Fed's Move Creates Domino Effect

The Fed's 1/2 point rate reduction earlier this week has started a domino effect rolling through mortgage rates. While the Fed rate really only affects the rate at which banks barrow money, it is cause for the inspiration of cheaper money. The more comfortable banks feel about the availability of money the more aggressive they can be on using this cheaper money. This "feel good" effect can pass through to many businesses, including the mortgage industry.

Already there has been movement in rates. For a full listing of current rates visit our website at Pink Flamingo Mortgage . And if you want weekly rates sent your email box to keep you up to date on the cost of money, sign up for Homefinders Club on our site. Homefinders Club is FREE and once you are a member you will receive weekly rate updates, and monthly mortgage news so you are always on top of the trends. AND, you can shop homes in San Diego Country any time day or night. You will get complete information, all current, and pulled from the local MLS. There is no easier way to stay informed on the local housing market.

Bob

Sunset of Sub-Prime in San Diego

Here at Pink Flamingo Mortgage we track hundreds of funding sources so that we can find the right fit for every client's mortgage needs. But the industry is having a shakeout of funding sources. This is all the more reason to use Pink Flamingo so that we can find a reputable source that will still be in business when we go to fund your mortgage at the close of escrow. We have heard stories of underwriters closing their doors just as a customer was trying to close escrow.

Here are some of the lenders to avoid:

LENDERS WHO APPEAR TO HAVE CEASED DOING BUSINESS

We have received information that the following lenders are not accepting new loan applications or closed their lending operations in whole or part.

Accredited Home Lenders
Acoustic Home Loans
Alliance Home Funding
American Brokers Conduit
Ameriquest Mortgage
Ameritrust Mortgage
BNC Mortgage/Aurora
Bay Capital
CIT Group
C-Bass LLC
Central Pacific Mortgage
Columbia Home Loans
DeepGreen Financial Eagle First Mortgage
EquiBanc Mortgage
Entrust Mortgage
FMF Capital LLC
Fieldstone Mortgage Company
First Horizon National
First Magnus Financial—Chapter 11 Case 4-07-bk-01578 (Arizona)
Freedom Mortgage Wholesale Division
Funding America LLCGreenPoint Mortgage
H&R Block Mortgage
HomeBanc Corp. d/b/a HomeBanc Mortgage Corporation (Atlanta Georgia)
Harbourton Mortgage
Heartwell Mortgage
Impac Mortgage Holdings
Ivanhoe Financial, Inc. (Orlando Florida)
Investaid Corp.
Landcaster Mortgage
Lenders Direct Capital
Loan City
MLSG Home Loans (May be related to American home Mortgage Corp.)
Master Financial
Meritage Mortgage
Millennium Bankshares
Millennium Funding Grp
National City Home Equity (Cleveland Ohio)
NovaStar Mortgage Wholesale
Opteum Fin’l Wholesale
Peoples Mortgage
Popular Financial
Sebring Capital
SouthStar Funding
Starpointe Mortgage
Summit Mortgage
Texas Capital Bank
Trump Mortgage
Warehouse USA

This list is not intended to be inclusive of all lenders who have indicated they will be pulling back from their loan programs. Please verify, information to be deemed reliable, but not guarenteed.

So where DO YOU GO?? It changes every day ... but we can find you a lender!! Give us a call at Pink Flamingo Mortgage, and we will work with you to make your dream of home-ownership come ture!

Bob