The Mortgage Messenger

As the host of The Mortgage Messenger, I have had the privilege of sharing with you my thoughts and views of the real estate industry.  Certainly this past year has been an interesting one in the industry. As a mortgage professional over the past twenty-five years, I have had the honor of helping families celebrate the holidays – as homeowners.  With rates remaining at historic lows, it has been very rewarding knowing that those I have helped this past year will benefit for a long time to come. Today, I just want to take a moment to thank you for allowing me to be a part of your life, whether professionally or thru our friendship.  I look forward to working with you again in 2012. So this holiday, from my family to yours, I extend my most sincere wishes for a safe and festive Christmas and holiday season. For those of you defending our great Nation, I wish you a very happy holiday and a safe return. For more information about The Mortgage Messenger, please visit our website at www.MortgageMessenger.net.  If you have a mortgage loan need in the States of IL or WI, you can contact Jim Campanella via his website at www.JamesCampanella.com.

Normally when I post something it is related to the mortgage industry, interest rates or perhaps some piece of information to help homeowners.  Earlier today an old friend of mine forwarded me a link to a video that was a tribute to Bob Hope.  After watching the video I felt I wanted to share it [...]

There are many homeowners that would like to refinance their homes, but cannot since they do not have sufficient equity in their home.  Recently, the newest release of the Home Affordable Refinance Program (HARP) was announced.  Called "HARP 2.0," this government program, based on the first read, may actually help some homeowners benefit by these [...]

I am sure you have heard on the radio or seen on television that mortgage rates are at historic lows.  Often, those statements do not include any information on the actual rate.  There are many reasons for this, but mainly the reason is due to a change in regulations that make it very hard to [...]

So you decided it was time to get rid of the paper clutter and store things electronically – but not certain what to do next?  A few years ago I made that decision also and struggled with the concept of letting go of all that paper.  It took some re-training of what I knew and [...]

It was reported by FreddieMac this past week that for the week ended July 9, 2011 mortgage interest rates fell compared to the previous week and the rate on the 15-year loan dropped to its lowest level of 2011.  But what exactly does that mean to you when looking for a mortgage loan? FreddieMac takes [...]

This will be the first installment of a new series of blogs addressing "being green."  I am employed by Supreme Lending, a finalist for Mortgage Technology Magazine's Green Originator Award.  We are continually exploring new ways to reduce the actual paper used in a mortgage transaction.  It just makes sense – less paper is better [...]

With the assistance of Borders BookBrewer, Jim Campanella, host of The Mortgage Messenger has published his first eBook, "The Mortgage Messenger's Homebuyers Handbook."  The eBook, which a synapses along with links to the online stores selling the book can be found by following this link,  is an up-to-date handbook addressing the process of buying a [...]

You might think that the only use for those dryer sheets is to eliminate static cling and make your clothing, sheets and towels smell amazing.  However, there are 5 other ways you can use them to clean around your home.  In addition to your laundry area, keep a box of dryer sheets under your kitchen [...]

IRS announces new program to help taxpayers pay back taxes and avoid tax liens. How big is this problem? Well as you can imagine with tough economic times and decreasing value of your property, IRS lien filings have surged.  In 1999, just 168,000 were filed, and in 2010 it surged to 1.1 million! According to the IRS, [...]

There are two forms you receive when you apply for a mortgage loan that are more important than all the other disclosures.  The first one is your Good Faith Estimate (GFE).  This form lists the costs associated with obtaining your loan that you will ultimately find on your closing statement.  The second form, Truth-In-Lending (TIL), [...]

Jim Campanella, as The Mortgage Messenger,  is excited to offer a new FREE app!  I am inviting you to download and use my personal mortgage app and electronic business card for your BlackBerry,iPhone and Android! It's called 'LoanApps' and includes a suite of valuable tools such as: Home Affordability and Mortgage Payment Calculators My personal [...]

Over the past twelve months, The Mortgage Messenger offered viewers a video podcast.  Time has shown that updated equipment is necessary in order to continue to provide quality video broadcasts.  As the first step, The Mortgage Messenger is unveiling audio podcasts to compliment the posts at The Mortgage Messenger website www.MortgageMessenger.net.

