North Country Mortgages

Their goal from what I can tell based on the news circling the company that I have read is to return to profitability by the end of 2008. They have been frantically cutting costs, raising capital, and consolidating shops for the past couple of months.

I really like a couple of Assistant Underwriters here who were sent to the Charlotte branch from Jersey when they consolidated the two shops; this was only a couple of months ago. Now GMAC is shutting down the Charlotte branch and moving everyone to Texas.

When they first consolidated a couple of branches I noticed a huge gap in service and it gets worse every time they shut down and consolidate branches.

The reason that I am asking you all if you think that GMAC has done the right thing is because it seems to me that they are swapping lower overhead for service. I just kind of think that this way of thinking is short sighted. Their overhead may be lower but they are also going to originate a lot less and do a lot less business in general.

I'd bet that while they are reducing costs that their operating ratios are not improving all that much. Whats your take?

I can't believe it... I mean, I know that it is true I am just mystified by it.

I don't understand why anyone would do something like this... I am talking about an underwriter at an ailing bank. The Bank is HomeComings Financial (ResCap) and I won't mention the individual because I do not want to be sued by her in case she comes across this post on the internet.

I have been working on a file for a little while now; This file has been wrought with complication. The borrower is very well qualified with a 757 mid credit score, 20% down payment, and an additional 30k assets in her checking account; very good borrower.

The problems that we ran into were with the seperation that she is going through. I needed to show that my client is not responsible for the mortgage payment on her marital residence or else the DTI would not work. It took more than 3 weeks to get the seperation agreement as issues were being worked out between the 2.

I obtained a copy of the executed and recorded seperation agreement to show that she is not responsible for those payments and I indicated that she will be retaining the residence in DU. the findings that DU spit out and the language on the seperation agreement was very specific.

The day before closing the underwriter called me up and told me that she will be needing a fully executed and recorded quitclaim deed. I did not understand the condition because everything was in order and I did not state that she will be relinquishing her vesting in the property; just that her husband is legally responsible for the mortgage payments on the property.

I argued this point for quite a while with her and it looked like I might lose the battle in the end. I got supplemental proof to show that we did not need anything additional. The underwriter on the file told me that she took the information that I provided for her to the underwriting management team and they said NO! that I need the recorded quit claim deed.

I had looked at all of the facts by this point and I knew that everything was in order. I knew that this deal should be signed off on and I considered cutting my ties with this bank. I called our rep who is amazing; She sat down with me and collected the facts.

She went to the underwriting managment team prepared to go to battle. She was planning on really busting their balls in order to get them to sign off on this file. She called me back shortly after and told me that she did not need to go to that extreme.

Apparently per my rep the underwriting management team actually told the underwriter to sign off on the condition the day before... Wow! Why would she lie... Actually risk killing the file just so as not to be proven wrong?... She blatantly lied to me and the only reason that I can possibly imagine is that she just did not want to be proven wrong.

Everything is all set, the file has been doc'd out, and I just went over the final HUD with my client. I tend to overestimate on third party fees because I don't want anyone being caught off guard at the closing table. I quoted her 38k originally and she has to bring roughly 35k to the table. She is happy, everyone else involved is happy (except maybe the underwriter) and that makes me happy!

My new website is up as of yesterday! I am pretty excited about it except that there are a few things that I still need done to it. I was expecting a lot of it to be done when the site came live, but they gave me the option of taking the site live while some things are still being done to it.

For one, I need a couple of things done to the site to make it more localized. I have several very nice pictures of the city of Plattsburgh that I have taken from my BlackBerry that I need uploaded. I am also working on the "links" section of the site to inlcude links from every company whom I have worked and enjoyed working with and I am including a small description of the company below each link.

I am somewhat new to actually operating, managing, and driving traffic to this kind of a site. The site itself is very impressive and user friendly for consumers. It's non-imposing and a real treat to explore... At least for me... And I hope for everyone else too, but we shall see.

At the moment I am working on manually driving traffic to the site and hopefully the site will be picked up as an authority on real estate and real estate financing for my area. I wrote a blog recently on a new mortgage product that we are offering at Lake City Mortgage. You can read about the product by clicking 

Lake City Mortgage is Now Offering The Lake City Home Express!

 After you read that article you will see why it is important for me to geo-target. Also, the area in which I live is easy to optimize key search terms for because the competition is not really too heavy. Here at Lake City Mortgage we offer just about every product out there. If we don't have it it can't be done in most cases. That being said, The Lake City Home Express is currently our flagship product so it is important to make sure that we get this information in front of the people who can benefit from the financing; hence the importance for geo-targeting.

