TEAMBLOG

Dear Friends,

The other day I received a call from the Southern California Better Business Bureau reminding us that our membership has expired and our yearly dues are required to reactivate. I mentioned our willingness to re-enroll and for the rep to call us back the first week in October to finalize the paperwork and pay our dues at that time. Throughout the many years MoneyTeam has been in business, we've been a member of the BBB on a sporadic basis. There were times I felt the service provided was not required due to favorable personal involvement with our clients. There were also times where our monies were earmarked for other concerns or we were unable to afford the dues requested of us when required. The rep also mentioned there were at least 50 inquiries this month from potential clients seeking their unbiased opinion and facts in regards to MoneyTeam's reputation as a mortgage company. Such activity is not considered unusual if there was a scheduled advertising blitz or promotion during the period the inquiries occurred. However, I mentioned MoneyTeam rarely advertises and a good percentage of our clientele is by referral or 'word of mouth'. This activity lends itself to surmise there are many potential borrowers in the marketplace, seeking guidance to where and with whom to place their confidence in either a purchase or refinance transaction.

It stands to reason, there is an atmosphere of genuine distrust towards any financial entity in where one's personal economic fortunes can be unduly affected by unscrupulous or incompetent agents. The breakdown of integrity in all financial matters is due to dishonest purveyors of greed and corruption powerfully displayed by notable interests in government and on Wall Street. Many Americans no longer know where to turn, to invest their hard earned dollars nor believe in politicians seeking to exploit the daily tumult of crisis management, seeking an intervention shrewdly designed to eliminate freedoms as originally envisioned by the Founding Fathers.

Forgive me dear friends, I've digressed. However, I want to mention in passing that I was pleasantly surprised to learn from the BBB that MoneyTeam has never received a complaint in its 20 years of operations! I was indeed ecstatic to hear such wonderful and uplifting accolades from a well respected organization, where its mission is to protect the general public from disreputable businesses in the Southern California area. After my discussion, I came to the realization once again, our involvement in the lives of thousands throughout these past 20 years was well worth our efforts! I was deeply moved and knew full well the sacrifices we made to keep our doors open and to fulfill the responsibilities required by our many clients was a tall order indeed! Vindication of our small mortgage company is just one step towards blissful satisfaction. It's truly a wonderful feeling!

Change For The Better?

While MoneyTeam by all accounts has a reputable following, there are other banking concerns which have become deleterious towards the consumer in more ways than one. I've been involved in the mortgage industry since 1982. Of all the years I've been originating loans, I have never come across, until just recently, a total, wilful disregard for clients we've recommended for mortgage financing. As a mortgage broker we do our best in seeking the lowest rates and the best programs to fit the needs of those seeking to purchase or refinance. During the past 2 years, there has been a 'shakedown' of mortgage bankers and financial companies closing their doors due to the sub prime meltdown which in essence, has created the current Recession.

New government legislation enacted this year, has slowly changed the method in which mortgages are offered to the general public. Stricter underwriting guidelines and an inherent scrutiny of all financial documents has permeated the mortgage industry where there is now difficulty in securing financing for those borrowers with excellent compensating factors. This legislation has ended several of the common place loan programs which were offered during the sub prime mess. Stated income loans, 100% financing, 125% 2nd trust deed loans as well as other financial products became obsolete once the magnitude of the sub prime mess came to light. While I agree several of these loan programs should never have been devised, one needs to be reminded Congress inadvertently gave a 'green light' to such ill advised loans in their eagerness to help constituents unable to qualify in purchasing a home under traditional underwriting guidelines. Ironically, government has thrown its considerable power by directing legislation which seeks to eliminate mortgage brokers from having the ability to be a participant in originating loans and the curtailment of commissions in the attempt to destroy the livelihood of good, honest and decent business owners. In its quest to change the mortgage industry by Draconian inspired measures and to punish the mortgage broker as the scapegoat for the financial meltdown, Congress has created additional problems of its own making.

