Archive for February, 2012

‘Cherry’ loans are so very hard to find these days….

Thursday, February 16th, 2012

Owning a mortgage company has its daily challenges. Besides keeping up with the latest laws, regulations, licenses, reports, collections, restrictions and alike, we are always looking for new business.
I would say we go through 20 quotes before we proceed with an actual deal. So many times I have listened to the seller of a loan, or a broker of a refinance request and think to myself where are the “Cherry” loans anymore?
Back in the 80’s there were so many loans, we had a problem finding the funds to buy them or fund them all. That quickly changed in the 90’s when we had much more in funds than in inventory and when the turn of the century came it was a trend that continued. Now in 2012 more than ever we have many millions of dollars available, but placing it in high quality paper is a big problem, because it’s just not out there.
We are always working on something, as we are now, but I can honestly say that if your note is a “Cherry”, we will do almost anything to buy it. Our yields have never been lower and our motto of “top dollar paid” may be old fashioned, but it’s very true. Let me be your last pricing quote and you’ll be very happy. We know the market very well and the other firms out there who do what we do, I can confidently tell you that our pricing will be the best or if we can’t beat your other quote, I’ll tell you.
Being the best quote and having the funds immediately have made our reputation. This month we celebrate 33 years in the business. Give us a call or send us an e-mail request for a quote and you’ll know why we are so successful for so long.