I would appreciate all of your help in picking up some Google juice to my new website. You can visit it by going to www.northcountryloans.com. I also recommend checking it out if you are looking for real estate or real estate financing anywhere in New York State.

Shopping for an interest rate is one of the absolute worst ways to shop for a mortgage. The really funny part in saying as much is that people become sceptical when it comes to a Mortgage Professional saying that shopping for an interest rate is the worst way to go. The irony here is that a dishonest loan officer will jump at the chance to offer you a below the bottom interest rate that does not really exist for your situation and a Mortgage Professional will tell you the truth.

The truth is that I can no more quote an interest rate to someone without taking an application than a doctor can give a proper diagnosis without examining the patient. Of course that is an old analogy but just think about it for a minute... Interest rates are like a reflection of risk factors related to funding the loan based on how well or poorly a person is qualified. It is very rare that I will qualify two people in the same day who qualify for the exact same program and interest rate.

It does not matter what your neighbor got for an interest rate you may not qualify for the same rate. I mentioned at the top of this post that I believe that it is a bad idea to shop for an interest rate. Let me explain: Rates change on a daily basis... sometimes there are even mid-day re-pricing. Yesterday the markets were so jittery that most major lenders re-priced 2 times after yesterday morning's initial pricing came out.

In other words you may actually get a really good quote today from a loan officer and get another quote tomorrow from a Mortgage Professional. The interest on the quote from the Mortgage Professional may be higher than the interest on the quote from the loan officer. That does not mean that you should work with the loan officer as opposed to the Mortgage Professional, it just means that you did not lock the interest rate right away and by the time you got the quote from the Mortgage Professional the interest rate has gone up due to market conditions.

You can't get quoted a rate, decide not to lock for two weeks because you are shopping for a mortgage and expect to get the same rate that you were initially quoted in a turbulent market. That is why in my opinion it makes much more sense to check up on the credentials of the Mortgage Professional or loan officer that you are considering working with. Check them out and find out what other people who have already worked with them have to say.

If you make sure that you are working with a qualified and ethical Mortgage Professional in the first place you will be ensuring yourself that you will get the rate and terms that best suite your needs.

Testimonials

Dear Mr. Ohlsen

I appreciate the honest and straightforward way you handled my refinance. 

You offered advice if I ever needed it.

As life goes I remembered that and I did need some important

financial advice and you supplied

that in a very timely manner.

Your expertise greatly appreciated.  I wish you continued success.

Sincerely

-Rayena Sandell

Manatee, FL

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Your rates were great, fees were low!

-Stephen Mallon

Brooklyn, NY

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Great Job, will use you again!

-William Smith

Woodridge, NY

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"Amazing, fast, and thorough. Chris helped me buy my home and kept me informed every step of the way. He was honest and direct in his approach, and he was always concerned with my needs as a client and as a person. I would definitely recommend his services to anyone considering buying a house." May 15, 2008

Top qualities: Great Results, Expert, High Integrity

Phyllis Mitchell
hired Christopher as a Mortgage Broker in 2,006

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Its true that Chris is the best. He is my son so I did not originally want to go through him, I did not want him to show me any special favoritism. I was turned down by 4 lenders over the course of a year before I decided to see what my son could do. He has been giving me financial and credit advice that has always panned out for the past 4 years. When I finally went to him he not only got me approved he got me a lower rate than any of the other lenders even offered me before they told me they could not do the loan. Chris got me a 7% fixed rate for 30 yrs when no one else could even get me approved. Chris is my son but he is also the only mortgage advisor that I will ever recomend to anyone or ever go through again!

-Deborah Ohlsen

MT. View, NY

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"My fiancee and I are first-time home buyers. We were referred to Chris by one of my wife's colleagues who recommended him. I am very glad that we chose to work with him. He was very patient, well-informed, and was willing to meet with us outside of regular work hours to ensure that we were comfortable with the process. We highly recommend his services to other first-time home buyers!"

