As most of you have been reading the newspapers and listening to the news about the increase in foreclosures and adjustable rate mortgages coming due, I have been trying to do some research in regards to the loans that Middlestead Mortgage originated. I have found some very interesting information.
As of November 2007, Middlestead Mortgage has loans that Countrywide Home Loans services of over $34 million. Pat Knoebel, Market Sales Manager for Countrywide, said " On more of a historical note, as of November 2007, Countrywide is servicing 290 loans for just over $34 million of loans originated by Middlestead Mortgage. Of these 290 loans, none are in foreclosure status. Middlestead Mortgage epitomizes the type of customer we look for at Countrywide."
The reason I wanted to write about this is that all the negative publicity tends to lump all Lenders, Brokers, Realtors, or anyone associated with the mortgage business in to one category. Clearly that is a wrong. I completely agree that there are things wrong within our industry. I am all for certain changes to be made that will make the entire loan process more easily digested by consumers. As a matter of fact, Middlestead Mortgage has taken certain precautions with each loan that is what I call "full disclosure". We take the time to explain to our clients what the loan is all about and how much compensation we will receive. We have been doing this for several years now, well before the industry is going to force everyone to do it.
The bottom line is that there are unscrupulous people in all walks of life. If the hair stands up on your neck or your gut tells you something is wrong, go find yourself a loan originator that makes you feel comfortable. Your pocketbook will thank you and you will sleep better at night.
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