whether or not it suited their financial plans.
Because of consumers not being accountable for their mortgage/finances and LO’s dishing out bad advice, the Government will now select your mortgage.
Ray, there really are no bad mortgages–just bad or lack of advice and/or borrowers not taking responsibility with reading the documentation and understanding how their mortgage works.
If Barney Frank has his way, the only mortgages left will be 30 year fixed and maybe 15…with current pending legislation.
I think people deserve choices…but they need to understand the pros and cons of various programs. Many who opted for option ARMs did so chasing the low teaser rate…who could blame some of them…Wachovia had the cute commercial with the young lady who wanted the flexibility to make the minimum payment whenever her dog had litters of puppies.
As a mortgage professional, I do my best to educate consumers about various mortgage products–some would still opt for what ever seemed to be the lowest rate or payment regardless of whether or not it suited their financial plans.
Because of consumers not being accountable for their mortgage/finances and LO’s dishing out bad advice, the Government will now select your mortgage.
+1 Rhonda…
The problem with the option ARM is that it was pushed on Joe Sixpack without the proper guidance. The so-called toxic mortgages have been around for decades and the only people that used them were investors and wealthier individuals who actually understood the risks and how to manage money. Once Countrywide and boiler rooms started selling the loans to Joe Sixpack in middle america and to overstrapped borrowers trying to buy the american dream in CA, NV, AZ, and FL it doomed us all.
Consumers share the blame because quite frankly, they wanted to be sold. This is something I know I struggle with daily as a professional. You try and try to really educate people and help them make the right decisions but it always seems to go back to whats your rate…
I’m thinking more about my comment (12) Russ…there were some crazy underwriting (or lack of) guidelines…but, it still boils down to a consumer being accountable for their finances.
Many of these same consumers who did not carefully evaluate what the could afford vs. what they qualifed for, also had huge car payments and credit debts (or wound up w/them after they bought their home)…they were living large.
I’m thinking more about my comment (12) Russ…there were some crazy underwriting (or lack of) guidelines…but, it still boils down to a consumer being accountable for their finances.
Many of these same consumers who did not carefully evaluate what the could afford vs. what they qualifed for, also had huge car payments and credit debts (or wound up w/them after they bought their home)…they were living large.
1. BofA bought Countrywide in July of last year. So this is a rebranding of a BofA unit: http://www.latimes.com/business/la-fi-countrywide27-2009apr27,0,3734504.story
2. I have no trouble with people making funky loans as long as those same people are on the hook when the loans don’t get paid back.
3. Can you provide a link to the “current pending legislation” noted in 12, Rhonda?
1. BofA bought Countrywide in July of last year. So this is a rebranding of a BofA unit: http://www.latimes.com/business/la-fi-countrywide27-2009apr27,0,3734504.story
2. I have no trouble with people making funky loans as long as those same people are on the hook when the loans don’t get paid back.
3. Can you provide a link to the “current pending legislation” noted in 12, Rhonda?
Ray:
So funny! And I 2nd the opinions provided by Rhonda and Russ
The Option Arm is villified in the press as a “toxic” mortgage, but it appears that it only made borrowers ill, while killing the banks that made them!
Still, have you seen this data…awesome report BTW.
http://www.lpsvcs.com
One of my new fave reports out there…comes out monthly and reports on servicing data…default rates, broken out by type, with great charts and coherent summaries.
Jumbo loans are the biggest current trouble spot, and Option Arms are close behind. Subprime is largely past the hump, and FHA is holding up pretty well.
CW and Mozillo were nowhere near as evil as they are made out to be, but they DID both lose their sense of risk management and customer care, in pursuit of record profits and growth.
They had a lot of company…
Ray:
So funny! And I 2nd the opinions provided by Rhonda and Russ
The Option Arm is villified in the press as a “toxic” mortgage, but it appears that it only made borrowers ill, while killing the banks that made them!
Still, have you seen this data…awesome report BTW.
http://www.lpsvcs.com
One of my new fave reports out there…comes out monthly and reports on servicing data…default rates, broken out by type, with great charts and coherent summaries.
Jumbo loans are the biggest current trouble spot, and Option Arms are close behind. Subprime is largely past the hump, and FHA is holding up pretty well.
CW and Mozillo were nowhere near as evil as they are made out to be, but they DID both lose their sense of risk management and customer care, in pursuit of record profits and growth.
They had a lot of company…
I heard this was coming. It’s pretty hard to beieve a company as big as Countrywide is gone. Anyway, from what I have been told, they will simply slap a new name on it. Nothing much will change besides the tighter restricts.