AboutAl Rodenburg Expertise 2010 portends a turn around in mortgage lending; there is great pressure to make certain that things stabilize and that loans become more readily available; however, don't expect subprime loans to ever come back; whereas I expect that once things are on a little more concrete foundation, the Alt-A market will come back, albeit not with such aggressive LTV's or documentation "guidelines".
There is a crying need to for a non-GSE related lender to step forward in the former Alt-A market to work with investors that have more than 4 financed properties. There has been lip service from the GSE's but if you have more than 4 there does not seem to be any chance of getting reasonable financing.(private hard money lenders are out there, but the rates and closing costs are typically very high, by comparison).
Experience Over 12 years, originating primary residence and investment propery mortgage loan financing - with an emphasis on making the process as simple, transparent and quick as possible for the consumer.
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After a brief departure from the mortgage business, Al says "It is great to be back in the mortgage industry. I think we will see 2010 become a watershed point in American home financing. I expect 2010 to be the start of a different perception of mortgage loan financing in the United States. We can be proud of the agencies that have come together to form the NMLS (National Mortgage Licensing System), which will be implemented nationally by July, 2010 - and mark the end of deceptive lending practices. The consumer can finally compare apples with apples.(All mortgage loan officers will be required to pass national exams as well as go through thorough background checks)."
Ascent Home Loans is a national mortgage banker dedicated to outstanding customer service and with a corporate motto: "The Best Mortgage Experience."
With over 12 years experience as not only a mortgage loan originator, but broker, account executive, CFO and CEO in the industry - Al brings a wealth of experience to your mortgage experience (whether it is for your primary residence or you are looking at financing an investment property).
Prior to his current position, he worked briefly as a consultant for Administaff (a leader in human resources outsourcing).
Al's expertise also includes business consulting, internet marketing, accounting, training, financial consulting and crisis management.
Organizations Houston Northwest Chamber of Commerce
Spring-Klein Chamber of Commerce
Houston Northwest Business Networking Group
Publications Not sure;my stuff is not copyrighted;if you do a search on Google for "Al Rodenburg" and mortgage, you should find over 6,000 listings (some of them should be brief articles I've written or been quoted in)
Education/Credentials University of Illinois - at Chicago
Florida State University
Principia College
Lake Forest School of Management
Roosevelt University
Awards and Honors #1 Originator (out of 500 branches nationwide) in January 2007.
Question First a brief history. My wife and I filed bankruptcy in Sept 2005. We owned our home jointly, as well as 4 joint rental properties. We sold 3 properties that were removed from the filing, and one property went into foreclosure. The foreclosed property was one we had financed through the VA's vendee financing program, meaning they retained title until the mortgage was paid in full or refinanced. Since we never held the actual deed, a sheriff's sale was not required for the "foreclosure", and no public record exists. The bankruptcy was discharged in April 2006. The "foreclosed" property appears on our credit reports in varying degrees. Most say "paid in full", but one of my wife's reports says "charge-off" dated 4/2006.
At issue now is we are trying to obtain an FHA mortgage. The sticking point is the VA foreclosure. I know FHA guidelines stipulate 3 years from a foreclosure, but nowhere does it say "foreclosure" on our credit reports, just the one "charge-off" of $21,000. Does this even count as a foreclosure if there was no sheriff's sale or deed transfer? Can we qualify for an FHA loan now?
Our current finance and credit situation is good. Our scores have improved (albeit slowly) to the mid scores being in the 650 range. Income is $100,000+ per year with solid employment history and steady jobs (college instructor, RN). We would like to finance a $225-250,000 purchase with 10% down - preferably in the next two months.
Answer Far be it from me to infer that gov. agencies "share" information; but both VA and FHA loans are classifed as "govies" among industry pros and there is likely some internal commentary that does not show on your credit report. I can't say for sure if my comment is accurate, but if you are having trouble - based on information you have provided, I don't get it.
I will say I am not an expert in gov. loans; but do have a friend who can lend in almost every state (he works for a bank entity) and has been doing them for over 10 years.
Email me your contact info and I will put you in touch with him, if you like.
Take care,
- Al
mortgageoffice@gmail.com
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