How Could Any Mortgage Company Double Sales in 2007?

People questioned my sanity last summer when I chose to add mortgages - more specifically, the Home Ownership Accelerator - to the list of services available through Bridges Financial.  Seems like a particularly foolish time to be getting into the mortgage business.  Since then, whenever I mention mortgages to someone in conversation, they say something like "Boy!  You guys really have it rough right now.  Huh?".  I always try to explain that the Home Ownership Accelerator is a loan program designed for an entirely different type of borrower.  This is not another program for the borrowers who are costing taxpayers, investors, and people in the industry a lot of money and possibly even their jobs.  No, this loan is designed for responsible borrowers who have a fair amount of equity in their homes, good to great positive cash flow, and a demonstrated pattern of financial responsibility.  It's just a matter of time before this program becomes incredibly popular and I'm excited to be the first guy in Iowa talking about it.

Anyway, yesterday I came across this news story about how CMG Mortgage Bucks Mortgage Industry Collapse, Doubles Sales of New Home Ownership Accelerator^® Loan in 2007 .  The story has been featured on several U.S. and even a couple international news sites.  The story confirmed for me what I'd been thinking all along.  Any company that can double their sales and maintain strong underwriting profits (i.e. NO loans in default) is probably a pretty good partner for me to help my clients reach their financial destination.

Comments

[Trey Bowden]

The Home Ownership Acclerator is a fantastic product. My customers who have made this choice are extremely glad they did. Especially now that the FED has continuously cut the overnight rates!

This product is not for everyone, but everyone should at least become educated on its benefits.

Thanks for your site. Keep up the good work.

If you would like, please visit my site and let me know what you think.

www.homeownergonemad.blogspot.com

Trey Bowden
Edmond, OK

[Derek Bough]

Trey,

Thanks for the comment. You are right when you say that this loan is not for everyone. For the right borrower though, it has an incredible impact. We refinanced into the Accelerator ourselves. I wanted to see what it's like on the other side of the desk and we had the cash flow to make it work. It is working great so far. Especially with our current rate of 3.48%.

I'll be watching your site for stories about how your clients have fared.