Adapting to Change

The "mortgage meltdown" has made it's dent in the housing community from mortgage lenders, banks, title companies, realtor's, appraisers, home store retailers and others it certainly has left a mark. Has I stated in a previous post H.R. 3915 is a good thing! To the individual or lender that does not do things the right way; then look out you will have to adapt or be out of business. But to those of us that continue to educate the market, our partners and clients now is our time to shine and grow! With that being said I thought I would talk about things we (Professional Mortgage Group) will implement January 1, 2008 to help educate potential home buyer's and refinance individuals.

1) Net Tangible Benefit Worksheet: I personally believe you will have a hard time finding a "broker" with this type of "screening" in place. Many of the direct lenders already do this and have for quite some time (years). However, PMG will make sure that their clients continue to receive the benefit they deserve from their refinance or purchase transaction and this is just another step to stay ahead of the curve.

2) Customer Copies Certification: Professional Mortgage Group has and will continue to do this, however we will now require the client to sign a form stating that they have been explained all documents in there entirety and been given a copy of those documents.

3) HUD Guide: This is a pamphlet that is given out or mailed to clients by the actual lender. However, PMG will now give this directly to the client as well. Just another way to educate the borrower and help do things the "right way".

4) Home Buyer's Education Course: Any first time home buyers will be required to take an on-line education course, regardless of whether the lender requires it. We have found these to be VERY informative to the client and will make this a mandatory feature moving forward in 2008'.

5) A "Unknown" Certification Sheet: Unfortunately when purchasing a home or refinancing there are some "unknowns" going into the transaction; for instance, what is the insurance premium, what are the pro-rated taxes, cash-to-close, recording fee, etc. By having the client sign this "informative" form they will be better prepared for the closing. Professional Mortgage Group currently does something similar, however will now implement a certification sheet to solidify their professionalism.

Hopefully you will see PMG as an innovator of professionalism in an industry that desperately lacks this. Thanks for your continued support and we will keep you updated on any future changes!

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Your Columbia Missouri Mortgage Broker