Archives for August 2007

Because it’s Friday: The Mollydooker Shake

August 10, 2007 by Leave a Comment

The_boxer_2Last Friday, I told you about Mollydooker wines and apparently Sparky Marquis, CEO of Mollydooker and wine maker, reads The Mortgage Porter.  (Since he’s in Australia, what is more likely is that he has a "Google search" created for his wines).   

Sparky sent me a very friendly email about Gary Vanderchuk and my post:

"I was laughing at Gary’s videos when I saw them the other day.  Now he is extremely passionate. As he said when he was doing the videos he is a great friend of ours and has always been a huge supporter of our wines.  What I realised by the end of his video was that I had forgotten to teach him about the "Mollydooker Shake" which we found to be such a critical part of what we do that we have put it on our new website www.mollydookerwines.com .  Gary said that he would be reviewing The Boxer (as well as the fall release wines, Enchanted Path, Carnival of Love and Velvet Glove) using the Mollydooker Shake, so we will be interesting to see what he says.  All of the Lefty Series wines will also be reviewed in The Wine Advocate at the end of August so it is going to be awesome to see the comparison."

My husband and I gave the Dooky Shake a try.   Earlier this week, we opened a 2006 Two Left Feet.   Doing the Dooky Shake made a huge improvement on the wine.   It’s incredible.  Before we were unsure about the 2006 Two Left Feet (compared to 2005)…now we’re thrilled. 

I do recommend finding Mollydooker before the Wine Advocate review.   Wine Spectator has rated the 2006 Boxer at 90 points.   Wine Advocates rating last year created an absolute frenzy over Two Left Feet and Boxer (at the $20 price point).

If you love Aussie fruit bombs…

  1. Find Mollydooker
  2. Do the Dooky Shake.
  3. Cheers!
Filed Under: Just for Fun

Question of the Day: Can my mortgage be called due if the company gets in trouble?

August 9, 2007 by Leave a Comment

Five gold stars to Sandy, one of my clients who I helped with financing a few years ago when they bought their dream home in Eastern Washington, for asking me this regarding the current market:

“I was wondering if there are issues that could arise if this credit crisis continues in a downward spiral? The market hasn’t been doing well in the past week with concerns about the “credit crisis”.

Is there any reason for concern that we could have our home loan called in early if our mortgage company gets into trouble? (We are with CitiMortgage right now). Are there other issues that we should be thinking about if this causes a ripple affect to other areas of the economy?”

I’m going to address the “bold issue” first.   Your loan will not be called due if the company you’re making mortgage payments to gets into trouble.   The mortgage company you’re making payments to does not hold your mortgage.   They are actually just receiving and processing the payments.   They receive a small percentage of your payment for “servicing” the loan.  Your mortgage has been bundled with other mortgages and has been sold to investors as mortgage backed securities (bonds).  If something were to happen to the mortgage company you make payments to, you would just be sending your mortgage payment to someone else.

Continue to make your mortgage payments (including your property taxes and insurance) on time and your mortgage will not be called due early.

I’ll address Sandy’s other excellent questions in a follow up post.

Filed Under: Mortgage

Now is the time to work with a Correspondent Lender

August 9, 2007 by 4 Comments

A correspondent lender is a blend between a bank and a mortgage broker.   What sets correspondent lenders apart from others is that they have significant credit lines that allow us to fund loans which are then sold to the lender after closing.   A correspondent lender processes, underwrites and prepares the loan documents which allows them more flexibility than the traditional broker.  Correspondent Lenders have access to many different lenders unlike most banks.   Even if bank mortgage companies can broker, loan originators often will not as they’re typically paid a lower commission if they do not use their bank’s products.

So why is now such an important time to select a correspondent lenders?   With banks pulling back (or suspending) products or repricing and lenders shutting down, it’s important to work with a Mortgage Professional who can make adjustments if needed in a rapidly changing market.   Many were caught at closing when they sent loans to American Home Mortgage, one of the nations largest lenders.   If you were getting ready to close with a mortgage broker, the loan would need to be re-processed, re-underwritten, and new loan docs prepared and delivered to escrow.  With a correspondent lender, as long as the rate had not changed, you could possibly keep the same docs and your escrow appointment.