Twelve months ago, The Mortgage Messenger unveiled a weekly video podcast that addressed issues within the mortgage industry and helped viewers better understand the process involved in obtaining a mortgage loan.  Many loan officers have mortgage blogs, but The  Mortgage Messenger was a leader in taking that concept and bringing it to video. Over time, [...]

The Mortgage Messenger this Halloween takes a look at the history of our Nation's second most popular holiday and how it relates to the mortgage industry. The origins of Halloween can be found in the Celtic ritual of Samhain.  This was the celebration of a new year.  November 1st started their new year, so October [...]

With rates pretty stagnant at all time lows, the Monday "Week In Review" seems pretty repetitive.  If you have watched these podcasts in the past, you know I have been mentioning the need to do some equipment upgrades and  bring in some fresh ideas, including guests, to the podcast.  Now, with the market so quiet, [...]

Due to some minor technical difficulties on Monday, the Mortgage Messenger did not have its normal "Week in Review" recap.  However, never fear, in this video podcast I wrap up last weeks economic activity and explain what may affect interest rates this week. In addition, the Mortgage Messenger has updated our website to include a [...]

I normally do not express my views or have commentary on issues relating to politics or changes in legislation or proposed new rules - I like to provide insightful and useful information to my readers about the mortgage lending process, your credit profile or the real estate industry as a whole. However, today I thought [...]

Mortgage interest rates continue to remain at record breaking lows... Last week, the Federal Reserve Board met and made a slight policy change.  They have decided to start purchasing Treasury securities.  This decision has helped the 10-year bond yield continue to decline.  Although bond yields do not directly affect mortgage rates (those are affected by [...]

Recently, FannieMae implemented the Loan Quality Initiative (LQI) and although this new policy only affects conventional loans, it is widely believed that HUD will follow and require the same policy be observed on FHA loans.  What LQI requires is that all lenders review an applicants credit report just before closing and compare it to the [...]

I know I have said it before and I hope I get the pleasure of saying it a lot longer, but rates are low!  Very low!  Lock now or regret it later when rates move up to, dare I say, OVER 5% one day!  The Federal Reserve will be meeting on Tuesday.  No one thinks [...]

Although the economy has shown some positive signs, growth continues to be slow which is mostly being contributed to the labor market. This week on Friday, labor statistics are released which will give another indication of the direction of the economy and our recovery. Tip of the Week: With rates at 50 year lows, many [...]

Many States do not require a home inspection, however, it is a sound investment when you are purchasing a home.  At the time of presenting your offer to the Seller, you would want it in your contract (whether it is there in the standard language of the contract or as an addendum) that you have [...]

"Unusually uncertain" economic recovery are the key words of the week.  Those were the words of Federal Reserve Chief Ben Bernanke when he gave his semi-annual testimony before Congress.  Although rates remain at historic lows, the market is poised that any good economic news will cause rates to rise. This week we will learn [...]

With 25% of American adults now having a credit score below 600, it has never been more important to know what your credit profile looks like.  Part of your credit profile is your credit score (also called a FICO Score).  Each of the three credit repositories computes a score for you ranging from 300 to [...]

The economy continues to improve, but the improvement is very sluggish.  All economic reports last week helped rates remain at these historic lows.  This week with housing starts and existing home sales, the news should keep rates at these levels.  However, any sign of positive news for the economy will cause rates to rise. Last [...]

In a previous post, I explained on how to obtain your truly FREE credit report.  If you have not done so, you may wish to review that video podcast and get your credit report. Once you have  your report, it is, of course, important to understand what is in the report.  The report, whether it [...]

For the week ended July 9, 2010, mortgage rates basically remained stagnant, at or near fifty year lows.  This was, in part due to it being a shortened trading week since there was a holiday on Monday. This week we have the retail sales, PPI, CPI and consumer confidence figures being released.  I continue to [...]

This is the final segment of the series on Building the Right Team.  In this video podcast I discuss the importance of having a real estate attorney. State laws vary, but if your State does not require for you to use an attorney you certainly should, whether you are buying or selling a property.  Some [...]

For the week ended July 2, 2010, rates remained pretty stable.  Most of the market was concentrating on getting loans closed by the June 30, 2010 deadline for the homeowners tax credit. Fortunately, although late, Congress did finally pass an extension for those who are under contract to purchase a home by April 30th, you [...]

