Hard to believe that five years ago today, I became a "mortgage blogger". I really didn't expect anything to happen when I wrote my first post…I simply had to vent because I wanted to set our local media straight about the licensing of mortgage originators.  Five years ago, to require a mortgage originator to be licensed, to take state regulated clock hour courses, to have to pass an exam and to have a background check was new and was only required of mortgage originators who did not work for a depository bank or credit union. So what launched my blog? 

I was watching the late night news and King 5's Suzannah Frame was covering a local cause of mortgage fraud and she ended her segment saying something along the lines of "Thank goodness all mortgage originators are going to be licensed soon". Well we know this isn't true (as I mentioned above) and I literally jumped out of bed and wrote my first blog post. 

Today, five years later, as amazing at may sound, this still is not true. Mortgage originators who work at depository banks or credit unions are not held to the same standards as those of us who are not employed by those types of institutions per the SAFE Act. Bank and credit union mortgage originators are only required to be "registered" which is a far cry from what is required to be "licensed".  Some bank and credit union mortgage originators have opted (or may be required by their employers) to step up and be licensed instead of merely registered and I applaud this action. I think all mortgage loan originators who take a residential mortgage application should be held to same standards and should all be licensed. Consumers should not have to know what the differences are between licensed and registered mortgage originators and should be afforded the same protections regardless of who helps them with their mortgage. Ah…I digress.

I am so thankful for my readers. I had no idea what this blog would evolve to five years ago – I had no expectations. And now I cannot even imagine originating mortgages without being able to share information about mortgages! I have been so fortunate with the recognition and press I've received from my blogging efforts and even more so for the clients who have found me from Mortgage Porter.

THANK YOU, THANK YOU, THANK YOU!

Happy Thanksgiving from my family to yours.

Tonight the Washington Association of Mortgage Professional is celebrating their 25th anniversary with a formal awards gala recognizing individuals and companies who have been nominated by their peers as being the best in Washington.

I am honored to be one of four finalist for Outstanding Mortgage Originator and that my employer, Mortgage Master Service Company is one of three mortgage companies in the state being recognized as an Outstanding Retail Lender. Mortgage Master Service Corporation is owned and managed by my in-laws, so I'll be attending tonight's event with my sister-in-law and President of Mortgage Master Service Corporation, Marilyn Porter. The family affair continues as we'll be sitting at my sister's table, Nicole Christy, who's an Account Executive for Kinecta Credit Union.

It's going to be a special evening regardless of who leaves the event with an award.

WAMP's Leadership Awards Gala begins tonight at 6:00 pm at the Renaissance Hotel in Seattle.  More info here.

When checking around for who has “the best mortgage rate” or just getting an idea of what mortgage rate you may qualify for based on your personal scenario, many will obtain a “mortgage rate quote“.  Mortgage rates change constantly, similar to the stock market, as they’re based on mortgage backed securities (bonds).

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I love social media and technology. Here's a quick presentation I created using powerpoint and slideshare. Let me know what you think!

Conforming and FHA high balance loan limits set to be reduced effective October 1, 2011.  Banks and lenders have different cut-off dates in order to assure they're able to deliver loans without being stuck with a "jumbo" loan priced at a conforming rate. 

If mortgage transactions are currently taking 30 days to close and mortgage companies are setting their own deadlines to make sure they can deliver before time runs out, borrowers need to act fast IF their loan amount is in the gap between the current and reduced limits.  In King, Snohomish and Pierce Counties, loan amounts between $506,001 and $567,500 for single family dwellings will be impacted by reduced loan limits.  This post I wrote a few weeks ago contains a complete list of reduced loan limits for conforming and FHA mortgages by county in Washington.

If you are refinancing or buying a home and your loan amount is "in the gap" between current and pending loan limits AND you're closing in late September, contact your mortgage originator as soon as possible to make sure that everything is in place so that your transaction closes in time (which may require closing prior to September 30 depending on your lender's guidelines).  Be aware that you will most likely NOT be able to extend your rate lock commitments at the end of September if the loan amounts are in "the gap" range.

Mind the gap!

If you would like me to provide you a mortgage rate quote for your home located anywhere in Washington, click here.