Because it is more difficult to become a Correspondent Lender vs. a Mortgage Broker there are fewer of us and therefore, we’re a bit more challenging to find.  How do you  know if your Mortgage Professional is employed with a Correspondent Lender?   Ask.  A “mortgage broker” or “mortgage banker” is not the same as a correspondent lender. 

A Correspondent Lender just may make the difference in your transactions closing on time in this uncertain market.

Filed Under: Mortgage Tagged With: , ,

Safeco Title Reunion

August 8, 2007 by Leave a Comment

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There is a reunion being planned for people who once worked at Safeco Title Insurance Company in Seattle.   

This is where I began my title career back in May of 1986.   Being a doc-puller at Safeco Title was my first "real job".  I have a very special place in my heart for Safeco…it was a very fun place to work and the employees were all like members of my family.   

Here’s the scoop:

When:  Saturday, September 22, 2007.  Dinner begins at 6:00 p.m.

Where:  SeaTac Marriott

RSVP by September 3, 2007 to Mark Perez or Teresa Spears.   

Cost:  Dinner per person is $65.00.  There is a No Host Bar.   Please make checks payable to Teresa Spears c/o Stewart Title, 18000 International Blvd., SeaTac, WA 98188.

If you once worked at 4th and Vine…I hope to see you there!

Filed Under: Title Insurance

National Night Out Against Crime is tonight!

August 7, 2007 by Leave a Comment

Don’t forget to turn on a porch light to show your support in fighting crime.   This is a great excuse to get out and meet your neighbors!   Our block has organized a get together and I’m cooking up some jambalaya for the event.   

Knowing your neighbors is a great step towards reducing crime.   I’m looking forward to seeing friends and meeting new ones.

Filed Under: Seattle

I’ve been sitting on the FEDge of my seat!

August 7, 2007 by Leave a Comment

I was expecting a little more acknowledgement of the current conditions in the mortgage and housing industry from the FOMC.   I’m a little surprised that this is all that was mentioned:

"Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy."

I guess I was expecting a little more.  I did not anticpate the Fed Funds rate being changed (it’s still 5.25%).  Those of you with a Home Equity Line of Credit did not have a mortgage interest rate change today; the prime rate remains at 8.25%.  The next meeting is scheduled for September 18, 2007.

To read the entire FOMC Statement, click here.

Filed Under: Current Affairs

Calling All Patches Pals

August 7, 2007 by Leave a Comment

Earlier I mentioned about an evening with JP Patches.   There are significant changes to this event…namely…its FREE! 

Here’s what you need to know:

Please spread the word to all your friends who grew up watching JP Patches, Mayor of the Seattle City Dump.   He is a Seattle treasure–I can’t think of a better way to spend an evening.   

Filed Under: Just for Fun, Seattle

Stewart Title gets whammo’d by the Insurance Commissioner

August 6, 2007 by Leave a Comment

Press Release from Mike Kreidler, Washington State Insurance Commissioner regarding Stewart Title in Snohomish County.   

"OLYMPIA, Wash. — Insurance Commissioner Mike Kreidler has ordered a state-wide title insurer to stop lavishing illegal gifts and incentives on real estate agents, brokers and others to influence business referrals.

Kreidler’s order demands that Stewart Title Guaranty Company “immediately cease and desist” giving or paying anything in excess of $25, calculated in aggregate over a 12-month period, per person, for placing or causing title insurance business to be given to the title insurer.

“I’m appalled that this company clearly has paid no attention to our message that this spending violates the law and won’t be tolerated,” he said. “This is unacceptable behavior and there will be consequences.”

Kreidler can levy fines up to $10,000 per violation, and has the authority to suspend or revoke the company’s license to transact business in Washington. The order lists more than 100 violations found during a review of Stewart Title of Snohomish County, Inc.’s records.

The order stems from one of the Insurance Commissioner’s ongoing investigations into use of illegal incentives and inducements by title insurers. An initial investigation, concluded last fall, revealed widespread and pervasive use of illegal gifts, gratuities, junkets and other incentives on real estate agents, brokers and others to obtain title insurance business…"

To read the complete press release, click here.

Stewart Title’s Snohomish operation has the potential of being fined up to $1,060,000 (106 violations at fines of up to $10,000 for each).    Stewart Title’s other local counties have yet to be reported on from the Insurance Commissioner.   Stay tuned…
Filed Under: Title Insurance
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