Non-Prime Mortgages

Non-Prime Mortgages

More Mortgagage Lenders Close Doors

John Thomas August 1, 2007

More Lenders stop funding new loans and look to be closing their doors.  Fieldstone Mortgage stopped funding new loans on July 25th, 2007.  Any loans that haven’t already funded by July 25th were dead and would not fund.

American Brokers Conduit stopped funding new loans on July 31st because they could no longer obtain credit to fund loans.  ABC hasn’t announced they are going under but the outlook is not good.

ResMae also stopped funding new loans.  Entrust Mortgage is no longer funding new loans. Keep Reading...

Mortgage Brokers – Proof that Less Costly Option for Sub-Prime Borrowers

John Thomas July 7, 2007 Tags:

Study Reveals Brokers Are Less Costly Option For Sub-Prime Borrowers
New Study Finds Factual Evidence That Consumers Pay Less With a Broker

Washington, DC. October 18, 2006  Brokers are a more cost-effective option for consumers in the subprime home loan market, according to a joint study released by economists at George Washington and Oklahoma State universities.

The study compared sub-prime loans originated by brokers and traditional lenders such as banks between 1995 and 2003. Its findings reveal that the reason brokers originate more than 50 percent of all residential loans is that they are a more efficient and cost-effective option for consumers. Keep Reading...

How to Establish Good Credit for a Home Loan

John Thomas March 28, 2007 Tags: ,

If you’ve never had credit in your own name, it can be difficult to get a car loan or credit card. Having no credit history can be as much of a problem as having a bad credit history. Students, other young people, and newly divorced or widowed women who have always obtained credit jointly with their husbands often find themselves in this situation.
It seems like a vicious circle: you can’t get credit because you’ve never had credit, but you’ve never had credit because you can’t get credit. What’s a person to do?
Don’t despair. Here are a few tips to help you establish credit in your own name. Keep Reading...

Sub Prime Lending Big Changes

John Thomas March 10, 2007 Tags: ,
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Sub Prime Lending Big Changes Coming

Sub Prime Lending in for Big Changes in March 2007.   First, let’s start by defining a Sub Prime Loan, What is a sub-prime mortgage loan? Simply put, it is a mortgage loan offered to folks who don’t have the traditional credit history, down payment, or income levels that would normally be required to be approved for a typical conventional mortgage loan.

Here is a list of Sub Prime Lenders that have closed their doors recently; Ownit Mortgage Solutions, one of the nation’s largest sub-prime lenders of which 15-20 percent was owned by Merrill Lynch, closed its doors on December 5th, 2006. It appears that Ownit ran out of cash when it was required to buy back the mortgage loans it originated that ultimately went into default. Keep Reading...

Delaware Sub-Prime Mortgage Lenders Closing Doors

John Thomas March 8, 2007 Tags: ,
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Delaware Sub-Prime Mortgage Lenders Closing Doors

Delaware Sub-Prime Mortgage Lenders as well as national sub prime mortgage lenders are experiencing extreme financial hardship forcing some companies to close their doors for good. Fremont Investment & Loans has suddenly and without warning closed its doors on Monday and left some borrowers without Delaware mortgage loans and funds.  The next mortgage lender on the chopping block is New Century.  New Century has suspended all new mortgage loan submissions while it tries to secure financing to support new lending activity.  New Century maybe the next mortgage lender to close its door if it can’t improve its financial situation. Keep Reading...