-Sean Dermody

Plattsburgh, NY

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"In a line of work where you hear many horror stories, every once in a while you meet a truly honest and ethical person. I was contacted by Chris intially about a year ago to perform an appraisal, and knew that he was 'one of the good guys' in this business. Ever since I have been very impressed by his dedication to his craft. I recommend Chris for all of your lending needs, as I know he will do everything in his power to help you in any way he can. He is truly a gentleman and stands out in his field." May 15, 2008

Larry Ellis, Owner, L. Ellis Appraisals Inc.
was a consultant or contractor to Christopher at Lake City Mortgage

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"I met with Chris to explore a business oportunity with one of my clients and Chris was very receptive to finding ways to work together. His in-depth knowledge of construction loans made him my go-to broker for potential log home buyers in New York." May 15, 2008

Top qualities: Personable, Expert, Creative

David Pearce
hired Christopher as a Mortgage Broker in 2008

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"During our entire transaction, Chris was always available and always kept me updated and got back to me promptly. Chris went out of his way to keep this transaction together and moving forward. I would recommend anyone looking for a hard working, professional mortgage broker to call Chris." May 15, 2008

Andre LaFountain, Owner, Kavanaugh Realty
was with another company when working with Christopher at Lake City Mortgage

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"I met Christopher through the Net! He is such a wize kid (not really a kid, but the term fits). Better yet he follows up on what he promises! No fluff, high energy, excellent delivery for a great value! Folks take advantage of his services before he becomes one of the Fortune 500 group! Chris' work ethics are what successful CEO's are made of!" May 16, 2008

Top qualities: Great Results, On Time, Creative

Darleen March
hired Christopher as a Financial Advisor in 2008

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"I worked with Chris at Sunset Mortgage Company in Glens Falls NY. During the height of the refinance boom when there were a whole lot of shady dealings in the industry Chris received the majority of his business from repeat clients and referrals. Chris is honest, genuine, and truly cares about his clients needs. Chris has never struck me as the type who is working for a commission but rather he works to uphold his client's best interests and earns an honest wage in the process. I highly recommend Chris for your entire home lending needs!" May 29, 2008

Marshall Jurnak, Loan officer, Eagle Nationwide Mortgage
worked directly with Christopher at SMC Mortgage

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"I have known Christopher for many years. He and I spent time at the same company during the refinancing boom. He was the loan officer I turned to whenever I had a situation in which I needed advice. His attention to detail and dedication to the craft were unparalleled in the industry. I have had family members go through this fine gentleman for their mortgages, and I will not buy a home without talking to Chris Ohlsen first." June 1, 2008

Alvin Mitchell, Senior Technician, Bobby Jones Inc
worked indirectly for Christopher at First Guarantee Mortgage

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"Chris had helped me buy my first home. It had been a process that I was unsure of and hadn't had the training and expertise in. Chris not only acted as a loan officer by securing a loan that, had I not gone to him, I very well may not have been approved for, but also acted very much as an advisor to the process of buying a home. I'd recommend his services to anyone that needs a knowledgeable approach. Chris in my opinion worked on this one with the same diligence that he would have if it were his own." May 30, 2008

Top qualities: Personable, Expert, High Integrity

Russell Duprey
hired Christopher as a Loan Officer in 2,008

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"Chris is extremely knowledgeable, professional and a pleasure to work with. He continually provides the highest level of customer service and maintains very respectable ethics. I can understand why the majority of his borrowers are referrals from previous customers he has assisted. My processing staff loves working with him, too." May 23, 2008

Celeste Marek, Account Executive, Fifth Third Mortgage Company
was with another company when working with Christopher at Lake City Mortgage

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"Christopher Ohlsen is thorough in his financial services and places high expectations on clientèle's satisfaction." June 4, 2008

Stephen Arvay, Owner, IT - Computer & Business Consulting Services
was with another company when working with Christopher at Lake City Mortgage

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"Chris was a very proactive, hardworking, honest person who seemed to really care about our situation and our well being in the purchase of our new home. We would highly recommend him and we would not choose another advisor anywhere!!!!!!!" June 4, 2008

Top qualities: Great Results, Expert, High Integrity

Jeffrey Mars
hired Christopher as a Mortgage Advisor in 2007

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"I've worked with this gentleman on and off for the past 3 years. The one attribute that I can give him above others, is his relentless ability to find the perfect balance between the banks, the brokers, and most imortantly, the clients. They all seem to walk away knowing they got the best possible scenario out there for them at the time and everyone goes home happy. That's prob why he gets so much repeat business." June 5, 2008

Nathaniel Hallmark, Mortgage Banker, ENMC
worked directly with Christopher at Lake City Mortgage

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More testimonials & verifiable references are available upon request.