Atlantic Coast Mortgage’s Post

Top reason why I am so obsessed with #finops. These #capabilities help me find opportunities for #costoptimization. The #mortgageindustry is hurting so much and losing money on every loan. So every penny that can be salvaged goes a long ways. Studies report "...net loss of $534 per mortgage origination...", so you bet we will do everything possible to avoid #waste of any funds in our #cloudcosts.

When determining how much home you can afford, there are two things to consider: 1. How much you can qualify for with a mortgage lender. This takes into account your gross monthly income, other debt and monthly obligations, assets, credit score, and ability to repay your mortgage. 2. What monthly payment you feel comfortable making, taking into account your other obligations, lifestyle, and expenses tied to homeownership. These two numbers don’t always align, so it’s important to get a look at how homeownership will pencil out for you—which is exactly what our payment calculators and my team can help with. To connect with my team for guidance, send us a DM and let’s get you on the path to homeownership!

What is the difference between hard and soft credit pulls? A soft credit pull give you data and a score. Typically costing the client $12.50 per bureau. This does not impact your credit score. A hard credit pull gives you all data and a score. Typically costing the client $72.00 for a tri-merged credit report. This will impact your score as an inquiry on your credit profile. To obtain mortgage financing a hard pull is required. So why are so many lenders doing soft credit pulls? Because they are trying to cut cost and mitigate potential financial loss. Most lenders pay for the client’s credit report up front. If the loan closes, the lender gets reimbursed. If the client cannot obtain financing the lender takes the loss. Most loan officers will conduct a soft pull and if what they see looks promising, they will move forward with the hard pull. As a result, the client ends up responsible for the cost of both the soft and hard credit pull fees. At Blackdot Mortgage, we do not conduct soft credit pulls on our clients because we believe it’s a waste of our time their money. We appreciate you. We always have and always will. Courtney Ann Campbell NMLS#1530701 AZ-CA-CO-FL-MI and TX Equal Housing Opportunity https://lnkd.in/geFMpFqd #bdm #bdmcares #blackdotmortgage #mortgage #mortgagebroker #txrealestate #txrealtor #welcomehome #tx #lovewhereyoulive #lovewhereyouwork #azrealestate #azrealestateagent #realestateagent #corealestate #mirealestate #mirealtor #flrealestate #flrealtor #team #teambuilding #marketupdate #mortgagelender #mortgagetips #mortgagelender #homeownership #DPA #Downpaymentassistance

🏆 It's not just about loans; it's about empowering our clients and partners to thrive. Let's build success together!  ☎Roberto Martinez, Mortgage Loan Originator-Certified Mortgage Planners, NMLS #1637639, 407-247-1110, roberto@cmpfl.com, www.cmpfl.com, text to 36260 the word (all together with no spaces) “myhomeadvisor” to get my app.      #Empowerment #ClientSuccess

#sueknowsthescore has been talking about #delinquencies this week, and today we're dropping data on #rental and #mortgage payment delinquencies. Chuck Cowan has been sharing the revised #unemployment numbers which begs the question, how with continued #unemployment, rent payments at all-time highs, and #creditcard debt and #delinquencies at never-before-seen numbers are #consumers NOT behind on #housing? https://lnkd.in/g4FGp_BP The answer❓ They are. 😖 As of April 2023, more than 8 million renters were behind on rent. https://lnkd.in/ghXBsfPZ 👉 New York has 20.52% of renter's delinquent 👉 Nevada comes in at 19.68% 👉 Louisiana rounds out the top 3 at 18.97% #fhaloan delinquencies rose 10 basis points compared to a year ago, with FHA borrowers often being the first indicator of stress in the #mortgagemarket. 😐 "On a non-seasonally adjusted basis, FHA delinquencies rose 13 basis points year-over-year, and 71 basis points from the first quarter of 2023. As the economy slows and labor market cools, homeowners with FHA loans are likely to feel the distress first.” 🏠 see cited article below.⏬ Delinquencies on #mortgages will be reported to your #creditreport, while missed #rent payments are not. 🫢🙀😱 #skts knows the single best thing a #consumer can do when facing any type of late payment is to talk to their creditor. ☎️🤳📞 Often a payment arrangement can be reached that will NOT drop your #creditscore, and they 🤝 want to help you. We'll close our week out with our #fridayvideo, so tune in tomorrow! #mortgagelending #creditandscores #fico #vantagescore #homebuyers #loanofficers #mortgagescore #mortgageprofessionals #creditandlending Brian Vieaux, CMB Jennifer Sides Kimmy Borgia Kimberly Donovan Kayla Kallander Katrina Cummins Rob Aubrey Kevin M. Pennington Ramin Ekhtiar Drew Knapp Andrew Baker, CMB® Michael Russo Dustin Owen, CMB®, AMP Michael Zau Tim Nguyen Amber Williams Mosi Gatling