With the holiday later this week, I have decided to use this post to highlight some of the upcoming webinars. As of today, Congress has yet to act on the extension of the homebuyers tax credit.  The House of Representatives has passed a Bill to extend the date on Tuesday, but the Senate, who is [...]

For the week ended June 25, 2010, interest rates did drop to new low levels.  This was, in part, due to the Federal Reserve electing not to change interest rates at their meeting last week.  In addition, the news from the housing market also showed a decline in new purchases for the month of May. [...]

When thinking about buying a home you need to build the right team of professionals to assist you.  Part 2 of this series of video podcasts helps you find the right Loan Officer/Lender as part of your team.  Unless you are going to pay cash for the purchase of your new home, you will need a mortgage [...]

For the week ended June 19, 2010, rates continue to remain near record lows.  Last week the CPI (Consumer Price Index) reflected an annual rate of .9%, the lowest level in nearly four decades.  The Federal Reserve likes to see this figure around 1.50% to 2.00% so now all eyes are on the Fed meeting [...]

I am sure you have heard the cute jingles for company offering "free" credit reports, however, there is only one way to obtain your truly FREE credit report from the three credit repositories. By law, you are entitled to your FREE report annually.  The three credit repositories have set up a website (you can also [...]

For the week ended June 11, 2010, rates did move upward from their historic lows on news from the European countries on the State of their economies.  Rates, of course remain very attractive, but slightly higher than previous weeks. This week, The PPI (Producers Price Index) and the CPI (Consumers Price Index) will be released [...]

When thinking about buying a home you need to build the right team of professionals to assist you.  Part 1 of this series of video podcasts explains the reason why you need a real estate professional as part of your team.  The Mortgage Messenger reviews the "Five Reasons to use a Real Estate Professional". A Real [...]

For the week ended June 4, 2010 there was not a lot of activity in the markets.  Friday's unemployment figures, once you backed out the part-time census workers, did not meet expectations causing rates to fall slightly. It has been about three months since the Federal Government stopped purchasing Mortgage Backed Securities (MBS) and so [...]

I realize many of you out there just can not get enough of The Mortgage Messenger.  Well, as of this evening you need not worry - there is an App for that! Yes, it is true, The Mortgage Messenger is now an app for your i-Phone, i-Pad and i-Pod Touch.  When you are in your [...]

The US Department of HUD has a program designed for law enforcement officers, firefighters/EMT's and teachers that does not get a lot of notice, but offers great incentives to become a homeowner. Known as the Good Neighbor Next Door (GNND) Program, individuals in these professions can purchase specially designated HUD homes (foreclosures) at very deep [...]

Before heading out to Memorial Day family bar-b-que, I thought I would post the review of last week (ending on Friday, May 28, 2010) and highlight the economic events coming up this week. At the beginning of last week, the news about the European debt along with a rumor that China may be reviewing how [...]

The Credit Card Accountability, Responsibility and Disclosure Act of 2009 (known as The CARD Act) for the most part, does what it was set out to do which is to  make credit card issuers more responsible to those who use credit.  However, there are some strange quirks about the Act. Although credit card companies need [...]

The Mortgage Messenger recaps how the PPI and CPI, the leading indicators of inflation last week actually caused rates to drop to 2010′s lowest levels. The CPI is currently at a 42 year low which indicates that inflation is not going to be a concern in the near future. This upcoming week the Government will [...]

Today's video podcast is a discussion on the SAFE Act (Secure And Fair Enforcement for Mortgage Licensing Act) which is currently being phased in across the country.  The SAFE Act sets up procedures to Federally monitor and register every loan officer, whether they work for a bank, credit union, mortgage banker or broker.  Mortgage bankers and brokers [...]

The premier podcast of The Mortage Messenger aired on May 17, 2010 recapping the week ended May 14, 2010.  The show discussed how rates took an unexpected fall due to the economic crisis in Greece and how, although we have heard some good news in the economy last week, economists are predicting the housing market to [...]

I would like to thank you for visiting the Mortgage Messenger! With the housing crisis and tightening of credit standards in mind, The Mortgage Messenger was created with the hope of "just trying to make sense of the mortgage industry."  This website has been set-up to compliment the weekly webcast of the Mortgage Messenger (www.MortgageMessenger.me) which is scheduled [...]