We are now seeing the effects of government intervention and control in the mortgage industry. It is obvious to any intelligent observer once there are fewer banks, mortgage bankers or brokers in the marketplace, this factor will eventually lead to less competition which will empower the new behemoth banks to raise rates, fees and to provide fewer loan products for the average consumer.

This year alone, we've witnessed more bank failures since the Great Depression and the large banks have acquired the smaller ailing institutions to the delight of those profiting from such outcomes. We are creating banking institutions that are 'too big to fail' similar in concept to the US Government in its inability to manage itself. This quixotic attempt to close smaller banks by rewarding the likes of billion dollar financial conglomerates and efforts to diminish the importance and viability of mortgage brokers, are steps engineered by those harboring plans towards incongruence.

On the next TeamBlog, I will discuss one of the 'Horror Stories' which is a direct result of this new atmosphere in the mortgage industry.

Thanks Again

Dear Friends,

There is something in the air. I can feel it! I can't pinpoint it or say what it is or when this feeling will become an apparition or when it will be known. Let's say it's a gathering storm where all Americans will eventually come to know facts or occurrences which have been hidden from public view. There is a feeling that I have that once this information is revealed, all of our lives will be transformed for the best.

Let me tell you that I am not a clairvoyant nor have I lost my senses. It's just that with so many transgressions and suffering many Americans have been subjected to, I am of the opinion there will be a release of some sort which will provide an outcome all of us have been eagerly awaiting. During times of crisis, a change is required to overcome a direction not of our making. Notwithstanding, if a change is embraced by powerful forces without universal approval, conflict ensues. This conflict becomes an expression of our deepest convictions where the righteous triumph.

If you are a regular reader of the TeamBlog you might be able to read between the lines or surmise there will come a day when all of our struggles and challenges we've become accustomed to these past few years, will come to a glorious end.

$8000 Tax Credit

Of all the times in recent memory, if you are a First Time Home Buyer NOW is the best time to purchase a home. Interest rates are low and homes are at affordable prices. We encourage you to be PRE-QUALIFIED before you begin the search for your new home. The tax credit expires on November 30th. Please call our office at 323-936-3232 for more information so you can take advantage of this government offer before it's too late.

Mortgage Rates

Please check our website for our current interest rates where we do our best to either meet or beat any advertised fixed rate loan.

MoneyTeam is offering a 30 Year Fixed Rate at 4.75% and a 15 Year Fixed Rate at 4.125% Both are Conforming Loans at 1 Point cost.

On Jumbo loans, MoneyTeam is offering a 30 Year Fixed at 5.00% at 1 Point Cost.

On SuperJumbo up to $2,000,000, MoneyTeam is offering a 5/1 Arm, Fixed for 5 years at 4.875%. Please call our office at 323-936-3232 for more details on loans over $2,000,000.

20 Year Anniversary In October

I was a branch manager of a bank headquartered in San Francisco 20 years ago. On September 15th of 1989 I was given my walking papers and I've looked forward to a promising future ever since! While MoneyTeam opened its doors less than 3 weeks later, I have strived to provide the lowest rate and fees for all of our clients. There are times that I may not have had the control in regards to the items charged, but I will do my best to reimburse a fee if warranted.

Service is also important as a client requires a date to close an escrow whether it be a purchase or a refinance. Many changes in the mortgage industry with additional guidelines and paperwork have curtailed ontime fundings to the frustration of buyers and Realtors in purchase transactions. While we are always working to do our best in meeting deadlines, there are circumstances beyond our control.

In an upcoming TeamBlog, I will write about situations that I have never encountered in 27 years of originating mortgage loans until just recently. The 'HORROR STORIES' edition planned for a future TeamBlog, is just a fraction of the challenges mortgage brokers are encountering in today's newest attempts for control of every aspect of the loan business.

