Check Out Our Affiliates! 

COLORADO MORTGAGE ALLIANCE 

Home financing that meets your needs. Because your home is one of your biggest investments, it's important to ensure that your mortgage fits you. This is our specialty - helping you find mortgage solutions that meet your current situation while complementing your long-term financial goals. We will help you determine what mortgage options work for you, guide you through the loan process, and answer your questions. Contact us today and start the homebuying process with a free consultation. We'll help you understand how much you may be able to borrow.
For more information visit CO Mortgage Alliance homepage
 

Milestone Mortgage 

Cindy Emerine 

Cindy Emerine, enthusiastic Mortgage Consultant, has enjoyed 24 years in the mortgage lending industry. She is currently the founder and President of Milestone Mortgage and feels very lucky to operate the boutique business from her mountain home in Evergreen, Colorado. Cindy lives the company motto "Celebrating Life's Milestones" and takes great pride in helping each and every client. Cindy has proudly served as Board member of the Colorado Mortgage Lending Association since 2003. Cindy holds the CMLA's Certified Mortgage Lender designation since 2003 and is a licensed Broker. 

All of Cindy's business comes from referrals and repeat clients. Her goal is to deliver world class service which makes her referrable. 

Cindy believes that great service comes from the heart!
for further information visit Milestone Mortgage homepage 

Cindy Emerine
6555 Olympus Dr
Evergreen, CO 80439
Phone: 3032213557
Fax: 3032891128  

"ENERGY AND PERSISTENCE CONQUER ALL THINGS." 

Benjamin Franklin. And indeed, Bonds and home loan rates definitely showed some serious energy and persistence this week, despite some serious headwinds, including additional supply flooding the market from this week's big Treasury auctions. 

The Treasury unloaded an enormous supply of paper onto the markets this week...and remember, anytime there is more supply than demand, it means prices will naturally decline. And when Bonds are concerned, when prices decline, home loan rates go up. The heavy supply hitting the market caused some wild volatility for rates midweek, but overall home loan rates managed to find some improvement by the end of the week. However, it won't be long before another enormous supply of Treasuries comes on the market. In just two weeks, we'll be looking at a fresh round of auctions...and the size of those auctions will be announced on August 5th. This announcement date of August 5th, and the following week's auction dates of the 11th, 12th and 13th will probably have high volatility and provide a headwind for Bonds. It used to be that the dates of economic news would be circled on the calendar as the ones to watch for greater movement in Bond prices...but right now, the supply issue has become so important that it now may be the most dominant current factor in Bond pricing and home loan rates. 

In other news, Advanced Gross Domestic Product (GDP) for the 2nd Quarter came in better than expected, while the 1st Quarter GDP was revised lower. GDP measures the total market value of all final goods and services produced in a country in a given year. Overall, GDP has fallen four quarters in a row for the first time since government records started in 1947. The report also showed consumer spending is down, as consumer savings increased to the highest level since 1998. 

However, there are continuing signs that the economy is stabilizing. First, the widely looked at Case/Shiller Home Price Index for May showed that home price declines in the 20 largest US cities appear to be moderating. This most recent report was the best reading in nearly twelve months, and the first month-over-month improvement in three years. Combining this report with the last few months improved Existing and New Home Sales Reports gives us reason to be more optimistic on housing, and a reason to feel that home prices are nearing a bottom for most of the country. 

THIS MAY PRESENT A GREAT TIME TO PURCHASE A HOME, BUT BE AWARE THAT INFLATION WILL DEFINITELY PLAY A BIG ROLE IN THE DIRECTION OF HOME LOAN RATES...TO LEARN MORE, CHECK OUT THIS WEEK'S MORTGAGE MARKET VIEW. 

Mortgage Broker Registration Act
HB 1161 makes mortgage broker registration mandatory in Colorado.  

The following information was compiled from the Colorado Division of Real Estate (DRE), the Colorado Mortgage Lenders Association (CMLA), and the Colorado Associatin of Mortgage Brokers websites:
http://www.dora.state.co.us/realestate.mb/index.htm
http://www.CMLA.com
http://www.CAMB.org 

This information is for general informational purposes only. Any person or company affected by mortgage broker registration should ssek advice from the State of Colorado or an attorney. 

Introduction
The Mortgage Broker Registration Act (HB1161) was signed into law on June 2nd, 2006. Under the new law, mortgage brokers, meaning individual loan originators, must be registered with the State of
Colorado by January 1, 2007.  

The Registration Process
The process for registration begins with fingerprinting and a background check through the Colorado Bureau of Investigations (CBI). The Division of Real Estate says this process takes three months to complete and is advising mortgage brokers to start the process as soon as possible. CMLA is telling mortgage brokers to consider September 1 the deadline to submit fingerprints and apply for the required CBI backgroud check in order to meet the January 1 deadline.
In addition to fingerprinting and a background check, mortgage brokers need to apply for a $25,000 surety bond through a bonding company. 

The background check/fingerprinting and the surety bond need to be obtained prior to sumbitting an application. Applications can be submitted online on or after October 1, 2006,at www.dora.state.co.us/real-estate/mb. The division of Real Estate says it may take up to 21 days to process completed applications, and processing will not begin until an application is complete. A complete application consists of the following itmes:
1) criminal background check
2) surety bond.
3) application and
4) fee.
The Division of Real Estate fee to register as a Mortgage Broker is $200. (The criminal background check, fingerprinting and surety bond are an additional cost, which must be paid for by the applicant.) 

Who Must Register?
All persons who broker a mortgage, offer to broker a mortgage, act as a mortgage broker, or offer to act as a mortgage broker are required to register with the Division of Real Estate. 

The state requires registration of individual brokers, so each broker must individually meet the registration requirements.  

Section 12-61-904, C.R.S., exempts certain persons from this registration requirement and should be consulted for a complete list of exemptions: 

Federal and state angencies and political subdivisions of the state; 

Owner who finances a purchase of real estate property; 

Bank, saving bank, savings and loan association, industrial loan company, credit union, or bank or savings association holding company organized under federal law, and subsidiary or employee of the above; 

Attorney who renders legal advice but who is not the primary business of brokering a mortgage; 

FHA-apprroved mortgagee: 

Person who funds a mortgage but does not solicit a borrower and does not participate in negotiation of the residential mortgage.