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Excited to see our growing impact with innovative #creditunions, including All In Credit Union! If you are a credit union using Optimal Blue check out All In's website to see what is possible for website rate display. Kicking off 2024 with the fantastic addition of All In Credit Union! 🌟🏦🚀 #BankingBridge #InnovationInFinance #CreditUnionGrowth

Seniors LOVE their Reverse Mortgages... Out of 29,100 mortgage-related complaints submitted to the Consumer Financial Protection Bureau in 2022, only 400, or a little more than one percent, were brought against reverse mortgage companies according to the CFPB's Annual Report. This was the lowest percent of complaints of ALL mortgage types, by far. Reverse mortgages closest competitor, HELOCs and Home Equity Loans, had a complaint percentage of over 4%. The vast majority of the reverse mortgage complaints were closed with an explanation (i.e., most of them were closed with clarifying communication). Needless to say, these complaints pale in comparison to complaints for "forward" mortgages. This says volumes! Let me help you determine if a reverse mortgage is right for you. We know it was right for 99.4% of all reverse mortgage borrowers in 2022, (when just 400 complaints were logged in almost 65,000 closed reverse loans)! Richard McWhorter, Reverse Mortgage Advisor NMLS# 1618644 | (404) 313-9785 richard.mcwhorter@ReverseLS.com Reverse Loan Solutions, powered by Amerifund 2655 First Street, Suite 220 | Simi Valley, CA 93065 Company NMLS# 347051 #hecmsarebetter #helocoptions #retireasdesired

🚫🏠 Here are some things you shouldn’t do during a mortgage transaction: 1. Don’t Make Large Purchases: Avoid making significant purchases, such as buying a car or furniture, which can increase your debt-to-income ratio. 2. Don’t Change Jobs:Stability is key during the mortgage process. Changing jobs can affect your income verification and approval. 3. Don’t Apply for New Credit: Opening new credit accounts or applying for new loans can negatively impact your credit score and loan approval. 4. Don’t Make Large Deposits: Large, unexplained deposits into your bank account can raise red flags during underwriting. Stick to regular income sources. 5. Don’t Miss Payments: Keep up with your current bills and payments to maintain a good credit history. By avoiding these actions, you can help ensure a smoother mortgage process and increase your chances of approval. Let’s navigate your mortgage journey together! 💼💡 If you have any doubts, please get a free consultation today! 📍115 West Century Road Suite 115 Paramus,NJ 07652 BSM NMLS: # 191351 Steve Saladino Advisor NMLS: # 1632470 https://lnkd.in/edja5FFK Licensed by the NJ Dept of Banking and Insurance. #BondStreetMortgage #MortgageAdvisor #LowCreditScore #HomeOwnership #SmartHomeBuying #FinancialHealth #bondstreetmortgage

One year ago, Community of Mortgage Lenders merged with the Community Home Lenders Association to create Community Home Lenders of America — a trade group dedicated to advocating for small to mid-sized independent mortgage banks. In a new article for National Mortgage News, our president, Taylor Stork, CMB talks about the 6 lessons we've learned over the past year and why our group is integral for the industry and IMBs across the country. The first of these lessons? The need for a national trade group that vigorously advocates for the interests of small and mid-sized IMBs. Read the full article here: https://lnkd.in/g4iDrKhD