Overall, I am happy to have known so many clients throughout the years that have become long time friends. During the next few weeks, MoneyTeam will be calling previous clients to strike up old friendships and memories of times past as nostalgia for the good ole' days comes to mind. While all loans are not of the 'slam dunk' variety, I am confident we at MoneyTeam have tried to do our best. You'll be hearing from us and our BIGGEST SALE to date - our 20TH ANNIVERSARY SALE, very soon! 

Thanks Again

Dear Friends,

Labor Day is a National Holiday and many of us are taking Monday off to be with our family, friends or just to be with ourselves and relax before work on Tuesday morning. This Holiday marks the traditional end of Summer and a whirlwind of activity begins. For many parents of school age children, a regular routine of dropping the kids at the bus stop or at the school's front steps will become a daily occurrence. The onset of Fall shortens the length of our days as time spent in the home increases.

In America this year as in times past, its citizens are pursuing the path society has deemed appropriate to seek and obtain the dreams closest to one's heart. A better education, financial independence, good health and fortunate relationships within one's inner circle are several goals worthy of engagement. For those of us who are employed, we are grateful to have the ability to provide food and shelter for our families and ourselves. However, this nation has a sizeable number going hungry, living in cars for shelter and unable to live decent and productive lives as the financial freefall continues unabated. The nation's unemployment rate as mentioned on Friday stands at a 26 year high of 9.7%. While there was a decline in regards to the number of those without work in August compared to previous months, 216,000 jobs lost by any measure is still regarded as a disturbing figure.

One's personal interpretation of an impending Depression hits home when your sole source of support has dried up. With the calamities of foreclosures, loss of retirement or investment income, the climb in bankruptcies and the disruption of confidence in America's ability to overcome its economic situation, many are wondering when will this entire financial meltdown come to an end.

All of us approach our jobs differently. We come to our work place with an upbeat enthusiastic nature to solve all of the problems that come up in our 'in box' while others are slow and deliberate with slothful attributes which negate goals of productivity or effectiveness. It stands to reason many of us are either working longer hours and being paid less than our previous position. Notwithstanding, there are those working less hours and less pay as part time employment is the only work to be found under current economic circumstances. When employment prospects are dim and the responsibility to meet the obligations a parent has for the family is evident, any endeavor to provide sustenance is mandatory for survival. The newest workers in this category will do everything in their capacity to keep their job even though the workplace is not of their liking and the pay comparison to a previous position is considered dismal at best.

The work ethic, the ability to earn a day's wage for a day's labor is a fundamental and sacrosanct concept which has created the greatest nation on Earth. America's entire history revolves around a free enterprise system grounded in Judeo-Christian values. Perhaps, at a time where government in its untimely and ill conceived predisposition towards economic ideologies and legislation foreign to the original intent of the Founding Fathers, the prolongation of suffering and the struggles of a wandering population will undoubtedly continue.

If you are a regular reader of the TeamBlog, you are well aware of a personal transformation in my views regarding the detrimental effects government intrusion in the mortgage industry and in our daily lives has affected Americans. When government enacts measures to approve anyone seeking a mortgage to purchase a home without logical qualification requirements, the consequences of such maneuvering are painfully obvious.

When we celebrate Labor Day, Americans are reminded the importance of earning a living and the rewards an income offers for our families. While there are over 9 million Americans unemployed today, we are blessed to have a job waiting for us on Tuesday morning. Even though the realities of meager wages or challenges of a workplace environment may be evident, many Americans are willing to sacrifice these shortcomings to meet their moral and financial obligations. This is the 'Labor of Love' which requires the maturity and the responsibility to keep food on the table, have a roof over one's head and the realization this situation will in due course, come to pass. With all of the turbulence brought about by greed, incompetence and corruption of those we've entrusted to guide this nation and whence, through such manipulations our financial destinies have begun to flounder, we look to Scripture in Galatians 6:7-9 as a reminder, that we do indeed reap what we sow. 

Thanks Again