Today's Election Day…and there is a lot of very important issues on the ballot as well as the race for Senator between Murray and Rossi.   My personal belief is that folks who don't exercise their American right and vote shouldn't complain about conditions later. 

Please read up on the issues, do your home work and do not rely on the nasty informericals and robo-calls.   What ever you do, please vote!

Ballots need to be postmarked by November 2, 2010.  If you prefer to not pay $0.44 for postage and you're in King County, you can drop your ballot off at these locations. 

Columbus Day is this Monday, October 11, 2010.   Most banks are closed but Mortgage Master Service Corporation will be open for business.  We will not be able to fund loans however we CAN lock in new rates and process your refinance or purchase transactions.

Both King County and Snohomish County's recorders offices are open.  However Pierce County's recorders office is closed.   Hat tip: The Talon Group.

Today Bank of America announced that it's existing wholesale lending.

"Bank of America  Home Loans will exit the first mortgage wholesale channel to focus more operational resources toward fulfillment capacity for it's…retail channel…. Bank of America will also devote additional resources toward enhancing its leadership positions in correspondent and warehouse lending…" 

My employer, Mortgage Master Service Corporation, IS a correspondent lender.  And we work with Bank of America as well as Chase (who elected not to terminate their relationship with mortgage brokers a while ago).

Why is this happening to mortgage brokers?  The "why" is debatable and not so simple.  I'm sure that loans originated by correspondent lenders tend to perform better than those by mortgage brokers as a whole.   Correspondents have far more liability (aka "skin in the game") than a broker when originating a mortgage as they have the potential for buybacks down the road or a loan not being purchased by the lender, leaving the loan in their line of credit.   

But…even though I'm technically not a mortgage broker, I find this occassion sad.  There are many outstanding mortgage brokers who have originated stellar loans which have benefited banks.  Wholesale Bank Reps have called on mortgage brokers for years explaining their program guidelines with the hopes of gaining more business for the bank.   After the mortgage broker originates the loan and it closes with that bank, they do their best to retain that client.

By the way, I believe the last "subprime" presentation in our office was by Countrywide (now Bank of America)…oh I wish I had my Livescribe pen back then…I would be able to share my old notes.

Hopefully this is resolved… I'm just home from a quick visit to Spokane and it looks like both of my primary email accounts rhonda (at) mortgageporter (dot) com and rhonda (at) rhondaporter (dot) com went down this morning.   I'm not receiving anything.

I am receiving email at mortgageporter (at) gmail (dot) com so if you need to reach me by email–please use this account or give me a call.

I will update this post once this has been fixed.

UPDATE ~ Sunday, Sept 26 at 10:13 am:  Just received a response via Twitter from Network Solutions.  Many of their clients are experiencing email issues and they are working on this issue as fast as they can.

UPDATE ~ Monday, Sept 27:  Knock on wood–it looks like everything is operating as it should again.  I apologize for any inconvenience.

Mortgage Master Service Corporation is  closed today in observance of Independence Day.  Our main office in Kent will reopen for business as usual on the morning of Tuesday, July 6, 2010.

The markets are closed today too so I won't be posting mortgage rates today.

Freedom of speech and freedom of action are meaningless without freedom to think. And there is no freedom of thought without doubt. ~Bergen Evans

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Spirit, that made those heroes dare
To die, and leave their children free,
Bid Time and Nature gently spare
The shaft we raise to them and thee.
~Ralph Waldo Emerson

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Never in the field of human conflict was so much owed by so many to so few. ~Winston Churchill

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Mortgage Master Service Corporation is closed today in observance of Memorial Day and to honor those who have made the ultimate sacriface for our country.