Posts

Low Rates & Early Pay Off Penalties; Six Months Is All We Ask

Rates have fallen about 1/4 percent over the last few weeks and they are almost 1% lower than their peak only a few months back. As a result, everyone is rushing to refinance again, as I mentioned in yesterday’s blog. Mortgage lenders love the onslaught of business even though it fosters some major risks. One […]Read More

How Mortgage Banks & Loan Officers Get Paid

We are often asked by borrowers and Realtors how we, as a lender, get paid. The answer is that JVM gets paid if and only if a buyer’s loan closes. On a loan with no discount points, our entire commission is earned when our mortgage bank sells the loan to an investor for a premium […]Read More

Multiple Credit Inquiries; New Home Checklist; Doormat

Borrowers often come to us from other lenders and are overly concerned about credit inquires. Two reminders: (1) Multiple inquiries from mortgage lenders within a 30 day period only count as one inquiry; and (2) for borrowers with good credit, inquiries only have a very marginal effect on a credit score even if they are […]Read More

How Mortgage Banks/Loan Officers Get Paid?

We are often asked by borrowers and Realtors how we, as a lender, get paid? The answer is that JVM gets paid if and only if a buyer’s loan closes. We typically quote interest rate options with “no discount points.” The no discount points or “no points” option will usually be associated with a slightly […]Read More

HEEJIN KIM RETURNS TO JVM LENDING (Where She Belongs)

Heejin Kim has returned to JVM Lending. After “experimenting” with large mortgage banks, we have clearly learned that bigger is NOT better. JVM is now more efficient than ever, and Heejin returns to take advantage of: • JVM’s 14 day closings; • Superior database management (all referrals are tracked); • 5 day appraisal contingencies; • […]Read More